Owning INDEX: Uses, Networks and Risks

INDEX is Index Coop’s governance token. If you hold it, you can take part in DAO decisions about the cooperative’s products, treasury allocation and direction. Voting power is described as one vote per INDEX, so the number of tokens you hold determines your weight in a vote.

Index Coop builds onchain financial products, including sector indexes and strategies designed to provide leverage, inverse exposure or yield. Those products are separate from INDEX: owning the governance token does not, by itself, give you a share of an index product, its returns or its underlying assets. You would need to acquire and use a particular product token for that exposure, and check its own terms and risks.

The governance role is the clearest stated purpose for INDEX. It is not a mining or staking token by definition, and you should not assume it pays income or grants automatic access to every product. Check current governance proposals and product eligibility before deciding what holding the token means for you.

Index Coop’s products are designed to package DeFi strategies into tokens, including sector indexes, leverage and inverse strategies, and yield-focused products. The product system runs on Set Protocol, a self-custodial tool for creating and managing Ethereum-based tokens. This is distinct from holding INDEX: product tokens can have their own assets, mechanics and risks, while INDEX is used for DAO governance.

Before using a product, find out what it tracks or does, which protocols and assets it depends on, how it is created and redeemed, and whether you can exit when you want. Fees and eligibility can differ by product, so don’t assume that one product’s costs or rules apply to the rest. Index Coop does not publish a single fee schedule that covers every product.

Automation does not remove risk. A product can lose value through price moves, leverage, smart-contract faults, liquidity problems or failures in protocols it relies on. Read the specific product documentation and understand its exit process before depositing funds.

INDEX has been issued on Ethereum and Polygon. It is not the native token of either network; the token is associated with Index Coop and can exist as a token on supported chains. The project identifies INDEX as an ERC-20 governance token on Ethereum. If you plan to transfer or use it on Polygon, confirm that the particular wallet, exchange or app supports the Polygon version.

A self-custody wallet that supports the relevant network and token standard can hold INDEX. Check the network selected for both the sending and receiving wallet, and verify the token contract address through a trusted Index Coop channel before adding a token manually. A token with the same name or ticker may be counterfeit.

If you use an exchange, check its deposit and withdrawal networks before sending. Sending tokens over an unsupported network, or to an incompatible address, can make them difficult or impossible to recover. Keep a small test transfer in mind when you are unsure, and never share your recovery phrase or private keys.

As of November 8, 2026, the reported supply was about 7.07 million INDEX circulating, with about 9 million total and a stated maximum of 10 million. These figures describe token supply, not the amount available to trade or the share of tokens that can vote at any particular time. Circulating supply and market conditions can change.

The same date’s reported market capitalization was about $1.9 million, based on a price of roughly $0.26 per token. Treat that as a dated snapshot, not a current quote or a measure of what you could receive when selling. Market capitalization is generally calculated by multiplying token price by circulating supply; it does not show how much liquidity is available.

If voting matters to you, check how governance proposals define eligible voting power and whether your tokens are in a place that can participate. Do not infer future value or voting influence from the maximum supply alone.

For self-custody, store INDEX in a wallet that supports its network and protect the recovery phrase offline. Never share that phrase, enter it into a site claiming to validate or unlock your tokens, or keep your only copy somewhere easily accessed by others. Consider a hardware wallet if you need stronger protection for significant holdings, and make sure you can restore the wallet before relying on it.

The main risks are token-price volatility, low liquidity, governance decisions you disagree with, and operational mistakes such as sending on the wrong network. Smart-contract or wallet vulnerabilities can also threaten tokens. Index Coop’s Set Protocol is described as audited, but that does not mean every Index Coop product, contract or the INDEX token itself is risk-free; an audit cannot guarantee safety.

Be cautious of fake tokens, phishing messages and claims of guaranteed yield or a required wallet connection. Check a proposal or product’s mechanics before approving transactions, and remember that governance participation does not protect you from losses in the token’s market value.