Index Coop - ETH 2x Flexible Leverage Index (Polygon)
ETH2X-FLI-P
Evaluation Score
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AI Analysis
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ETH2X-FLI-P (Index Coop - ETH 2x Flexible Leverage Index on Polygon) is a formally deprecated legacy structured product. The product was sunset via governance proposal IIP-166 in October 2022 due to lack of product-market fit and low TVL, with active minting and rebalancing dismantled in December 2022. The protocol executed an orderly unwinding into 100% WETH collateral with a redemption portal maintained for holders. Data gaps were present in Active Development and Community Support (both scored -1.0) because the token is defunct and no longer maintained as an active project. Market liquidity is negligible, and the token has suffered an unrecovered drawdown of over 99% from its all-time high. Because the token is officially deprecated and inactive, investors should avoid it and existing holders should redeem remaining positions via the official portal.
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Tokenomics
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Market & Use Case
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Team & Governance
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Security & Audits
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About Index Coop - ETH 2x Flexible Leverage Index (Polygon) (ETH2X-FLI-P)
ETH2X-FLI-P (Index Coop - ETH 2x Flexible Leverage Index (Polygon)) is a deprecated structured product token that was formally sunset and abandoned in late 2022. Launched on the Polygon blockchain in December 2021 by Index Coop in collaboration with Set Labs and DeFi Pulse, the ERC-20 token was engineered to provide automated 2x leveraged long exposure to Wrapped Ethereum (WETH). Built on Set Protocol v2 utilizing the Aave Leverage Module, the mechanism was designed to automatically rebalance debt-to-collateral ratios on a four-hour schedule to manage leverage risk without requiring manual collateral management by users.
At launch, the product incorporated a 1.95% streaming fee, an initial supply cap of 250,000 tokens, and leveraged Polygon's low transaction costs for frequent rebalancing. The token was subject to structural access restrictions that limited its availability to non-U.S. participants on TokenSets Polygon. While underlying Set Protocol contracts possessed multi-firm security reviews, public audit listings for the specific Polygon deployment remained incomplete, reflecting a moderate rating on security evaluation platforms.
Following low total value locked and a lack of sustained product-market fit, Index Coop passed governance proposal IIP-166 on October 27, 2022, officially initiating the deprecation of the Polygon FLI suite. Active minting, maintenance, and automated rebalancing were dismantled in December 2022, and all outstanding leverage positions were unwound into 100% WETH collateral backed by a dedicated redemption portal for remaining holders. The token experienced a price collapse of over 99% from its all-time high of $529.43 and currently trades in functionally illiquid conditions with near-zero daily volume.