August 2024 update


Intro and Background

The Index Coop DAO builds onchain structured products and its mission is to make it easy for anyone* to access crypto - no matter their financial expertise or wealth. The Index Coop powers index, leverage and yield tokens, which can be found in CEXs, dApps and wallets.

This report aims to keep token holders informed about the latest news, roadmap and significant successes and challenges. It includes a financial snapshot, updates from core teams and the focus for the next month. You can read July’s report here.

Thank you for reading.

*Except Restricted Persons as defined here.


August Close

Financial snapshot (via @anthonyb.eth):

  1. TVL: $59.3m*, -32% MoM
  2. Monthly net dollar flow (MN$F): +$511k
  3. Monthly revenue/costs: $120k/$210k.
  4. Runway: 38 months, -39 months MoM**.

** Single counted TVL, not double, triple, or other counted.*

*** Revenue, and therefore runway, is heavily linked to the ETH price - which was down ~22% in August. Runway last month was 77 months.*

News From August

  1. Protocol updates (via @pblivin0x): the engineering team developed new protocol functionality around rebasing tokens, ERC-4626 vaults, and NAV issuance which will power the USDCY token and go to audit in September; and also began development on a new Morpho leverage integration, with some initial rounds of review and feedback from the Morpho team.

  2. Token product updates (via @caf @pblivin0x ): the team deployed Base leverage tokens on Aave, which are now live; and also pushed forwards the process for upgrading or deprecating old and unsuccessful products.

  3. App product updates (via @caf ): the App team: added new data infrastructure and API to the app; got the USDCY presale ready for launch; built and launched ERC-1271 support for PRT Staking; added Ethereum and Base support on the Leverage UI and shipped UX upgrades including Leverage token data and improved base asset selection flow; and, finally, improved app analytics data to improve the view of user behaviour and app performance.

  4. Marketing & Partnerships (via @0x_Dev): contributors continued to promote the $ARB rewards that have been available on leverage and yield tokens; saw The Defiant publish this video on PRTs; enjoyed DeFi Dad discussing leverage tokens; helped Pendle promote their extra $ARB rewards for hyETH holders on Arbitrum; Jordan appeared on The Edge podcast with DeFi Dad; and, finally, leverage and yield tokens were added to Blockchain.com Wallet.

Focus For September

  1. Conduct the latest leverage tokens campaign highlighting cost efficiencies versus perps, with some paid content to appear on Bankless.
  2. Continue readying USDCY for launch, while working on the presale and prelaunch integration partners with Chainlink and the stablecoin partner. Related: some BD contributors will be in Singapore next week for Token2049, meeting a range of CEXs and wallets.
  3. Execute co-marketing with Blockchain.com Wallet re leverage and yield tokens.

Thank you for reading.


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Disclaimer

This content is for informational purposes only and is not legal, tax, investment, financial, or other advice. You should not take, or refrain from taking, any action based on any information contained herein, or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, technical, or other decisions, you should seek independent professional advice from a licensed and qualified individual in the area for which such advice would be appropriate. This information is not intended to be comprehensive or address all aspects of Index or its products. There is additional documentation on Index’s website about the functioning of Index Coop, and its ecosystem and community.

You shall not purchase or otherwise acquire our restricted token products if you are: a citizen, resident (tax or otherwise), and/or green card holder, incorporated in, owned or controlled by a person or entity in, located in, or have a registered office or principal place of business in the U.S. (defined as a U.S. person), or if you are a person in any jurisdiction in which such offer, sale, and/or purchase of any of our token products is unlawful, prohibited, or unauthorized (together with U.S. persons, a “Restricted Person”). The term “Restricted Person” includes, but is not limited to, any natural person residing in, or any firm, company, partnership, trust, corporation, entity, government, state or agency of a state, or any other incorporated or unincorporated body or association, association or partnership (whether or not having separate legal personality) that is established and/or lawfully existing under the laws of, a jurisdiction in which such offer, sale, and/or purchase of any of our token products is unlawful, prohibited, or unauthorized). The Index Coop website must be used in compliance with the Terms of Service and Tokens Restricted For Restricted Persons pages.

2 Likes

Thanks for the report. Great to know so much work being done behind the scenes.
The most anticipated catalysts must be 1. Major CEX listings and 2. INDEX token staking

We also believe that INDEX token staking :

  1. may reduce price volatility of the token as quite a few holders (at least those we know) actively trade because there is nor much you can do with it right now.
  2. may increase TVL of the protocol (potentially contributing to the token appreciation)
  3. attract more token holders
2 Likes