@0xMadaba

robinhood:0x56910d4409f3a0c78c64dd8d0545ff0705389870 is up ~40% in 24h, and the reason is @TheIndexFi's first update since Oct 8. Quick recap: INDEX has a 3% tax on trades, and those fees buy a basket of stock tokens (NVDA, AAPL, MSFT and more) that gets sent to every wallet holding 10K+ INDEX, no staking or claiming needed. What changed: - Distributions were paused from Oct 18 to 29 while the system was rebuilt, fees kept accruing and were paid out once it went live - Since Oct 29, 3 cycles sent ~$23.6K in stocks to 4,163 wallets - Payouts now run on fixed 36h cycles, so they're predictable again - Pools holding INDEX no longer receive payouts, so LP pools stop collecting distributions meant for holders - ~$3.7K in banked stocks went to 5,366 former holders that had fallen below the threshold The onchain numbers back this up. DefiLlama shows $0 from Oct 19 to 28 and $23.1K since Oct 29, pretty much what the team reported. What's still open: The main revenue problem is the vampire pools I wrote about last week. A large part of INDEX volume trades in pools without the fee hook, so it never pays the 3%. The team has this on their radar, they call it a deeper change that's already in development, with more details coming soon. They haven't said yet whether that means URC-5 or their own solution. Why the fix matters: - July, when most volume still went through the hook: $1.15M in fees, all paid to holders - October: $51K - Last 5 days (without the Oct 29 catch-up payout): ~$1.4K a day, ~$0.5M annualized, so ~15x at a ~$7.9M market cap So right now the token trades on the expectation of the fix more than on current revenue. If even part of the bypassed volume pays the 3% again, the payout picture changes a lot, and July shows what the model can do when the fees actually get paid. They're also building Blend, permissionless onchain baskets of tokenized assets, as an extra revenue source for INDEX. Data as of Nov 3: @TheIndexFi update, @DefiLlama (fees, price, mcap)