S&P Pantera Digital Asset Index Excludes Low-Revenue Tokens
A new digital asset index launched by S&P Global and Pantera Capital is giving clues about which coins will lead in the next crypto bull market. The S&P Pantera Digital Asset Index includes only tokens whose networks earn real revenue and route some of that revenue to holders.
The index excludes Bitcoin, but includes Ethereum, Hyperliquid, Solana, and others that meet its criteria. To qualify, a token must have protocol revenue and some portion of that revenue must be routed to holders through mechanisms like token buybacks or staking rewards.
XRP was left out because its fees are too low to make a significant impact on the coin's supply. Even if XRP's top line were to grow by 10 times, it wouldn't meet the index's revenue threshold.
The inclusion criteria in this index could become a shopping list for institutions looking for quality assets during the next crypto bull market. The S&P Pantera Digital Asset Index may eventually be turned into an exchange-traded fund (ETF), which would make it a force in the industry and encourage projects to create structures that capture fees and pass some of them on to holders.