gm and gmi!
Bankless DAO and Index Coop are very excited to announce the creation of GMI: Hot Tub ♨️ a money market built on Rari Capital’s Fuse!
To access the pool head over to: https://app.rari.capital/fuse/pool/181
If you’d like to signal your support for the pool, put #181 ♨ in your Twitter handle!
Read on to learn more about why there is no second best Fuse pool.
GMI: Hot Tub ♨️ is a complementary product to the Bankless DeFi Innovation Index (GMI) as a part of the greater GMI Ecosystem.
The pool aims to provide the token holders of GMI’s constituent protocols with increased capital efficiency by enabling them to collateralize and borrow against their assets. We also hope to encourage the adoption of GMI-aligned stablecoins by exclusively utilizing them within the pool.
We feel one of the best ways to improve the long-term performance of GMI and create value for its holders is to also create value for the index’s constituent protocols. GMI: Hot Tub ♨️ does this in several ways, such as by:
To start we have listed ETH, stETH, CVX, PERP, ALCX, TRIBE, FXS, FRAX, FEI, alUSD, RAI and UST.
Read on to learn some more about GMI: Hot Tub ♨️!
Note: Please deposit USTw in the pool. Do not deposit UST.
As a GMI holder myself, there are few things I want more than to be able to borrow against my holdings. However, GMI has no Chainlink price feed, nor the requisite liquidity for a secure oracle. Because of this, we unfortunately will not be listing GMI at this time. However, we fully intend to list GMI in Fuse Pool 18 (Index Coop Pool), Fuse Pool 182 (Bankless DAO Pool) and eventually GMI: Hot Tub ♨️ as soon as it is safe to do so.
There are so many different lending markets - What sets GMI: Hot Tub ♨️ apart from the rest?
To start, the parameter change window will be:
In the event of a security threat, we may need to disable borrows without giving advance notice. You will still be able to withdraw funds from the pool.
We feel these windows strike a balance between maintaining the pools competitiveness and ability to quickly meet the needs of the market, while also providing depositors with ample notice to adjust positions as they see fit. We encourage community feedback on this front.
If you are an early adopter of GMI: Hot Tub ♨️, you will be rewarded!
We will be airdropping an exclusive, limited edition NFT to all users who deposit stablecoins (FRAX, FEI, alUSD, RAI, and UST) into the pool within the first 72 hours of its launch.
In order to qualify, you must keep your stablecoins in the pool until May 4 (30 days after launch). If you withdraw funds before then, you will not be eligible to receive the NFT.
The NFT will differ based on the stablecoin deposited - with unique variations for each of the protocols. This means that “rarity” is directly tied to how many users deposit each stablecoin, i.e. the NFT representing the stablecoin with the least # deposits will be the most rare, and vice versa.
This will be the first ever Fuse-based NFT collection – Meaning owning one (and especially all 5) will be a huge flex now and into the future.
We are very excited to reveal the NFTs design and more details about it soon!
GMI is not just the innovation index, but an innovative one. We hope GMI: Hot Tub ♨️ can follow in that vein by pushing the boundaries of what’s possible on Fuse, and to create the strongest brand and community of any pool.
If you are interested in helping with GMI: Hot Tub ♨️, or have ideas on how to improve it, please do not hesitate to reach out!
In the meantime, sit back, relax, and enjoy the Hot Tub, anon.
We want to give a huge thank you to the fantastic Rari Capital team and the Tribe DAO for their incredible help (and patience - lol) in setting up this pool. They are an amazing community that has built an amazing protocol. We 💚 you guys.