UtilityGovernance token for Index Cooperative — holders vote on protocol decisions.
What it is
INDEX is the governance token of Index Cooperative, a DAO launched in October 2020 by Set Labs that builds structured on-chain products — tokenizing asset-management strategies as ERC-20 tokens, including index products like the DeFi Pulse Index (DPI), leverage tokens, and yield products.
Technology & consensus
Products are SetToken contracts composed of modular core contracts, modules, adapters, and extensions (e.g., DebtIssuanceModuleV2, StreamingFeeModule) on the Index Protocol, a fork of Set Protocol v2. Strategies execute fully on-chain as fully collateralized ERC-20 tokens, rebalanced per published methodologies.
Token utility
INDEX governs the DAO via Index Improvement Proposals (IIPs): holders vote on new product launches, treasury spending, and smart-contract upgrades. It also carries meta-governance power — holders can vote on other protocols' proposals (e.g., Uniswap, Compound, Aave) using governance tokens held inside index products like DPI.
Key risks & notes
No formal project whitepaper was found; documentation is spread across docs.indexcoop.com and governance forums. Risks: TVL and usage well below 2021 peaks, competition from crypto ETFs and newer structured-product protocols, DAO governance apathy, smart-contract risk across complex multi-module products, and no direct fee-capture mechanism for INDEX beyond governance rights.
Primary source
No whitepaper found. The summary below is drawn from the project’s official documentation, site, or repository instead — the substitution is disclosed, not hidden.
Research status
Classification: No whitepaper found · Researched · Source material: official project documents only.
Verification classClass CFORA-01 scale — verification, not a quality ranking
Claim type · Governance token
🎟️
What does the holder own?
Title, redemption claim, fractional ownership, reserve exposure — or just narrative.
INDEX is the ERC-20 governance token of the Index Cooperative DAO (Ethereum): holders vote on fees, new products, team composition, and treasury management. Max supply 10,000,000. Products include DPI, MVI, leverage and yield tokens; index product tokens (like DPI) are separately mintable/redeemable.
Needs an identifiable custodian or entity — not a wallet address or a label.
No underlying exists by design. INDEX is a bearer governance token with no backing and no custodian. The index product tokens (DPI etc.) are fully-collateralized on-chain basket tokens — a different instrument from INDEX itself.
Custodian records → inventory → third-party audit → supply reconciliation.
No reserves exist by design. INDEX supply capped at 10M, auditable on-chain on Ethereum. No proof-of-reserves applicable to the governance token; collateralization of product tokens (DPI) is on-chain and verifiable, not an INDEX reserve.
Eligibility, minimums, fees, KYC, settlement — and what happens to the token.
No redemption mechanism exists for INDEX; it is not redeemable for anything. The Coop's index products can be minted/redeemed at will by users, but INDEX itself has no redemption path.
A legally accountable entity and jurisdiction — not a DAO label.
Researched 2026-09-15 — no independent evidence found for a legal entity bearing any liability for INDEX. The Cooperative launched Oct 2020 as a DAO (Set Labs was a founding member); it presents itself as a decentralized autonomous organization with no publicly identified legal wrapper or jurisdiction.
low confidence
❔ Unverified
❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.
❔ Frequently asked questions
What is Index Cooperative (INDEX)?
INDEX is the governance token of Index Cooperative, a DAO launched in October 2020 by Set Labs that builds structured on-chain products — tokenizing asset-management strategies as ERC-20 tokens, including index products like the DeFi Pulse Index (DPI), leverage tokens, and yield products.
What does the holder own?
INDEX is the ERC-20 governance token of the Index Cooperative DAO (Ethereum): holders vote on fees, new products, team composition, and treasury management. Max supply 10,000,000. Products include DPI, MVI, leverage and yield tokens; index product tokens (like DPI) are separately mintable/redeemable.
What is Index Cooperative's verification status?
Index Cooperative (INDEX) carries verification class C (Class C): one or more questions are UNVERIFIED — researched, but independent evidence was not found. Unverified is a legitimate result, not a disproof. What would change it: Independent evidence on the unverified questions would move it — that is what UNVERIFIED invites.