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 Expenses Methodology

## 1. Overview

The IndexCoop expenses metric measures the daily USD value of INDEX tokens paid as liquidity incentives to staking reward contracts. This metric represents operational expenses for IndexCoop by tracking token rewards distributed to incentivize liquidity provision and staking activities. The calculation captures reward payments from Ethereum-based staking contracts and converts them to USD values for expense tracking purposes.

## 2. Data sources

The calculation uses the following raw data sources:
- **Blockchain events**: Parsed Ethereum `StakingRewards_RewardPaid_event` logs that record INDEX token reward payments to staking contracts
- **Token metadata**: INDEX token contract information including decimal places for proper amount calculation  
- **External data**: End-of-day price feeds for INDEX token USD conversion
- **Configuration data**: Hardcoded mapping of staking reward contract addresses to account names including addresses like `0x5bc4249641b4bf4e37ef513f3fa5c63ecab34881`, `0xc3cc57579138f33a987e0333df3d59b0bbc59fed`, `0x8f06fba4684b5e0988f215a47775bb611af0f986`, and `0xb93b505ed567982e2b6756177ddd23ab5745f309`

## 3. Step-by-step calculation

### Component A: Liquidity incentive facts extraction
- **Purpose**: Extract raw reward payment events from Ethereum staking contracts
- **Logic**: Query parsed `StakingRewards_RewardPaid_event` logs from Ethereum blockchain data. Filter events to only include those involving the INDEX token contract address `0x0954906da0bf32d5479e25f46056d22f08464cab`. Extract key fields including block timestamp, transaction hash, log index, contract address, and reward amount from the `reward` field
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for event identification, `address` for the staking contract, and `reward` amount for the incentive value

### Component B: Account dimension mapping  
- **Purpose**: Filter and categorize staking reward contracts with business context
- **Logic**: Join the liquidity incentive facts with a hardcoded dimension table that maps known staking reward contract addresses to account names. This inner join filters the data to only include reward payments to recognized IndexCoop staking contracts, excluding any other reward events. Each contract is labeled as "Staking Rewards" account type
- **Key fields**: `account_address` for joining, `account_name` providing "Staking Rewards" label, and `chain` identifying "ethereum"

### Component C: Token incentives aggregation and conversion
- **Purpose**: Convert raw token amounts to daily USD values 
- **Logic**: Truncate block timestamps to daily boundaries using day-level aggregation. Apply USD conversion using end-of-day INDEX token prices and correct for token decimal places. Assign business classification fields including "Asset Management" business line, "asset_management" market sector, and "index" business segment. Group results by day, chain, and business dimensions
- **Key fields**: `timestamp` truncated to day, `token_incentives` containing USD-converted reward amounts, business classification fields, and `token_address` identifying INDEX token

### Final aggregation  
- **Combining components**: The token incentives model combines all components through joins and produces daily aggregated USD values of INDEX token rewards paid to staking contracts
- **Currency conversion**: INDEX token amounts are converted to USD using end-of-day price feeds with proper decimal adjustment through the conversion macro
- **Time aggregation**: All reward events are aggregated to daily boundaries by truncating block timestamps to day level
- **Final calculation**: The expenses metric simply renames the `token_incentives` field to `expenses`, representing the daily USD value of INDEX tokens paid as liquidity incentives to staking reward contracts

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

Total project operating and incentive expenses.

Index CooperativeINDEX

Expenses

Expenses

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Chain breakdown