Is Index Coop a Good Investment?
| TVL | $14M |
| FDV | $3M |
| TVL/FDV | 5.46x |
| Risk Grade | B- |
| Value Grade | D+ |
Value Accrual: Does the Index Coop Token Capture Value?
Index Coop scores D+ on Hindenrank's value accrual framework (30/100), indicating below-average value accrual with significant gaps in fee capture or sustainability. Fee capture scores 8/25 — limited, with most protocol revenue not yet accruing to the token. Token distribution is rated 10/25 (somewhat concentrated, raising concerns about governance capture), and emission sustainability sits at 6/25. The competitive moat dimension scores 6/25.
Protocol Health: Is Index Coop Still Growing?
Index Coop's vitality risk score is 9/10 on Hindenrank's rubric (lower is healthier). This raises concerns about protocol vitality — Index Coop shows signs of declining activity, stagnant or falling TVL, or reduced developer engagement. Investors should monitor whether this trend reverses before increasing exposure.
Risk-Adjusted View: Is the Upside Worth the Risk?
Risk-Adjusted Position
Dead MoneyIndex Coop sits in the Dead Money quadrant — low risk (B-) but poor value accrual (D+). While the protocol itself is relatively safe, the token does not effectively capture the value it creates. Investors may want to wait for governance changes or fee-switch activation before allocating.
Risk Context
Index Coop carries a risk grade of B- (30/100), classified as moderate risk — some novel mechanisms, generally well-understood. While no critical-severity interactions were identified, 1 high-severity interaction warrant attention. The primary risk factor is: Index tokens (DPI, MVI, etc.) hold baskets of underlying DeFi tokens, creating compounded smart contract risk across all constituent protocols
Read our full safety analysis →Should you buy Index Coop?
Index Coop scores D+ on Hindenrank's value accrual framework, placing it among the below-average DeFi protocols. Fee capture scores 8/25 — limited, with most protocol revenue not yet accruing to the token. Token distribution is somewhat concentrated, raising concerns about governance capture, and emission sustainability sits at 6/25. On the risk side, Index Coop carries a B- grade (30/100), which is moderate risk — some novel mechanisms, generally well-understood. The combined risk-value position places Index Coop in the Dead Money quadrant.
Index Coop investment outlook for 2026
With $14M in total value locked and FDV of $3M, giving a TVL/FDV ratio of 5.46, Index Coop's fundamentals do not strongly support the current valuation from a usage perspective. The competitive moat dimension scores 6/25, suggesting limited moat, leaving the protocol vulnerable to competitive pressure.Investors should weigh these fundamentals alongside market conditions and their own risk tolerance.
This analysis is based on cryptoeconomic fundamentals, not price prediction. It is not financial advice. Full methodology
Weekly Commentary
ProWeek of March 3, 2026
Index Coop sits in the Dead Money quadrant for good reason — a respectable B- risk grade means the protocol isn't going to blow up, but the D+ value score signals token holders are capturing almost none of the upside. At $13M TVL, there's insufficient scale to generate meaningful fee revenue, and the structured products niche hasn't translated into competitive token economics. You're paying for safety with no growth engine attached.
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