Oct 27 | 3 min read
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.
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).
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:
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
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.
Active support ends.
Holders will be able to redeem manually via direct smart contract interaction only.
Disclaimer: This content is for informational purposes only and is not legal, tax, investment, financial, or other advice. You should not take, or refrain from taking, any action based on any information contained herein, or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, technical, or other decisions, you should seek independent professional advice from a licensed and qualified individual in the area for which such advice would be appropriate. This information is not intended to be comprehensive or address all aspects of Index or its products. There is additional documentation on Index’s website about the functioning of Index Coop, and its ecosystem and community.
You shall not purchase or otherwise acquire any of our token products if you are: a citizen, resident (tax or otherwise), green card holder, incorporated in, owned or controlled by a person or entity in, located in, or have a registered office or principal place of business in the U.S. (a “U.S. Person”), or if you are a person in any jurisdiction in which such offer, sale, and/or purchase of any of our token products is unlawful, prohibited, or unauthorized (together with U.S. Person, a “Restricted Person”). The term “Restricted Person” includes, but is not limited to, any natural person residing in, or any firm, company, partnership, trust, corporation, entity, government, state or agency of a state, or any other incorporated or unincorporated body or association, association or partnership (whether or not having separate legal personality) that is established and/or lawfully existing under the laws of, a jurisdiction in which such offer, sale, and/or purchase of any of our token products is unlawful, prohibited, or unauthorized). You shall not resell or otherwise transfer any of our token products to any Restricted Person. The transfer or resale of any of our token products to any Restricted Person is not permitted. Click here to view the list of Tokens Restricted for Restricted Persons. You shall read the Terms of Service and use our Website in compliance with the Terms of Service.
Information is for educational and illustrative purposes only. The Index Cooperative is not engaged in the business of the offer, sale or trading of securities and does not provide legal, tax, or investment advice. Cryptocurrencies and other digital assets are speculative and involve a substantial degree of risk, including the risk of complete loss. There can be no assurance that any cryptocurrency, token, coin, or other crypto asset will be viable, liquid, or solvent.No Index Cooperative communication is intended to imply that any digital assets are low-risk or risk-free. The Index Cooperative works hard to provide accurate information on this website, but cannot guarantee all content is correct, complete, or updated.