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 Treasury (net) Methodology

## 1. Overview

Treasury net represents the total USD value of all tokens held across Index Coop's treasury addresses on Ethereum. This metric provides visibility into Index Coop's treasury holdings by tracking token balances across multiple known treasury addresses and converting them to USD value using end-of-day pricing. The calculation aggregates balances from 7 specific treasury addresses while excluding one specific token to provide a comprehensive view of treasury assets.

## 2. Data sources

- **Ethereum ERC20 token events**: Parsed `Transfer` events from Ethereum that show token movements to and from Index Coop treasury addresses
- **Token metadata**: Token symbol and decimal information for proper balance calculations and display
- **End-of-day price feeds**: Daily token price data for USD conversion of token balances
- **Transaction data**: Ethereum transaction traces that provide context for token balance changes

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Track token balance changes across Index Coop's treasury addresses
- **Logic**: The system monitors 7 specific Index Coop treasury addresses on Ethereum: `0x26e316f5b3819264df013ccf47989fb8c891b088`, `0x462a63d4405a6462b157341a78fd1babfd3f8065`, `0x71f2b246f270c6af49e2e514ca9f362b491fbbe1`, `0x9467cfadc9de245010df95ec6a585a506a8ad5fc`, `0xd89c642e52bd9c72bcc0778bcf4de307cc48e75a`, `0xfafd604d1cc8b6b3b6cc859cf80fd902972371c1`, and `0x236815b32b50cc80f5c6348396b1a9b09fd3e7f7`. For each address, the system analyzes ERC20 `Transfer` events to identify when tokens are received (transferred to the address) or sent (transferred from the address). Balance changes are calculated by processing these transfer events and maintaining running totals for each token at each address.
- **Key fields**: `timestamp` for when the balance change occurred, `account_address` for the treasury address, `token_address` for the specific token, `token_symbol` for display, and `balance` representing the change in token amount

### Component B: Cumulative balance calculation
- **Purpose**: Convert balance changes into running cumulative balances over time
- **Logic**: For each combination of treasury address and token, the system calculates cumulative running balances by summing all balance changes chronologically. This creates a time series showing the total token balance at each treasury address for each token at any point in time. The calculation partitions data by timestamp grain, chain, account address, and token address to ensure accurate cumulative totals.
- **Key fields**: `balance` becomes the cumulative running total rather than just the change amount

### Component C: Data completeness via forward-filling
- **Purpose**: Ensure continuous data coverage by filling gaps between balance change events
- **Logic**: Since balance changes only occur when tokens are transferred, there can be gaps in the time series where no events occurred but balances remained the same. The system applies forward-fill logic to propagate the last known balance forward to subsequent time periods until the next balance change occurs. This ensures complete daily coverage for treasury reporting.
- **Key fields**: All dimensions remain the same, with `balance` values propagated forward to fill missing time periods

### Component D: USD conversion
- **Purpose**: Convert token balances to USD values for aggregation and reporting
- **Logic**: The system joins token balance data with end-of-day price feeds using timestamp, chain, and token address as join keys. Token balances are multiplied by the corresponding USD price to calculate USD value. Only positive balances are included in the calculation, and one specific token address (`0x0954906da0bf32d5479e25f46056d22f08464cab`) is explicitly excluded from the treasury calculations. The price data uses daily granularity to ensure consistent end-of-day valuation.
- **Key fields**: `amount` represents the USD value of the token balance (balance multiplied by price)

### Final aggregation
- **Combining components**: All USD-denominated token balances across all treasury addresses are included in the final metric. Each treasury address and token combination contributes its USD value to the overall treasury net calculation
- **Currency conversion**: Token amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment based on token specifications
- **Time aggregation**: The metric is calculated on a daily basis, with balance data forward-filled to ensure complete coverage and consistent reporting
- **Final calculation**: Treasury net equals the sum of all USD values of tokens held across the 7 treasury addresses, excluding the specified token address, with zero-filling applied for missing data points and chain availability filters ensuring data quality

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

Total value of a project's treasury excluding its native token.

Index CooperativeINDEX

Treasury (net)

Treasury (net)

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