View source for BasketDAO (BASK)

Fork of [[Index Coop (INDEX)|Index Coop]] that stopped in 12-2021

==Basics==

*Started in / Announced on: 4-2021
*[[Mainnet]] release:

==History==

* From the [[Pie DAO (DOUGH)|PieDAO]] [https://forum.piedao.org/t/basketdao-acquisition-proposal/1177 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 [https://basketdao.medium.com/basketdao-money-market-index-7e0810c6cdc7 uses] the same set of [[contracts]] that BDI uses, which are [https://github.com/basketdao/contracts/tree/main/audits audited] by [[Haechi]] (15-7-2021).

===Bugs/Exploits===

* [https://twitter.com/AnciliaInc/status/1747771915945812261 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 [https://twitter.com/Beosin_com/status/1509099103401127942 vulnerability] in its BMIZapper [[contract]].

==Governance==
===Admin Key===

* From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):

''"The security of held funds will of course still trump all [[Liquidity Mining|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 [https://etherscan.io/address/0xAFa2c40DF28768eaB8aDD6f2572B32A7F8c86a5E behind] a [[timelock]]. To begin with, the protocol will only use [[Compound]] and [[Aave (AAVE)|Aave]]."''

* From their [https://basketdao.medium.com/a-new-direction-for-bask-a4559bcb011 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 [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):

''"$BASK [[tokens]] will be slowly introduced to the product lineup in the BasketDAO platform (subject to [[Off Chain|off-chain]] voting), this is to further align holders of the BasketDAO products with the protocol."''

===Treasury===

* From their [https://basketdao.medium.com/a-new-direction-for-bask-a4559bcb011 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 [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):

# ''"60% for farming incentives''
# ''30% to the treasury''
# ''10% to the developers"''

* From their [https://basketdao.medium.com/a-new-direction-for-bask-a4559bcb011 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 [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 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:''

# ''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"''

*[https://cryptobriefing.com/vampire-attack-innovation-basketdao-storms-defi-index-scene/ From] [[Crypto Briefing]] (9-4-2021):

''"To encourage migration from [[Index Coop (INDEX)|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 [https://basketdao.medium.com/a-new-direction-for-bask-a4559bcb011 blog] (28-7-2021):

''"Inspired by [[YEarn (YFI)|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 [https://github.com/basketdao here].

===Implementations===

*Built on: [[Ethereum]]
==Their Projects==

=== BDPI ===

*[https://cryptobriefing.com/vampire-attack-innovation-basketdao-storms-defi-index-scene/ 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."''

* [https://morioh.com/p/1f5fc2b0c872 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, [[Harvest (FARM)|FARM]], [[Cream Finance (CREAM)|CREAM]] and [[MStable (MTA)|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 [https://basketdao.medium.com/basketdao-money-market-index-7e0810c6cdc7 announcement] (15-7-2021):

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

==Usage==

* [https://cryptobriefing.com/vampire-attack-innovation-basketdao-storms-defi-index-scene/ 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 (INDEX)|Index Coop]], [https://cryptobriefing.com/vampire-attack-innovation-basketdao-storms-defi-index-scene/ 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
*[[Daryl Lau|Darren Lau]]; advisor
*[[Nick Chong]]; advisor
==(:==
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