Index Tokens
Every country in IndexPVP is represented by its flagship stock index, and every index has its own ERC20 token. These tokens are the core game asset — they determine market cap rankings, voting power, and ultimately who wins.
Token Properties
| Property | Value |
|---|---|
| Standard | ERC20 |
| Total Supply | 1,000,000,000 (1 billion) |
| Decimals | 18 |
| Mintable | No (fixed supply) |
| Burnable | No |
| Transferable | Yes (standard ERC20 transfers) |
Each index is keyed by its country's ISO Alpha-2 code (e.g., US, GB, JP, BR) — the structural identifier used on-chain (bytes2), on the map, and in the API. The token's display name and ticker come from the index itself (e.g. US → S&P 500 / SPX).
How Tokens Are Created
When the game opens, each index token is deployed via a factory contract:
- Token Contract — A new IndexToken ERC20 is deployed with the full 1 billion supply
- Entire supply minted to DelistGame — The game contract receives all tokens
- Liquidity seeded — DelistGame distributes the tokens across 7 Uniswap V4 liquidity positions (the "staircase")
- Trading opens — Anyone can buy tokens with ETH through the swap router
No tokens are reserved for teams, airdrops, or pre-sales. 100% of the supply goes into Uniswap liquidity from day one.
The Staircase Liquidity Model
Instead of placing all liquidity at a single price point, IndexPVP distributes tokens across 7 price tiers (tick ranges). This creates a "staircase" bonding curve — deep liquidity at the bottom (45% of tokens in the lowest two tiers), thinning toward the top (only 12% in the highest two tiers).
The result: early buyers get favorable pricing, prices rise gradually under sustained demand, and explosive moves happen in the upper tiers during buyback events.
For a full deep dive into the bonding curve mechanics, comparisons to other models, and strategic implications, see The Bonding Curve.
Token Lifecycle
Listed
When an index is listed, its token:
- Trades freely on Uniswap V4
- Has active liquidity across all 7 positions
- Contributes to market cap calculations
- Can be used for voting (its top holder owns a roundtable seat)
Delisted
When an index is delisted:
- All liquidity is removed from the pool
- The
delistedflag is set totrueon the token contract - The swap router refuses buy/sell transactions
- The token still exists and can be transferred, but has no market
- Holders are left with worthless tokens unless they sold before the delisting
Once an index is delisted, there is no way to recover its liquidity. The ticker is permanently pulled from the board. Always be aware of which indexes are at risk.
Market Cap Calculation
Market cap is derived from the Uniswap pool's current price:
Market Cap = Total Supply (1B) x Token Price in ETH
The token price is read from the pool's sqrtPriceX96 value. Since every index has the same total supply, market cap rankings are purely determined by price.
Index Images
Each index can have a custom image set by players, displayed on the map and in index panels. There are two ways to upload an image:
Top Holder (Free)
The #1 holder of an index's token can set or change the image for free. This is verified on-chain — the app checks the Ponder indexer's holder balances to confirm you hold the largest position.
To upload as the top holder:
- Navigate to the index panel
- Click the image upload icon
- Select an image (max 2MB, jpeg/png/gif/webp)
- Sign a session message with your wallet (no gas, just a signature)
- The image is uploaded and displayed immediately
Anyone Else (x402 Micropayment)
If you're not the top holder, you can still set an index's image by paying a $0.001 micropayment via the x402 protocol. This is a machine-payment standard where your wallet signs an EIP-712 typed data message to authorize a tiny payment — no on-chain transaction needed.
The flow:
- Click upload on any index
- Select your image
- Your wallet prompts you to sign the x402 payment authorization
- The payment is settled and the image is uploaded
This creates a spam-resistant system where anyone can participate, but there's a small cost to prevent abuse. Top holders get free uploads as a perk of their position.
Image Rules
- Max size: 2MB
- Formats: JPEG, PNG, GIF, WebP
- Moderation: Images can be removed by admins if they violate community standards
- Replacement: The latest upload always replaces the previous image
The 117 Indexes
The game includes 117 indexes spanning every continent — one per country. Each starts at the same initial price, creating a level playing field. Market dynamics and player behavior determine which tickers rise and which fall.
Every index in IndexPVP is a real, operating flagship equity index — the benchmark of an actual national (or, for Hong Kong, market) stock exchange. Each token uses that index's real name and ticker (e.g. US → S&P 500 / SPX, Japan → Nikkei 225 / N225). Hong Kong (Hang Seng Index / HSI) and Singapore (Straits Times Index / STI) are both included. Countries without a real, functioning stock index are intentionally not in the game — every ticker on the board is a genuine, tradable exchange benchmark.
The full roster, sorted by country/market:
| Country/Market | Index | Ticker |
|---|---|---|
| Algeria | DZAIR Index | DZAIR |
| Argentina | S&P MERVAL | MERVAL |
| Australia | S&P/ASX 200 | ASX200 |
| Austria | ATX | ATX |
| Bahamas | BISX All-Share | BISX |
| Bangladesh | DSEX | DSEX |
| Belgium | BEL 20 | BEL20 |
| Bhutan | Bhutan Stock Index | BSI |
| Bosnia and Herzegovina | SASX-10 | SASX10 |
| Botswana | BSE Domestic Company Index | DCI |
| Brazil | Ibovespa | IBOV |
| Bulgaria | SOFIX | SOFIX |
| Cambodia | CSX Index | CSX |
| Canada | S&P/TSX Composite | TSX |
| Chile | S&P IPSA | IPSA |
| China | SSE Composite | SHCOMP |
| Colombia | MSCI COLCAP | COLCAP |
| Costa Rica | IACR | IACR |
| Croatia | CROBEX | CROBEX |
| Cyprus | CSE General Index | CSEGI |
| Czech Republic | PX Index | PX |
| Denmark | OMX Copenhagen 25 | OMXC25 |
| Ecuador | ECUINDEX | ECUINDEX |
| Egypt | EGX 30 | EGX30 |
| Estonia | OMX Tallinn | OMXT |
| Eswatini | ESE All Share | ESEASI |
| Ethiopia | ESX Index | ESX |
| Fiji | SPX Total Return Index | STRI |
| Finland | OMX Helsinki 25 | OMXH25 |
| France | CAC 40 | CAC40 |
| Germany | DAX | DAX |
| Ghana | GSE Composite | GSECI |
| Greece | ATHEX Composite | ATG |
| Guyana | Lucas Stock Index | LSI |
| Hong Kong | Hang Seng Index | HSI |
| Hungary | BUX | BUX |
| Iceland | OMX Iceland 15 | OMXI15 |
| India | NIFTY 50 | NIFTY |
| Indonesia | IDX Composite | JCI |
| Iran | TEDPIX | TEDPIX |
| Iraq | ISX Main 60 | ISX60 |
| Ireland | ISEQ Overall | ISEQ |
| Israel | TA-35 | TA35 |
| Italy | FTSE MIB | FTSEMIB |
| Ivory Coast | BRVM Composite | BRVMC |
| Jamaica | JSE Main Market Index | JSEMAIN |
| Japan | Nikkei 225 | N225 |
| Jordan | ASE General Index | ASEGI |
| Kazakhstan | KASE Index | KASE |
| Kenya | NSE 20 | NSE20 |
| Kuwait | Boursa Kuwait All-Share | BKA |
| Kyrgyzstan | KSE Index (Bishkek) | KGSE |
| Laos | LSX Composite | LSXC |
| Latvia | OMX Riga | OMXR |
| Lebanon | BLOM Stock Index | BLSI |
| Libya | LSM Index | LSM |
| Lithuania | OMX Vilnius | OMXV |
| Luxembourg | LuxX | LUXX |
| Malawi | Malawi All Share | MWASI |
| Malaysia | FTSE Bursa Malaysia KLCI | KLCI |
| Malta | MSE Equity Price Index | MALTEX |
| Mexico | S&P/BMV IPC | IPC |
| Mongolia | MSE Top 20 | MSETOP20 |
| Montenegro | MONEX | MONEX |
| Morocco | MASI | MASI |
| Mozambique | IBVM | IBVM |
| Myanmar (Burma) | MYANPIX | MYANPIX |
| Namibia | NSX Overall | NSXOI |
| Nepal | NEPSE Index | NEPSE |
| Netherlands | AEX | AEX |
| New Zealand | S&P/NZX 50 | NZX50 |
| Nigeria | NGX All-Share | NGXASI |
| North Macedonia | MBI 10 | MBI10 |
| Norway | OSEBX | OSEBX |
| Oman | MSX 30 | MSX30 |
| Pakistan | KSE-100 | KSE100 |
| Palestine | Al-Quds Index | ALQUDS |
| Panama | BVPSI | BVPSI |
| Papua New Guinea | Kina Securities Index | KSI |
| Peru | S&P/BVL Peru General | IGBVL |
| Philippines | PSEi | PSEI |
| Poland | WIG20 | WIG20 |
| Portugal | PSI | PSI20 |
| Qatar | QE Index | QEINDEX |
| Romania | BET Index | BET |
| Russia | MOEX Russia Index | IMOEX |
| Rwanda | RSE All Share | RSEASI |
| Saudi Arabia | Tadawul All Share (TASI) | TASI |
| Serbia | BELEX15 | BELEX15 |
| Singapore | Straits Times Index | STI |
| Slovakia | SAX Index | SAX |
| Slovenia | SBI TOP | SBITOP |
| South Africa | FTSE/JSE All Share | JALSH |
| South Korea | KOSPI | KOSPI |
| Spain | IBEX 35 | IBEX35 |
| Sri Lanka | CSE All Share (ASPI) | ASPI |
| Sudan | Khartoum Index | KHIDX |
| Suriname | SSX Beursindex | SSX |
| Sweden | OMX Stockholm 30 | OMXS30 |
| Switzerland | SMI | SMI |
| Syria | DSE Weighted Index | DWX |
| Taiwan | TAIEX | TAIEX |
| Tanzania | DSE All Share | DSEI |
| Thailand | SET Index | SET |
| Trinidad and Tobago | TTSE Composite | TTCI |
| Tunisia | TUNINDEX | TUNINDEX |
| Türkiye | BIST 100 | XU100 |
| Uganda | USE All Share | USEASI |
| Ukraine | PFTS Index | PFTS |
| United Arab Emirates | DFM General Index | DFMGI |
| United Kingdom | FTSE 100 | FTSE |
| United States | S&P 500 | SPX |
| Uzbekistan | Uzbekistan Composite | UCI |
| Venezuela | IBC Caracas | IBVC |
| Vietnam | VN-Index | VNINDEX |
| Zambia | LuSE All Share | LASI |
| Zimbabwe | ZSE All Share | ZSEASI |