S&P Dow Jones Indices and Pantera Capital have unveiled a digital asset benchmark that ranks blockchain networks by protocol revenue rather than token prices, breaking from the market-capitalization approach that has long defined crypto indexes. The methodology prioritizes on-chain economic activity over speculative market value.

The index filters constituents from the broader S&P Cryptocurrency Broad Digital Asset Index, admitting only assets that clear minimum thresholds for protocol revenue, market capitalization, and liquidity. Eligible networks are ranked by aggregate protocol revenue over the prior two quarters and weighted by adjusted market cap, with the largest holding capped at 35% and remaining positions generally limited to 20%. The benchmark rebalances quarterly.

Eighteen assets made the initial cut. Ether, BNB, Solana, TRON, and Hyperliquid occupy the five largest spots. Notably, Bitcoin and XRP are the most prominent absentees from the S&P Cryptocurrency Broad Digital Asset Index, highlighting how a revenue-based screen reshapes the landscape relative to traditional market-cap rankings.

S&P said the rules-based framework targets institutional portfolios and could underpin investment products or serve as a reference for actively managed digital asset strategies. The launch follows the firm's October introduction of the S&P Digital Markets 50 Index and reflects a broader push by traditional finance firms to develop fundamentals-driven benchmarks for the digital asset space.