CIP #3 - Single Token Issue

Cook Improvement Proposal #3

CIP #: 3

Title: Single Token Issue

Status: Proposed

Discussion link: Single Token Issue

Created: 11/1/2021

Executive Summary

Improve the Cook platform by making it possible to use a single token to issue an index. This will make it easier for everyone to issue into any type of index on the Cook platform.

Problem Statement

Currently, self-issuing an index token requires the user to have all assets in their wallet, if an index is composed of many components, the user has to swap all those components before issuing.

Proposed Solution

Overview

Add a feature to issue/redeem an index token from/to single asset

such as WETH, USDT, USDC.

Rationale

With the single asset issuance/redeem feature, users can issue or redeem index tokens much easier and with lower gas fees

Specification

To request Cook to implement a feature that enables issue/redeem with a single asset such as WETH, USDC, DAI, ect…

The steps in the smart contract should include:

  1. Receive a token for issuing index from user

  2. Swap the components based on the unit allocation in an index

  3. Mint the index token and send it to the user

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