Deprecation of DATA, GMI, MNYe, and Polygon FLI Products

Over the past two years, Index Coop has become the market leader in building innovative, structured products. We’ve experimented by building a diverse mix of offerings on different blockchains.

Earlier this year, we received an open letter from stakeholders/investors providing constructive feedback about the current state and future of the DAO. Many substantial changes have taken place to our operations, helping facilitate long-term sustainability.

Along those same lines, our products have undergone a thorough evaluation. We’ve left no stone unturned to ensure that every Index Coop product is aligned with our DAO’s mission and provides substantial value to our customers.

Deprecating GMI, MNYe, DATA, and Polygon FLI products

During this review, it became clear that not all of our products have found product market fit or accumulated significant TVL. Their growth potential does not outweigh the ongoing costs of maintaining and promoting these products. So the DAO and community have taken the steps necessary to deprecate these products.

Today, an IIP passed to discontinue further development and support of nine Index Coop products: Bankless DeFi Innovation Index (GMI), Market Neutral Yield ETH (MNYe), Web3 Data Economy Index (DATA), and the suite of Polygon FLIs (ETH2x-FLI-P, BTC2x-FLI-P, Matic2x-FLI-P, iETH-FLI-P, iBTC-FLI-P, iMatic-FLI-P).

Redemption Paths/Timeline for Holders and Liquidity Providers

We’ve worked diligently to provide a clear timeline and simple redemption paths for all token holders. The three distinct phases of the deprecation and recommended steps for holders to take are:

Phase 1 (October 27, 2022 - November 27, 2022)

• A 30-day phase begins with no changes to the products

• Flash Mint removed from app.indexcoop.com

• Token holders with smaller positions can utilize a decentralized exchange (DEX) like Uniswap, CowSwap, Matcha, or 1inch to perform a swap

• Token holders with larger positions can use Flash Redeem at app.indexcoop.com to wrap their tokens into the underlying holdings.
• Note: If price impact or high gas costs become an issue during this phase, holders with small positions are encouraged to hold until the next phase when tokens will be rebalanced into a single asset

• Liquidity providers withdraw funds from applicable pools

Phase 2 (November 28, 2022 - December 26, 2022)

• Index Coop will continue supporting users trading and redeeming positions during this phase

• On November 28th, the underlying tokens of each product will be rebalanced into a single asset:
• GMI -> USDC
• MNYe -> USDC
• DATA -> USDC
• iETH-FLI-P ->  USDC
• iBTC-FLI-P -> USDC
• iMATIC-FLI-P -> USDC
• ETH2x-FLI-P -> wETH
• BTC2x-FLI-P -> wBTC
• MATIC2x-FLI-P -> wMATIC

• For example, after the rebalance, DATA will go from holding tokens of 8 data economy protocols to 100% USDC.

• Token holders can swap these tokens via a DEX or use Flash Redeem at app.indexcoop.com to unwrap into the token’s single asset.

Phase 3 (December 27, 2022 - onwards)

• Active support ends.

• Holders will be able to redeem via https://legacyproducts.indexcoop.com/ or direct smart contract interaction only.

Additional Information

For further details, please read our forum post or reach out to us in the Index Coop Discord for assistance.

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