BSK – Basket Token by Vingt.io is a capitalization weighted index built on Set Protocol’s new V2 infrastructure consisting of 20 of the most popular cryptocurrencies on BNB Chain. This is part of the ‘index product’ within the Vingt.io eco-system, governed by its native token Vingt – VGT.
Vingt.io is proud to be user’s first steps into the cryptocurrency world. If often starts with just an internet search which leads you down a long, exciting path of learning the ins and outs of decentralized finance. For some, this path is simply too much; there are so many concepts, terms, and protocols to learn that it can be far too easy to hit a wall or stumble along the path. New users want a safe and reliable shortcut into cryptocurrency industry, that they feel safe placing their trust in. BSK – Basket Token is a blockchain financial product that lowers the barrier to entry for new users who lack the expertise to gain cryptocurrency exposure and provides experienced users with exposure of a large number of cryptocurrencies through one single asset.
BSK – Basket token is the first of its kind, an index of decentralized finance that isn’t synthetic or a derivative but rather you own the tokens that comprise the capitalization weighted index. Built on Set Protocol’s v2 infrastructure, BSK – Basket tokens are directly redeemable for its underlying assets. Much like the Total Value Locked (TVL) metrics, BSK – Basket Token is a cryptocurrency standard for the community. Total Value Locked was created to help the community interpret the value locked within the ecosystem. We see BSK – Basket Token as a natural progression of what we have to offer to the wider community.
The index’s criteria to determine which cryptocurrency tokens are included considers many factors. The index utilizes total market capitalization and overall rankings of the underlying asset to select them for BSK pool.
The goal of BSK – Basket Token by Vingt.io is to establish a standard that empowers the reputable crypto projects that makes up our community. And so, tokens are required to embrace common security and decentralization standards. As such, any included token and founding team much be widely considered legitimate. It goes without saying that qualifying tokens much follow best practices concerning the security and safety of the protocol and post incident management.
In order to qualify, a token must by listed on Binance Exchange and have its smart contract on BNB Chain. Tokens held by the index may not be synthetic tokens nor can they represent options, futures, physical world assets, or claims to other tokens on blockchains other than BNB chain. Tokens cannot be meme coins with no utility or a security. Tokens must be functionals for a minimum period before it may be included in the index. Additionally, the token must have a minimum circulating supply as well as a reasonable predictable total supply. The governance token of Vingt.io, VGT – Vingt will be a permanent part of BSK – Basket token index.
See here for more information regarding the BSK – Basket Token index construction.
Each underlying asset has a weight of 5%. During the maintenance phase the underlying assets would be rebalanced in accordance with its underlying index (which is 5% of each token). The following tokens in their BEP20 versions would (tentatively) be included in the index at launch:
Cryptocurrencies are evolving and Vingt.io is playing its part in making different projects interact with one another. This entire industry was built through collaborative innovation with each new protocol and smart contract system, or money lego, building on the next. We have plans to onboard further integration partners over time to broaden access to our index stream and its underlying assets. The smooth experience of one-click exposure to 20 top tokens in the crypto market is a vast improvement over having 20 transactions or more and truly makes you feel like you’re living in the future.