Difference between revisions of "BasketDAO (BASK)"

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


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


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* From the [[Pie DAO (DOUGH)|PieDAO]] [https://forum.piedao.org/t/basketdao-acquisition-proposal/1177 forum] (12-2021):
* 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."''
''"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==
==Audits & Exploits==


*[[Bug bounty]] program can be found [insert here].
*[[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).
*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===
===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==
==Governance==
===Admin Key===
===Admin Key===
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* From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):
* From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):


''"$BASK tokens will be slowly introduced to the product lineup in the BasketDAO platform (subject to [[Off Chain|off-chain]] voting), this is to further align holders of the BasketDAO products with the protocol."''
''"$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===
===Treasury===
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==Token==
==Token==
===Launch===
===Token Allocation===
===Token Allocation===
From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):
From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):
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* From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):
* From their [https://basketdao.medium.com/bask-tokenomics-313a6ec307b1 blog] (3-4-2021):


''"$BASK is a valueless governance token.''
''"$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.''
''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:''
''The breakdown for the yield generated in a basket is as follows:''


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


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''"Inspired by [[YEarn (YFI)|Yearn]], BasketDAO Treasury will spontaneously buy back BASK when times are good, effectively achieving non-systematic revenue share."''
''"Inspired by [[YEarn (YFI)|Yearn]], BasketDAO Treasury will spontaneously buy back BASK when times are good, effectively achieving non-systematic revenue share."''
===Other Details===
===Stablecoin===
==Coin Distribution==
==Technology==
==Technology==


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*Built on: [[Ethereum]]
*Built on: [[Ethereum]]
===How it works===
===Fee Mechanisms===
===Upgrades===
===Staking===
====Validator Stats====
===Liquidity Mining===
===Scaling===
===Interoperability===
===Other Details===
==Oracle Method==
==Privacy Method==
==Compliance==
==Their Projects==
==Their Projects==


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* From their [https://basketdao.medium.com/basketdao-money-market-index-7e0810c6cdc7 announcement] (15-7-2021):
* 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."''
''"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."''
 
==Roadmap==
 
*Can be found [Insert link here].


==Usage==
==Usage==
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* [https://cryptobriefing.com/vampire-attack-innovation-basketdao-storms-defi-index-scene/ From] [[Crypto Briefing]] (9-4-2021):
* [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."''
''"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."''
 
===Projects that use or built on it===
==Competition==
==Competition==


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''"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."''
''"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==
==Pros and Cons==
===Pros===
===Cons===
==Team, Funding, Partnerships, etc.==
===Team===
===Team===


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*[[Daryl Lau|Darren Lau]]; advisor
*[[Daryl Lau|Darren Lau]]; advisor
*[[Nick Chong]]; advisor
*[[Nick Chong]]; advisor
===Funding===
===Partners===
==(:==
==(:==
Knowledge empowers all and will help us get closer to the [[decentralised]] world we all want to live in!
Knowledge empowers all and will help us get closer to the [[decentralised]] world we all want to live in!
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Making these free wiki pages is fun but takes a lot of effort and time.
Making these free wiki pages is fun but takes a lot of effort and time.


If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information.


[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
[[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
Also check out [https://cointr.ee/zeb CoinTr.ee] for more content.
[[Category:Coins/Tokens]]
[[Category:Coins/Tokens]]

Latest revision as of 03:50, 23 January 2024

Fork of Index Coop that stopped in 12-2021

Basics

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

History

"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

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"

"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

Implementations

Their Projects

BDPI

"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."

"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

"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

"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

"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

(:

Knowledge empowers all and will help us get closer to the decentralised world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31