Mission Update #2
2021 has seen a continuation of the crypto and DeFi bull run at staggering rates. SPICE DAO has launched a new index, updated the website and increased marketing efforts to spread awareness and interest in the mission. Here is an overview of what has happened since our last update and what is coming up.
During the first weeks of 2021, Mission Control focussed on preparing a second push on the SPICE DAO and making progress on the product side of things. While price activity and volumes were minimal, the team made best use of the time to relaunch the website, launch a new index, ramp up communications firepower and launch some fun campaigns. Here is a rundown in more detail.
- Product launch: Galactic Blue Index ($GBI)
The second SPICE DAO index features 7 “blue chip” projects from each of 7 major crypto / DeFi verticals, giving investors a well-diversified exposure to the big names in the crypto and DeFi ecosystem. Read a detailed overview of the GBI here.
- DAO vote #1: Number of constitutes
The first DAO vote related to a reduction of the number of constitutes in the $SCIFI index from 15 to 10 as a reduction of the number of constitutes shows a better historical performance and represents a more profiled basket while still diversifying risk. It also reduces the number of transactions needed in the monthly rebalancing.
-> The proposal was successfully passed.
- DAO vote #2: Rebalancing vote
The second DAO vote was the first rebalancing vote. Mission Control presented the DAO with all the tokens that would be removed through the reduction of constitutes as well as two potential new picks.
-> The DAO voted to keep $YF-DAI and $ROOK in the basket.
- DAO vote #3: Improving LP rewards
The third DAO vote suggested to open the LP rewards for a broader target audience and to include the treasury wallet in the eligible recipients in order to mitigate the concentration of reward payouts to only a few wallets, alleviating sell pressure and negative effects for the community.
-> The proposal was successfully passed.
After a period of low activity both in terms of price and volume at the start of 2021, SPICE has seen a strong comeback in early February, taking the price from around 0,25USD to levels above 2USD, with a high of 4,06USD. $SPICE has currently settled in at levels around 1,30USD, which is almost a 2x performance since Jan 01, 2021.
Liquidity events around the private sale distribution and liquidity farming rewards have been executed and while sell pressure accumulated, the effect on price was temporary.
The SCIFI index token has shown an above market average performance. Currently at around 5x since inception, the index level is in a healthy state. At the time of writing, the token is trading at 4,58 USD — a slight discount vs the NAV.
Since inception, SCIFI featured tracking errors up to >20%, prompting the community to jump in, realise arbitrage gains and pushing the price towards levels reflective of the NAV again. This shows that the decentralisation of market making if working well, despite increasing gas prices causing a hinderance for smaller wallets.
The Galactic Blue Index token has only just launched on February 11, its NAV has since grown by 9%. As $GBI is positioned to be an ideal market entry product for crypto-newcomers as well as those that want to rely on a passive strategy tracking the largest projects across different verticals, dedicated marketing campaigns are being set up to drive the growth of AUMs.
$GBI is geared towards solid growth projects that feature proven and adopted tech and products. Each of the constitutes has a large community, a working product and significant traction and is a leader in their field.
With the increased interest of KOLs across the space, the visibility of SPICE DAO and its index products is surging, drawing in new interest and funds. This does not only show in the growth of price and trading volumes, but especially also the communities and the quality engagement and input of the community.
With the launch of the $GBI, we saw another website update. Next to some layout polishing, there is now an overview of all index products by SPICE DAO as well as a dedicated subpage for the $GBI index, introducing each constituent.
Recently launched and still live throughout February is the retweet raffle. Mission Control selects specific tweets which can be retweeted by the community. At the end of the period a winner is chosen among all participants.
Integrations / partnerships
The $SPICE and $SCIFI tokens are now available to trade on DeFi asset Dashboard.
- Integrations: Mission Control continues to drive conversation throughout the DeFi ecosystem and lining up collaborations with trusted entities to co-create index products, cross-promote projects and create more utility and value for SPICE DAO investors.
- DAO votes: The DAO process continues with regular votes on rebalancing as well as some more community-driven exploration of future index products.
- Continued campaigns: We should not forget to have fun, so we will be leveraging the SPICE community’s creative enthusiasm to source designs for merchandise and more.
- Website and brand development: We continue to develop and sharpen the brand of SPICE and the index products and develop the website to deliver the message and mission of SPICE DAO in a crisp design and fun environment.
- Tech and product: Efforts of the tech and product team to bolster SPICE DAO’s infrastructure and develop better access to the product continue, while we are already planning the next generation of index products. More details will be shared in the coming weeks.
- Product improvement and launch suggestions: From new community curated indices to increased data illustration on our website, we are keen to foster a more inclusive product development roadmap alongside user suggestions and ideas.
- Index marketing: With two solid index products on the market, we are placing more and more focus on growing AUMs by growing exposure and touch points and positioning the products with their respective target markets.