How I Uncovered The Rapidly Developing World of Crypto Index Projects (and Where I Invested)
Published: June 2021
This article is intended to serve as a guide to the nascent cryptocurrency index market and the pros and cons of its main players.
Important note: the following is not intended to be, nor should be taken as, financial advice.
Inside you will find:
Why index funds make sense.
Specifically how — as an experienced investor but crypto newcomer — I’ve approached crypto investing.
Why the DeFi wave has incredible potential.
The multitude of problems that crypto index products solve.
What the crypto index market looks like today.
How we appraised the five main projects.
Everybody’s favourite part — more disclaimers (did I mention this is not financial advice?!)
The pros and cons of the top 5 projects, and which indices I’ve put money into.
Happy reading! Feel free to skip to the section that compels you the most.
Why Index Funds?
Fund managers hate hearing an uncomfortable truth: passive index funds almost always outperform actively managed investment funds over longer term periods.
In its SPIVA U.S. Mid-Year 2018 report S&P Dow Jones Indices — the “de facto scorekeeper of the active-versus-passive investing debate” — showed that over a 15 year period from June 2003 to June 2018 the S&P 500 equivalent indices of actively managed funds outperformed 92–97% of those actively managed funds.
You’ll find other examples around the world that illustrate the same phenomenon, with similar outperformance percentages over and over again.
This image illustrates how strong the index fund case is:
Source: SPIVA Year-End 2018 Results
Actively managed funds can outperform indices over shorter periods, so it does depend on your investing style and outlook. In the long term index products almost always win.
I like to invest based primarily on fundamental analysis, with an appreciation of where the investment cycle may be (technical analysis) and finally a check on market sentiment (sentimental analysis).
So I am a fan of index products. I think that they are both a sensible hedge against other investments and a good place for hands off investors who don’t want to undertake extensive research on how to allocate their money.
Let’s Talk Crypto
I’m an experienced equities, angel and real estate investor but until 2021 I hadn’t put any money into crypto simply because I don’t invest in what I don’t understand.
In early 2021 I finally found the time to learn about Bitcoin, Ethereum and blockchain technology properly, meaning going fairly deep into the technologies, their applications and their histories.
In other words:
How these technologies work today and how they might work in the future.
What they are being used for and by whom; what they might be used for in the future and by whom;
How they came to be and what their growth rates and trajectories are.
For me, that’s the foundation of big picture fundamental analysis.
After that, I expected to either:
Put a bit of money into the gateway drug of crypto, Bitcoin (BTC), and the 2nd largest cryptocurrency, Ethereum (ETH), and move on, or
Dismiss the space and move on.
Either way, my plan was to move on to other things.
Memories of the crypto space being overwhelming to learn about, complicated to understand and sounding like it could be another murky Dutch tulip ponzi investment bubble frenzy squared are still very fresh in my mind.
That’s how anyone on the outside probably feels about crypto today, and it’s a huge number of people. By some estimates around 98–99% of the planet hasn’t yet become active in cryptocurrency.
That’s worth remembering, because one of the reasons index products are so useful is that they allow investment exposure without needing to undertake extensive research.
Once I understood what was going on and how much this space had developed I put some money into BTC and ETH. Unexpectedly, I continued spending hours every day learning about anything and everything crypto, blockchain and beyond!
In sorting rare well thought out signals and hard data from the common market hype perpetuated by crypto bulls and common negative noise perpetuated by the mainstream media, I found several examples of high quality thinking such as respected investment research house CB Insights have created detailed reports like 58 Big Industries That Blockchain Could Transform.
It soon dawned on me that blockchain technology and tokenisation is going to at least affect every industry in the world, disrupt many and also create several new industries. The impact of this wave could be huge.
Furthermore, making things fairer by distributing value creation more amongst the whole chain of participants is a central tenet of this space.
It’s the difference between Facebook and Google making billions from selling people’s data without those same people’s true understanding of that vs crypto projects typically allowing any participant to easily become part owners at any stage (ever tried investing in a hot tech project’s Series A?) and rewarding early users for their participation in a number of ways.
As much as this might sound like some utopian Ready Player One fueled fantasy, we are in the midst of a decades long shift towards a functioning Metaverse — an amalgamation of shared digital spaces in which we will have ownership, identity and value.
Blockchain technology will underpin the inter-operability of those spaces — meaning that ownership, identity and value can be trusted and transported.
For more on that I highly encourage you to read Piers Kicks’ excellent deep dive “Into The Void: Where Crypto Meets the Metaverse”.
Whether it’s tokenisation eating existing industries and creating new economic models, blockchain systems distributing value more fairly or the increasingly obvious emergence of the Metaverse — once you see that vision, it’s impossible to unsee it.
Moving on was no longer an option.
I’ve moved in with my time, attention and money.
I want to be part of this.
Joining The DeFi Wave
One of the fastest growing sectors in the cryptoverse — and a prime example of that disruption — is Decentralised Finance (DeFi). Today that’s a rapidly evolving global ecosystem of financial applications being built with blockchain technology and without banks.
Here’s one of the most accessible explainer articles on DeFi I’ve come across so far: https://thedefiant.io/what-is-decentralized-finance/
The likes of Deloitte are also already producing research papers explaining how the tokenisation of assets is disrupting the financial services industry.
At the time of writing there is a total of around $85 billion locked in DeFi projects compared to around $34.8 trillion in the global stock market. It’s already a sizeable industry, and growing fast, yet still tiny compared to Traditional Finance (TradFi).
As an investor, I knew I wanted to get some exposure to DeFi as a sector.
I’m also personally excited about it as I’ve had 10 years of sometimes “I want to punch the wall” level painful business dealings with banks and increasingly I see the financial sector as one that more and more folks are complaining about.
Because DeFi disrupts existing models, will solve a lot of those complaints and will serve many of the 1.7 billion people who don’t have access to essential financial services in 2021, I see it growing to many times the size the sector is today. That seems fairly obvious to me.
The much trickier part is working out who the winning projects will be — much like trying to pick which projects would win big from the internet in 1998, when AOL, Yahoo and Hotmail were the dominant names in their categories.
I started researching the different types of DeFi projects and came across a wide variety including exchanges, lending protocols, stablecoins, payment systems, marketplaces and other infrastructure plays.
DeFi is still at a very early stage, growing fast and there are a lot of projects being developed.
Diving in, I started researching and forming views on which projects might be in the top 2–3 in their category.
I did this across a few different project types until I was holding 12 different DeFi tokens, bought through 3 different and a soft wallet. Remind me how carefully one needs to triple check everything when doing that?!
Why Crypto Indices?
After all of that I still had several problems, bearing in mind it’s the DeFi sector as a whole that I want exposure to.
The hassle of actively trying to track so many projects in an ultra-fast moving sector.
Potentially crazy gas (transaction) fees every time I change anything!
The fear of missing out (FOMO) on a promising project because I didn’t hear about it.
Accidentally only investing in tomorrow’s crypto equivalents of AOL, Hotmail and Yahoo (oops!) and missing crypto’s Googles, Apples etc.
Trying to understand my overall returns from several different places by hacking updated prices manually into my homebrew spreadsheet.
Realising that my interest in crypto/blockchain may be more in the emerging Metaverse, but not wanting to miss out on returns from DeFi.
My strategy would require a lot of active DeFi monitoring and maintenance work, and even then it might miss the mark.
Then it dawned on me:
“Wouldn’t it be better if someone just created a DeFi index that I could invest in instead?”
What an ingenious idea!
Good news: it turns out several teams have.
Crypto index products can solve several of the problems I had and more.
Picking winners — dedicated professionals stay on top of the market. The competition is fierce, the space is evolving rapidly and market leaders can change quickly.
Diversifying risk — across a given category of cryptocurrencies.
Automatic rebalancing — index managers rebalance the portfolio to optimise the risk/reward ratio. Working this out myself would be tricky and time consuming.
Reduced transaction costs — rebalancing, or any action involving buying or selling tokens, comes with an individual transaction fee. Index products eliminate this problem because I would only pay a transaction fee when buying or selling the individual index token.
Value for money — some Traditional Finance (TradFi) firms have started to offer crypto index products but the fees are significantly higher than crypto native projects and their access is limited to those that are deemed worthy. DeFi investing is permissionless — it’s open to anyone.
Dump non-performers — Index funds may have criteria for a given asset to remain in a fund and if the asset underperforms, the index may replace it with a better or more promising asset, something that individual investors may be slower to recognize or take action against.
In summary, indices offer exposure to an asset class without the need for deep knowledge or ongoing portfolio maintenance required.
So — case closed. Find an index product, stick my money in and we’re done, right?
Not quite! It’s still an early stage crypto world — it’s complex and scam riddled. A fool and his money are easily parted.
So how do I make sure I’m not the fool??
It was time to do some research into the main crypto index players so I could decide who to put my hard earned money with.
What started as a “let’s analyse the market” project with an experienced technologist friend turned into an extensive deep dive into why and how the crypto index product market is exploding. I’ve summarised our findings below.
The Crpyto Index Market
Our first step was to identify the key players and form a view on the overall space.
We found five major projects, the first of which was launched in May 2020 and the most recent in March 2021. This is a very new space.
The five projects we assessed are:
Pie DAO — launched May 2020
PowerPool — launched August 2020
Index Coop — launched October 2020
Indexed Finance — launched December 2020
Basket DAO — launched March 2021
The growth of this market has been rapid on every metric — new products, user adoption (number of new wallets) and Total Value Locked (TVL) which is the crypto equivalent of Assets Under Management (AUM).
How We Assessed The Projects
We evaluated each project broadly against the following areas:
Technology — a check to see if the underlying technology is sound, the strength of each project’s engineering resources, flagging any security audits and anything else noteworthy related to technology.
Team — as an experienced angel, equities and real estate investor, one of the first and most important things I look for in any investment is to assess the strength of the team behind it.
Ideas are easy, and the solidity (see what I did there?) of the idea for crypto indices is quite obvious once you consider it. It stands to reason that — if the technology is sound — then the main differentiating factor is the ability of the team to execute on the idea.
Transparency — some big crypto projects are led by anonymous teams, investors, and advisors. In my opinion, right now it’s not a good thing for an investor to be unable to assess a project’s team, for the reasons that I’ve stated immediately above. Transparency helps to build trust. We’ll assess the transparency vs anonymity of each project.
Note: I appreciate that I am writing this pseudonymously. Pseudonyms are not necessarily about total anonymity, they are more akin to useful digital exosuits. If someone wants to know a pseudonym’s real world identity, often they can find it out.
Furthermore, I’m not asking you to trust me with your money. I’ve also openly laid out my positions and any financial interests in these projects below to help keep this commentary transparent.
I recommend this prescient overview of the growing pseudonymous economy presented in 2019 at San Francisco Blockchain Week by former Coinbase CTO Balaji Srinivasan. You can see it here.
Total Value Locked — “TVL represents the amount of assets that are currently being staked in a specific protocol”. Although it’s not this simple, high TVLs are generally accepted to be a sign of investor confidence in the project, akin to Traditional Finance (TradFi) firm’s Assets Under Management (AUM) metric.
Miscellaneous — anything outside the above that we found to be an important consideration.
Disclaimers — Skip This At Your Peril!
Is a post even about crypto without disclaimers? You know why I have to write these!
1. Figures are accurate as of late June 2021. If I update the article I’ll update figures and this date reference. The figures are there for illustration purposes, the principles are more important.
2. Index performance — if we assume they are accurate indices — is not taken into consideration. It makes no sense to consider just a few months of data on this.
Why?
Because — as of the time of publishing this June 2021 — the timing of the launch of a standard index product massively affects its performance to date, particularly bearing in mind the whole market c50% crypto crash of May 2021.
Any crypto index position entered in 2021 before the May 2021 crash — across any of these projects — would currently be showing a significant loss in June 2021.
Index products tend to show their value over years, not weeks or months, and we expect that to be no different here.
We (and all of the projects explored in this post) are assuming that the general ‘index’ strategy is a sound long term strategy to get exposure to a sector’s growth, be it the S&P 500, NASDAQ or the top crypto DeFi projects.
3. The one I know you’ve been waiting for… This post is NOT intended to be financial advice or to be taken as such. I am not a financial advisor. Do your own research, only invest money that you can definitely afford to lose.
I hugely believe in crypto — why else would I even bother researching or writing this? — however I see any individual bet in this space, including indices, as relatively high risk compared to other investments.
So, let’s get into it…
The Five Main Crypto Index Projects
In order of first to launch to the latest, not in order of my ranking.
1. Pie DAO — https://www.piedao.org
Introduction
Launch date: May 2020
Number of projects: 7
TVL (at time of writing in mid-June): approx. $13m
Why Might I Put My Money With Pie DAO?
Range of products
Pie DAO offers seven index products. Four of them can be seen as vanilla crypto indices in that all offer exposure to a similar basket of tokens through the purchase of a single token.
It’s interesting to see Pie DAO separate DeFi into different indices for general DeFi, large cap DeFi and small cap DeFi. There will be increasing demand for this level of granularity, just like TradFi index firms offer.
Innovation
Pie DAO also offers some “Pie Vaults” which are both yield-bearing and enable meta-governance.
Yield bearing means that the Vaults benefit from any yields that the underlying tokens might earn, the same way a traditional index could benefit from dividends that it’s underlying stocks pay.
Meta-governance is the “governing of governing”. Tokens generally allow holders to vote on key decisions. By enabling meta-governance, it’s the equivalent of a fund becoming an activist investor who hopes to exert its collective voting power on the direction of a project.
Lower fees
As mentioned earlier, crypto transactions require fees. The size of those fees is not related to the size of the transaction, it depends on how busy the network is. In recent months there have been times when the Ethereum network has had very high fees, a problem that’s proportionally worse when doing smaller transactions.
Unpredictable and sometimes high fees is one of the big issues that crypto is working on solving, in order to scale.
In the meantime, Pie DAO has found a way to drastically reduce the fees. By pooling transactions together in an “oven” they claim to be able to “save 97% gas” by “baking together”. That’s smart.
Clarity and ease of understanding
Pie DAO has a clean, relatively easy to understand website. Again, crypto is still complicated and there is a learning curve to DeFi. Anything that helps make it easier for the end user is a massive plus. PieDAO does a good job of this.
Why Might I Have Cause For Concern?
Semi-anonymity of leadership team
My major concern about Pie DAO is the relative anonymity of the leadership team, which I feel is problematic for the reasons laid out above regarding anonymity.
Because of that semi-anonymity, it’s really hard to assess the strength or depth of their leadership or engineering teams, which are the two most important for an index project. Furthermore, transparency builds trust.
After a bit of digging we found two people who seem to be driving the project and believe there is a core team of around 6 people, but only their first names are shared.
Alessio Delomonte’s Twitter says he is the “Co-ordinator of Pie DAO” and he is heavily involved in their Discord. Anastasiya Belyaeva’s exact role is unclear but she is a regular announcer of Pie DAO updates on their Medium channel.
Low TVL traction
Another area of concern for me is Pie DAO’s low TVL traction (around $13m as of June 2021) despite over 12 months in the market. This is the lowest TVL of any project assessed.
Low TVL concerns me because it creates a risk that the project may not make enough money to keep developing and innovating. Related to that, the founders or key engineers — who will be in big demand — may decide to move on from the project. Success breeds success.
Verdict
Potentially strong project with great branding and messaging. Semi-anonymous nature of leadership and low TVL are areas for concern.
2. PowerPool — https://powerpool.finance
Introduction
Launch date: August 2020
Number of projects: 4
TVL (at time of writing in mid-June): approx. $17m
Why Might I Put My Money With PowerPool?
Innovation
The introduction of PowerPool’s CVP governance token into their index pools is a unique idea, for example CVP must make up 12.5% of the total value locked (TVL) in PowerIndex. As the Index TVL grows, it drives capital into its native token. That’s smart.
Why Might I Have Cause For Concern?
Anonymity
PowerPool is completely anonymous. One founder and technology lead goes by the name “Not Satoshi” and another founder and project lead goes by “LeeRoy Oshiya”. They seem to be supported by a core team of five people.
It’s possible that Ryan Watkins of Messari is involved. If so, that’s a positive signal because Messari is a solid name in crypto, but the nature of the relationship is unclear.
Like Pie DAO, it’s extremely hard to assess the strength of PowerPool’s leadership or engineering teams.
Product Development
PowerPool has the smallest product range here and there is very little discussion of new products in their Discord server.
TVL Traction
After more than 10 months since their launch a TVL of $18m is a bit disappointing compared to other index projects. For example, Basket DAO has got to the same TVL after just three months.
Marketing
Finally PowerPool’s marketing capabilities are underwhelming. Their frontpage (image above) looks like it was designed and written by engineers.
Verdict
The areas of concern far outweigh PowerPool’s notable points.
3. Index Coop — https://www.indexcoop.com
Introduction
Launch date: October 2020
Number of projects: 4
TVL (at time of writing in mid-June): approx. $200m
Why Might I Put My Money With Index Coop?
Spoiler alert: I chose Index Coop and have bought some DPI (DeFi Pulse Index) and MVI (Metaverse Index). I also bought their governance token INDEX to get exposure to the Index Coop itself. After some time hanging around their Discord I intend to get more involved in the DAO.
TVL Traction and Market Dominance
Index Coop’s TVL of around $200m is almost triple the combined TVL of the other four projects, which altogether represent the five biggest and most developed index projects. That is a significant indicator of relative traction and investor trust.
Network effects can help create virtuous cycles, so this is a very good early indicator of potential market dominance.
Leadership Team Transparency and Partnerships
It was easy for me to find out who the leaders behind Index Coop are. Announced in a well laid out blog post by Set Labs CEO Felix Feng, the Index Coop is a community led decentralised autonomous organisation (DAO). 70% ownership is allocated to the Index Coop DAO (i.e. the community), 28% to Set Labs and 2% to DeFi Pulse. Other projects listed here are also DAOs, but none of them offer the same level of transparency into their structures.
It’s quite easy to see who’s involved and what kind of expertise they bring through Index Coop’s Discord server. There are a number of pseudonymous or semi-anonymous contributors throughout the project, but it’s easy to link all of the key leaders to real world identities.
That level of transparency fosters trust, as reflected in Index’s market dominating TVL and their partnerships. I don’t think Traditional Finance — the institutions and high net worth individuals / family offices that are driving the next wave of crypto adoption — are ready to trust anonymous projects yet.
Why Might I Have Cause For Concern?
Engineering Resource Constraints
This seems to be the biggest barrier to Index Coop’s speed of product development. It hasn’t hampered them too badly so far, but it’s an area to keep an eye on.
High Expenditure on Liquidity Mining
Liquidity mining is the process of rewarding liquidity providers for providing that liquidity. This also happens in TradFi, but in crypto anyone who holds the tokens that need to be traded, e.g. DPI and ETH, can participate.
Providing rewards to liquidity providers is a good way to help a project get traction, but a concern is what happens to that traction when the incentives are reduced or removed?
Index Coop is not the only project here that uses this method for growth so I also hold this concern for other index projects, so it’s worth noting as an area I advise keeping an eye on for any project you might invest in.
Verdict
Overall there is a lot to admire about Index Coop, hence my decision to buy into DPI, MVI and their INDEX governance token. It will be interesting to see if over time their product pipeline stays on track, as it will for all of these projects.
4. Indexed Finance — https://indexed.finance
Introduction
Launch date: December 2020
Number of projects: 7
TVL (at time of writing in mid June): approx. $21m
Why Might I Put My Money With Indexed Finance?
Innovation
Indexed Finance offers seven index products ranging from the expected DeFi play (DeFi15) to more esoteric options like the higher risk DEGEN index (it’s what it sounds like!).
Speed of Product Development
Indexed has shown one of the fastest pace’s of new products brought to market so far.
Why Might I Have Cause For Concern?
Anonymity
The leadership isn’t clear — so transparency is a concern — but after some digging we found out that blockchain developer Dillon Kellar initially conceived Indexed as a side project and is leading it, supported by a core team of around 5–6 people.
The anonymous Molly Wintermute, founder of on-chain options trading protocol Hegic — who is known for backing single founder crypto projects — made a $90,000 investment into Indexed Finance quite early in it’s life.
Note: Molly Wintermute is not related to the digital assets firm Wintermute, who happen to be Indexed Finance’s market maker. Kudos to both for choosing the Wintermute name. You get bonus marks if you know where it comes from! (Search engines are your friend).
Relevant Experience
Dillon Kellar told the Cryptotester’s podcast that Indexed Finance is his first DeFi project. The extent of other existing finance experience within the team is not clear (another downside of anonymity).
In my opinion the core skill sets necessary for index projects to succeed in the long run are engineering, business leadership and traditional finance skills.
Indexed Finance’s business oriented elements are lacking, for example their general marketing to date has been quite weak compared to other projects.
Strategy
One of Indexed’s more innovative products was their ERROR 484 fund, which tracked the favoured projects of @0x_b1, an anonymous c$300m whale.
Unfortunately it recently came to light in a post in their Discord server that they hadn’t heard from Ox_b1 since the funds launch, they recently burned all of their tokens and the fund had dropped in value by -75% since launch.
They’ve said it was part of an experimental Sigma program, which wasn’t clear to me when I first saw the fund, but I’ll give them the benefit of the doubt. In general I applaud experimentation, but I question if experimental indices are the right place to spend time, money and attention right now when there is a lot of mainstream market growth to go after.
For transparency, the full announcement is below.
Audits
Unlike the other four projects assessed, Indexed Finance has not yet been audited by an established security firm. I’m reluctant to invest in a crypto project without an audit from a firm that I have heard of.
Verdict
It seems like a decent project and Dillon Kellar comes across well in his interviews, but we can’t help feeling that it’s lost its way a little and doesn’t know how it should grow.
5. Basket DAO — https://basketdao.org
Introduction
Launch date: March 2021
Number of projects: 6
TVL (at time of writing in mid-June): approx. $21m
Why Might I Put My Money With Basket DAO?
TVL Traction
Basket DAO has enjoyed good TVL traction since launch, already getting to similar numbers as the other projects in this space except for Index Coop, despite only being around for 3 months. One caveat, as referenced earlier this may be because of high liquidity mining incentives.
Technical Elegance and Engineering Capabilities
They seem to have an emphasis on technical elegance and efficiency, and their capabilities seem strong. Unwrapping deposited DPI and rewrapping to BDPI (more on what that is below) speaks to both of those attributes.
Why Might I Have Cause For Concern?
Anonymity
The leadership team is completely anonymous. We had trouble tracking down anything of note, other than one of their prominent anonyms OxMaki seems to be one of the founders of SushiSwap (itself conceived from a vampire attack — more onthat below — on Uniswap).
Anonymity itself is a red flag, heightened when coupled with the open vampire strategy BasketDAO is pursuing. That hasn’t hindered them from getting some solid initial traction but I feel it could become quite problematic in getting mainstream institutional or retail adoption.
A friend mentioned that BasketDAO may be driven by a single large ETH whale. Ping me if you happen to know if that’s accurate. Even better if you know who the whale is!
Vampire Attack Strategy
Basket DAO was conceived via “vampire attack”. That’s when one protocol openly copies another, which is made possible by the open nature of many DeFi projects.
In this case Basket DAO copied IndexCoop’s DPI product — taking the same assets with the same portfolio structure — with the twist that their index (BDPI) would instead take the yield bearing equivalents of those tokens.
Indexed Finance’s team member Lito Coen, opining on the strength of BasketDAO’s prospects, commented to Crypto Briefing (highlighting is mine) “We’ll see if BasketDAO can differentiate themselves over the long-term. DPI’s big strength is not the portfolio structure they use but their marketing skills and brand. This can’t be forked”.
Marketing
Basket DAO’s marketing is weak, starting from the homepage (screenshot above). Only the technically minded would really understand what they are trying to convey.
Verdict
A worthwhile project but an it’s anonymity is a major concern.
Conclusion
Having studied all of the main projects quite extensively, today (June 2021) Index Coop is the clear market leader both objectively and subjectively.
Objectively it’s TVL of around $200m at the time of writing (a week or so before publishing) was nearly three times the size of all four of the other projects combined, despite not being first to market.
That’s a clear signal on the market’s confidence in the Index Coop’s business.
Subjectively — as this does depend a little on your stance on anonymous crypto projects — it’s the only crypto index project with clear, transparent leadership.
At this stage of crypto development I am definitely not comfortable putting my money with people who aren’t open about who they are.
I suspect a lot of the traditional finance world feels the same way. If there’s going to be a “rug pull” or scam in this space it’s very likely to come from an anonymously led project.
A case in point is Indexed Finance’s recent experience with the key person behind their ERROR 484 fund being able to use their anonymity to cease communication, burn their tokens and disappear into the sunset.
Overall, it will be interesting to see how this space evolves overtime and how these projects grow relative to each other.
Please let me know your thoughts on our findings in the comments below or at my recently minted Twitter account.
It would be great to know if we missed anything important and also to help us improve future installments of this analysis.
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If any project leaders spot any incorrect information please get in touch with me so that we can re-examine it and potentially amend the commentary.