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 Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) for Index Coop measures the number of unique wallet addresses that interact with Index Coop's index token products on any given day. This metric tracks user engagement with the protocol's asset management offerings by counting distinct users who perform minting (issuance) or burning (redemption) operations with Index Coop's Set Protocol v2-based index tokens across Ethereum and Polygon networks.

## 2. Data sources

The metric relies on the following blockchain data sources:

- **Set Protocol v2 contract events**: Parsed blockchain events from Index Coop's Set Protocol v2 contracts deployed on Ethereum and Polygon
  - `SetTokenIssued` events from BasicIssuanceModule and DebtIssuanceModule contracts capturing token minting activities
  - `SetTokenRedeemed` events from BasicIssuanceModule and DebtIssuanceModule contracts capturing token redemption activities
- **Blockchain transaction data**: Block timestamps and transaction hashes from Ethereum and Polygon networks to establish temporal context for user activities

## 3. Step-by-step calculation

### Component A: User event identification
- **Purpose**: Identify all user interactions with Index Coop's index token products
- **Logic**: Extract user addresses from Set Protocol v2 contract events across Ethereum and Polygon. For issuance events (`SetTokenIssued`), the user address is taken from the `to` parameter representing the token recipient. For redemption events (`SetTokenRedeemed`), the user address is taken from the `redeemer` parameter representing the user burning tokens. Users are classified as either 'Minter' or 'Burner' based on the event type they participated in.
- **Key fields**: `user_address` (wallet performing the action), `user_type` (Minter or Burner), `block_timestamp` (when the interaction occurred), `chain` (Ethereum or Polygon), `transaction_hash` (unique transaction identifier)

### Component B: Temporal standardization and metadata
- **Purpose**: Standardize timing and add business context classification
- **Logic**: Convert block-level timestamps to daily granularity using day-level truncation. Add consistent business metadata including market sector classification as 'asset_management', business segment as 'index', and maintain chain-specific context. Each user interaction is tagged with these standardized dimensions for consistent reporting.
- **Key fields**: `timestamp` (daily truncated), `timestamp_grain` (set to 'day'), `market_sector_id`, `business_segment_id`, `product_id`

### Final aggregation
- **Combining components**: User interactions from all supported chains and contract types are combined into a unified dataset
- **Deduplication logic**: Apply distinct counting on user addresses within each day, ensuring that users who perform multiple transactions or interact through different contract types on the same day are counted only once
- **Time aggregation**: Group by daily timestamp boundaries, with each day representing a complete 24-hour period in UTC
- **Final calculation**: Count distinct user addresses per day across all supported chains and interaction types, producing a single DAU value representing unique users who actively engaged with Index Coop products on that specific day

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

Unique revenue-generating users over a fixed 24-hour window.

Index CooperativeINDEX

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown