The token
$INDEX — elastic supply, permanent burn
Supply expands when users mint against deposited backing and contracts when they redeem — while a fixed 0.5% tax on every transfer retires tokens forever.
Total supply
Burned forever
Holders
NAV / token
24h volume
Buys vs sells
Backing concentration per token — since launch
This price-neutral index measures each INDEX token’s pro-rata vault claim relative to launch. Proportional minting and redemption are neutral; mint premiums, redeem discounts, and non-redemption burns move the line upward. Basket prices cannot move it down.
Token market-price history
This is the per-token price observed in the deepest live INDEX pool. Overview multiplies the price by supply to compare total token market value with total vault value on the same dollar scale.
Where the transfer tax goes
destroyed on the spot — supply only shrinks
a minimal contract with hard-coded, limited powers
How it works: every transfer of $INDEX pays a 0.5% tax — no exemptions, even system contracts pay it. 60% of the tax is burned immediately and 40% accrues to the treasury contract; the reward share is fixed at zero and cannot be changed. Mints and redeems are supply operations, not transfers, so they are untaxed.
Total supply
Supply grew from 1Qa at genesis to 1.36Qi — the log scale is the honest way to show it. Supply grows with adoption because every mint issues new tokens against dollars deposited into the vault: supply and backing rise together, so growth never dilutes NAV. Meanwhile the burn permanently retires 0.3% of every transfer.
Cumulative burn
15.60Qa destroyed to date. This line can only rise — there is no mechanism that re-issues burned tokens. Each burn leaves the vault untouched and the supply smaller, so backing per token ratchets upward.
Volume history
Every side of every trade pays the 0.5% transfer tax, so flow in either direction adds to backing per token.
Backing concentration — NAV representation
How many tokens represent the NAV?
The full outstanding supply represents 100% of vault NAV. Retire representative tokens while leaving that NAV unchanged to see how much more each remaining token represents.
represented by 1.22Qi INDEX
- NAV represented
- 100%
- One share represents
- 1.000% of NAV
- Live equivalent
- 1.36Qi
- NAV represented
- 100%
- One share represents
- 1.111% of NAV
- Live equivalent
- 1.22Qi
$0.0₁₁1048 / token · +11.11%
Every view holds vault NAV at 100% while changing how many representative tokens share it: 100 tokens represent 1% each; 90 tokens represent 1.111% each. This is illustrative math, not a forecast, and applies only when supply is removed without an equal proportion of vault assets leaving.
Token mechanics
18 decimals
Standard ERC-20 precision. Balances are tracked to 10^−18 of a token.
Tax fixed forever
The 0.5% transfer tax is set in the constructor at deploy. There is no admin function to change it — ever.
No exemptions
Every transfer pays the tax. No whitelist, no exceptions — even system contracts pay when they move tokens.
Mint and burn are untaxed
Minting and redeeming change supply directly; they are supply operations, not transfers, so no tax applies.
The vault is the only minter
New tokens can only be issued by the vault, and only against basket assets deposited in kind at NAV +1%.
Where the tax goes
Burn — 60% of the tax
Burned tokens are removed from supply permanently. The vault is unchanged, so the same backing is split across fewer tokens — NAV per token rises with every burn.
Treasury — 40% of the tax
Accrues to a minimal contract with hard-coded, limited powers — no discretionary spending path over holder backing.