IIP-102 Launch the Bankless DeFi Growth Index ($GMI)

@LemonadeAlpha - based on this can we consider adding TCR to the index? Their inclusion in the Tokemak reactor is a signal as well.

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@LemonadeAlpha - Any plans to change it to sOHM as OHM does not earn interest?

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Community call scheduled for 2nd November 2021, 12:00 PST // 19:00 UTC.

You can find details about the community call on our shared calendar: Meeting Calendar - Join us! - Index Coop Community Handbook


would be careful using wsOHM or sOHM as productive assets introduce concerns regarding the security status of the INDEX.


@0xdouglas beat me to it, but wsOHM, or any other productive asset could risk classifying this index as a security, and would personally advocate against it.

Would love to see the full inclusion criteria as it feels there are some tokens that should be included (TCR, FXS etc) per the above criteria. If additional screens are being applied would love to have some acknowledgment of them.

Lastly, would love to know if there is a screen for security (audit done) and security status (no authorities have deemed the token a security).


Want to first say I’m a big fan of this product, and great job polishing the details of this forum post!

What happens if methodologists want to make changes to token criteria like these after launch?

Personally I think methodologists should have the ability to make changes in reaction to market conditions or user feedback. I’d also want to make that ability transparent, and any changes well-communicated.


This is a super important question because OHM without staking is a questionable asset at best. APY from staking is currently 8,191%. The math isn’t in our favor.


Definitely digging the small cap/growth DeFi theme here and agree it would complement DPI quite nicely.

I quickly browsed through the list and the majority of them are on L1 only. Would we expect that most of the upcoming DeFi project continue to be launch on L1 and hence a L2 is not a feasible option?

Personally my only hesitation would be the gas costs on L1. If I were to allocate $1,000 or $2,000 at the gas cost of 0.025 ETH / $110. Not a deal break but it does sting.

Going along with the allocation of 4:1 / DPI:GM which seems reasonable to me, I tried to find the median holder’s value of DPI but couldn’t find it. Cringe to use averages but… the average value per a holder is about $13,500 ($202,684,819 / 14982 holders). At the 4:1 ratio, this average holder would allocate $2,700 to GMI so I guess the gas cost would be acceptable here.

Please let me know if any assumption/calculation are incorrect, I’m still fairly new here ^^;


As Michael mentioned, there is a community call today, we will look to answer any questions posed here regarding asset selection and inclusion of productive assets.


Hi @Mringz , with the community call completed, can we please get an IIP number and schedule DG1 snapshot for next Monday.


I like it a lot. Would by a bunch today


Excited about this launch! Curious, how often will new tokens be added into/out of the product? And how often rebalances will keep all existing tokens?

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I have queued up IIP-102 Launch the Bankless DeFi Growth Index vote to begin on Monday, 11/8.



Community Call Video Recording: Bankless DeFi Growth Index $GMI - Community Call (2021-11-02 at 12:02 GMT-7) - Google Drive

Community Call Slides: GMI Community Call 11/2/2021 - Google Slides


I would love to see a small cap defi index from Index coop. Nice one @LemonadeAlpha, Ben and Lucas.

My DEFI+S is currently outperforming my DPI - awks.

I’d also like to see tokens which didn’t make the cut and understand more about the mechanism for graduating tokens.

Great work! Hope to see such a product live REALLY soon!


Wow, this is absolutely an amazing project…, I can’t wait to be part of it

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Thanks, as long as savings passed back that works. Doesn’t the owner of this have to be registered as a financial advisor?

Yes, gas is socialised across all our products.

There is no “owner” of products as such, in this case as with other Index Coop products, bankless supply a methodology and Index gov token holders vote to implement it. Also the Index criteria are also objective meaning the investment strategy is passive rather than active.


I think this is a very attractive offering. Many up and coming projects that are left of the BED Index that can be captured here. Also, provide an much broader exposure to DeFi’s best.


Hi everyone, quick product update.

We’re working through a few pieces on fee negotiations but the PRD has been developed and will be reviewed by the engineering team soon.

Once those are completed we will schedule the WTA and prepare for DG2.