Set Protocol – a DeFi asset management protocol – has announced the Index Cooperative, a global community that will launch and maintain crypto index vehicles.

 

The Index Cooperative is a DAO focused on building & governing various crypto indices. The first index is the DeFi Pulse Index, which currently has a total $2M in locked assets and 1,300 unique wallet addresses.

Set Protocol’s CEO, Felix Fang envisions a future where the Index community is comprised of the top index methodologists in the crypto space, sharing ideas and driving crypto index innovation.

New Launch New Token

The Index Cooperative will feature a native governance token called INDEX. Out of the total 10M INDEX tokens, 70% has been reserved for community allocation with the remaining 30% allocated to the DeFi Pulse and Set Protocol teams. These team tokens will be vested linearly over a three year period, on the same schedule as the community treasury fund. You can see an overview of the vesting schedule pictured below.

 

 

INDEX holders will responsible for adding indices, controlling the treasury, and voting on various key system parameters.

Community Distribution

1% of all INDEX will be retroactively rewarded to all holders and liquidity providers of the DeFi Pulse Index (DPI) Set as long as you were a holder or LP at block #10980212. Eligible users can claim their INDEX tokens using the various reward tiers as a metric for earnings.

The Index Cooperative also launched a liquidity mining program October 7, 2020 at 12:00pm PDT, with 9% of the total $INDEX supply being distributed over the course of 60 days to DPI/ETH LPs.

Beyond token allocations for the community and the team, 7.5% of the supply will go into an 18-month program that rewards users who submit viable index methodologies. Index creators will earn a pro-rata share of rewards based on the fees that their particular indices generated for the cooperative.

Finally, the rest of the 52.5% $INDEX tokens will go to a community treasury where they will vest over 3 years as mentioned earlier.

To stay up with the Index Coop, follw them on Twitter or join their Discord to keep updated with the latest developments.