April 2025 Update

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Intro and Background

Index Coop DAO builds onchain structured products and its mission is to make it easy for people to access crypto. Index Coop powers leverage and yield tokens, which can be found in the Index Coop app and in CEXs, dApps and wallets.

The focus in April was twofold:

  1. Marketing funnel and app UX: improving the marketing site to app handover and app conversion rate. With the Metamask partnership scaling to thousands of referrals/month, this project is doubly important and spans an updated marketing site (part built), app optimisations and also FlashMint optimisations to reduce friction in the trading UX. This work will also support the release of new leverage and yield products in May.

  2. Making small cost reductions: to reduce burn. One of the app devs is leaving for family reasons, which is well timed as the app renovation is largely complete. Admin, tools and legal costs are being reduced - the later in light of favourable developments in the US - and there are options to reduce costs further if revenue doesn’t increase/normalise again in the next few months. Weak ETH prices significantly affect revenue.

Alongside this, research continues into protocol upgrades/options generally, as Index Protocol evolves and potential new infra opportunities emerge.

Thank you for reading

April Close

  1. TVL: $37m*, -$7.4m MoM
  2. Monthly net dollar flow (MN$F): -$7.5m.
  3. Runway: 15 months.
  • Single counted TVL, not double, triple, or other counted.

News From April

  1. Product focus (via @0xdunerider): UI, UX and performance generally, via: i) Front-end improvements including migration to a new CMS and shipping “v3” of the Trade app product-design; ii) Smart Contracts and infra updates, adding an auto-slippage endpoint to the quote api, migrating the Flashmint SDK to consume 0x’s v2 API and shipping improvements that significantly reduce quote latency. The team will continue to elevate the quote and trade UX to ensure maximum product-funnel throughput; iii) upcoming product releases in May to expand both leverage and yield categories.

  2. Growth focus (via @0x_Dev): the team has: i) seen the second Metamask placement (in the Tokens section of Portfolio) come online and watched initial referral traffic contribution (~5x that of the Sites placement). A placement versus placement data snap of CTR, engagement and ROI to come next month; ii) tested and improved Trade of the Month / Sharp Shooters Season campaigns; iii) continued to promote winning parts of the Leverage Suite - such as BTC2xETH, and 2x SOL and SUI - and major dapp browser integrations; iv) now got the major yield products listed at DeFi Llama and vaults.fyi.

NB: inward flows in the last couple of weeks have broadly been in to the older, major asset leverage products (2x and 3x BTC or ETH) as well as the newer 2x SOL and SUI leverage tokens, as users seek ‘leveraged beta’.

Focus For May

  1. Promote the 15x wstETH “Super Loop”, new Earn app and related UX improvements. This has been pushed back a few times due to market conditions and infra upgrades, but is now unblocked.
  2. Launch 3x SOL and SUI products with Morpho and Universal assisting.
  3. Conclude research into the next leverage or leverage yield products.
  4. Mark a full month of referral performance from 2x Metamask placements.
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