CryptoPunks Single Index funds now also on SushiSwap

In this blog post, we will run through the CryptoPunks NFT index funds which were recently migrated from Balancer to SushiSwap by the NFTX DAO. We’ll take a look at the project these NFTs originate from, look into each individual fund and round up with a list of contract addresses and links to other resources.

NFTX is a platform for making ERC20 tokens that are backed by NFTs. These tokens are called funds, and (like all ERC20s) they are fungible and composable. With NFTX, it is possible to create and trade funds based on your favorite NFTs such as CryptoPunks, Axies, CryptoKitties, and Avastars, right from a decentralized exchange.

Let’s get started!

What are CryptoPunks?

The CryptoPunks are 10,000 uniquely generated characters created by the team at Larva Labs. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain.

Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed.

The CryptoPunks Funds Explained

With this migration, we have moved over liquidity of a total of 5 CryptoPunks NFT funds to SushiSwap, based on specific traits of the underlying NFTs. As a refresher, we will also list the combined fund which holds multiple different single fund tokens as collateral.

Below we will go over each individual fund and see how they are different from each other.

$PUNK

The main way to invest into a well-balanced CryptoPunks Index Fund is through $PUNK, a combined index fund that is backed by multiple single CryptoPunks fund tokens.

The price of this token is based on the weighted average of all underlying single fund tokens.

Type: Combined fund
Portfolio Balance: 20% $PUNK-BASIC, 20% $PUNK-FEMALE, 20% $PUNK-ATTR-4, 20% $PUNK-ATTR-5, 20% $PUNK-ZOMBIE
SushiSwap Pair: https://sushiswap.vision/pair/0x092493a22375de1b17583d924abf9e8bf884491c
Contract Address: 0x9cea2ed9e47059260c97d697f82b8a14efa61ea5
Fund on NFTX.org: https://nftx.org/#/fund/16

$PUNK-BASIC

Punk-Basic is a single fund token, which is 1:1 backed by any CryptoPunks NFT.

Because this fund allows any CryptoPunk to be deposited as collateral, it acts as a floor price tracker for the entire NFT category.

Type: Single Fund
Portfolio Balance: 1:1 backed by NFT
SushiSwap Pair: https://sushiswap.vision/pair/0x0267bd35789a5ce247fff6cb1d597597e003cc43
Contract Address: 0x69BbE2FA02b4D90A944fF328663667DC32786385
Fund on NFTX.org: https://nftx.org/#/fund/0

$PUNK-FEMALE

Punk-Female is a single fund token, which is 1:1 backed by CryptoPunks NFTs that are female.

Type: Single Fund
Portfolio Balance: 1:1 backed by NFT
SushiSwap Pair: https://sushiswap.vision/pair/0xCA2Ae9C5C491F497DC5625fEaef4572076C946C5
Contract Address: 0x27Ffed7E5926Fb2795fC85aAab558243F280A8a2
Fund on NFTX.org: https://nftx.org/#/fund/15

$PUNK-ATTR-4

Punk-Attr-4 is a single fund token, which is 1:1 backed by CryptoPunks NFTs that have four (4) attributes.

Type: Single Fund
Portfolio Balance: 1:1 backed by NFT
SushiSwap Pair: https://sushiswap.vision/pair/0x608f8af5fd49b5a5421f53f79920C45b96bdA83F
Contract Address: 0x49706a576bb823cdE3180C930F9947d59e2deD4D
Fund on NFTX.org: https://nftx.org/#/fund/1

$PUNK-ATTR-5

Punk-Attr-5 is a single fund token, which is 1:1 backed by CryptoPunks NFTs that have five (5) attributes.

Type: Single Fund
Portfolio Balance: 1:1 backed by NFT
SushiSwap Pair: https://sushiswap.vision/pair/0xd54A895623552853F8D673981CC32EB8f3929dFB
Contract Address: 0xAB9c92A9337A1494C6D545E48187Fa37144403c8
Fund on NFTX.org: https://nftx.org/#/fund/2

$PUNK-ZOMBIE

Punk-Zombie is a single fund token, which is 1:1 backed by CryptoPunks NFTs that are zombie.

Type: Single Fund
Portfolio Balance: 1:1 backed by NFT
SushiSwap Pair: https://sushiswap.vision/pair/0x0E7E8Dde18e4016ccc15F12301a47eF7B87Bdafa
Contract Address: 0xF18ade29a225fAa555e475eE01F9Eb66eb4a3a74
Fund on NFTX.org: https://nftx.org/#/fund/3

How to become a liquidity provider for CryptoPunks funds

Want to become a liquidity provider for one or several of the CryptoPunks Index funds but don’t know where to start? Here’s how you can:

Getting started

To get started, the first thing you will have to do is supply one (or multiple) CryptoPunk NFTs to one of the index funds listed above. You can skip this step if you’ve bought single fund tokens from an exchange.

If you haven’t and want to use your own NFT as collateral, follow through with the tutorial below. Be aware that supplying your NFT as collateral mixes them with all other similar NFTs in that fund, making it a possibility that you will not be able to redeem the exact NFT when you redeem your fund token later. This is caused by the randomness associated with redeeming an NFT out of a fund.

How to add liquidity on an exchange?

After successfully going through minting your index fund tokens by following the tutorial above, you will be ready to become a liquidity provider on an AMM (Automated Market Maker) such as SushiSwap.

The process of becoming a liquidity provider is fairly simple. It requires you to provide your fund token, in combination with a second currency, to the liquidity pool of an exchange. As ETH pairs are often in highest demand, we will take ETH as an example.

Taking SushiSwap as an example, you can provide liquidity by going to the Sushiswap Pair page and click on the +liquidity button on the right side of the page.

Redeeming CryptoPunks from the index funds

When you want to take the opposite route, and take NFTs out of one of the index funds, you can do so by redeeming your fund token on NFTX.org.

Watch the video tutorial below where ChopChop walks you through the entire process.