Monthly Report — February
The month of February was quite an eventful one, for Cook Finance as well as the blockchain world at large. With the new year in full swing, the Cook team has now switched focus to consolidating on the significant progress it has made in 2021 in terms of new product offerings and enhancement of general user experience.
Having set new key milestones on the roadmap for 2022, in the month of February, the Cook team displayed glimpses of speedy execution, innovation and transformation that the community can expect for the rest of the year. During the month, a total of 10 new proposals were launched on the DAO community along with multiple product updates.
Most notably, the team has accelerated actions on the goals of offering multi-chain solutions to users and index selectors globally. After engaging multiple partners across the Avalanche ecosystem, the COOK team has now turned its sights towards the BNB chain, with new BNB indexes in the works. This will expedite Cook’s vision to integrate most popular chains and improve interoperability.
1.New Indexes & farms Launched
- Ethereum Exposure Index
- Avalanche Ecosystem V2 Index
- Yield Bearing Avalanche Ecosystem V2 Index
- Email login feature with Magic Link integration completed to provide web2 experience for people to participate in DeFi
- Redesigned & implemented my portfolio page to show more detailed information about users holdings
- Add support to directly stake index in index details page
- Fixed UI bugs to improve overall user experience
Extend Trader Joe double reward farming
Partnerships & Announcements
- Trader Joe
Trader Joe, is one of the largest DEXes on Avalanche. Cook platform. Through this integration, Cook was able to launch the first ever DeFi Index platform on Avalanche. — Read more about it here
Marketing & Community Updates
- Conducted hoodie giveaway campaign to spread awareness
- Gathered feedbacks from communities about new indexes to launch
DAO votes — 10 proposals from the community
In response to community requests and to make sure index compositions are kept at the highest quality.
In response to some major negative discoveries about wMEMO. Many people from the community expressed the opinion that they do not want indexes that have wMEMO because of these discoveries.
Cook Finance is currently not launched on the BNB Chain. The BNB ecosystem platform poses huge growth potentials for Cook Finance in terms of scalability and interoperability as well as accelerated adoption globally.
The BNB Chain Yield-bearing stablecoin index will enable BNB users to access an Indexed asset that tracks the yield-bearing vaults of 4 of the top 5 largest stablecoins by TVL worldwide.
By creating a Mega Cap index composed of the two largest cryptocurrencies (Bitcoin & Ethereum) the index will provide Cook users with a safer asset class that is more resilient and resistant to market volatility. It will also be useful for DeFi players who need to use BTC and ETH-backed assets to access DeFi services to also earn passive income from their holdings
Creating a single token yield bearing index with diversified lending protocol can help stabilize the yield APY and mitigate single protocol risk.
The CBI will encourage large holders of COOK to manage their COOK token inventory better with less complexity. It will also allow better identification of repeated and loyal users of Cook Index Products. Feedbacks from repeated users will help better product and governance design for the Cook community.
Establishing an Airdrop program as a means to incentivize and sustain healthy levels of community engagement.
The issuance of CBI tokens as community incentives exponentially increases the utility of Cook Indexes as well as encouraging the usage of certain features on the Cook platform.
The DLSC Index will provide a unique diversification opportunity for DeFi users on the Cook platform.
The Cook team attended the 2022 edition of the ETHDenver event. ETHDenver is an annual ethereum-focused event dedicated to hacking and networking.
The multi-day summit drew hundreds of notable attendees ranging from legislators and politicians, to celebrities, royalty, and some of the biggest names in the blockchain development community. Discussions at the event were centered around web3, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and ethereum’s major upgrade coming later this year.
- Avaxholic Telegram AMA with Cook CEO Adrian
Avaxholic is a Telegram-based community with thousands of members dedicated to building, discussing and supporting projects that are affiliated with the AVAX ecosystem. COOK CEO, Adrian engaged the community in a much-anticipated AMA session. He answered questions about COOK’s integration of AVAX wallet-friendly features as well as partnerships with AVAX-based projects.
The next edition of our Monthly summary report will be coming to you in March. Until then, stay informed and get involved in the Cook community by joining the DAO. And follow us on our Official pages Medium, LinkedIn, Twitter, Telegram, and Discord.