HomeCoinsIndex Cooperative (INDEX)Are You $GMI? Introducing the Bankless DeFi Innovation Index | by Lemonade...

Are You $GMI? Introducing the Bankless DeFi Innovation Index | by Lemonade Alpha | The Index Coop | Jan, 2022

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The GMI index intends to achieve optimal performance for holders by utilizing a novel rebalance weighting formula which combines square-root market cap, relative decentralized exchange liquidity, and relative token emission rates. In addition, GMI offers continuous exposure to DeFi innovation through the implementation of a system to graduate tokens based on their inclusion in Index Coop’s flagship DeFi Pulse Index (DPI), or length of inclusion in the index (18 months). Moreover, GMI will have a stop-gap measure to swiftly remove tokens should they, or the applications they represent, pose or develop security risks.

The GMI index employs a 15% maximum weight for any individual token, however, it utilizes a bi-monthly rebalancing cadence in order to give successful tokens more runway to achieve outsize returns relative to a more typical monthly cycle.

GMI Composition at Launch:

Market Requirements

  • Market Cap: >$30m, <$5b
  • Ethereum Prioritized Roadmap
  • DeFi Appropriate: Application or protocol facilitates or aids in the facilitation of financial products or services such as exchange, borrow/lend, derivatives, yield, etc. As opposed to application themes that fall outside of DeFi (e.g. keeper bot systems, oracles, staking services, MEV, bridges, etc)
  • No Compound, Aave, or other money-market interest-bearing collateral tokens
  • Assets are not synthetically issued
  • Assets are not in common with DPI
  • Traction: Relative to application category
  • The assets must have sufficient liquidity for initial inclusion and rebalances.
  • ERC20

GMI is maintained monthly in two phases:

The determination phase is bimonthly and takes place during the fourth week of every month (1st phase is Jan 2022). It is the phase when the changes needed for the next reconstitution are determined.

Following publication of the determination phase outcome, the index composition will change to the new weights on the first Friday of the following month, when components will be added or removed.

GMI will have a streaming fee of 1.95% (195 basis points). The revenue generated from the streaming fee will be split 40% to Bankless DAO and 60% to Index Coop.

At launch, GMI can be purchased at several venues, including:

Purchasing on Ethereum Mainnet:

Purchasing on Polygon

  • Uniswap v3 (larger amounts e.g. >$1,000 may cause high slippage)

1. Head to https://app.uniswap.org/#/swap
2. Connect to Polygon network
3. Add the GMI Polygon contract address in the swap field: (0x7fb27ee135db455de5ab1ccec66a24cbc82e712d)

Reminder: If you purchase via the Dharma mobile app (New U.S. Users who use this link will get $50 in ETH for purchasing at least $500 worth of GMI)

Minting

In the case of high slippage for large trades on DEX, you can use issuance via TokenSets for better pricing. Minting guide here.

Adding Liquidity

GMI needs liquidity! Rather than relying on a traditional liquidity mining program, GMI is testing out a new approach with a handful of unique incentives.

First, anyone who provides Uniswap V3 liquidity for the GMI/ETH pair will earn 50% of the index’s streaming fees for 60 days. In order to qualify for the rewards, LPs will have to provide liquidity for the full 60 days.

In addition to the streaming fees, there’s also an incentive program for the Top 20 Liquidity Providers!

Any 🐳 LPs in the Top 20 by amount of liquidity provided will also have the chance to win $25,000 of INDEX and a claim on this elite GMI hoodie. The same parameters apply as the streaming fees: LPs must provide liquidity for 60 days with only ~48 hours left to qualify!

The program will end on March 8th at 12 pm PST, meaning there are ~48 hours left to qualify for the rewards before the cutoff is closed.

Anyone who LPs and qualifies in the next two days, but decides to remove the liquidity at any point before March 7th will be disqualified and removed from the rewards pool. Get in now!

Single-Sided Staking

📅 Single Side Staking will go live on January 10th, at 12pm PST. You can find it here.

While providing liquidity is important, and the trading fees on Uniswap V3 can be rather lucrative during times of high volume, GMI is also launching with a single-sided staking contract where users can earn INDEX for staking their GMI.

Index Coop has allocated a total of 18,750 INDEX to a 60-day single-sided staking program. The first month will distribute 12,500 INDEX while the second month will distribute 6,250 INDEX.

In total, this represents over $350K in rewards for the 60-day program. APYs vary depending on the amount of GMI staked to the contract, so stay tuned!

How to stake GMI

If you’re interested in getting involved with the single-sided staking program, follow these steps.

  1. Acquire GMI via Uniswap or minting
  2. Head to the Index Liquidity Mining Page
  3. Once it goes live on Monday, January 10th, there will be an option for GMI staking, click “stake” and confirm all the transactions on your wallet.
  4. Once approved, you can deposit and you’ll start earning INDEX rewards!



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