This proposal is due to appear on Snapshot on Monday 5th April, 1pm UTC. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
CC10 is the second largest product of Indexed Finance with a TVL of just short of $10m and a performance of 280% since its launch on December 22nd 2020.
It consists of the Top 10 projects of the Cryptocurrency sector by market cap namely:
UNI ($17b), 24h trading volume:$770,422,890
AAVE ($4.5b), 24h trading volume: $320,593,781
COMP ($1.7b), 24h trading volume: $90,759,381
SNX ($2.9b), 24h trading volume: $119,708,097
CRV ($656m), 24h trading volume: $143,302,744
YFI ($1.2b), 24h trading volume: $203,713,740
UMA ($1,4b), 24h trading volume: $67,427,147
MKR ($1,8b), 24h trading volume: $82,759,078
OMG ($745m), 24h trading volume: $434,059,473
ZRX ($1b), 24h trading volume: $214,568,267
How does CC10 work?
CC10 assets sit in a liquidity pool and re-balance automatically based on the market caps of the underlying tokens. A controller contract fetches the market capitalization of each token from a Uniswap price oracle and submits new target weights to the index pool based on a capitalization-rooted weighting algorithm.
CC10 tokens are actually LP tokens that represent a share in the AMM pool. They can be redeemed at all times against the underlying tokens in the pool or sold on a decentralized exchange provided there is sufficient liquidity.
CC10 contract address: 0x17ac188e09a7890a1844e5e65471fe8b0ccfadf3
The Index Pool contract is a fork of the Balancer Pool. The primary changes made to the contract were to enable more dynamic pool management so that assets can be bound, rebound and reweighed gradually and without the need to access external liquidity.
These changes have been audited by two independent security experts: Daniel Luca, a former auditor for Consensys diligence, and Mudit Gupta, the lead blockchain engineer at Polymath.
Although CC10 doesn’t have a large market cap itself, similar to DEFI5, it represents a basket of the largest and arguably most secure tokens in the entire DEFI space.
- CC10 market cap: $8.9m
- TVL in the DEFI5 pool: $6.3m
- 24h volume: $299K
- 24h fees: $899