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).

governance

github

twitter

discord

etherscan

website

Asset management

Index Cooperative

# Index Cooperative Treasury Methodology

## 1. Overview

The IndexCoop Treasury metric measures the total USD value of all tokens held across IndexCoop's treasury wallet addresses on Ethereum. This metric provides insight into the protocol's financial reserves and asset holdings by tracking token balances across known treasury addresses and converting them to USD values using end-of-day pricing data.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from ERC20 tokens to track inflows and outflows from treasury addresses
- **Ethereum transaction logs and traces**: Transaction data to capture all balance-affecting operations including direct transfers, smart contract interactions, and DeFi protocol activities
- **Token balance snapshots**: Blockchain state data to establish baseline token balances for each treasury address
- **End-of-day token price feeds**: Daily USD pricing data for all tokens held in treasury addresses
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper balance calculations

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Calculate daily token balances for each of IndexCoop's 7 treasury addresses on Ethereum
- **Logic**: The calculation tracks balance changes for specific treasury addresses: `0x26e316f5b3819264df013ccf47989fb8c891b088`, `0x462a63d4405a6462b157341a78fd1babfd3f8065`, `0x71f2b246f270c6af49e2e514ca9f362b491fbbe1`, `0x9467cfadc9de245010df95ec6a585a506a8ad5fc`, `0xd89c642e52bd9c72bcc0778bcf4de307cc48e75a`, `0xfafd604d1cc8b6b3b6cc859cf80fd902972371c1`, and `0x236815b32b50cc80f5c6348396b1a9b09fd3e7f7`. For each address and token combination, the system processes all token transfer events, transaction traces, and balance-affecting operations to calculate daily balance changes
- **Key fields**: `account_address` (treasury wallet), `token_address` (specific token contract), `balance` (net balance change), `timestamp` (daily grain)

### Component B: Cumulative balance calculation  
- **Purpose**: Convert daily balance changes into running cumulative balances for each token position
- **Logic**: Using window functions, balance changes are aggregated into cumulative totals partitioned by timestamp grain, chain, treasury address, and token address. This ensures each treasury address has a running total for each token it holds, ordered chronologically to maintain accurate balance history
- **Key fields**: `balance` (cumulative token balance), partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`

### Component C: Data continuity and forward-filling
- **Purpose**: Ensure continuous daily data points for all active token positions
- **Logic**: The forward-filling process identifies gaps in daily data and carries forward the last known balance for each token position. This handles cases where tokens had no transfer activity on certain days but should still show their held balance. The process maintains separate time series for each combination of treasury address and token
- **Key fields**: `timestamp` (continuous daily series), `balance` (forward-filled values)

### Component D: USD conversion
- **Purpose**: Convert all token balances to USD values using end-of-day pricing data
- **Logic**: Each token balance is joined with end-of-day price data based on matching timestamp, chain, and token address. The conversion uses safe multiplication to handle cases where price data might be missing or invalid. Only positive balances are included to exclude dust amounts and ensure meaningful treasury holdings
- **Key fields**: `amount` (USD value), calculated as `balance` multiplied by `price_usd` from end-of-day price feeds

### Final aggregation
- **Combining components**: All USD-denominated token positions across all treasury addresses are summed to calculate the total treasury value for each day
- **Currency conversion**: USD conversion occurs at the individual token position level using end-of-day pricing before aggregation
- **Time aggregation**: Daily treasury values are calculated by summing all token positions held across all treasury addresses as of each day's end
- **Final calculation**: The total treasury value represents the sum of all positive token balances (converted to USD) held across IndexCoop's 7 treasury addresses on Ethereum, with zero-filling applied for periods with no treasury activity

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

Total value of a project's onchain treasury, including its native token.

Index CooperativeINDEX

Treasury

Treasury

Competitive landscape

Chain breakdown