BasketDAO’s first product on Ethereum: BDPI, an evolution of DPI with the following upgrades: Holds interest-bearing tokens from trusted protocols (Aave & Compound), No streaming fee, Community governed re-balances. What is Interest Bearing Defi Pulse Index (BDPI) | What is BDPI token
In this article, we'll discuss information about the Interest Bearing Defi Pulse Index project and BDPI token
BasketDAO’s first product on Ethereum: BDPI, an evolution of DPI with the following upgrades:
At launch, BDPI follows the same token and weight distribution of DPI, except it holds interest-bearing version of those tokens where possible:
cUNI, aAAVE, aSNX, xSUSHI, aMKR, cCOMP, aYFI, aREN, LRC, aKNC, aBAL, FARM, CREAM and MTA.
By this fact alone BDPI will strictly perform better than DPI. But wait, there are also *no streaming fees *with a portion of earned yield going back into the protocol. Economies of scale will also make this process extremely gas efficient.
$BASK is a valueless governance token. Please do not gamble your life savings on this.
Unlike our competitors, BasketDAO aims to only hold assets that are one of the following where possible:
This means you get paid instead of paying for asset exposure. All products launched by the BasketDAO team will charge 0 management fees.
The total supply of the $BASK token will be *200k, *emitted over a period of ~5.5 months. $BASK started its emissions on block 12132273. The vesting breakdown for $BASK distribution is:
*60% *for farming incentives
*30% *to the treasury
10% to the developers
So how does BasketDAO operate without fees? Simply put, a portion of the yield accrued by the platform will be used to pay for operational costs, and be redistributed back to $BASK holders.
The breakdown for the yield generated in a basket is as follows:
70% will be reinvested into their respective basket
*20% *will be distributed to $BASK token holders
10% will be distributed to the treasury, used to fund operational costs like servers, marketing, audits, etc
We believe this is a good incentive structure as:
The security of held funds will of course still trump all yield farming concerns. To that end, there will be clear guidelines behind what methods of generating yield are acceptable, and all changes will be put to a vote and then be done behind a timelock. To begin with, the protocol will only use Compound and Aave.
$BASK tokens will also be slowly introduced to the product lineup in the BasketDAO platform (subject to off-chain voting), this is to further align holders of the BasketDAO products with the protocol.
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BDPI is now live on the Ethereum mainnet. The token address for BDPIis 0x0309c98b1bffa350bcb3f9fb9780970ca32a5060. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Decentralized Exchange, we use Metamask wallet
If you don't have a Metamask wallet, read this article and follow the steps
Connect Metamask wallet to Sushiswap Decentralized Exchange and Buy BDPI token
The top exchange for trading in BDPI token is currently Sushiswap, and 1inch Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BDPI gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com ☞ https://www.bittrex.com ☞ https://www.poloniex.com ☞ https://www.bitfinex.com ☞ https://www.huobi.com ☞ https://www.mxc.ai ☞ https://www.probit.com ☞ https://www.gate.io ☞ https://www.coinbase.com
Find more information BDPI
🔺DISCLAIMER: The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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