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 Total value locked Methodology

## 1. Overview

Index Coop TVL represents the total value locked in Index Coop's asset management products, calculated as the aggregate USD value of all outstanding index tokens. Index Coop operates on Set Protocol infrastructure to create and manage tokenized index products like DPI (DeFi Pulse Index), MVI (Metaverse Index), and various Flexible Leverage Index (FLI) products. The TVL calculation tracks the cumulative net issuance of these index tokens over time, representing capital deployed by users into Index Coop's managed products.

## 2. Data sources

The calculation relies on these raw data sources:
- **Set Protocol blockchain events**: Parsed `SetTokenIssued` and `SetTokenRedeemed` events from Set Protocol v2 contracts on Ethereum and Polygon
- **Issuance module events**: Events from both `DebtIssuanceModule` (with manager fees) and `BasicIssuanceModule` (without fees) contracts
- **Token metadata**: Information about token decimals and symbols for proper unit calculations
- **End-of-day price feeds**: Daily closing prices for Index Coop tokens to enable USD conversion
- **Product definitions**: Hardcoded list of legitimate Index Coop products with token addresses, chains, product names, and launch dates

## 3. Step-by-step calculation

### Component A: Product identification and filtering
- **Purpose**: Define the universe of Index Coop products to include in TVL calculations
- **Logic**: Maintain a hardcoded registry of all legitimate Index Coop products across Ethereum and Polygon networks. Each product includes token contract address, chain, product name (like DPI, MVI, ETH2x-FLI), product type (index or fli), launch date, and initial fee tier. This serves as a filter to ensure only official Index Coop products contribute to TVL metrics
- **Key fields**: `token_address`, `chain`, `account_name`, `account_type`, `start_date`, `fee_tier`

### Component B: Token issuance event processing
- **Purpose**: Capture all token minting events when users deposit capital into Index Coop products
- **Logic**: Extract `SetTokenIssued` events from Set Protocol v2 contracts on Ethereum and Polygon. Process events from both `DebtIssuanceModule` (which includes manager fees) and `BasicIssuanceModule` (no fees). Parse event parameters to capture the timestamp, transaction details, contract address, token being issued, quantity minted, and any associated manager fees. Join with the product registry to filter only legitimate Index Coop tokens
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `token_amount`, `fee_amount`

### Component C: Token redemption event processing  
- **Purpose**: Capture all token burning events when users withdraw capital from Index Coop products
- **Logic**: Extract `SetTokenRedeemed` events from the same Set Protocol v2 contracts. Process redemption events from both issuance modules, capturing redemption quantities and any manager fees charged. These amounts will be treated as negative flows in the net calculation to reduce outstanding token supply
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `token_amount`, `fee_amount`

### Component D: Net capital deployment calculation
- **Purpose**: Calculate the cumulative outstanding token supply for each Index Coop product
- **Logic**: Combine issuance events (positive amounts) and redemption events (negative amounts) into a unified daily time series. Truncate all timestamps to daily boundaries. Apply decimal correction using token metadata to ensure proper unit calculations. Fill any missing days with zero values to maintain continuous time series. Calculate cumulative running totals using window functions, partitioned by chain, product, and token address, ordered chronologically. Apply a floor of zero to prevent negative outstanding balances
- **Key fields**: `capital_deployed` (cumulative outstanding token amount), `timestamp`, `chain`, `token_address`

### Component E: USD conversion
- **Purpose**: Convert token amounts to USD values for aggregation across different products
- **Logic**: Apply end-of-day price feeds to convert each product's outstanding token balance to USD equivalent. Use the daily closing price for each Index Coop token. Since decimal correction was already applied, only price conversion is needed
- **Key fields**: `capital_deployed` converted to USD values

### Final aggregation
- **Combining components**: Sum USD-denominated outstanding balances across all Index Coop products, grouped by timestamp, chain, and other relevant dimensions
- **Currency conversion**: All values converted to USD using end-of-day token prices
- **Time aggregation**: Daily snapshots showing total outstanding value across the entire Index Coop product suite
- **Final calculation**: Total Value Locked equals the sum of USD values of all outstanding Index Coop tokens across all products and chains, representing the total capital deployed in Index Coop's asset management products

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Index CooperativeINDEX

Total value locked

Total value locked

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