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.
This report aims to keep token holders informed about the latest news, roadmap and significant successes and challenges. Going forward the reporting cadence will be quarterly.
DECEMBER CLOSE
- TVL: $31.47m
- Monthly net dollar flow (MN$F): –$5.24m
- Runway: ~11 months
Single counted TVL, not double, triple, or other counted.
NEWS FROM DECEMBER
Product
At the end of the year we focused on rounding out our leverage suite with additional inverse tokens on Arbitrum and Base. While we do not expect significant TVL from inverse exposure due to the structurally bullish nature of crypto traders, we have already seen early confirmation of usage from some of our top users swing trading from long to short and back. These additions incrementally improve utility and UX across the leverage suite overall.
IIP-196 to increase fees on legacy, deprecated products passed decisively with >200% quorum. These products reside on the deprecated Set Protocol and therefore cannot be upgraded or properly maintained. This presents an ongoing responsibility and operational burden to Index Coop without growth opportunities or upside. Additional revenue will be invested back into the growth of the business and products with PMF.
The backend of our app site was also upgraded with new and improved API infrastructure leading to cost reductions, improved functionality and resilience.
Growth
We wrapped Season 1 of Sharpshooters, our onchain trading competition that ran throughout 2025, and published a retrospective on lessons from our top traders. Leverage RUSH, our Q4 raffle campaign, continued through its final epochs, maintaining engagement into year end.
On distribution, we secured a placement in The DeFi Investor newsletter and ran early experiments with our new referral mechanism to inform Q1 campaign planning.
FOCUS FOR Q1
- Run targeted incentives and improved referral campaigns.
- Run and iterate on a Merkl acquisition experiment, scaling only if it clears activation and efficiency thresholds.
- Advance infrastructure work to improve maintainability, resiliency, and iteration speed across the leverage suite.
Thank you for reading.