BasketDAO (BASK)

Fork of Index Coop that stopped in 12-2021

Basics

• Started in / Announced on: 4-2021
• Mainnet release:

History

• From the PieDAO forum (12-2021):

"BasketDAO has been recently looking to discontinue its operations, so a potential opportunity emerged for PieDAO to onboard the BasketDAO current Community, while transitioning the Liquidity of their products."

Audits & Exploits

• Bug bounty program can be found [insert here].
• BMI uses the same set of contracts that BDI uses, which are audited by Haechi (15-7-2021).

Bugs/Exploits

• Hacked and its pre-approval user lost over $107,000 (18-1-2024).
• On March 29, 2022 BasketDAO lost $1.2M due to a parameter injection vulnerability in its BMIZapper contract.

Governance

Admin Key

• From their blog (3-4-2021):

"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."

• From their blog (28-7-2021):

"After fixing supply, increase BASK-Minting timelock from 24hrs to 1 week, to further ensure future supply changes cannot be made in stealth."

DAO

• From their blog (3-4-2021):

"$BASK tokens will 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."

Treasury

• From their blog (28-7-2021):

"If this proposal passes, xBASK will receive one final profit distribution and then all future xBASK profits will be redirected to The Treasury for purposes of protocol growth, until future BASK holders vote to turn revenue-share back on."

Token

Token Allocation

From their blog (3-4-2021):

1. "60% for farming incentives
2. 30% to the treasury
3. 10% to the developers"

• From their blog (28-7-2021):

"BASK will enforce a fixed supply of 100,000 by minting the remainder to The Treasury and then stopping emissions."

Utility

• From their blog (3-4-2021):

"$BASK is a valueless governance token.

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:

1. 70% will be reinvested into their respective basket
2. 20% will be distributed to $BASK token holders
3. 10% will be distributed to the treasury, used to fund operational costs like servers, marketing, audits, etc"

• From Crypto Briefing (9-4-2021):

"To encourage migration from DPI to BDPI, BasketDAO will offer its governance token BASK. BasketDAO declared that BASK is a governance token that will accrue value from the interest-bearing tokens in BDPI."

• From their blog (28-7-2021):

"Inspired by Yearn, BasketDAO Treasury will spontaneously buy back BASK when times are good, effectively achieving non-systematic revenue share."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed here.

Implementations

• Built on: Ethereum

Their Projects

BDPI

• From Crypto Briefing (9-4-2021):

"By taking the same underlying assets and converting them to their yield-bearing equivalent, BasketDAO is offering better a better return than DeFi Pulse’s DPI."

• From Morioh (4-2021):

"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."

BMI

• From their announcement (15-7-2021):

"It’s an index of interest-bearing USD stablecoin exposure, initially made up of yVault tokens from Yearn. BMI aims to be a safe, set-and-forget product for treasuries to hold diversified stables."

Usage

• From Crypto Briefing (9-4-2021):

"BasketDAO’s BDPI has already managed to reach a total value locked of $41 million, ranking it second behind Index Coop’s DPI in the list of DeFi indexes."

Competition

• DPI of Index Coop, from Crypto Briefing (9-4-2021):

"By taking the same underlying assets and converting them to their yield-bearing equivalent, BasketDAO is offering better a better return than DeFi Pulse’s DPI."

Team

Team

• Full team can be found [here].
• Anonymous
• 0xMaki; advisor
• Darren Lau; advisor
• Nick Chong; advisor

(:

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