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Founding investor Set Labs and 1kx publicly criticized the DAO's spending and direction, triggering a 40% contributor spend reduction, treasury de-risking, and the eventual move to the independent Index Protocol.
icETH uses a leveraged liquid-staking strategy on Aave v2 (stETH collateral, ETH debt, 3.1x target) to deliver an enhanced ETH yield, expanding Index Coop beyond index and leverage products into earn products.
The round (joined by 1confirmation, DeFiance Capital, Wintermute and others) was part of the DAO's ~$10M total funding, alongside the earlier launch of DPI, MVI, ETH2x-FLI and BTC2x-FLI products.
ETH2x-FLI, Index Coop's flagship automated 2x-leverage token built with DeFi Pulse on Compound, launched when ETH was ~$1,800, pioneering the FLI leverage-token category.
INDEX, the cooperative's ERC-20 governance token (10M max supply), was unveiled with 70% community allocation, a DPI-holder airdrop, and a 60-day DPI/ETH liquidity-mining program beginning Oct 7, 2020.
Index Coop was launched as a DAO by Set Labs to govern and build index products; Felix Feng (Set Protocol co-founder/CEO) was a key founder.
Set and DeFi Pulse announced the DeFi Pulse Index, a market-cap-weighted index of 10 top DeFi tokens built on Set Protocol v2. It later became the first primitive governed by the Index Cooperative.