Linear Finance x PieDAO – Synthetic PLAY Metaverse NFT Index (ℓPLAY)

Summary

This proposal is a continuation of the Linear Finance - PieDAO partnership and aims to bring to market a PieDAO branded synthetic PLAY Metaverse NFT Index (ℓPLAY) to Linear.Exchange.

Motivation & Scope

The Metaverse and NFT projects are reaching solid maturity levels and significantly high market caps in 2021. The team at Linear Finance believes now is the perfect time to expand our partnership with PieDAO and enable users access to yet another PieDAO managed portfolio on Linear.Exchange, the PLAY Metaverse NFT Index.

Listing a synthetic PLAY Metaverse NFT Index (ℓPLAY) on Linear.Exchange will benefit both protocols as PieDAO will gain more exposure to the thousands of Linear.Exchange users and the Linear Community will be able to invest in a solid Metaverse & NFT Index “baked” by the best in the industry!

The constituents of the synthetic PLAY Metaverse NFT Index (ℓPLAY) will be the following:

MANA
AXS
SAND
ENJ
ILV
GALA
AUDIO
YGG

Ref: https://www.piedao.org/#/pie/0x33e18a092a93ff21ad04746c7da12e35d34dc7c4

The launching of a new PieDAO branded synthetic index on Linear.Exchange would mean:

  1. PieDAO will compose and maintain a PieDAO branded synthetic index.
  2. PieDAO will provide Linear Finance the methodology used to create the index and provide updates if any changes are made.
  3. PieDAO will provide Linear finance the data set with weightings in spreadsheet format in a timely manner on the 3rd week of every month, i.e. monthly rebalancing.
  4. Linear Finance will list the index on Linear.Exchange and the price of the synthetic index will be based on data feed from Linear Finance oracle partners as there is no underlying.
  5. Linear Finance will pay the PieDAO treasury a service fee of 0.1% of the monthly traded volume in USDT or 1,000 USDT/USDC if the index has less than 1 million in monthly traded volume.
  6. Linear Finance & PieDAO will work together to promote the strength and institutional level research conducted by the PieDao team, the PieDAO synthetic PLAY Metaverse NFT Index Index on Binance Smart chain and any public blockchains that are used by Linear, the PieDao indexes on ETH Chain, and leverage respective communities to spread awareness of each ecosystem.
  7. Linear Finance will commit marketing resources and dollars to spread awareness and promotion on all social media platforms and relevant media/PR agencies.

*** A Technology Agreement will be made that stipulates the terms and conditions in detail.

Linear Finance Background

Linear Finance is the first cross-chain compatible, decentralized delta-one asset protocol to quickly and cost-effectively create, trade, and manage liquid assets (Liquids) and creative thematic Digital Traded Funds.

Liquids provides the user with one-to-one exposure to real world assets, without needing to purchase the actual commodity. Liquids offer investors access to financial products commonly found in traditional investing, including indices, commodities and much more. Linear Finance provides a low-cost, easy-to-use exchange for an investor to invest in multiple asset classes on a single platform.

Not only does the investor gain access to many different financial products, they also have the benefit of trading with “unlimited liquidity” and “zero slippage”. No matter how much an investor wants to invest, do they need to worry about liquidity of any asset; they are able to invest any amount of money without risk of slippage.

LINA tokens are the base collateral to create liquids using Linear Finance Buildr, which is a decentralized application for collateral pool and liquids management. The creation of liquids requires a pledge ratio which is 500%, to keep the protocol over-pledged.

Liquids are currently tradable on the Ethereum Network and the Binance Smart Chain Network and later in 2022 Linear Finance will expand into Polkadot via its partner Moonbeam.

Documentation https://linear.finance/defi/Linear_Whitepaper_EN.pdf
Website https://linear.finance/
Discord https://discord.gg/xhhsvTY2sS
Twitter @LinearFinance
Medium https://linear-finance.medium.com/

6 Likes

Will the oracles pull data based off of NAV or PLAY trading price?

I love how synthetics can bring us into other chains while still collecting a fee.

To bring this to a vote do we need guidelines and facilitator role filled first or could this be moved along since there’s less developer bandwidth needed on our end?

Do we need to appoint someone to deliver monthly rebalance reports to Linear Finance?

1 Like

Hey @Bowser_LinearFinance thanks for putting this proposal together. Definitely supporting this, as a new chapter of the ongoing partnership between Linear & PieDAO!

Hey @richandcreamy , I feel like this could smoothly fall within the same ongoing “operations” of the lDEFI index by Linear in charge to PieDAO (we’ve been serving as methodologists for that index for approx 6 months - Linear Finance x PieDao - Partnership and Synthetic Pie Listing).

4 Likes

Perfect! ok!

1 Like

Lets go for it!

3 Likes

I like it too. Linear seems to align well with our team.

1 Like

Sounds like a good partnership!

1 Like