Proposal: Add a new token that is an index utilizing price feeds of BTC/ETH/ADA. What we call the token could be discussed, but iABE, iINDX, or iBEA.
Purpose: Create the first index token on ADA utilizing oracle price feeds indy already pulls for btc, eth, and ada and averaging those via equal weight (1/3 weighted price of each) or weighted average by market caps of the tokens, which would probably involve more data being pulled in on current market caps of the tokens.
In any case its a simple token represnting a pool of the three cryptos we already have oracle feeds for.
Would love to hear some feedback on this idea. In the future once we have iEUR and other fiats we could launch a similar fiat index token.
Indexes are for passive investors who would rather invest in a market with diversified risk as opposed rather to actively managing multiple tokens. Your comment about “real” index is accurate yes and applies to all synthetic assets they are just mirror of real world assets. Definitely some more to flesh out if there is any interest but it seems most people engaged in indy currently prefer actively managing their portfolios so perhaps indy isnt the right place for an index token. Just thought id toss it out there.
There are several projects already working on platforms for building/trading indexes on Cardano. Surely they will include iBTC, cBTC, iETH and ADA. I think it would be better if continue to create synthetics for off chain assets like XRP, Tesla and Gold.
In my opinion it is a very interesting asset, it would mitigate the risk of investing in a single coin like ADA which is much more volatile than BTC and ETH, especially in a bearish market BTC and ETH hold up much better
I am still trying to understand the point of having ADA within this index. I would lock ADA to get exposure to ADA?? I can definitely see the value of this after we can use other coins as collateral tho (wen USDM pleeeeease).