GIP-3: Launch the Spartan Index (SPI)

Summary

The Galleon DAO core crew wishes to launch their newest Optimism based product, the Spartan Index (SPI). The index provides exposure to the Synthetix ecosystem.

Abstract

The Spartan Index is an optimism based ecosystem index that gives exposure to Synthetix and its underlying ecosystem partner protocols which includes:

  • Synthetic
  • Kwenta
  • Thales
  • Lyra
  • Aelin

The core team believe the Synthetix ecosystem is undervalued and as Optimism’s network accrues more TVL, the ecosystem has positioned itself extremely well to be a part of that growth.

We have been in contact with the relevant ecosystem partners during the development of this product and can confirm great communication channels have been set up for continuous Galleon <> Ecosystem partnerships.

  • Ecosystem partners have confirmed liquidity to help the Index grow.
  • The launch will be incentivised by Doubloon $DBL with the potential of additional liquidity incentives from the ecosystem partners in future.
  • Additional partner tokens can / will be added when they become liquid.

Motivation

Since day one Galleon DAO’s ethos has always been discovering potential narratives a moving fast to capture TVL upside. At Galleon we feel the Synthetix ecosystem on Optimism is one of those said narratives, it’s been identified and this product is being released to position Galleon ahead of the market and will enable us to front-run any potential competition.

Specification

Implementation:

  • On launch, the index will consist of (SNX 30%, Thales 23%, Lyra 23% and Aelin 23%) weightings.
  • Additional ecosystem tokens can / will be added as and when they become liquid which will reduce existing weights, however, SNX will always remain 30% of the index.
  • Rebalancing will be executed quarterly.
  • Streaming fee 0.95% split 70/30 between Galleon DAO & the Synthetix Ecosystem.

Resources Requested:

None

1 Like

Agree. I also think Synthetix based product is one of promised killer application of DeFi. I am expecting Dapps of this kind is going to replace many in-house apps in bank, as AWS replaced their data centres, because each Legos in TradiFi are built separately in each bank with duplicate investment, less interoperability, but DeFi is not.

2 Likes

Also agree with the proposal.

As I understand underlying tokens will be locked in TokenSets’ smart contract and will be used as kind of collateral (so index holder can always redeem the underlying tokens). At the same time all of these protocols have the option of staking their tokens (though I don’t know if staked tokens are transferable or this protocols have a liquid derivatives of staked tokens or sth like this). So the question is - is it possible to use tokens, locked in TokenSets smart contract, for staking in Synthetix and its underlying ecosystem partner protocols and hence give investors not only an exposure to Synthetix but also a source of passive income?