Indexed Finance

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Indexed Finance's governance or utility token carries a market capitalisation of $13.9K based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($13.9K) is small relative to deposits secured by the protocol ($131.7K); a mcap/TVL multiple of 0.11× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Mar 20, 2023
   Balancing arbitrage

Indexed Finance is a Indexes — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed on Ethereum. The codebase has been independently audited (1 report on file). DeFiLlama tracks 1 historical event for this protocol since 2023.

Indexed Finance is a single-chain protocol, deployed exclusively on Ethereum — this concentrates execution risk but simplifies the trust model. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap ($13.9K) is small relative to TVL ($131.7K) — a mcap/TVL ratio of 0.11 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Indexed Finance — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Indexed Finance is one of 7 Indexes protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Mantle Index Four Fund, Reserve Protocol, SoSoValue Indexes, and 3 more. These peer protocols collectively secure $532.1M in deposits, giving you a frame of reference for whether Indexed Finance's own TVL is at the top, middle, or tail of the category.

Mantle Index Four Fund

TVL $141.4M · 24h +1.11%

Reserve Protocol

TVL $118.1M · 24h +0.11%

SoSoValue Indexes

TVL $96.9M · 24h +0.24%

Enzyme Finance

TVL $91.4M · 24h -0.28%

Bwatch

TVL $58.3M · 24h 0.00%

dHEDGE Vaults

TVL $26M · 24h +0.21%