Title: IC Multichain Strategy - Community Call Revisions
Thank you everyone for coming to the Multichain Community Call. The BD Team hopes to do more of these to have the full Index Coop Community drive strategic decisions while the various working groups execute on the operational ones. Based on your ideas, comments, suggestions, and feedback we propose the following.
Enable Index Coop products to go on other chains (Polygon, BSC, Fantom, xDAI and Arbitrum).
Setup a DPI/ETH pool on Polygon seek partnership with Polygon (MATIC) and open up an RFP for DPI exclusivity to the 2 major DEXs (QuickSwap and SushiSwap). Liquidity mining target: $10MM, TBD APY.
Update analytics dashboards to include other chains.
Research updating Snapshot to allow votes from other chains.
Update product launch checklist to include setting up bridges to supported chains pre-launch (Polygon) and work to set up bridges to all chains shortly after launch.
Mint/Redeem stays on L1 Ethereum.
Context: [See original post]
Our first experiment to launch our L2 strategy will be to increase liquidity for the DPI/WETH liquidity pool on a Polygon DEX (Quickswap/Sushiswap) by launching a liquidity mining campaign that rewards INDEX along with either QUICK or SUSHI.
We see an opportunity to launch an incentivized pool on the largest DeFi chain outside of Ethereum L1, Polygon (MATIC). As well as begin the necessary infrastructure upgrades for Index Coop to be prepared for the multichain world to come.
We are proposing the following actions:
- Establish bridges to EVM compatible chains (Polygon, xDAI, BSC, Fantom)
- Incentivized DPI / ETH Pool on MATIC
- $10MM target liquidity, TBD APY
- The BD Team will begin exploring partnership opportunities to have an incentivized ETH2x-FLI / ETH pool on Arbitrum shortly after launch.
- Seek a partnership with Polygon to incentivize DPI/ETH Pool with MATIC Rewards and establish bridges to Polygon (MATIC) for all current and future Index Coop Products.
- Seek a partnership with multichain.xyz to establish bridges to BSC, xDAI and Fantom for all existing and future Index Coop Products.
- Begin research into enabling snapshot voting with Index on MATIC, BSC, Fantom and xDAI.
- Begin updating our analytics dashboards to include Index products on other chains to gather data and better inform our strategy going forward.
- Keep Mint/Redeem functionality exclusively on L1 Ethereum
We are requesting a loan of $150,000 from the BD Multisig to seed the Polygon pool, which we will remove once liquidity goals are met, and return to the BD Multisig with the trading fees going back to the BD Multisig and/or Treasury.
We will propose liquid mining campaigns for the pools based on information and data from our previous campaigns as well as recommendations from the product working group.
Consult with the development group around the technical requirements and safety considerations before launching ETH2X-FLI on L2 chains.
This is all to build the underlying infrastructure to allow the Coop to be nimble as L2s and side chains continue to grow, as well as set up small experiments to allow us to gather data for a more long-term multi-chain strategy.
Is there anything we might be missing?
Let us know in the comments.