- Asset baskets represented by index token - Prefer no oracles - Real estate assets, equity assets - Solution built for decentralized market, permissionless etc - Danger of balancer pools of one asset going to zero - Circuit breaker risk pools - I = total supply - k = invariant - Ni = index per token - xi= number of tokens in basket - ki = IN - Requirements: How can users mint? How can users redeem? How can users buy? - Gyroscope risk tranched reserve asset pools -