Today, Indexed announced that it is the recipient of an ongoing grant from the Balancer Grants DAO in order to build out the infrastructure required for an eventual port to a custom Balancer V2 pool as the underlying implementation of our products.
Balancer as a product is one that we owe a great deal to - as Indexed is based upon a fork of Balancer V1 - and for that we’re grateful for the opportunity to more closely engage and align with a community with the insight and resources to improve our offerings, brand awareness and network effects further.
With the aim of deepening ties between the two protocols beyond Indexed simply receiving funds and liaising with the Balancer Grants DAO as we progress, this proposal is one of giving each party exposure to the other via a Treasury to Treasury token swap: a first for both protocols.
It is simultaneously being proposed to the Balancer DAO here.
5,000 BAL from the Balancer Ecosystem Fund would be exchanged for the equivalent USD value of NDX tokens from the Indexed Treasury using the 20 day smooth moving average price taken at the conclusion of a Snapshot vote approving the deal (which will be initiated following community feedback in this thread). Price feed will be BAL/USDT (Binance) and NDX/WETH (Sushi). At current prices of BAL, this amounts to a swap valued at approximately ~US$134,000.
The Indexed DAO will deposit BAL into the BAL/WETH 80/20 pool via single asset deposit. If/when Balancer launches the ability to lock BAL/WETH liquidity as proposed here, Indexed DAO will lock their liquidity for a period of at least 1 year. In the interim, the Indexed DAO is free to earn BAL rewards.
Conversely, Balancer DAO will deposit NDX into dNDX with a lockup period of at least 1 year, once the contracts for dNDX have been deployed. Read more about dNDX here .
Call To Action
Thoughts on this? We want to hear them, with mind to creating a Snapshot vote on this proposal in approximately two weeks, so you have plenty of time to have your opinion heard! There’s a poll below which acts as a temperature check [although it’s not gated to actual NDX holders], so please express yourselves there as well.
- Yes, as proposed
- Yes, but with different terms
- No, under no circumstances