Cage, a DeFi project focused on offering comprehensive investment alternatives to cryptocurrency investors, has announced the launch of the world’s first decentralized meme index dubbed Cage Meme Index (CMI).
Over the past year, an array of meme cryptocurrency tokens have launched and attained immense popularity among new and experienced investors. While there was skepticism about these tokens initially, some meme tokens seem to have cemented their positions in the industry. The launch of the meme index by Cage comes as the cryptocurrency market finally embraces the reality that meme tokens are here to stay.
As the meme token market expands rapidly, it is often difficult for cryptocurrency investors to spot the right market opportunities and invest in the right assets. Besides, by investing in a single asset, investors take an all-or-nothing approach, which can be highly risky.
This new index by Cage is aimed to offer cryptocurrency investors an umbrella asset that represents the growth of not one but multiple meme tokens, each assessed carefully to suit the investors’ interests. Thus, the index not only grows based on the growth of multiple assets but also suppresses the involved risk.
Cage has launched its meme index using a DeFi asset management and tokenized fund issuance platform TokenSets. The Cage Meme Index currently has five crypto assets in equal proportions — the native asset of Cage (C4G3), DogeCoin (DOGE), Shiba Inu (SHIB), Dogelon (DOGELON), and USDCoin (USDC) — and has launched at a price of $10. Users can invest in the index by buying the CMI token from TokenSets or Uniswap.
Now that the index is live, Cage is doubling down on its marketing and partnership efforts to bring this investment opportunity to a wide audience. Apart from that, the team has also launched its governance system on Snapshot to offer its community the ultimate control over Cage. Users of the platform will now be able to create proposals and vote on changes to drive the platform into the future.
For the near future, Cage plans to deploy and auction its governance token CGT so it can utilize the funds to generate liquidity for the meme index. The proceeds from the auction will also be used to deploy the second index by Cage that will be dubbed Cross-Chain Index.
Cage is a cryptocurrency index platform that focuses on offering the most interesting and exciting index funds for crypto investors. The project takes a unique approach to create index funds by focusing not only on the highly established cryptocurrencies but also on the meme tokens that have recently been gaining popularity. With its first meme index already live for trading, Cage is now working to deploy its second index.
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