Index Coop - ETH 2x Flexible Leverage Index
ETH2X-FLI
Evaluation Score
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AI Analysis
Comprehensive evaluation of the token
ETH2X-FLI (Index Coop - ETH 2x Flexible Leverage Index) is a legacy structured leverage token native to Ethereum mainnet that provides automated 2x leveraged long ETH exposure. The token was formally deprecated in March 2024 by Index Coop in favor of upgraded successor products built on Aave v3, following the deprecation of Compound v2. As a result, active development is dormant (2.0/10), liquidity and trading volume have evaporated, and market capitalization has dropped to micro-cap levels (~$1.15M to $2.17M). The Community Support section had insufficient data (-1.0) and was excluded from the weighted score calculation. Team and Governance scores moderately well (7.0/10) due to Index Coop's established track record and absence of hacks or insolvency. Security and Audit History scored 4.5/10 due to an unrecovered drawdown >99% from ATH and lack of token-specific standalone audits. Because ETH2X-FLI has been officially deprecated and superseded by new products, investors should avoid acquiring this legacy asset.
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Tokenomics
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Team & Governance
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Security & Audits
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About Index Coop - ETH 2x Flexible Leverage Index (ETH2X-FLI)
Index Coop - ETH 2x Flexible Leverage Index (ETH2X-FLI) is a deprecated structured leverage token that was formally superseded by newer Index Coop leverage products in March 2024. Launched on the Ethereum mainnet in March 2021 in collaboration with Pulse Inc. (DeFi Pulse), the token was designed to automate a collateralized debt position targeting approximately 2x leveraged long exposure to Ethereum. Built using Set Protocol infrastructure alongside lending protocols such as Compound and Aave, the mechanism automated portfolio rebalancing to maintain leverage targets and mitigate liquidation risk without requiring manual debt management.
Following the deprecation of Compound v2 and escalating carrying costs, Index Coop retired the original product methodology in March 2024 in favor of updated Aave v3-based leverage tokens. As part of this transition, the ETH2X-FLI token was converted into a legacy wrapper with fees disabled. While the smart contract remains operational on Ethereum and tradable via decentralized exchanges like Uniswap, active development and governance proposals specific to the token have ceased, and operational support has been reduced to minimal maintenance.
ETH2X-FLI has experienced an unrecovered drawdown of approximately 99.5% from its March 2021 all-time high of $751.65, resulting in a low market valuation, static holder distribution, and minimal trading volume. Although the token itself has experienced no direct exploits or insolvencies, an external protocol bug in Compound on August 30, 2022, temporarily froze the cETH market, introducing a risk of deviation between the token's market price and its net asset value (NAV).