BDI by BasketDAO: Introduction and tutorial

By cryptouf | Les cryptos pour les nuls | 8 Jul 2021

Introduction

BDI is an interest-bearing DeFi-bluechip Index, with 0 streaming fee.

Comprised of 15 carefully hand-picked assets, it gives you easy exposure to a very broad Defi protocol range. This token is a very nice choice if you are long on those protocols and more generally on DeFi.

One interesting feature of this index is that it is partially composed of interest bearing tokens. Meaning that by simply holding $BDI you are generating interest and the value of the token is automatically increasing over time.

$BDI composition

You can view detailed breakdown on https://www.bdpi.live/

How to acquire BDI

There are 2 options to acquire $BDI:

Mint

To mint $BDI you have to go to https://www.basketdao.org/BDI. Then you will spend $ETH in order to mint $BDI . Please note that minting is very expensive gas wise, BasketDAO recommends getting BDI by swapping on Sushiswap (see below).

Also note that the minting function is currently paused !

Buy / swap

The second option is to buy it directly on Sushiswap. You can click on “buy BDI on Sushiswap”

You will be redirected to Sushiswap. Here you can swap some $ETH or any token you are holding (be careful about liquidity and slippage if you are using something else than $ETH)

Liquidity mining

When you are a happy holder, you can decide to keep your fresh BDI in your wallet, or you can use it to participate in a liquidity mining program and receive $BASK. Note that 200 BASK per day will be distributed and shared between LPs.

First, you have to provide liquidity in the BDI/ETH pool on Sushiswap.

Go on Sushiswap
Provide liquidity. You will have to provide $BDI and $ETH
You will then receive LP tokens representing your share of the pool

Then, you have to stake your LP token on BasketDAO in order to receive $BASK rewards. Remember to do that step, otherwise you won’t receive those rewards.

To do this: