Intro and Background
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. 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 August’s report here .
Thank you for reading.
*Except Restricted Persons as defined here .
September Contributor Update
The DAO just completed a process to find a new Head of Product and is delighted to announce that David Reising, the ex-Head of Product at Exodus Wallet, has agreed to join the Coop. You can connect with him here on LinkedIn and X.
September Close
- TVL: $64.8m*, +5.5m MoM
- Monthly net dollar flow (MN$F): -$400k
- Monthly revenue/costs: $100k/$210k.
- Runway: 33 months.
- Single counted TVL, not double, triple, or other counted.
News From September
- Protocol updates (via @pblivin0x ): the Eng. team completed the audit on new protocol functionality around rebasing tokens, ERC-4626 vaults, and NAV issuance; deployed icUSD (the renamed USDCY token being built with a large stablecoin) which utilises this new functionality; and also scheduled a public audit contest on the new Morpho leverage integration for October.
- Token product updates (via @caf @pblivin0x ): as mentioned, the team deployed icUSD in preparation for review and feedback from integration partners, Chainlink (re CCIP), CEXs/wallets and Pendle (which wants to open a market re icUSD - for going long/short the USDC lending rate in DeFi).
- App product updates (via @caf ): the App team went live with further core updates and improvements to the Leverage Interface, including the new transaction history feature; the Leverage UI is now receiving over â…“ of all app traffic. The legacy product page was also improved to streamline the redemption process for deprecated products. And, Daniel, a new senior full stack engineer was also onboarded to the team.
- Marketing & Partnerships ( via @0x_Dev) : after continuing the leverage tokens campaign (with more content at Bankless, The Defiant and performance data to be shared after the next phase with Blockworks) and a token launch on Base), the Growth Team has been focused on the upcoming icUSD launch. This launch has been focused on: i) liquidity provision, ii) integrations and iii) supporting collateral and messaging. It has been proving harder than expected to execute i), so the team is exploring ways to launch icUSD with less initial liquidity while using more efficient market making services/Market Making As A Service (MMaaS) technology to enable the partners being introduced by the stablecoin (CEXs, wallets and fintechs) to integrate the token. Target token launch date: late October, but it may make sense to quietly integrate with a few partner, build TVL, liquidity and the growth story, then do a marketing campaign.
Focus For October
- Secure liquidity and market making for icUSD.
- Get the first major icUSD integration with a CEX or wallet agreed.
- Co-market the leverage and yield tokens with Blockchain.com Wallet.
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.