Hi All,
This is a thread where all Index Coop’s Finance Nest where periodic OKR reports are to be published. We encourage everyone to read and share your thoughts in the comments below.
Thank you for taking the time to read the reports and following the success of the community.
@Finance.Nest
Current Contributors: @Matthew_Graham, @ElliottWatts, @prairiefi, @Ahuja and @Hammad1412
Operations Account - November Update
Index Coop’s Ethereum Operations Account was created on the 25th July and didn’t become actively used 14th August when it received 1,750 ETH2x-FLI tokens for BED liquidity. Since then, we have come a long way including a few highlights here for the inaugural post:
At November month-end, the Operations Account held the following:
| Asset | Quantity | $ Price | Value |
|---|---|---|---|
| INDEX | 73,191.10 | 15.89 | 1,162,903.26 |
| USDC | 697,693.47 | 1.00 | 697,693.47 |
| ETH | 119.65 | 4,636.43 | 554,753.10 |
| WETH | 37.04 | 4,636.43 | 171,716.91 |
| ETH2x-FLI | 1,858.50 | 249.69 | 464,052.83 |
| BTC2x-FLI | 986.47 | 64.01 | 63,141.24 |
| WBTC | 0.16 | 57,117.09 | 9,186.56 |
| BED:WETH UniV3 | 1 | Link to pool | 292,129.45 |
OKR Overview
Time Sensitive Transaction Details
| Time Sensitive Transaction | Start Time | Finish Time | Duration (min) | Transaction Summary |
|---|---|---|---|---|
| Nonce: 22 | 8:53:17 PM | 9:07:59 PM | 14 min 42 sec | Swap ETH2xFLI for WETH |
| Nonce: 33 | 3:16:41 PM | 3:21:56 PM | 5 min 15 sec | Swap WETH for BETA |
| Nonce: 34 | 3:24:58 PM | 3:28:03 PM | 3 min 5 sec | Swap WETH for BETA |
| Nonce: 35 | 3:30:59 PM | 3:34:06 PM | 3 min 7 sec | Failed Swap |
| Nonce: 36 | 3:38:06 PM | 3:43:12 PM | 5 min 6 sec | Swap WETH for BETA |
| Nonce: 37 | 3:45:11 PM | 3:47:13 PM | 2 min 2 sec | Swap ETH2xFLI for WETH |
| Nonce: 44 | 9:20:47 PM | 9:28:30 PM | 7 min 43 sec | Swap ETH2xFLI for ETH |
| Nonce: 45 | 9:40:11 PM | 9:45:45 PM | 5 min 34 sec | Swap ETH2xFLI for ETH |
| Nonce: 46 | 10:02:45 PM | 10:04:41 PM | 1 min 56 sec | Swap BTC2xFLI for ETH |
Link to Operations Account Signer Activity (signers, time to execution, gas used, gwei price)
Link to ERC-20 Transaction Recap for November for monitored Index Coop wallets.
One of the goals with the Operations account is to streamline payments activity to a core group, with an emphasis on strong controls and timely processing. We hope to continue to deliver on this element of the Operations Account, while continuing to improve transparency through reporting like this.
Original Post: Finance Nest Community Updates - A Thread - #3 by prairiefi
Contributors: @prairiefi, @Matthew_Graham and @ElliottWatts
Operations Account - December Update
As we experiment in search of the ideal template for reporting this style of feedback to the community, we have pivoted towards a format more like the Financial One-Pager report.
For December the key takeaways are:
Feedback is always welcome and don’t hesitate to ask any questions below.
Report: Index Coop - Operations Report - December 2021 - Final.pdf (106.6 KB)
Contributors: @prairiefi and @Matthew_Graham
Operations Account - January Update
January was a busy month with more than 100 Operations Account transactions!
Feedback is always welcome, and more transaction detail is available upon request or by reviewing the Gnosis safe
Report: Index Coop - Operations Report - January 2022 - Final.pdf (108.0 KB)
Report Contributors: @prairiefi @ElliottWatts
Investment Account - January Update
January marks the first monthly report for the investment account. In January, the investment account was funded with stables ($5M). Towards the end of the month, about half of those stables were deployed to productive strategies.
More transactional details are available upon request or by reviewing the Investment account Gnosis safe
Index Coop - Investment Account Report - January 2022 - Glossy.pdf (113.9 KB)
Report Contributors: @Ahuja @Matthew_Graham
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Thank you for this. It’s great to see the funds earning a return. Nice work.
Operations Account - February Update
February was a quiet month for mainnet transactions as the focus was on Polygon FLI products, with the launch of iETH, iMATIC, and MATIC2x-FLI-P.
Feedback is always welcome, and more transaction detail is available upon request or by reviewing the Gnosis safe
Index Coop - Operations Report - February 2022.pdf (110.6 KB)
Report Contributors: @prairiefi @ElliottWatts @Matthew_Graham
Investment Account - February Update
In February, the investment account maintained its allocation in the strategies employed in January. Later in March, the remaining stables were deployed to productive strategies making all of the $5M in stables deployed.
More transactional details are available upon request or by reviewing the Investment account Gnosis safe
Index Coop - Investment Account Report - February 2022 - Glossy.pdf (117.2 KB)
Contributors: @Ahuja @Matthew_Graham
Operations Account - March Update
Product launch continued this month with BTC FLI products on Polygon and preparations for icETH at month-end, capping a busy month for transactions on the account.
Please share any feedback and as always, you can check Operations Account transaction details on Mainnet and Polygon.
Report Contributors: @prairiefi @ElliottWatts @Hammad1412 @Matthew_Graham
Investment Account - March Update
At the end of March 2022, there was $5M of stables earning 10.75% in interest and this represents only 71% of the capital held with the Investment Account.
The BAL rewards being earned are to be deposited into veBAL and used to vote BAL rewards across Index Coop product pools on Balancer V2. These product pools are in the early design phases and the Investment Account has been position to support this short to medium growth ambitions. Products like LAYER1 which benefit for BAL Liquidity Mining incentives.
There is a delta neutral Protocol Owned Liquidity (POL) position, where ETH has been borrowed to provide icETH/ETH liquidity. Index Coop is earning low signal digits Return On Investment, yield > costs of capital, on the POL. This is the very first POL position where Index Coop does not have any price risk exposure to the assets held in the POL position. The change in the price of ETH has been successfully hedged.
We also expect future upside on this icETH/ETH liquidity strategy with $SPICE rewards from Arrakis DAO when the DAO launches later this year. We anticipate Index Coop to receive a $SPICE allocation as a partner who uses G-Uni pools and creates revenue for the Arrakis DAO. The $SPICE tokens Index Coop receive will then be locked (veSPICE) and used to vote $SPICE rewards across Index Coop INDEX/Product pools.
With Liquidity being a major financial outlay for IC the ability to use other protocol incentives for future products could drive significant cost savings. The Investment Account is being structured in such a way as it will help solve Index Coop second largest bottle neck, liquidity for our products/INDEX tokens.
A link to download the report:
Index Coop - Investment Account Report - March 2022 - Glossy.pdf (127.3 KB)
Report Contributors: @prairiefi @ElliottWatts @Hammad1412 @Matthew_Graham @Ahuja
Investment Account - April Update
As of the end of April, all 100% of the capital within the Investment Account is actively deployed. The Investment Account continues to provide Protocol Owned Liquidity (POL) for icETH without having any ETH price exposure. The POL position is generating an income for the DAO independent of market price movements.
The Investment Account holds $6.74m of capital earning 7.01% in BAL and TRIBE rewards. There is also swap fee income and income from the POL position which is not included in the 7.01% figure. We do expect the current allocation of capital to be viewed favourably when the Arrakis DAO launches their SPICE token. This potential upside is speculative and if it eventuates, will enable Index Coop to use the SPICE holding to vote Liquidity Mining across Index Coop product/INDEX pools. We expect this to lead to higher TVL and reduce the DAOs dependency on POL which has absorbed 100% of revenue generated since Index Coop launched on 06/10/2020.
The Balancer Strategy is predicting a yield of 20.92% APY to commence in 2 days time when the next BAL distribution period commences. Meanwhile, the TRIBE strategy is yielding around 17% APY and has been a solid double digit ROI strategy. In June we hope to be reporting an APY > 15% which represents a significant step change to the current ROI being generated.
The strategy for Balancer remains the same as previous months and in the near future we intend to request from the Balancer community the ability to deposit our BAL holding into the VotingEscrow contract to attain veBAL to boost our Balancer Boosted Pool yield APY in the interim whilst Index Coop continues to design a product to be built on Balancer v2.
A link to this months publication:
Investment Account Report - April 2022 .pdf (128.8 KB)
Report Contributors: @prairiefi @ElliottWatts @Hammad1412 @Matthew_Graham
Thanks for these reports as always. In terms of calculating runway, we may not want to count $INDEX as a cash equivalent due to its volatility and illiquidity. I am concerned we may have a false perception of runway if we are treating it as such.
Hey Felix,
I think you may have posted this in the wrong forum thread, as the investment account report does not touch on the runway topic. We provide a stabelcoin runway each month in our community update thread, linking the latest one for April Finance Nest Community Updates - A Thread - #7 by Finance.Nest
We do not include INDEX in the calculations.
Operations Account - April Update
Another busy month in the operations account, primarily related to LP on icETH and JPG launches.
Please share any feedback or questions. We expect to revise this report and the OKRs in the next season as at the time we only had a Mainnet Operations Account, and subsequently we have added Polygon and Optimism.
Index Coop - Operations Report - April 2022.pdf (110.1 KB)
Report Contributors: @prairiefi @ElliottWatts @Hammad1412 @Matthew_Graham
