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ic21

Index Coop Large Cap Index

The Index Coop Large Cap Index (ic21) is powered by 21.co wrapped assets and comprised of the most successful crypto projects.

About

Overview

The Index Coop Large Cap  Index (ic21) is an on-chain crypto index token that is built around the largest and most successful crypto projects, ranked by square root market cap weighting. $ic21 contains a number of non-EVM assets, such as ADA and SOL, that will be included via the creation of newly issued wrapped tokens that will be managed by 21.co. These tokens will use a custodial model similar to wBTC or USDC, and liquidity will be made available to Index Coop via 0x RFQ orders.

Methodology

The Index Coop Large Cap Index (ic21) will employ a square root market cap methodology and apply a 30d simple moving average to market cap data before determining the ultimate weights for included assets. The averaging helps to reduce the impact of short-term price movements that could result in unnecessary churn during rebalancing periods.

Token Inclusion Criteria :

  • the digital asset should not be a staked or derivative version of an included asset
  • the digital asset must not be a stablecoin
  • the digital asset must not be a meme coin
  • the digital asset must not be under individual investigation by a securities regulator
  • the protocol or project associated with the digital asset must be open source

Deployment and Bridges

$ic21 and its components will be deployed on Ethereum main net. There is no intrinsic dependency on a bridging protocol. Any underlying assets that are not native to the Ethereum blockchain will be made available by our product partner via a custodial wrapped solution that is similar to wBTC or common stablecoins.


Recomposition

The total number of assets will be limited to 10 at launch, and any recomposition will take place in line with quarterly rebalances.

Maintenance

ic21 will be rebalanced via auctions on a quarterly basis, or every three months.

ic21 is thefirst Index Coop product to rebalance via dutch auctions, an innovative upgrade for Index Protocol. Historically, Index Coop products on Set Protocol v2 and Index Protocol function as “takers” when rebalancing and constrained by onchain liquidity sources. With auction rebalancing, ic21 will function as a “maker” by setting acceptable prices and defining discrete decay functions per component. Once an auction begins, bidders compete against each other to provide the best possible price, buying and selling the underlying components until the index is effectively rebalanced by these third parties. As always, ic21 token holders do not pay for any gas associated with rebalancing.

For ic21 token holders, this means more efficient rebalances, less potential NAV decay, and less dependency on the index operator. Auction rebalancing also opens up future automation and efficiency improvements that we will cover in a future blog post.

Fees

Streaming fee: 0.95%

Mint fee: 0%

Redeem fee: 0%

Risks

The following risks may apply to this digital asset: full or partial loss of digital assets due to technical hacks, exploits, or failures that may occur at the protocol or smart contract level of a product’s infrastructure; restrictions placed on the digital assets by regulatory authorities in the end users region; loss of digital assets or loss of access to the digital assets due to decisions made by centralized providers of the underlying assets; full or partial loss of digital assets through standard product operations which can be hampered by unexpected market conditions; full or partial loss of digital assets due to changes to underlying product assets made by the originating protocols; full or partial loss of digital assets due to volatility, correlation, value at risk, and contagion risks; underperformance of digital assets due to deviation from intended methodology; full or partial loss of digital assets due to the volatility of underlying tokens.

The ic21 token was created entirely by the Index Coop.  21.co has no involvement in the issuance, management, or distribution of ic21.

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