Objective
The Basket token (BSK) by Vingt.io is a digital asset in the form of an index with a DAO(Decentralized Autonomous Organization) like structure, designed to track the performance of some of the main assets in the cryptocurrency space. BSK falls within the “Indexed Products” workstream and involves the creation of a BEP-20 tokenized basket of twenty cryptocurrencies. This would allow investors to have macro exposure to the crypto space while limiting idiosyncratic risks around holding a single underlying asset. The BSK token is fully collateralised by decentralised, trustless and permissionless smart contracts that hold its constituent assets. This crypto asset mangement tool would allow pool selection driven by period reviews. VGT itself will be a constituent of BSK as a permanent member and used as governance token to administer BSK’s executive functioning.
Token Selection Criteria
As part of the token inclusion assessment, Vingt.io would be considering a wide range of characteristics of different projects to be added to BSK. VGT holders would then decide what tokens would eventually be added to BSK.
- Every token must be available on BNB Chain and preferably listed on Binance Exchange (Except VGT)
- The token must not be considered a security by the corresponding authorities across different jurisdictions.
- There should be sufficient liquidity for each token to carry out large transactions.
- None of the following categories of token would be included in BSK. Including but not limited to,
- Meme Coins with no potential utility
- Abandoned Projects
- Protocol/Project that have become insolvent
- Projects with unknown developers and low circulating market cap
- Projects having structural problems as seen in the case of LUNA/UST
- Wrapped Tokens (Excluding Binance Pegged Tokens)
- Other Tokenized derivatives
- Tokens having inconsistencies in roadmap
- Tokens having less than 15% of their total supply in market circulation
- The tokenomics must not have locking, minting or other characteristics that would put passive holders at a disadvantage.
- The project must be widely considered to be building a useful protocol or product.Projects focused on competitive trading/holding, having Ponzi characteristics, or projects that exist primarily for entertainment, will not be included.
- Any other criteria deemed fit by Vingt.io core team can be added at a later stage along with amendments made to the ones listed above.
- The protocol or product must have been launched at least 180 days before being able to qualify to be included in the index.
Index Maintenance
The index is maintained in two phases:
Determination Phase
It is the phase when the changes needed for the next reconstitution are determined.
Reconstitution Phase
The index components are adjusted, added and deleted.