DAOrayaki Research | DAO Project——BasketDAO:

DAOrayaki DAO Research Grant

Fund Address: 0xCd7da526f5C943126fa9E6f63b7774fA89E88d71

Voting Result:DAO Committee Yes

Grant Amount:170 USDC

Category:DAO project coverage,DPI, BDPI, DeFi Pulse Index

Contributor:Jones, Herry@DAOrayaki

Financing:

BasketDAO Initial price: unfound, Current price: $798.38 USD.

BasketDAO Initial volume: unfound, Current volume: $10,26M USD.

Token name: Interest Bearing Defi Pulse Index (BDPI)

Token type: BDPI is issued under the standard protocol ERC20.

Introduction:

BasketDao is the governance token for a protocol that focuses on DeFi portfolio management and Exchange Traded Fund (ETF). The Assets Under Management (AUM) tracks the underlying assets’ performance. BasketDAO’s first product on Ethereum: BDPI, an evolution of DPI with the following upgrades: Holds interest-bearing tokens from trusted protocols (Aave & Compound), No streaming fee, Community governed re-balances. In addition to that, BasketDAO takes the non-charging of management fees for the community as an essential part. Therefore, it will be capital efficient, that is farming yield safely, whenever there is a chance to. In other words, you get paid instead of paying for asset exposure, making the community the number one priority as much as possible in returning values. With the announcement of the new DeFi index: BDPI, BasketDAO concentrate mainly on replacing the DeFi token with their interest-bearing equivalents from Aave or Compound, where BDPI is considered as the second DeFi index token in terms of market cap.

To participate in governance and basket rebalancing decisions, BasketDAO launched a governance token known as “BASK” where cash flows can also be received with a 20% yield for to BASK holders. Also, incentivizing the migration of DPI holders by acquiring the same underlying assets and converting them to their yield-bearing equivalent.

The pillar of BasketDAO BDPI token:

At launch, BDPI follows the same token and weight distribution of DPI, except it holds interest-bearing version of those tokens where possible:

cUNI, aAAVE, aSNX, xSUSHI, aMKR, cCOMP, aYFI, aREN, LRC, aKNC, aBAL, FARM, CREAM and MTA.

By this fact alone BDPI will strictly perform better than DPI. But wait, there are also *no streaming fees * with a portion of earned yield going back into the protocol. Economies of scale will also make this process extremely gas efficient.

Team members:

The real identity of the BasketDAO creators is currently unknown, only their nicknames and twitters accounts are provided below:

BasketDAO goverance mechanism:

BasketDAO creators follow the community governance and rebalance voting. The specifications and details are not out yet to the public. But the way it works and the different used concepts are explained below:

Weighting methodologies:

The BasketDAO creators simply thought about what they can use for weighting whether a Market Cap or an Equal weight, or lastly a Market Cap/ TVL Ratio. According to what they conclude, a Market cap weighted indices are considered as the right choice when it comes to weighting.

Weight capping:

To prevent things getting out of control, indices required to have some sort of capping. And the reason for using such a capping is that buying an index just to hold 33% UNI is maybe not what they want for a diversified DeFi index.

Rebalancing:

Redundant failures in DeFi must be avoided. These kinds of failures are results of large management and performance fees charging, excessive trading and so on. To avoid such a failures rebalancing is required to update weights and edit tokens. However, when it comes to gas cost and slippage, the impact is highly concerned. Once a month rebalancing is what the creators came up with to keep things in balance.

Token inclusion criteria:

Common criteria will take into consideration the following concepts:

  • Market Cap (random coins are avoided by index mandating)
  • Liquidity (a reasonable cost for both rebalances and additions)
  • It has been here for how long (just like that adding ignorance)
  • Circulating Supply (not only founders can lock the tokens)

Fast token inclusion:

One of the new ideas that is in the community hands to vote whether to include it or not is the inclusion of tokens which doesn’t meet the BasketDAO regular criteria. The creators didn’t mention what is the reason behind this. However, this could affect the mechanism in a good way.

Acceptable farm criteria:

Funds securing is essential and not debatable, for this Compound and Aave are taken into consideration to start with in DeFi for BDPI. Whatever else to add will be up to the community to vote on.

The decentralization problem:

To control the decentralization problem, adding more variables for the community is important as long as it is well evolved and matured.

Transparency:

Providing a safe diversified blue-chip exposure is what matters to the BasketDAO, where the creators think that having a centralized index provider in Defi is considered a definite irony due to the fact of increasing costs to the end users.

BasketDAO Incentives mechanism:

$BASK Tokenomics:

Unlike our competitors, BasketDAO aims to only hold assets that are one of the following where possible:

  • Capital efficient — Yield farming behind the scenes
  • Interest bearing

This means you get paid instead of paying for asset exposure. All products launched by the BasketDAO team will charge 0 management fees.

Token Distribution:

The total supply of the $BASK token will be *200k, *emitted over a period of ~5.5 months. $BASK started its emissions on block 12132273. The vesting breakdown for $BASK distribution is:

  • *60% * for farming incentives.
  • *30% * to the treasury.
  • 10% to the developers.

$BASK Distribution:

So how does BasketDAO operate without fees? Simply put, a portion of the yield accrued by the platform will be used to pay for operational costs, and be redistributed back to $BASK holders.

The breakdown for the yield generated in a basket is as follows:

  • 70% will be reinvested into their respective basket.
  • *20% *will be distributed to $BASK token holders.
  • 10% will be distributed to the treasury, used to fund operational costs like servers, marketing, audits, etc.

Yield Distribution:

BasketDAO developers believe this is a good incentive structure as:

  • Value accrued to $BASK tokens isn’t through management fees but through efficient capital allocation.
  • The developers, who are only paid in $BASK, are incentivized to create value-added products and avoid rent-seeking behavior and stagnation.

The security of held funds will of course still trump all yield farming concerns. To that end, there will be clear guidelines behind what methods of generating yield are acceptable, and all changes will be put to a vote and then be done behind a timelock. To begin with, the protocol will only use Compound and Aave.

$BASK tokens will also be slowly introduced to the product lineup in the BasketDAO platform (subject to off-chain voting), this is to further align holders of the BasketDAO products with the protocol.

Contracts:

Deployed Addresses for BasketDAO (Mainnet only)

Ownerships:

Name

Owner(s)/Admin(s)

Governance

(2/3 multisig)

Dev Fund

(2/3 multisig)

Treasury

(2/3 multisig)

Timelock

Governance

Masterchef

Timelock

BDPI

Timelock

BASK

Masterchef

Masterchef Pools:

Id

Token

Address

0

BDPI

0x44564d0bd94343f72E3C8a0D22308B7Fa71DB0Bb

1

SUSHI-BDPI-ETH

0x8d782c5806607e9aafb2ac38c1da3838edf8bd03

2

SUSHI-BASK-ETH

0x34d25a4749867ef8b62a0cd1e2d7b4f7af167e01

Official Website: basketdao.org

Social Media:

Twitter: https://twitter.com/BasketDAOOrg

Discord: discord.gg/28ZNtj2aW5

Medium: https://basketdao.medium.com/

Github: https://github.com/basketdao

Gmail: 0xbasketdao@gmail.com

CoinGecko: https://www.coingecko.com/en/coins/basketdao/

Block Explorer: https://etherscan.io/token/0x44564d0bd94343f72e3c8a0d22308b7fa71db0bb

BasketDAO项目调研

中文调研人:黑白QB

调研日期:2021-4-14

关键词:DAO, DPI, BDPI, DeFi Pulse Index, cryptocurrency.

市值(2021-4-14收录):

目前币值: $798.38 USD.

目前市值:$10,26M USD

代币名称:(目前有两种代币)

Interest Bearing Defi Pulse Index (BDPI) (交易代币-由抵押代币铸 造,可销毁,发行数目未知)

Bask(治理代币-详情见文内)

代币类型:ERC-20

介绍:

BasketDao是一个专注DeFi投资组合管理和交易所交易基金(ETF)协议的平台。管理资产(AUM)产品主要用于跟踪基础资产表现。BasketDAO基于以太坊建立,其在Ethereum上的第一个产品:BDPI, 是DPI的进化。有着如下升级: 持有来自可信协议(Aave & Compound)的计息代币,更多的协议和策略可以由社区选择,无streaming fee(管理费)费用,具备调节社区再平衡的管理能力。除此之外,BasketDAO还把不向社区收取管理费作为重要的一部分,也就是说,只要有机会,就可以安全获得收益。换句话说,你得到的是报酬,而不是为风险支付费用,价值回报是社区考虑的第一要务。

随着新DeFi指数的公布,BasketDAO主要集中在用Aave或Compound的计息等价物替换DeFi代币, BDPI被认为是市值第二的DeFi指数类代币。在发布时,BDPI遵循与DPI相同的代币与权重分配,但在可能的情况下它将持有这些代币的计息版本:cUNI, aAAVE, aSNX, xSUSHI, aMKR, cCOMP, aYFI, aREN, LRC, aKNC, aBAL, FARM, CREAM and MTA.仅凭这一事实,严格来说BDPI将会比DPI表现更好。此外,由于没有管理费用,这一部分的收益也将回到协议中。规模化的交易还将提高gas的使用效益。

为了更好的治理社区,BasketDAO推出了一种名为“ BASK”的治理代币,该代币可以以20%的收益率提供给BASK持有人。此外,通过收购相同的基础资产并将其转换为具有收益的等价物来激励DPI持有者的迁移。

团队成员:

团队成员目前未知,目前仅有他们的化名以及Twitter账户。

0xpassionfruit: https://twitter.com/0xpassionfruit

0xlingonberry: https://twitter.com/0xlingonberry

0xtundra: https://twitter.com/0xtundra

BasketDAO 治理机制:

BasketDAO的创建者遵循社区治理和平衡调节的投票方式。具体的治理细节还没有向公众公布。但初步公布一些初步想法,如下:

加权的方法:

BasketDAO的创建者只是简单地考虑了他们是否使用基于市值或等值权重来加权,或者最新的市值/ TVL比率。根据他们的结论,在加权方面,市值加权指数被认为是适合的选择。

权重限制:

为了防止事情失控,指数必须具有某种上限。使用这种上限的原因是,购买仅持有33%UNI的指数可能不是他们想要的多元化DeFi指数。

平衡调节:

必须避免DeFi中的冗余故障。这些类型的故障是由于收取大量管理和性能费,过度交易等问题导致的。为避免此类问题,需要调节平衡。创始人认为可以通过每月一次的平衡调节来保持平衡。

代币纳入标准:

常规标准将考虑以下几个方面:

市值(指数要求禁止使用随机数字货币(random coins))

流动性(平衡调节和追加的合理费用)

它已经存在多久了(就像增加无用信息(ignorance)一样)

流通供应(不仅创始人可以锁定代币)

Fast token(速盈代币)包括:

其中有一个新的想法,由社区手中的投票决定是否纳入,将不符合BasketDAO常规标准的代币纳入其中。创作者并未提及这背后的原因。然而,这可能会以一种良好的方式影响机制。

可接受的farm标准;

资金保障是必不可少的,也是不容置疑的,基于这个原因,Compound and Aave被考虑纳入BDPI的初始DeFi中。无论发生什么变化,都将由社区投票决定。

去中心化问题:

为了控制去中心化问题,为社区增加更多的变量,是与项目的良好发展、成熟度同等重要的因素。

透明度;

对BasketDAO来说,提供安全的多元化蓝筹股投资是最重要的,创建者认为在去中心化的Defi中出现一个集中化的指数提供商是一件很讽刺的事,因为这最终会增加用户的成本。

BasketDAO激励机制

代币分配:

$ BASK代币的总供应量为200k,*在约5.5个月的时间内发出。$BASK将在以太坊链第12132273区块开始发行。$ BASK分配的归属明细为:

60%分给farming(农场)激励;

30%分给treasury(金库)保管;

10%分给开发者。

$ BASK分配:

那么,BasketDAO如何做到不收费?简而言之,平台产生的部分收益将用于支付运营成本,并重新分配给$BASK持有者。

BasketDAO的收益细分如下:

70%将被重新投资到一揽子货币中;

20%将分配给$BASK代币持有者;

10%将分配给金库,用于支付服务器,市场营销,审计等运营成本。

收益分配:

BasketDAO开发人员认为,这是一个很好的激励结构,因为:BASK代币产生的价值不是通过管理费,而是通过有效的资产分配。

以$BASK支付薪水的开发人员将被激励创造增值产品,避免寻租行为和停滞。当然,持有资金的安全性将是最优先考虑的,超过所有对farm回报率的关注。为此,在可接受的收益方法背后,将有明确的指导方针,所有更改都将付诸表决,然后在时间锁定期之后执行。一开始,该协议将仅使用Compound和Aave。

$BASK代币也将缓缓引入到BasketDAO平台的产品阵容中(需要进行链下投票),这是为了进一步使BasketDAO产品的持有者与协议方保持一致性。

地址分布:

BasketDAO的部署地址(仅限主网)

持有人:

Name

Owner(s)/Admin(s)

Governance

(2/3 multisig)

Dev Fund

(2/3 multisig)

Treasury

(2/3 multisig)

Timelock

Governance

Masterchef

Timelock

BDPI

Timelock

BASK

Masterchef

主矿池:

Id

Token

Address

0

BDPI

0x44564d0bd94343f72E3C8a0D22308B7Fa71DB0Bb

1

SUSHI-BDPI-ETH

0x8d782c5806607e9aafb2ac38c1da3838edf8bd03

2

SUSHI-BASK-ETH

0x34d25a4749867ef8b62a0cd1e2d7b4f7af167e01

官网: basketdao.org

媒体:

Twitter: https://twitter.com/BasketDAOOrg

Discord: discord.gg/28ZNtj2aW5

Medium: https://basketdao.medium.com/

Github: https://github.com/basketdao

Gmail: 0xbasketdao@gmail.com

CoinGecko: https://www.coingecko.com/en/coins/basketdao/

Block Explorer: https://etherscan.io/token/0x44564d0bd94343f72e3c8a0d22308b7fa71db0bb

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