Overview
- S&P Dow Jones Indices and Pantera Capital have published the S&P Pantera Digital Asset Index, a rules‑based benchmark that holds 18 digital tokens.
- The index uses protocol revenue as its primary ranking metric, with revenue data provided by Artemis to measure on‑chain economic activity.
- Tokens must meet market‑cap and liquidity screens before revenue ranking, including a $500 million market‑cap test for new entrants and a minimum liquidity ratio of 0.5.
- Constituents are weighted by adjusted market capitalization with caps to limit concentration—35% for the largest holding and 20% for others at each rebalance.
- The announced top five confirmed holdings are Ether, BNB, Solana, TRON and Hyperliquid, which leaves Bitcoin and XRP outside the initial disclosed ranks and signals a possible institutional tilt toward revenue‑generating networks.