We Made An $ERROR
As part of an initiative to be more receptive to DeFi investors who want to tokenize investment strategies on our platform, in April we partnered with @0xb1 to create the 484 Fund as part of our experimental Sigma program. Unfortunately, the barbell strategy they requested wasn’t a very good one in practice, and the price of one $ERROR has dropped in value by ~75% since launch.
Due to the above, a general lack of interest and the fact that 0xb1 has burned all of their tokens — and further, that we have not heard a word from them since launch — Indexed will be discontinuing UI support for the 484 Fund.
Here’s what you need to know:
- UNIV2:WETH-ERROR liquidity mining rewards will be terminated.
- We will be disabling the ability to mint new $ERROR tokens from our UI, and strongly advise any current holders to exit LP positions where appropriate and burn their $ERROR.
- If you burn your tokens for ALL of the underlying components (rather than just one), Indexed will refund your exit fee in ETH.
- We will be removing the 484 Fund entirely from the Indexed UI in 3 weeks.
For the sake of addressing any centralization concerns, note that we cannot actually shut down the underlying asset pool. People will always be free to mint or burn $ERROR via the underlying contract, and anyone is able to update the appropriate oracle and adjust weightings, as is the case with all of our products. This will not — and cannot — change. However, we do not see a point in continuing to offer access to an index that very few people are utilising and whose primary champion has disengaged.
We apologise for the hassle, and note that this episode serves as something of a contrast to the success of the DEGEN index in terms of methodology and engagement. The Sigma program is designed to allow us to try new things, some more successful than others, and we’re taking care to learn from all of them with the aim of providing more successful products in the future!