S&P and Pantera Launch Digital Asset Index Based on Protocol Revenue

By: rootdata|2026/07/23 15:15:22

S&P Dow Jones Indices and Pantera Capital have launched a digital asset index based on the 'protocol revenue' of blockchain networks. This index is based on the S&P Cryptocurrency Broad Digital Asset Index and includes only assets that meet the criteria for protocol revenue, market capitalization, and liquidity. The index ranks assets based on the cumulative protocol revenue over the last two quarters and applies adjusted market capitalization weighting. The largest asset is capped at 35%, while the remaining assets have a 20% limit. The initial composition includes 18 assets, with Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE) among the top five. Bitcoin (BTC) and Ripple (XRP) are classified as non-included assets. This index is aimed at institutional investors and focuses on distinguishing between actual blockchain activity and speculative exposure. The move by S&P Dow Jones Indices is part of the ongoing trend to expand digital asset benchmarks, with cryptocurrency index products rapidly increasing. The launch of this index demonstrates that the cryptocurrency market is evolving to reflect actual network activity and profitability beyond mere price tracking.

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