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 Transaction volume Methodology

## 1. Overview

Index Coop transaction volume measures the total USD value of index token issuances and redemptions across Index Coop products on a daily basis. This metric captures the core business activity of Index Coop by tracking when users mint new index tokens (issuance) or burn existing tokens (redemption) through SetProtocol smart contracts. Both activities represent transaction volume as they indicate user demand and engagement with Index Coop's structured products.

## 2. Data sources

The calculation relies on several key blockchain data sources:
- **SetProtocol smart contract events**: Parsed `SetTokenIssued` and `SetTokenRedeemed` events from SetProtocol v2 DebtIssuanceModule contracts on Ethereum and Polygon blockchains
- **BasicIssuanceModule events**: Additional `SetTokenIssued` and `SetTokenRedeemed` events from SetProtocol v2 BasicIssuanceModule contracts on Ethereum
- **End-of-day token price feeds**: USD price data for converting token amounts to dollar values
- **Token metadata**: Decimal place information for proper token amount calculations
- **Product configuration data**: Predefined list of 16 Index Coop products across Ethereum and Polygon including token addresses, names, and metadata

## 3. Step-by-step calculation

### Component A: Token issuance events
- **Purpose**: Captures all instances where users mint new index tokens
- **Logic**: Extract `SetTokenIssued` events from SetProtocol v2 DebtIssuanceModule contracts on Ethereum and Polygon, plus BasicIssuanceModule contracts on Ethereum. For each event, capture the token address (`setToken` field), issued quantity (`quantity` field), manager fees (`managerFee` field), transaction hash, block timestamp, and contract address. DebtIssuanceModule events include manager fees while BasicIssuanceModule events have zero fees. Events are filtered to include only transactions involving the 16 predefined Index Coop products by joining with the products dimension table on token address and chain.
- **Key fields**: `setToken` (token address), `quantity` (amount issued), `managerFee` (fees charged), `block_timestamp` (event timing)

### Component B: Token redemption events  
- **Purpose**: Captures all instances where users burn existing index tokens
- **Logic**: Extract `SetTokenRedeemed` events from the same SetProtocol v2 contract sources using identical logic to issuance events. The structure mirrors the issuance component exactly, capturing token address, redeemed quantity, manager fees, and transaction metadata. Events are similarly filtered to include only Index Coop products through the products dimension table join.
- **Key fields**: `setToken` (token address), `quantity` (amount redeemed), `managerFee` (fees charged), `block_timestamp` (event timing)

### Component C: Product filtering and metadata enrichment
- **Purpose**: Ensures only legitimate Index Coop products are included and adds product metadata
- **Logic**: Both issuance and redemption events are joined with a predefined products dimension table containing 16 Index Coop products across Ethereum and Polygon. This includes index products like DPI, MVI, DATA, BED, dsETH, GMI, icETH and JPG, plus Flexible Leverage Index (FLI) products like ETH2x-FLI, BTC2x-FLI, and various Polygon versions. The join matches on token address and chain, adding product names, account types (index or FLI), and fee tier information.
- **Key fields**: `token_address`, `chain`, `account_name` (product name), `account_type` (index/FLI classification)

### Final aggregation
- **Combining components**: Issuance and redemption events are combined using a union operation, with both treated as transaction volume since they represent user activity with Index Coop products
- **Currency conversion**: Token quantities are converted to USD using end-of-day price feeds, with proper decimal adjustment applied based on each token's decimal places (typically 18 for most ERC-20 tokens)
- **Time aggregation**: Block timestamps are truncated to daily boundaries, with all events within a day aggregated together
- **Final calculation**: The metric sums the USD value of all issuance and redemption transactions per day for each product and chain combination, applying zero-filling for days with no activity to ensure continuous daily time series. Chain availability filters are applied at the end to respect data availability windows for each blockchain.

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

Total USD value of transactions processed by the application.

Index CooperativeINDEX

Transaction volume

Transaction volume

Competitive landscape

Chain breakdown