Indexed Finance (NDX)

Basics

• Started in / Announced on: 12-2020
• Based in:
• Mainnet release: 12-2020
• Provides passive portfolio management strategies across Ethereum.
• From DeFi Prime (3-2-2021):

"A new index pool protocol designed to replicate the performance of mainstream index funds."

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• Had another attack, but the team negotiated the hacker into a small "fuck off fee" (26-11-2023).
• A judge in Ontario issued an arrest warrant for a teenage suspect (22-12-2021).
• From their post-mortem (15-10-2021):

"Today Indexed suffered its first hack since its deployment in December, and it was a pretty devastating one. About $16m worth of assets were stolen from the indices DEFI5 and CC10 by 0xba5ed1488be60ba2facc6b66c6d6f0befba22ebe."

• From Rekt (15-10-2021):

"The Indexed Finance community has carried out an impressive investigation, and it seems “ZetaZeroes” should now be feeling quite concerned."

Governance

Admin Keys

• From their docs (6-2021):

"In order to ensure the security of the project while distribution is underway, the team will retain the ability to create and vote on governance proposals while our tokens are vesting. This will ensure that we are able to respond if security incidents occur prior to the completion of the initial distribution, but all successful proposals will still be subject to the two day time lock. Additionally, the voting period on the governor contract is temporarily set to a value which corresponds to about 12 hours in blocks; after January 7, 2021, anyone can call a function on the governor to set the voting period to its permanent value, which is closer to 3 days."

• From DeFi Llama (13-5-2021):

"Their governance community votes on the specific weighting with their underlying NDX token."

Token

Token Allocation

• From their docs (6-2021):

"The initial supply of 10,000,000 NDX will be distributed as follows:

1. 30% will be made available to the NDX treasury over the course of 9 months, beginning March 1, 2021.
2. 25% will be distributed through liquidity mining to users who stake CC10/DEFI5 index tokens or their Uniswap Ether pair LP tokens (ending March 8th 2021).
3. 20% will go to the founders, investors and future team members, subject to vesting periods.
4. 14% will be distributed via the treasury in a manner to be determined by governance.
5. 6% will be distributed through liquidity mining to users who stake index tokens or Uniswap Ether pair LP tokens as part of the Sigma program.
6. 5% will be used to reward keepers who update the Uniswap oracle and trigger periodic updates on the pool controller.

After June 1, 2021 the ability to mint new NDX tokens will be available to the governance organization."

Utility

• Has a governance token (8-2-2021).

Technology

• Whitepaper can be found [insert here].
• Code can be viewed here.
• Built on: Ethereum and Polygon (13-5-2021). Uses Balancer contracts.

How it works

• From DeFi Llama (13-5-2021):

"Unlike traditional index funds, these indices are not static portfolios which simply hold assets until quarterly rebalance days. Index pools are multi-asset AMMs that track particular market sectors, represented as lists of tokens managed by NDX governance. As AMMs, they can generate revenue beyond the growth of their underlying assets, and they can rebalance through swaps which generate fees rather than through large orders on external markets."

Their Projects

• From DeFi Llama (13-5-2021):

"Whatever your angle on the emerging DeFi economy, Indexed Finance has either already launched or is planning on launching a creative ETF-like product for you. Their most popular offering is their DEFI Top 5 Index, which contains a balance of UNI, AAVE, COMP, SNX, and CRV and holds a market cap north of $17MM.

More recently, they capitalized on the NFT hype to launch the NFTP index of platform tokens, to offer users exposure to tokens like $ENJ and $MANA that are likely to rise or fall with popular interest in NFTs.

They also created a special product inspired by a suggestion from the Twitter account representing whale address 0xb1…484, a person or persons who actively manage over 6000 ETH. In response they created a special 484 $ERROR token to track the address’s major holdings, currently mostly weighted towards $SUSHI, $BDP, and $ALPHA. Funny enough, this may create recursive effects as 0xb1…484 started investing money directly into their self-same portfolio."

Roadmap

• Can be found [Insert link here].

• From DeFi Llama (13-5-2021):

"Their goal for Q2 is to capture $100MM in TVL, with plans to accomplish this by upgrading their protocol, launch Uniswap v3 position managers, and earn interest on their NDX tokens."

Usage

• From DeFi Llama (13-5-2021):

"Has already released a fun offering of diverse, cost-efficient ETF products which have attracted upwards of $70MM."

Competition

• INDEX Coop, PowerPool and other index projects.

Team, Funding, Partners

Team

• Full team can be found [here].
• Dillion Kellar; core-dev
• Julien Bouteloup; advisor (21-4-2021).

Funding

• Applied for $150k worth of grants at the Balancer Grants DAO and started its first one already (31-8-2021).

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