INDEX Liquidity Mining Update
The Index Cooperative was launched 2 months ago and since then it has seen an amazing community form that is dedicated to growing both the coop and the products that it manages.
When the coop was originally launched, 9% of the total INDEX tokens were allocated to a liquidity mining program that was to last 60 days. That program is ending on December 7th, 2020 and due to this, the Index Coop community have voted to extend the program by an additional 30 days.
Migrate now by clicking here.
Motivation
The DeFi Pulse Index (DPI) currently has fairly high liquidity on the Uniswap ETH/DPI pool which is in part due to the liquidity mining incentive program. This high Uniswap liquidity allows users and third party integrators to confidently enter and exit DPI positions.
The extension of the INDEX liquidity mining program seeks to continue growing distribution and adoption of the DPI using a smarter liquidity mining system.
The New Liquidity Mining Program
On December 7th at 12PM PDT, the new INDEX liquidity mining program will begin and run for a total of 30 days (until 12PM PDT, January 7th 2021). This new program will have a target APY rate of 30% and a target DPI/ETH Uniswap pool size of $30 million ($15 million ETH and $15 million DPI).
Using the 20-day rolling average price of INDEX at $6.47, a total of 115,920 INDEX tokens will be distributed over 30 days. These INDEX tokens will be paid out of the Index Coop treasury and represents 1.15% of the total supply.
Migrating Liquidity
If you are participating in the current INDEX liquidity mining program you will need to migrate your DPI/ETH Uniswap liquidity provider tokens in order to participate in this new liquidity mining program. A migration tool has been created to make this process as seamless as possible — you just simply need to ‘Unstake and Claim’ on the expiring pool, and ‘Stake’ on the new pool — this will only require 2 Ethereum transactions.
Future Liquidity Mining Programs
As the Index Coop is experimenting with this new liquidity mining mechanism, it may be the case that future programs are spun up after this new one ends if they are deemed necessary by the community.
Any future plans will be detailed on the Index Coop forum ahead of time and the community will have ample opportunity to discuss any proposals.
Smart Contracts
A new smart contract for this program has been deployed at: 0xB93b505Ed567982E2b6756177ddD23ab5745f309
