Index Cooperative Coin Price & Market Data
Index Cooperative price today is $22.57 with a 24-hour trading volume of $576,413. INDEX price is up 2.7% in the last 24 hours. It has a circulating supply of 1.9 Million INDEX coins and a max supply of 10 Million. If you are looking to buy or sell Index Cooperative, Sushiswap is currently the most active exchange.
What is the Index Cooperative (INDEX) token?
The Index Cooperative (INDEX) token is the native governance token of the Index Cooperative. Holders of the INDEX token can participate, propose, and vote on changes to the Cooperative’s smart contract, indices, treasury and more. It aims to facilitate community driven ownership and governance, promoting the long-term growth and sustainability of the organization.
What is the Index Cooperative?
The Index Cooperative is a community-led, decentralized organization whose goal is to create, maintain and drive the adoption of crypto indices. Its exchange traded products (ETP) enable users to gain broad exposure to different protocols of varying themes across the cryptocurrency industry.
In September 2020, the Cooperative and DeFi Pulse jointly launched the platform’s first flagship product named The DeFi Pulse Index - a capitalization-weighted index that tracks the performance of a basket of 10 decentralized financial (DeFi) assets. The Index has so far demonstrated robust growth, enjoying a market capitalization of $22 million, as of December 2020.
What can the Index Cooperative (INDEX) token do?
The Index Cooperative (INDEX) token has two core functions:
In terms of governance, INDEX token holders are responsible for proposing, deliberating, and voting on proposals known as Index Improvement Proposals (IIP). These IIPs may be used to add or retire indices, devise incentives to promote the Index Cooperative, manage the community treasury, enhance existing indices performance etc.
This governance process first begins via informal discussions on the community’s social media channels or forum. Proposals which reach a >90% agreement level in the community are then posted on the Cooperative’s Snapshot and IIP Github.
Once on Snapshot, the formal voting process can then take place. If an IIP achieves quorum among voters, together with a minimum number of votes, the platform’s multisig will then implement the changes.
Meta-governance is a function that allows INDEX holders to vote in the governance proposals of the protocols which comprise the DeFi Pulse Index. For instance, if a proposal is issued on Uniswap, Index Cooperative’s smart contract will duplicate it on Snapshot for INDEX holders to vote. If a 5% quorum is reached, the multisig will then vote according to the majority’s decision.
More information on INDEX’s role in governance and meta-governance can be read in The Index Coop Community Handbook.
Where and how do I obtain Index Cooperative (INDEX) tokens?
There are two main methods to acquire INDEX tokens:
- purchasing them from an exchange
- participating in Index Cooperative’s liquidity mining program.
For liquidity mining, the Cooperative has set-up a DPI / ETH pool on Uniswap which rewards liquidity providers with INDEX tokens depending on how much liquidity is provided. To participate, users must first acquire DPI tokens. DPI tokens can be obtained by purchasing them from a decentralized exchange, similar to INDEX, or buying on the INDEX website itself. Once acquired, the DPI tokens can be deposited into the DPI / ETH pool in return for LP tokens. These LP tokens can then be staked into Index Cooperative’s Farm to accrue INDEX.
The Cooperative also offers INDEX to individuals who make significant contributions to the Cooperative or who complete bounties. These methods are explained in further detail in The Index Coop Community Handbook.