Proposal to Whitelist CC10

OLD GOV (LEGACY)
1

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.

This proposal is part of the general proposal to whitelist Indexed Finance indices. The parent document can be found here.

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

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Security

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.

Daniel Luca Audit
Mudit Gupta

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.

Volume & Fees

  • CC10 market cap: $8.9m
  • TVL in the DEFI5 pool: $6.3m
  • 24h volume: $299K
  • 24h fees: $899

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2 Likes
2

I like index tokens and CC10 is a goodone, the guys at indexed are doing what piedao does but better imo. I know of the security audits and the code changes arent too big of a risk, so long as the rebalancing mechanic doesnt fall under the exploitability of rebase tokens in the bancor system, which im 99% it doesnt, this should be good imo. this opinion goes for their other idexes aswell. also a disclaimer i do have some cc10 and NDX

3 Likes
3

Would the indexed finance DAO seek to also incentivize the BNT-CC10 Bancor pool with NDX in a similar manner as to how ETH-CC10 uniswap LPs can earn NDX if they stake their LP tokens? Also, what is the co-investment limit that you are looking for?

4

To answer my own question, this is seeking a 20K BNT co-investment limit or roughly $140K with BNT at a price of $7.00.

5

I support this proposal