The biggest number in $INDEX is not its market cap. It is what happened to the fee engine. An independent reconstruction of Robinhood Chain logs found weekly treasury fee spending at 427 ETH near the July peak versus 6.8 ETH in the week of September 28. That is roughly a 98.4% contraction. The basket-distribution mechanism can be real while the recurring funding stream weakens dramatically. Both can be true. A rebound in token price is not proof of a rebound in fee-funded stock purchases. I want the latest seven-day fees, completed buys and dollars delivered per eligible wallet before calling this a turnaround. Follow for transaction-led crypto research. Free newsletter in bio.
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$IndexStamped with the block it was said at, and the coin's price right then. It can't be moved later. at block100,504,895market cap then$7.68Mnow+1.3%best1.42×1h−8.3%24h+1.4%- price read from Uniswap v4 pool 0x00dd2df2…edf3 at block 100504895
- ETH priced in USDG at Uniswap v3 pool 0x52e65b…71ca
- 19,470,175 Index at burn addresses not counted in supply