---
name: index-theindexfi
description: Full DD on INDEX / The Index (theindex.finance, @TheIndexFi) on Robinhood Chain, 18 Sep 2026, run off Chillio's and McKenna's posts. The 3% trade tax that buys tokenized stocks and pays them to holders, VERIFIED on chain at scale, plus the two claims in the pitch that are false. Read before any INDEX screen, sizing or re-check.
sources: [cowork]
aliases: [INDEX, The Index, TheIndexFi, theindex.finance, index-token, dividend layer]
---

# INDEX / The Index, `0x56910D4409F3a0C78C64DD8D0545FF0705389870`, Robinhood Chain
Screened 18 Sep 2026 22:55 BKK. Ben pasted @chefchillio (9,013f) and @Crypto_McKenna (105,913f) posts. Lens: **TECH**, not meme. Prior memory: only a cap line in [[rh-revenue-board]] ($32,305,490 on 15 Sep) and a buyback-over-depth row (0.6%/day, 6th of 7). Never screened before.

## Market, 18 Sep 2026 22:55 BKK
**$0.03821 · mcap = FDV $37,468,918 · supply 1,000,000,000 (the "1b coin" claim is TRUE) · aggregate liquidity about $2.4M across 16 pools, main Index/WETH pool $1,054,763 · vol24h $1,613,301 · 756 buys / 707 sells · +21.61% 24h, +10.95% 6h, +6.21% 1h.**
**Pair created 11 Jul 2026 06:38 BKK = 69.7 days old.** Uniswap v3 on the main pair, v4 hook on the fee path. Was $32.3M on 15 Sep, so **Chillio's "sitting at 30M market cap" is already stale; it is $37.5M and running.**

## THE CONTRACTS
| role | address |
|---|---|
| INDEX token | `0x56910D4409F3a0C78C64DD8D0545FF0705389870` |
| **Distributor** | `0x39ADB8acD07427D338b5f1AfAb436A04AbFdB7c4` (14,724 bytes) |
| **Fee hook** | `0x2cD91bD228ff4c537031d6b8204782090c84c0cC` (2,873 bytes) |
| LP lock | `0x889069BD282f1c1C66CB853e10627595C28e71E2` (3,309 bytes), owner `0x89562eb8979db1e85a01e85120bfd6a7c47a39cb` |
| token owner EOA | `0x02d9e763154977e2aae47a3a61d940ffe0238fd0`, nonce 24, **holds ZERO INDEX** |
Found by pulling the Vite env block out of `theindex.finance/assets/index-COhnPLfk.js`. Pool fee 10000 (1%), tickSpacing 200, START_BLOCK 1670725.
**Their own API, and it is undocumented but open: `https://indices.theindex.finance/api/stats`** returns lifetime, daily, weekly and monthly fees / revenue / distributed / payouts / holders. The `theindex.finance/api/*` paths all return the SPA shell; `indices.` is the real one.

## KILL SCREEN
- **Token powers: CLEAN.** Bytecode scan: `mint` absent, `pause` absent, `blacklist` absent, `setFee` absent, `setTaxes` absent, `setMaxWallet` absent, `rescueTokens` absent, `burn` absent. Only `owner()`, `renounceOwnership()`, `transferOwnership()` are present. **Not renounced, but the owner has no power that can hurt a holder.** Owner holds 0 INDEX, distributor holds 0 INDEX.
- **The 3% is REAL and IMMUTABLE.** `FEE_BPS()` on the hook returns **300 = 3.00%**. There is **no `setFeeBps`, no `owner()` and no `MAX_FEE()` on the hook**, so the take cannot be raised or switched off by anyone. That is stronger than DELTA (owner-settable) and stronger than TWO (no take at all).
- **Snipe-cluster gate NOT RUN as designed:** the script's 60,000-block window is about 1.7 hours and this token is 69.7 days old, so it cannot reach the mint. Stated as a gap rather than a pass. Mitigants measured instead: owner 0 tokens, distributor 0 tokens.
- **Impostor:** a Solana `INDEX` exists at `3Sv4Jriwo2V7c1wturGVrrpfKc9XbGxewnDHpMLrpbWQ`, $49,228 cap. Also @FERNANDORSM is shilling a Solana "INDEX Launchpad" with CA `9d7Pe8W9RBjhEzNgN7zxj...`. **Neither is this. The real one is the Robinhood Chain address above.**
- **Socials real:** @TheIndexFi, **18,989 followers**, created 2 Jul 2026, 219 posts. Not an aged purchased handle. Engagement is genuine: Blend launch 11 Sep **121,869 views / 1,013 likes**, 13 Sep ecosystem post 66,834 views / 636 likes, 18 Sep 27,224 views / 531 likes.

## THE MECHANISM, AND IT IS VERIFIED ON CHAIN AT SCALE
Their claim, from the site's own meta description: *"A 3% ETH tax on every trade buys tokenized stocks on Robinhood Chain and sends them straight to holders' wallets, every 15 minutes."*
**Measured directly from `eth_getLogs` on the distributor, last 24 hours:**
- **18,863 transfer legs · 2,880 distinct wallets paid · 386 distribution rounds · 19 assets.**
- Priced against DexScreener: **$4,994.45 of real tokenized stock paid out in 24h.** NVDA $929.88 · AAPL $795.56 · MSFT $751.13 · AMZN $488.69 · GOOGL $472.88 · SPCX $385.19 · META $312.03 · TSLA $268.56 · ORCL $126.54 · PLTR $84.19 · then MU, COIN, CRWV, USAR, AMD, BE, INTC, SNDK. One asset unpriced, so this is a FLOOR.
- Annualised **$1,822,973 = 4.9% yield on the $37.5M cap**, paid in real equities, automatically, no claiming.
**This is the largest verified holder-payout machine measured on this chain.** For scale: HOOKR's lifetime buyback is $12,713 and has been dead since 1 Sep; DELTA burns about $3,500/day; TWO earns $9.43/day of fees. **INDEX pays out $4,994 a day.** It sits squarely in the "pays the holder automatically" bucket, the one that ran a +1,925% 30-day median while "infrastructure the holder must operate" ran +29%.

## THE BEAR CASE, AND IT IS ENTIRELY IN THE TREND
Their own `/api/stats` daily series (generatedAt 14 Sep 16:49 BKK, **4.25 days stale**, flag it):
| day BKK | fees $ | distributed $ | wallets paid |
|---|---|---|---|
| 03 Sep | 47,450 | **49,939** | 9,582 |
| 05 Sep | 10,997 | 12,973 | 6,873 |
| 08 Sep | 6,759 | 3,726 | 4,068 |
| 10 Sep | 36,044 | 31,534 | 4,247 |
| 12 Sep | 2,241 | 454 | 1,015 |
| 13 Sep | 1,266 | **0** | 37 |
| 14 Sep | 1,140 | 2,159 | 3,211 |
| **18 Sep (my on-chain read)** | — | **4,994** | **2,880** |
**Distribution has fallen about 90% from the 3 Sep peak of $49,939/day.** The yield is a pure function of trading volume: 3% of every trade. At the 3 Sep pace the annualised payout was roughly $18M = 48% of cap; today it is 4.9%. **Today's +21.6% price move is itself lifting the payout, so the two are reflexive in both directions.**
Lifetime, their numbers: **fees $1,104,935 · revenue $122,770 · distributed $929,232 · 3,068,974 payouts · 44,527 wallets.** The distribution half reconciles with what I measured on chain; treat the lifetime figure as broadly credible.

## X CLAIM AUDIT
| claim | verdict |
|---|---|
| "1b coin sitting at 30M market cap" (@chefchillio, 9,013f) | **supply TRUE, cap STALE.** It is $37.5M. |
| "3% ETH tax buys tokenized stocks, sent to holders every 15 min" | **TRUE**, `FEE_BPS()` 300 and 386 rounds in 24h |
| "$26.5M in volume, $902k distributed, 43.8k wallets paid" (@TheIndexFi, 9 Sep, 61,948 views) | **CREDIBLE**, their API now says $929,232 / 44,527 and the mechanism reconciles on chain |
| **"@vladtenev is talking about @TheIndexFi"** (@SOMASSCapital, 1,086f) | **FALSE.** Pulled Vlad Tenev's timeline: 13 matches, every one is the generic word "index" or "dividend". His 17 Sep post *"dividend benefits are here for our onchain dividend hounds"* (311,688 views) is about **Robinhood's own product**, not this token. The community is projecting. |
| Chillio's implied "base asset for the tokenized-stock meta" | **FALSE on the pairing data, see the gate below** |
Other coverage: @Crypto_McKenna 105,913f (the Delphi quote-tweet Ben screenshotted, a sector thesis, does NOT name INDEX), @lorenzo_onx 4,873f listing it with PONS/AI/CASHCAT, @whalewatchRH 8,336f bot alerts, @DeFiXRPL 1,961f. **No tier-one from the standard eight.**

## OKAY-LETS-RIDE GATE, all nine
1. **Quote-asset count: 4 pools (HOOK/Index, CASHCAT/Index, PONS/Index, WETH/Index) doing $1,587/day combined = 0.06% of INDEX's $2,567,261 total volume.** AI reads 6.5% across 6 coins. **This is roughly 100x below the comparable and it FAILS the moneyness thesis outright.** Chillio's pitch is that INDEX is the base asset of the tokenized-stock meta; the pairing data says it is not, yet.
2. Pairing measured above via GeckoTerminal token-pools (correct endpoint, not DexScreener).
3. **Penetration:** tokenized stocks are about 0.03% of Robinhood's equity base; under 3.5% of the user base can hold stock tokens. The sector is at roughly $3B distributed value (Delphi, 8 Sep: $203.6M of DeFi TVL, grown near tenfold).
4. **Prior-cycle deflation:** all 24 RH-chain natives above $5M sum to about $1.35bn = 64% of BONK at its Dec 2023 ignition. INDEX at $37.5M is 2.8% of that basket.
5. **Holder tiers NOT measured this pass** (would need a transfer-log reconstruction). What is known: 2,880 wallets paid in 24h, 44,527 lifetime. **Wallets-paid-per-day fell 9,582 → 2,880 since 3 Sep.**
6. **Drawdown quality:** not in a drawdown, it is +21.6% on the day and near local highs.
7. **Meta lifecycle:** tokenized stocks are early-to-mid. Both bounds from the skill: AI memecoins peaked 10 weeks after crossing this level, 2023-25 memecoins 19 months. Honest width is 10 weeks to 19 months.
8. **Business taxonomy: asset management** (it runs a treasury that buys and distributes equities), with an issuance arm (Blend, build-your-own tokenized ETF, shipped 11 Sep).
9. **Stack layer 2 moving to 3.** Their 13 Sep post: *"Indices: lets tokens build onchain treasuries that turn fees into stock rewards, buybacks..."* If that lands, other tokens pay fees into INDEX infrastructure and layer 3 begins. **That, not the current yield, is the real thesis.**
**Coulou's nine-item checklist: fails 1 (ticker is not the meta's word), fails 4 (not the base asset, 0.06%), fails 8 and 9. Passes 3 (ships), 5 (beneficial to the chain's KPI: it buys tokenized stocks, which is exactly Robinhood's own metric), 6 (value accrual baked in and immutable), 7 (liquidity has scaled with cap, about $2.4M).**

## DATED CATALYST SEQUENCE
- **~27 Sep 2026: HOOD Fest.** Named repeatedly by holders ("9 days" as of 18 Sep). **Scheduled fact, the single biggest dated catalyst.**
- 17 Sep: Vlad Tenev shipped onchain dividend benefits at Robinhood (311,688 views). Sector tailwind, not about INDEX.
- 11 Sep: Blend shipped. 13 Sep: Indices ecosystem announced. Projection: more Indices integrations.
- [[sec-innovation-exemption]] (17 Sep, SEC Order 34-106402) is the regulatory backdrop McKenna is pointing at.

## VERDICT 18 Sep 2026: BUY, SMALL, ON THE CATALYST. Best-verified project screened this session.
The thing that separates it from [[twofold-two-3]] and [[hookr-token]] is simple and measured: **the money actually reaches holders, automatically, at scale, and nobody can switch it off.** 2,880 wallets got real NVDA, AAPL and MSFT in the last 24 hours. Neither TWO nor HOOKR pays a holder anything.
**But this is NOT the pitch Ben was shown.** It is $37.5M not $30M, it is +21.6% on the day so he is buying into a move, the yield has fallen about 90% from its 3 Sep peak to 4.9% on cap, and the "base asset for the meta" claim that carries Chillio's thesis measures **0.06%** and is false today.
**Size it as a catalyst trade into HOOD Fest, not as a yield investment.**
**Three falsifiers:**
1. **Daily distributed USD stays under $5,000 through HOOD Fest.** Re-measure from the distributor `0x39ADB8acD07427D338b5f1AfAb436A04AbFdB7c4`, or `indices.theindex.finance/api/stats`. Under $5k/day the 4.9% yield does not justify $37.5M.
2. **Quote-asset share stays under 1%.** That is the whole layer-3 thesis. Check GeckoTerminal token-pools weekly; it is 0.06% now.
3. **The LP lock.** `0x889069BD282f1c1C66CB853e10627595C28e71E2` has `transferFrom` and an `owner()` = `0x89562eb8979db1e85a01e85120bfd6a7c47a39cb`, and no `unlockTime()`. **NOT PROVEN NO-EXIT this pass. Resolve it with `eth_simulateV1` before sizing up**, the same way the TWO locker was settled.

# THREE VERIFICATION ITERATIONS, 18 Sep 2026 23:30 BKK. Two of my own numbers were wrong, in opposite directions.

## ITERATION 1 — THE LP LOCK. Resolved, and it resolves AGAINST them. **There is no LP lock.**
I flagged this as "NOT PROVEN NO-EXIT" in the first pass. Now proven: **`VITE_LPLOCK` `0x889069BD282f1c1C66CB853e10627595C28e71E2` holds NOTHING.** 0 INDEX, 0 WETH, **0 v3 position NFTs, 0 v4 position NFTs.** Its entire function set is `transferFrom`, `owner()`, `transferOwnership`, `renounceOwnership` — no `withdraw`, no `release`, no `unlock`, no `lockedIds`, no `unlockTime`, no `claim`. **It is a vestigial contract that locks nothing. Do not repeat "LP locked" about this token.**
Where the money actually is: a **plain Uniswap v3 pool** `0xD29893fFac8b29eC4Db2CfE0cdb3fe1377C028fF`, factory `0x1f7d7550b1b028f7571e69a784071f0205fd2efa`, fee **10000 (1%)**, tickSpacing 200, token0 WETH / token1 INDEX, holding **11,978,135 INDEX + 235.17 WETH**. Positions are managed through the v3 NFPM `0x73991a25c818bf1f1128deaab1492d45638de0d3` (35,499 of 35,511 lifetime mints).
**Lifetime pool events: 35,511 Mints, 63,666 Burns.** That reads like mass exit and is NOT: it is an automated range manager doing mint/burn pairs. **The net settles it. Last 24h: 428 mints added 81.600 WETH and 1,524,398 INDEX; 1,156 burns removed 76.750 WETH and 1,169,461 INDEX. NET +4.850 WETH (about +$12,126) and +354,937 INDEX. Liquidity is net GROWING.**
**Honest position: the liquidity is discretionary and unlocked, and it is not being pulled.** That is a real standing risk, not an active one. **Method note for onchain-forensics: on a v3 pool, never read a high Burn count as exits; net the Mint and Burn amount0/amount1 over the window first. 63,666 burns here is a range bot.**

## ITERATION 2 — THE PAYOUT. I UNDERSTATED IT. Measured myself, 8 days, not their stale API.
First pass I annualised a single 24h read ($4,994) and called the yield 4.9%. **Wrong method, same error class as the DELTA "wrong basis" mistake.** Swept the distributor `0x39ADB8acD07427D338b5f1AfAb436A04AbFdB7c4` day by day and priced every asset:
| day BKK | distributed $ | wallets paid | rounds | assets |
|---|---|---|---|---|
| 11 Sep | **11,150.83** | 3,308 | 733 | 19 |
| 12 Sep | 4,834.52 | 2,975 | 368 | 19 |
| 15 Sep | **12,525.10** | 3,480 | 568 | 19 |
| 16 Sep | 4,806.86 | 2,918 | 371 | 19 |
| 17 Sep | 5,042.75 | 2,838 | 395 | 19 |
| 18 Sep (partial) | 2,112.36 | 2,193 | 214 | 19 |
**Average of the 5 full days: $7,672.01/day = $2,800,285/yr = 7.47% yield on a $37.5M cap.** Correction to the 4.9% figure in the pass above.
**And the shape matters more than the level: wallets paid per day is FLAT at 2,838 to 3,480 across the whole window.** The "collapsed 90%" framing from their own API needs qualifying: it fell from the 3 Sep peak of $49,939/day, then **stabilised in a $4,800 to $12,500 band. It is not decaying toward zero.**
Caveat named: 13 and 14 Sep are absent from my sweep (log-range gap, not a zero); their own API shows 13 Sep as a genuine $0 day.

## ITERATION 3 — VALUATION AND COMPS. Live, 18 Sep 23:30 BKK.
**INDEX now $0.03858, mcap $37,834,855, aggregate liquidity $2,487,079, +16.7% on the day, 732 buys / 672 sells.** It has run from $32,305,490 (15 Sep) and is still going.
| token | market cap | liquidity | 24h |
|---|---|---|---|
| PONS | $475,688,439 | $6,743,420 | +4.53% |
| CASHCAT | $220,064,315 | $6,420,814 | +12.58% |
| **INDEX** | **$37,834,855** | $2,487,079 | **+16.7%** |
| DELTA | $15,102,159 | $1,107,759 | +9.54% |
| HOOKR | $14,095,507 | $892,575 | +91.87% |
| TWO | $161,103 | $50,986 | −30.25% |

**FRAME 1, fundamental anchor.** $2,800,285/yr distributed. Required yield on a discretionary onchain payout is 15 to 25 percent, so the anchor is **$11.2M to $18.7M**. At $37.8M it pays **7.4%**. **On its own cash flow it is fully priced to slightly rich.**
**FRAME 2, live-product floor.** Three shipped products (main app, Blend, Indices), 44,527 wallets paid lifetime, an immutable 3% take, a contract with no dangerous powers. The Robinhood Chain live-product band tops out at DELTA $15.1M and HOOKR $14.1M. **INDEX at $37.8M is already 2.5x above the top of that band. It is not priced as a live product, it is priced as a category leader.**
**FRAME 3, narrative ceiling.** If it becomes what it calls itself, "the dividend layer of Robinhood Chain", the rungs are **CASHCAT $220.1M (5.8x from here) and PONS $475.7M (12.6x)**. Chillio's $1B is **26x** and needs the layer-3 thesis (other tokens paying fees into Indices) to actually land. It has not.
**Cost to move it: $515,091 for 2x, $910,334 for 3x, $1,537,099 for 5x, $2,688,877 for 10x.** Compare TWO at $11,879 for a 2x. **INDEX is 43x more expensive to move. It is no longer a lottery ticket; it needs real flow.**
Round-trip cost of the 3% tax: **about 6% in and out**, before impact. That is a genuine drag on a short trade and has to be in the maths.

## FINAL VERDICT, after three iterations: BUY SMALL AS A CATALYST TRADE INTO HOOD FEST, NOT AS A HOLD.
What survived all three passes, all measured on chain, none of it from the project: **$7,672/day of real NVDA, AAPL, MSFT, AMZN, GOOGL and TSLA paid automatically to about 3,000 wallets a day; a 3% take that `FEE_BPS()` proves is 300 and that has no setter and no owner, so nobody can switch it off; a token contract with no mint, no pause, no blacklist, no tax setter; an owner EOA holding zero tokens; and liquidity net growing.** That is the only project screened this session where money verifiably reaches holders.
What it is NOT: **it is not locked liquidity** (the lock is empty), **it is not $30M** (it is $37.8M and +16.7% today), **it is not the base asset of the meta** (0.06% quote share), and **Vlad Tenev has never mentioned it.**
**Trade shape: small, into HOOD Fest (~27 Sep), out after. Not a yield hold at 7.4% with an unlocked LP.**
**Falsifiers, re-verified and sharpened:**
1. **Daily distributed under $5,000 for three consecutive days** measured from the distributor, not their API. Band today is $4,800 to $12,500.
2. **Net LP flow on `0xD29893fFac8b29eC4Db2CfE0cdb3fe1377C028fF` turns negative on WETH for 48 hours.** It is +4.85 WETH today. **Since there is no lock, this is now the single most important thing to watch.**
3. Quote-asset share stays under 1% (0.06% now). That is the whole $1B thesis.