Set Protocol and 1kx published the 'Index Coop Open Letter' prompting a governance and financial restructuring
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 (Interest Compounding ETH Index), Index Coop's first yield product, launched
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.
Index Coop raised $7.75M in a strategic treasury diversification round led by 1kx and Galaxy Digital
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 (ETH 2x Flexible Leverage Index) launched
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 governance token launched with distribution to DPI holders and DPI/ETH liquidity mining
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 launched as a decentralized autonomous organization (DAO) by Set Labs
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.
DeFi Pulse Index (DPI) launched on TokenSets by Set and DeFi Pulse
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.