This index spikes when the crypto market crashes. It is the perfect hedge for our crypto positions and would attract a lot of capital to the Mirror ecosystem. It tracks the implied volatility of Ethereum options. The stock market equivalent is VIX which tracks the implied volatility of S&P 500 options.
In the May 2021 crypto crash this index went from 93 to 217. If 10% of your portfolio was in this index then you would have had lots of cash available to buy the dip aggressively or to cover your loans to avoid margin calls.
We need this index. The link below slows both the BTC and ETH versions.