Cryptocurrency Top 10 Index Coin Price & Market Data
Cryptocurrency Top 10 Index price today is $75.61 with a 24-hour trading volume of $106,204. CC10 price is up 9.2% in the last 24 hours. It has a circulating supply of 67 Thousand CC10 coins and a total supply of 67 Thousand. If you are looking to buy or sell Cryptocurrency Top 10 Index, Uniswap (v2) is currently the most active exchange.
What is Cryptocurrency Top 10 Index (CC10)?
CC10 is a tokenized ERC-20 Index pool that has a set of 10 underlying Decentralized Finance (DeFi) assets:
- Chainlink (LINK)
- Uniswap (UNI)
- Aave (AAVE)
- Compound (COMP)
- Synthetix Network Token (SNX)
- Curve Dao Token (CRV)
- Yearn.Finance (YFI)
- UMA (UMA)
- Maker (MKR)
- OMG Network (OMG)
A brief history of Cryptocurrency Top 10 Index (CC10)
CC10 index pool is one of two flagship products by the Indexed Finance team. Indexed Finance was founded by Dillion Kellar and an anonymous person known as PR0. Currently, there are a total of 5 members working on the project.
Indexed Finance protocol went live on Ethereum mainnet in December 2020, and there are 365,807.65 CC10 in circulating at the time of writing (8th February 2021)
How does Cryptocurrency Top 10 Index (CC10) work?
Indexed Finance contract is a fork of Balancer’s pool contract that allows portfolio management to be done automatically, including the portfolio’s rebalancing.
CC10 pool is determined by a set of market capitalization-weighted index pools that track the performance of 10 DeFi assets by NDX governance.
Similar to DEFI5, the key criteria for assets to be included in CC10 include:
- The token is at least one week old.
- No major vulnerabilities have been discovered in the token contract.
- The token's supply cannot be arbitrarily inflated or deflated maliciously.
- The token does not have transfer fees or other non-standard balance updates.
- The token meets the requirements of the ERC20 standard.
- The token has a fully diluted market cap of at least $50 million.
- At least $1 million worth of liquidity is locked in the Uniswap token-WETH pair
- The token is one of:
- Protocol token for an Ethereum-based project.
- Governance token for a DeFi project.
- Wrapper token for a blockchain's native currency.
The NDX token holders can suggest which new asset to be included in the CC10 index.
Token categories are sorted in descending order of the tokens' market capitalization using a weekly moving average (MA) of the tokens' prices. The weight of the underlying assets is the square root of their fully diluted valuation (FDV). This will reduce the degree of difference between larger and smaller FDV.
The value of indices is calculated as the total value of underlying assets (market capitalization) over the total pool supply. For example:
9th March 2021
- Total value of underlying assets (Market Cap) = $14,420,067.23
- Total pool supply = 181,422.63
- Value of CC10 ERC-20 = $29,567,484.13/391,445 = $79.48
C10 pool rebalances its underlying assets to accurately represent the top ten chosen assets in the DeFi sector over time. The pool’s rebalancing is done by buying and selling the underlying assets until it reaches the desired weight.
How can I obtain the Cryptocurrency Top 10 Index (CC10)?
Users can obtain CC10 in three ways:
- Provide the underlying assets to mint it
- Use the Uniswap minter
- Buy it off the secondary market (Uniswap)
Subsequently, the index token holders can burn their tokens to claim the underlying assets or swap with the built-in decentralized exchanges on Indexed Finance protocol.
Kindly note that if you mint, buy, or burn a single asset out of the 10 underlying assets, a 2.5% fee will be imposed and distributed to the LP holders in the form of the input token in any swap. If you buy, mint, or burn all ten underlying assets, the 2.5% fee is waived.
If you are keen to know what is the step-by-step to mint or buy the index tokens, please refer to this blog post.
What can you do with Cryptocurrency Top 10 Index (CC10)?
CC10 is perfect for those who want to invest in DeFi tokens but do not want to monitor individual tokens’ performance continually.
Additionally, you can save on gas fees without buying individual tokens that will incur a separate gas fee for each trade.