S&P Launches Crypto Index Based on Protocol Revenue

The S&P Pantera Digital Asset Index has been launched by S&P Dow Jones Indices and Pantera Capital, marking a significant milestone for the crypto market.

The index ranks blockchain networks based on their protocol revenue, selecting and weighting constituents accordingly. It excludes assets that do not generate protocol revenue, such as BTC and XRP, due to its methodology.

The five largest current constituents of the index are Ether, BNB, Solana, TRON, and Hyperliquid, according to S&P Dow Jones Indices' own Indexology blog. The index is designed for institutional capital allocation and can support investment products like ETFs and index funds in the future.