Key Takeaways
- Indexed Finance has launched a new DeFi-focused index called DEGEN.
- The index features small to mid-sized DeFi projects with high growth potential, such as Thorchain and Reserve Rights.
- Liquidity provision launches on Uniswap. It will later move to Sushiswap.
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The DEGEN index features several smaller DeFi projects that could become long-term winners.
Potential DeFi Blue Chips Indexed
The Indexed Finance team has unveiled a new community-led DeFi index called DEGEN.
The index features 10 projects with high growth potential. Indexed Finance announced the index with a blog post titled “Are you a DEGEN?” today.
The idea of an index had been teased by a popular Crypto Twitter personality using the pseudonym redphonecrypto earlier on this year. redphonecrypto has become known for her astute takes on DeFi and the wider crypto space, which she often notes down in lengthy tweet storms and on her Substack page.
Sers, what a strange, wicked, beautiful journey crypto can take us mortals on
It appears we’ll soon have a tradeable $DEGEN token
It will = a basket of 10 of the fastest-growing, most promising small cap tokens in crypto
& it will run on https://t.co/Icqdr0xGKn $NDX
More 👇
— redphonecrypto (@redphonecrypto) February 7, 2021
redphonecrypto worked alongside 0xBay, another pseudonymous crypto enthusiast, and those who’d shown interest in the idea of a DEGEN index to set up a governance proposal to launch the index via Indexed Finance.
The index will initially contain an allocation of tokens for Thorchain, Ren, Reserve Rights, Curve, 1inch, Ocean, Alpha Finance, Polkastarter, and Mirror Protocol.
According to the blog post, the projects have been identified for their high-risk, high-reward nature. The selected tokens come from emerging projects “with exceptionally high growth potential in the DeFi sector,” the post says.
Most of the projects have a market cap of under $1 billion.
