Governance
The NDX governance organization is responsible for:
Upgrading proxy implementations as needed.
Deploying new index pools.
Managing the token categories which indices select from and creating new ones.
Approving pool controllers that implement new management strategies.
Setting configuration values such as swap fees.
NDX is the governance token for Indexed. The initial supply of 10,000,000 NDX will be distributed as follows:
30% will be made available to the NDX treasury over the course of 9 months, beginning March 1, 2021.
25% will be distributed through liquidity mining to users who stake CC10/DEFI5 index tokens or their Uniswap Ether pair LP tokens (ending March 8th 2021).
20% will go to the founders, investors and future team members, subject to vesting periods.
14% will be distributed via the treasury in a manner to be determined by governance.
6% will be distributed through liquidity mining to users who stake index tokens or Uniswap Ether pair LP tokens as part of the Sigma program.
5% will be used to reward keepers who update the Uniswap oracle and trigger periodic updates on the pool controller.
After June 1, 2021 the ability to mint new NDX tokens will be available to the governance organization.
Minting is restricted to a maximum of 10% of the supply (at the time tokens are minted) and may only occur once every 90 days. NDX governance may also disable minting permanently by changing the minter address from the timelock contract to the null address.
In order to ensure the security of the project while distribution is underway, the team will retain the ability to create and vote on governance proposals while our tokens are vesting. This will ensure that we are able to respond if security incidents occur prior to the completion of the initial distribution, but all successful proposals will still be subject to the two day time lock. Additionally, the voting period on the governor contract is temporarily set to a value which corresponds to about 12 hours in blocks; after January 7, 2021, anyone can call a function on the governor to set the voting period to its permanent value, which is closer to 3 days.
The 5% allocation for keepers is currently held by the timelock contract and will be transferred once we complete development and testing of the keeper bot and contract. Until then we will trigger the updates ourselves, and anyone else can do so on Etherscan.
