The SOLUNAVAX Index is Live on Optimism
Let no joyful voice be heard! Let no man look to the sky with hope in his eyes! And let this day be forever cursed by we who ready to wake… SOLUNAVAX 🦑
→ Enter our SOLUNAVAX Giveaway on Gleam ⛵️
Galleon DAO & Beverage Finance are excited to announce the launch of our first collaborative, fully composable, cross-chain product, the SOLUNAVAX Index (SOLUNAVAX).
The SOLUNAVAX Index is an ERC-20 structured product built natively on the Optimism network to enable traders to gain spot exposure to the enormously popular, alternate Layer 1 assets, Solana (SOL), Terra (LUNA) and Avalanche (AVAX) using perpetual products. This is a first in the Set Protocol ecosystem for creating a cross-chain strategy and utilising the new, innovative Perpetual Protocol V2 integration.
In addition to Galleon & Beverage taking full advantage of Optimism to provide significantly cheaper and faster transactions to traders, with the SOLUNAVAX Index, you are able to invest into the three strongest L1 communities after Ethereum in one click. At the same time, a novel mechanic of using perpetual contracts is that when the funding of the underlying positions is negative, you’ll be getting paid for the pleasure of holding the index.
The SOLUNAVAX Index was built as a partnership product aiming to give traders unique exposure to narratives that are frequently highlighted and discussed by DeFi natives and communities whilst tokenising that position on-chain, allowing it to be traded, lent, borrowed, bridged and integrated with the wider DeFi ecosystem.
Understanding the Methodology
The SOLUNAVAX Index follows a strict methodology prescribed by Galleon DAO & Beverage Finance. It is comprised of three single perpetual 1x positions wrapped in Sets, also created by Galleon & Beverage, to give maximum flexibility between gaining exposure to the entire theme or individual components. Our 1x perpetual tokens cannot get liquidated and are a novel ETH-native synth token that can be put in Curve pools, traded on exchanges and bridged.
Product parameters
SOLUNAVAX Index
- Underlying Asset: SOL 1x, LUNA 1x, AVAX 1x
- Rebalance Interval: Quarterly
- Streaming Fee: 0.5%
SOL 1x | LUNA 1x | AVAX 1x
- Underlying Asset: SOL 1x, LUNA 1x, AVAX 1x
- Target Leverage Ratio: 1.0
- Integrated Protocol: Perpetual Protocol V2
- Streaming Fee: 1.95%
Where to Buy:
You can buy the SOLUNAVAX Index on Optimism through:
- Uniswap V3 SOLUNAVAX/WETH pool.
- TokenSets (for non-U.S. users)
How to Mint SOLUNAVAX
Uniswap V3 is a fantastic platform to buy the SOLUNAVAX Index, but what if the price of the liquidity pool increases away from the fair NAV value of SOLUNAVAX due to demand?
Well, there’s a solution for that — issuance.
Through TokenSets you can use USDC to issue the underlying components of SOLUNAVAX and then subsequently use the underlying components to issue SOLUNAVAX itself.
Prerequisites
- Connected to the Optimism network
- Have USDC in your wallet on Optimism
The Following example assumes $10,000 USDC held
Issuing the underlying components (SOL1X, LUNA1X, AVAX1X)
Navigate and connect to the following TokenSets pages that represent SOLUNAVAXs underlying assets.
- SOL1X — tokensets.com/v2/set/optimism/0x95FFfb13856D2BE739a862f9b645573e5C838bdD
- LUNA1X — tokensets.com/v2/set/optimism/0x19F0622903A977A24bB47521732E6291002a4edE
- AVAX1X — tokensets.com/v2/set/optimism/0x522439fB1Da6DB24f18baAB1782486B55FE3A7b6
Click on the dropdown on the top right-hand side and click the issue button — this is the process of providing USDC and in return minting the equivalent amount of SOL1X, LUNA1X or AVAX1X Sets.
Because SOLUNAVAX requires a 1:1:1 ratio of SOL1X, LUNA1X & AVAX1X we want to split our $10,000 and issue roughly $3300 of each component. In this case, we required 38.32 Sets to equal 3300 USDC.
Press the issue button and confirm the transaction to issue your Sets and repeat the process for each component (SOL1X, LUNA1X, AVAX1X).
Now you have the underlying components required to issue SOLUNAVAX, navigate to the SOLUNAVAX Index TokenSets page to start issuing below.
In the same process as before, head over to the issue window for SOLUNAVAX and now, having the required underlying assets, just press the MAX button to calculate the total amount of SOLUNAVAX that can be issued based on your holders — proceed to press the issue button and confirm the transaction once you are happy.
You are now a proud holder of the SOLUNAVAX Index!
Head over to our Discord server and use our collab.land bot in the #access channel to claim a role based on holding our first Galleon DAO structured product!
$DBL & $DRINK Rewards Program
In the coming weeks, we will be announcing $DBL and $DRINK reward programs for SOLUNAVAX holders & LP providers to celebrate this exciting product launch in partnership with Beverage Finance.
Stay tuned through our official channels so you don’t miss out!
Resources
- 📙 Learn more about Galleon DAO
- 📕 Using TokenSets on Optimism
- 📘 Issuing and redeeming Sets using TokenSets
For more information on Galleon DAO, please visit:
For more information on Beverage Finance, please visit:
