I am the creator of the new poll (Create Index of Alts)
Apparently this is not the best way to pursue getting this done. But I am glad to demonstrate community support for such a token. As long as I have been in the crypto space I have always desired a means of simple exposure to the alt coins minus BTC. This way many people can mindlessly expose themselves to the cash that comes in and out of the altcoins. This token would be valuable as an instrument for many derivatives as well. When leverage is available traders will love using it as a means of crypto cash-in and cash-out flow speculation. As a hodl strategy many individuals will be granted one of the best paths to ROI without having to pick major winners over time.
The desire for such an instrument is strong. If I have this desire it is likely that many others feel the same way. I am willing to put in any effort needed to get this done. Any advice is welcomed as I will pursue this with an intense effort. I have been in crypto for years. My research suggest that for most people an Index of the Alts is one of the best instruments that could be made available.
Also I am glad to become a member of this community and look forward to collaborating with you all in this effort for a simple mechanism of crypto exposure.
Thanks for your time!
API Data source(s) for Bondly: These APIs or others show where the data might come from.
Wouldn’t the mcap of ALTS be subjective to your data source? Cause each site would support different coins. I dont think we would be able to rely on multiple data sources .
I dont think there is any way to make this work. To make this work you would need to define the coins and the parameters that would make up the price. Also what should the price be? Should be the price be the entire mcap of alts?
It could simply be the dollar value of the top 100 ALTS in billions. So 800 Billion = 800 UST
Considering we don’t yet know the capabilities of the upcoming Nebula Protocol, I think it’s too early to be whitelisting these types of custom indices that could become obsolete immediately when Nebula’s features are announced.
yes! i dont see why TOTAL2 couldnt be the price feed.
Exactly, The positivity on this shows the community wants it. Now I have to figure out how to get this thing going. It would be an extremely valuable service to have an INDEX token
The way to do this would be a simulated ETF. Define what 1 unit of the mAsset would be worth in terms of a variety of alts. It would require coordinating all the relevant oracles.
For example, you could say 1 mBASKET represents the value of .001 ETH .005 BNB 2 ADA .08 DOT .01 LTC .06 SOL 1 IOTA 2 LUNA .5 ANC and .25 MIR. You’d have to take the SUM(price inputs from each oracle multiplied by the number of each coin). Right now an mBASKET would have an oracle price of around $25.
Here is another data source, but I don’t like it because too much weight to BTC and the blue chip index has internal logic so open for bias. I want something with very little bias risk. https://xangle.io/indices