Index Cooperative offers a range of token-based index products, which could be streamed, issued, and redeemed against a fee (supply-side fees).

Index Cooperative is an asset management protocol built on Ethereum. Index Cooperative was founded by Set Protocol and launched in 2020.

INDEX tokenholders own and govern the protocol. They currently take all of the total streaming fees paid by liquidity providers (revenue).

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Index Cooperative

# Index Cooperative Capital deployed Methodology

## 1. Overview

Capital deployed measures the total value of assets under management in IndexCoop products at any point in time. This metric tracks the cumulative net flow of capital into IndexCoop's structured products (indexes and leveraged tokens) by monitoring token issuance and redemption events. The calculation aggregates all token minting (capital inflow) and burning (capital outflow) activities across IndexCoop's product suite on Ethereum and Polygon networks, then converts these flows to USD values to show the total capital currently deployed in IndexCoop products.

## 2. Data sources

- **SetProtocol contract events**: Parsed `DebtIssuanceModule_SetTokenIssued_event` and `DebtIssuanceModule_SetTokenRedeemed_event` logs from SetProtocol v2 contracts on Ethereum and Polygon networks
- **Basic issuance events**: Parsed `BasicIssuanceModule_SetTokenIssued_event` and `BasicIssuanceModule_SetTokenRedeemed_event` logs from SetProtocol v2 contracts on Ethereum
- **Product metadata**: Static configuration defining IndexCoop product token addresses, chains, product names, product types (index vs FLI), and launch dates
- **Token metadata**: Token decimal precision information for proper scaling calculations
- **End-of-day price feeds**: Daily closing prices for converting token amounts to USD values

## 3. Step-by-step calculation

### Component A: Token issuance tracking
- **Purpose**: Captures all token minting events representing capital inflows into IndexCoop products
- **Logic**: Extracts token issuance events from SetProtocol's DebtIssuanceModule and BasicIssuanceModule contracts on Ethereum and Polygon. Each event contains the token address (`setToken`), quantity minted (`quantity`), and manager fees (`managerFee`). Events are filtered to only include IndexCoop products by matching token addresses against the product dimension table. The system aggregates events by day, treating each issuance as positive capital deployment.
- **Key fields**: `setToken` (token address), `quantity` (amount minted), `managerFee` (fees collected), `block_timestamp` (event timing)

### Component B: Token redemption tracking  
- **Purpose**: Captures all token burning events representing capital outflows from IndexCoop products
- **Logic**: Extracts token redemption events from the same SetProtocol contracts, following identical logic to issuance but treating redemptions as negative capital deployment. Events include token address, quantity redeemed, and manager fees. Like issuances, redemptions are filtered to IndexCoop products only and aggregated daily.
- **Key fields**: `setToken` (token address), `quantity` (amount redeemed), `managerFee` (fees collected), `block_timestamp` (event timing)

### Component C: Product filtering and classification
- **Purpose**: Ensures only legitimate IndexCoop products are included in capital deployment calculations
- **Logic**: Uses a static product dimension table containing all IndexCoop token addresses across supported chains (Ethereum, Polygon). Each product entry includes token address, chain, product name (DPI, MVI, ETH2x-FLI, etc.), product type (index vs FLI), launch date, and initial fee tier. Events are inner-joined with this table to filter out non-IndexCoop tokens and enrich events with product metadata.
- **Key fields**: `token_address`, `chain`, `account_name` (product name), `account_type` (index/FLI), `start_date`

### Component D: Daily aggregation and decimal correction
- **Purpose**: Combines issuance and redemption flows into net daily capital movements with proper decimal scaling
- **Logic**: Unions issuance events (positive values) with redemption events (negative values) to create a single stream of daily capital deployments. Timestamps are truncated to day boundaries for daily aggregation. Token amounts are corrected for decimal precision using token metadata to ensure accurate scaling across different token types.
- **Key fields**: `timestamp` (daily), `capital_deployed` (net daily flow), `token_address`, `chain`

### Component E: Time series completion
- **Purpose**: Creates continuous daily time series with zero-filled gaps for consistent historical tracking
- **Logic**: Identifies missing days between the first and last event for each token and fills gaps with zero capital deployment values. This ensures every token has a complete daily time series without breaks, enabling accurate cumulative calculations.
- **Key fields**: `timestamp`, `capital_deployed` (including zeros for missing days)

### Component F: Cumulative capital calculation
- **Purpose**: Converts daily net flows into running total of capital deployed over time
- **Logic**: Calculates cumulative sum of daily capital deployments using a window function partitioned by chain, account address, account name, and token address, ordered by timestamp. This running total represents the total capital deployed in each product at any point in time. Any negative cumulative values are set to zero to prevent negative capital deployed.
- **Key fields**: `capital_deployed` (cumulative running sum)

### Final aggregation
- **Combining components**: All daily capital deployment flows are combined into a single time series showing net cumulative capital for each IndexCoop product by day
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with decimal corrections applied before conversion to ensure accurate scaling
- **Time aggregation**: Data is aggregated at daily boundaries with timestamp truncation, creating consistent daily snapshots of capital deployed
- **Final calculation**: The final metric represents the cumulative USD value of net capital deployed across all IndexCoop products, calculated as the running sum of daily issuances minus redemptions, with negative values floored at zero to prevent negative capital deployed values

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

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Capital deployed

Capital deployed

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