The Index Coop has performed an extraordinary rebalance on MVI due to the following factors:
GALA
As per the methodology this token has been removed entirely due to ongoing security concerns after recent hacks.
AXS and BLUR
As per the methodology these tokens have both been removed due to significant shortfalls in onchain liquidity.
WETH
A large WETH position was shortly held from the last rebalance as detailed here.
This has now been rebalanced across the remaining constituents to ensure the product continues to track the intended market sector.
New Weights
As per 14th June 2024 token weights are as follows
Summary
The index now consists of 8 components down from 12. This will materially reduce gas costs for issuance and redemption which will also result in less NAV deviation on secondary markets (DEX) due to increased arbitrage efficiencies.
The Index Coop has also been working with an oracle provider (to be formally announced soon) that will help with product integrations and cross chain proliferation.