custom indicesdesign artifact
Proposals
The agent designs new themed indices on demand. Give it a theme and it proposes a basket of constituents with target weights, prices the basket against live SoSoValue data, and writes a cited rationale. Each proposal is a design that maps onto SSI Protocol on-chain index creation; nothing is created on-chain and no funds move.
design an index
Enter a theme and the agent proposes a custom index: constituents, target weights, a priced NAV, and a cited rationale. It is a design artifact, not an on-chain action.
Forward-test leaderboard
Every proposal accrues a daily paper-priced forward test from the moment it is designed (indexed to 100 at creation). A design that cannot survive its own forward test does not deserve a tokenset.
#1AIAGT.ssi+50.91%#2BTC2L.ssi+50.52%#3AGENTS.ssi+49.24%#4SOLANA.ssi+39.62%#5RWA.ssi+37.72%#6RWA.ssi+34.25%#7RWA.ssi+28.31%#8RWA.ssi+26.51%#9RWA.ssi+24.61%
RWA.ssi
Real World Assets Index
theme: RWACoverage7 of 7 priceablePriced weight100%NAV per unit$355.49Constituents7Forward test+28.31%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| ONDO | 25.0% | $0.3518 | priced |
| SKY | 20.0% | $0.0611 | priced |
| LINK | 20.0% | $10.6 | priced |
| ETH | 15.0% | $2,290.38 | priced |
| AAVE | 10.0% | $96.9 | priced |
| ENA | 5.0% | $0.0990 | priced |
| CRV | 5.0% | $0.2715 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
Real-world asset tokenization has emerged as one of the fastest-growing narratives in crypto, with the total on-chain RWA market surpassing $17B across treasuries, private credit, and commodities [1]. This index captures the RWA theme through direct protocol exposure, critical infrastructure, and the settlement layer where most tokenization occurs. ONDO receives the largest allocation at 0.25 as the leading pure-play RWA tokenization protocol, whose OUSG and USDY products have attracted over $1B in tokenized US treasury value [2]. SKY (formerly MKR) is weighted at 0.20 because MakerDAO holds the largest DeFi-native RWA treasury, with over $2B allocated to real-world assets backing its stablecoin system [3]. LINK is assigned 0.20 as the essential oracle and cross-chain infrastructure layer; Chainlink's Proof of Reserve and CCIP are foundational for verifying and moving tokenized RWA across chains [4]. ETH carries a 0.15 weight as the dominant settlement layer for institutional tokenization, including BlackRock's BUIDL fund which surpassed $500M in AUM on Ethereum [5]. AAVE at 0.10 provides exposure to institutional DeFi lending where permissioned markets enable compliant RWA collateral usage [6]. ENA at 0.05 captures Ethena's synthetic dollar protocol which bridges traditional treasury yield into on-chain instruments through its hedging architecture [7]. CRV at 0.05 rounds out the basket as the deep-liquidity venue for RWA-backed stablecoins and tokenized asset pools. The construction prioritizes protocols with direct RWA revenue or treasury exposure, then layers in infrastructure and platform tokens whose value accrual is increasingly tied to RWA adoption.
Sources
- [1]RWA.xyz tracks on-chain tokenized asset markets exceeding $17B across treasuries, credit, and commoditiesrwa-xyz
- [2]Ondo Finance tokenized treasury products (OUSG, USDY) surpassed $1B in total value lockedondo-tvl
- [3]MakerDAO/Sky allocated over $2B to real-world assets including US treasuries via BlockTower and Monetalismaker-rwa
- [4]Chainlink CCIP and Proof of Reserve provide critical oracle and interoperability infrastructure for tokenized RWA across chainschainlink-rwa
- [5]BlackRock BUIDL tokenized treasury fund on Ethereum surpassed $500M AUMblackrock-buidl
- [6]Aave Arc permissioned markets and institutional RWA integration enable compliant lending against tokenized collateralaave-arc
- [7]Ethena USDe uses treasury and basis-trade strategies that bridge traditional yield into synthetic on-chain dollarsethena-rwa
Risk notes
- -Regulatory risk: tokenized securities and RWA products face evolving and jurisdiction-specific securities law requirements that could restrict issuance or secondary trading.
- -Custodial and counterparty risk: many RWA tokens rely on off-chain custodians for underlying asset safekeeping, introducing traditional finance failure modes.
- -Smart contract risk: protocol-level vulnerabilities in oracle feeds, bridge infrastructure, or lending markets could impair constituent valuations.
- -Liquidity risk: some RWA tokens have concentrated holder bases and thin secondary markets, which may amplify price dislocation during stress events.
- -Thematic drift risk: constituent protocols may pivot strategies or reduce RWA focus over time, diluting the index's thematic purity.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
RWA.ssi
Real World Assets Index
theme: RWACoverage7 of 7 priceablePriced weight100%NAV per unit$3,953.72Constituents7Forward test+34.25%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| ONDO | 30.0% | $0.3518 | priced |
| LINK | 20.0% | $10.6 | priced |
| ETH | 15.0% | $2,290.38 | priced |
| AAVE | 12.0% | $96.9 | priced |
| ENA | 10.0% | $0.0990 | priced |
| CRV | 8.0% | $0.2722 | priced |
| BTC | 5.0% | $71,925.48 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
The Real World Assets sector represents one of the fastest-growing vertical in crypto, with over $17B in tokenized value on-chain as of 2025 [1]. This index captures the RWA theme through a layered approach: direct tokenization platforms, essential infrastructure, and the base settlement layer. ONDO receives the highest allocation at 0.30 as the undisputed pure-play RWA token, with Ondo Finance tokenizing US treasuries through its USDY and OUSG products which collectively exceed $1B in TVL [2]. LINK commands a 0.20 weight because Chainlink is the oracle backbone enabling RWA proof-of-reserve verification, price feeds for tokenized assets, and cross-chain settlement via CCIP [3]. ETH is allocated 0.15 as the dominant settlement layer hosting over 60 percent of all tokenized RWA TVL [4]. AAVE receives 0.12 for its institutional lending infrastructure through Aave Arc, which provides permissioned KYC-compliant pools bridging DeFi and traditional RWA participants [5]. ENA is weighted 0.10 as Ethena's synthetic dollar USDe, backed by over $5B in market cap, employs treasury-based hedging strategies that tie it closely to RWA yield dynamics [6]. CRV contributes 0.08 for its role providing DEX liquidity infrastructure for RWA-backed stablecoins and credit tokens [7]. BTC rounds out the basket at 0.05 as tokenized bitcoin products grow as a distinct RWA category across multiple chains. The resulting weights (0.30 plus 0.20 plus 0.15 plus 0.12 plus 0.10 plus 0.08 plus 0.05 equals 1.00) balance direct RWA exposure against the infrastructure and settlement layers that enable the sector.
Sources
- [1]RWA tokenization market exceeds $17B in on-chain value across treasuries, credit, and real estate as of 2025rwa-sector
- [2]Ondo Finance USDY and OUSG collectively hold over $1B in tokenized US treasury assets as of mid-2025ondo-tvl
- [3]Chainlink CCIP provides cross-chain interoperability critical for transferring tokenized RWA across networkslink-ccip
- [4]Ethereum hosts the largest share of tokenized RWA TVL, accounting for over 60 percent of all on-chain real world assetseth-rwa-tvl
- [5]Aave Arc launched as a permissioned pool for institutional and compliant RWA lending with KYC requirementsaave-arc
- [6]Ethena USDe market cap surpassed $5B with treasury collateral backing synthetic yield strategiesena-tvl
- [7]Curve Finance pools facilitate stablecoin and credit token swaps used by RWA-backed assets for on-chain liquiditycurve-rwa
Risk notes
- -RWA tokenization depends on legal enforceability of off-chain claims; regulatory changes in key jurisdictions could impair asset backing.
- -ONDO concentration risk: at 30 percent weight the index is significantly exposed to single-protocol outcomes and governance decisions.
- -Oracle risk: Chainlink failures could disrupt pricing and verification for multiple RWA-backed assets simultaneously.
- -Liquidity fragmentation: many RWA tokens trade on limited venues with wide spreads, increasing rebalancing costs.
- -Stablecoin regulatory risk affects ENA and CRV if synthetic dollar or stablecoin-focused DEX pools face new restrictions.
- -Smart contract risk applies to all constituents; RWA-specific bridges and custody solutions introduce additional attack surfaces.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
RWA.ssi
Real World Assets Index
theme: RWACoverage6 of 6 priceablePriced weight100%NAV per unit$7,560.49Constituents6Forward test+37.72%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| ONDO | 25.0% | $0.3517 | priced |
| LINK | 20.0% | $10.63 | priced |
| ETH | 15.0% | $2,293.89 | priced |
| AAVE | 15.0% | $97.19 | priced |
| ENA | 15.0% | $0.0994 | priced |
| BTC | 10.0% | $71,996.01 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
The Real World Assets sector has seen substantial growth as traditional financial instruments migrate on-chain. This index captures the theme through a combination of direct RWA issuers, essential infrastructure, and enabling settlement layers.
ONDO receives the highest allocation at 0.25 as the leading pure-play RWA token, with Ondo Finance tokenizing US Treasuries through its OUSG product and expanding into broader institutional asset tokenization [1]. LINK is weighted at 0.20 because Chainlink oracle services are foundational infrastructure for RWA protocols that require reliable real-world price feeds and cross-chain data verification [2].
ETH earns a 0.15 allocation as the dominant settlement layer hosting the majority of RWA tokenization protocols; network activity and fee revenue benefit from RWA growth [3]. AAVE also receives 0.15 given its established integrations with RWA collateral providers such as Centrifuge, positioning it as a key lending venue for tokenized real-world assets [4]. ENA is included at 0.15 as Ethena's synthetic dollar model uses delta-neutral hedging strategies that bridge traditional and on-chain finance [5].
BTC rounds out the basket at 0.10 as the original digital store of value, increasingly wrapped and tokenized across chains for use in RWA-adjacent DeFi applications [6]. The combined RWA market on-chain has surpassed $17 billion in 2025, indicating meaningful institutional adoption [3].
Sources
- [1]Ondo Finance is a leading RWA issuer tokenizing US Treasuries (OUSG) with over $600M in TVLev-ondo-rwa
- [2]Chainlink provides critical oracle infrastructure for RWA price feeds and cross-chain dataev-link-oracle
- [3]Total RWA value on-chain exceeded $17B in 2025 across tokenized treasuries and creditev-rwa-market
- [4]Aave has integrated real-world asset collateral through Centrifuge and other RWA partnersev-aave-rwa
- [5]Ethena USDe uses delta-neutral hedging strategies backed by liquid staking and futures positionsev-ena-synth
- [6]Wrapped BTC and institutional BTC products represent growing tokenized RWA activity on Ethereumev-btc-tokenize
Risk notes
- -ONDO has concentrated exposure to US Treasury tokenization, which faces evolving regulatory risk and depends on continued institutional demand for on-chain treasuries.
- -LINK token value is not directly tied to RWA oracle revenue; utility token pricing can diverge from protocol adoption.
- -RWA protocols are subject to smart contract risk, custody risk for off-chain assets, and potential regulatory changes affecting tokenized securities.
- -ENA synthetic dollar mechanism carries counterparty and basis risk from futures hedging strategies that could unwind under extreme market stress.
- -This index is a design artifact and is not tradeable on-chain; it carries no guarantee of future performance or liquidity.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
RWA.ssi
Real World Asset Index
theme: RWACoverage6 of 6 priceablePriced weight100%NAV per unit$356.05Constituents6Forward test+24.61%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| ONDO | 25.0% | $0.3517 | priced |
| LINK | 20.0% | $10.63 | priced |
| SKY | 20.0% | $0.0611 | priced |
| ETH | 15.0% | $2,293.89 | priced |
| AAVE | 10.0% | $97.19 | priced |
| CRV | 10.0% | $0.2722 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
The real-world asset tokenization sector has become one of the fastest-growing narratives in crypto, with the total on-chain RWA market surpassing $17B as of mid-2025 [1]. This index captures the RWA theme through a layered approach: direct protocol exposure, critical infrastructure, and the dominant settlement layer. ONDO receives the largest allocation at 0.25 as the pure-play RWA leader, tokenizing US treasuries through its OUSG and USDY products with over $600M in TVL [2]. LINK is weighted at 0.20 because Chainlink provides the oracle and interoperability infrastructure (proof of reserve, CCIP) that makes RWA tokenization trustworthy and cross-chain capable, underpinning institutional adoption [3]. SKY also receives 0.20, reflecting MakerDAO's position as the single largest DeFi holder of real-world assets, with over $2B allocated across US treasuries and private credit instruments [4]. ETH at 0.15 represents the settlement layer where most RWA tokenization occurs, validated by BlackRock's BUIDL fund choosing Ethereum and growing past $500M in assets under management [5]. AAVE at 0.10 captures the lending protocol's expansion into institutional RWA markets and real-world collateral [6]. CRV at 0.10 rounds out the basket with Curve's stableswap liquidity infrastructure that supports deep markets for tokenized asset pairs. Together, these six constituents span direct tokenization, data infrastructure, treasury governance, settlement, lending, and liquidity, providing broad and structurally sound exposure to the RWA theme.
Sources
- [1]Total tokenized RWA market on-chain exceeded $17B by mid-2025, growing from under $5B in early 2023rwa-market
- [2]Ondo Finance OUSG and USDY products tokenizing US treasuries with over $600M in TVL as of early 2025ondo-tvl
- [3]Chainlink RWA initiatives including CCIP, proof of reserve, and partnerships with SWIFT and major institutions for RWA data infrastructurechainlink-rwa
- [4]MakerDAO (now Sky) allocated over $2B to real-world asset vaults including US treasuries and private credit, making it the largest DeFi RWA holdersky-rwa
- [5]BlackRock BUIDL tokenized treasury fund launched on Ethereum, surpassing $500M AUM by mid-2025, validating ETH as the primary RWA settlement layerbuidl-eth
- [6]Aave has integrated real-world collateral markets and is pursuing institutional-grade RWA lending through its institutional deploymentsaave-rwa
Risk notes
- -Regulatory risk: tokenized securities and RWA products face evolving and potentially restrictive regulations across jurisdictions that could impair protocol operations or token valuations.
- -Smart contract and bridge risk: RWA protocols rely on complex smart contracts and cross-chain bridges (e.g., Chainlink CCIP) that may be vulnerable to exploits.
- -Counterparty and custody risk: RWA tokens represent claims on off-chain assets held by custodians; failures at custodians or issuers could depeg tokenized assets from their underlying value.
- -Concentration risk: SKY and ONDO are governance tokens whose value depends on protocol-specific governance decisions and treasury management, which can be volatile and politically contentious.
- -Liquidity risk: some constituents (e.g., ONDO, CRV) have lower liquidity than large-cap assets, which could amplify drawdowns during market stress.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
RWA.ssi
RWA Infrastructure Index
theme: RWACoverage7 of 7 priceablePriced weight100%NAV per unit$7,555.62Constituents7Forward test+26.51%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| ONDO | 20.0% | $0.3517 | priced |
| SKY | 20.0% | $0.0611 | priced |
| LINK | 20.0% | $10.63 | priced |
| ETH | 15.0% | $2,293.89 | priced |
| BTC | 10.0% | $71,996.01 | priced |
| AAVE | 10.0% | $97.19 | priced |
| ENA | 5.0% | $0.0994 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
The tokenization of real-world assets represents one of the most significant structural themes in crypto, with the on-chain RWA market surpassing $17 billion in value as of mid-2025 [1]. This index captures the RWA opportunity across three layers: protocol, infrastructure, and settlement. ONDO receives the top allocation as the leading pure-play RWA protocol, with Ondo Finance's TVL exceeding $1 billion through tokenized US Treasury products like USDY and OUSG [2]. SKY (formerly Maker) shares the same weight given its pioneering role in allocating over $2 billion of protocol reserves to real-world asset collateral including US Treasuries and structured credit [3]. LINK occupies an equal weight because Chainlink's oracle networks and CCIP interoperability standard provide the essential data and messaging infrastructure that institutional RWA tokenization requires [4]. ETH receives a substantial allocation as the dominant settlement layer for tokenized assets, hosting the majority of on-chain RWA value at over 55 percent chain market share [5]; the BlackRock BUIDL fund alone surpassed $1 billion AUM on Ethereum [6]. BTC is included as a bridge asset between traditional finance and crypto, having attracted cumulative net inflows exceeding $35 billion through spot ETFs since their January 2024 launch [7]. AAVE adds exposure to institutional lending markets with real-world asset collateral onboarding advancing through governance proposals [8]. ENA rounds out the basket at a smaller weight, providing synthetic yield exposure through delta-hedged strategies that interface with traditional funding rate markets [1].
Sources
- [1]Tokenized RWA market surpassed $17B in on-chain value as of mid-2025 excluding stablecoinsev_rwa_market
- [2]Ondo Finance TVL exceeded $1B in 2025, driven by USDY and OUSG tokenized treasury productsev_ondo_tvl
- [3]MakerDAO/Sky allocated over $2B to real-world asset collateral including US Treasuries and structured creditev_sky_rwa
- [4]Chainlink CCIP serves as the cross-chain interoperability standard for institutional RWA transfers and messagingev_link_ccip
- [5]Ethereum hosts the majority of tokenized RWA value at over 55 percent market share across chainsev_eth_rwa_share
- [6]BlackRock BUIDL tokenized treasury fund surpassed $1B AUM on Ethereumev_buidl_eth
- [7]US spot Bitcoin ETFs attracted cumulative net inflows exceeding $35B since January 2024 launchev_btc_etf
- [8]Aave governance proposals progressed on onboarding real-world asset collateral for institutional borrowersev_aave_rw
Risk notes
- -Regulatory risk is substantial: RWA tokenization faces evolving securities and commodities regulations across jurisdictions, and adverse rulings could impair protocol operations or token utility.
- -Smart contract risk applies to all DeFi-native constituents; exploits in oracle feeds or bridging infrastructure could cause losses.
- -Concentration risk exists because ONDO and SKY are smaller-cap tokens with higher volatility and lower liquidity than BTC or ETH, creating rebalancing challenges in stressed markets.
- -Custodial and counterparty risk: RWA protocols depend on off-chain asset custodians and legal structures that introduce traditional finance failure modes not present in purely on-chain assets.
- -ENA carries additional basis risk since its synthetic yield model depends on perpetual futures funding rates remaining favorable, which is not guaranteed in all market conditions.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
AGENTS.ssi
AI Agents Index
theme: AI agentsCoverage7 of 7 priceablePriced weight100%NAV per unit$405.93Constituents7Forward test+49.24%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| SOL | 25.0% | $75.98 | priced |
| ETH | 20.0% | $1,875.37 | priced |
| LINK | 20.0% | $8.26 | priced |
| JUP | 15.0% | $0.1818 | priced |
| HYPE | 10.0% | $54.96 | priced |
| AAVE | 5.0% | $89.72 | priced |
| UNI | 5.0% | $3.93 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
The AI agents thesis centers on autonomous software entities that transact, trade, and compose DeFi operations on-chain without human intermediaries. AGENTS.ssi captures this narrative through a layered construction that mirrors the actual agent tech stack. The heaviest allocation goes to the smart contract platforms where agents are deployed and execute. SOL receives 25 percent [1] because Solana has become the dominant launchpad for AI agent tokens and frameworks (ai16z, Virtuals Protocol, GRIFFAIN), driven by its sub-second finality and negligible transaction costs that make continuous autonomous operation economically viable. ETH receives 20 percent [2] as the foundational settlement layer where mature agent coordination protocols like Autonolas have processed over one million on-chain agent transactions, and where the richest DeFi composability exists. The data and automation layer is represented by LINK at 20 percent [3]; Chainlink's Automation, Functions, and oracle networks provide the off-chain data feeds, verifiable computation, and scheduled triggers that agents need to make decisions and act on them. The trading venue layer accounts for the remaining weight. JUP at 15 percent [4] captures Jupiter's role as the dominant Solana DEX aggregator handling billions in daily volume, the primary swap venue through which Solana-native trading agents source liquidity. HYPE at 10 percent [5] represents Hyperliquid's high-throughput on-chain order book for perpetual futures, which has attracted sophisticated autonomous trading strategies due to its CLOB design and sub-second matching. Finally, AAVE at 5 percent [6] and UNI at 5 percent [7] round out the basket with the Ethereum DeFi primitives that agents most commonly interact with for lending and swapping. The index is deliberately infrastructure-heavy rather than application-token-heavy, reflecting that the durable value accrual in the AI agent cycle flows to the platforms, oracles, and venues that all agents depend on, not to any single agent project.
Sources
- [1]Solana dominates AI agent token launches with projects like ai16z, Virtuals, and GRIFFAIN choosing the chain for speed and low costev-sol-agents
- [2]Ethereum hosts mature agent coordination frameworks like Autonolas (Olas) which has executed over 1M on-chain agent transactionsev-eth-agent-frameworks
- [3]Chainlink Automation and Functions provide verifiable off-chain computation and scheduled execution that agents requireev-link-automation
- [4]Jupiter processes billions in daily swap volume on Solana, the primary liquidity layer that trading agents route throughev-jup-volume
- [5]Hyperliquid reached over $1T cumulative perpetual futures volume, with a CLOB design that supports high-frequency autonomous strategiesev-hype-growth
- [6]Aave V3 supports flash loans and granular collateral parameters, enabling composable agent-driven DeFi strategiesev-aave-composability
- [7]Uniswap V3 remains the most-visited DEX on Ethereum with concentrated liquidity, a primary swap venue for agentsev-uni-ecosystem
Risk notes
- -The AI agents narrative is early-stage; most agent tokens lack sustainable fee revenue and are driven by speculation, making the theme vulnerable to sentiment reversals.
- -This basket does not include dedicated AI agent application tokens (FET, RENDER, TAO, VIRTUAL, AI16Z) because they are not available for pricing; the index captures infrastructure exposure only, which may underperform if a single agent application captures disproportionate value.
- -Smart contract and oracle risk: bugs or exploits in Chainlink Automation, Aave, or Uniswap contracts could impair constituent value.
- -Regulatory risk: autonomous on-chain agents operating without KYC or human oversight may attract scrutiny from financial regulators, potentially restricting agent-related protocols.
- -Concentration risk: SOL and ETH together represent 45 percent of the basket; a broad L1 downturn would significantly impact the index regardless of AI agent adoption.
- -Liquidity fragmentation: HYPE is a newer venue with less battle-tested liquidity depth compared to centralized exchanges, which could cause slippage during market stress.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
BTC2L.ssi
Bitcoin Layer 2 Ecosystem Index
theme: Bitcoin L2sCoverage6 of 6 priceablePriced weight100%NAV per unit$19,560Constituents6Forward test+50.52%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| BTC | 30.0% | $64,242.45 | priced |
| LINK | 20.0% | $8.08 | priced |
| ETH | 15.0% | $1,822.28 | priced |
| UNI | 12.0% | $3.68 | priced |
| AAVE | 12.0% | $98.57 | priced |
| ONDO | 11.0% | $0.3261 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
Bitcoin Layer 2s aim to bring smart contracts, DeFi, and scalability to Bitcoin without modifying the base protocol. The leading Bitcoin L2, Stacks, secured over $100M in total value locked [1], while Merlin Chain attracted more than $3.5B at its 2024 peak [2], demonstrating substantial user demand for programmable Bitcoin layers. This index captures the Bitcoin L2 thesis through the foundational asset and the infrastructure tokens most relevant to the ecosystem's growth.
BTC receives the largest weight at 0.30 because every Bitcoin L2 derives its security guarantees and economic value from the Bitcoin base layer. Stacks uses Proof of Transfer to anchor to Bitcoin, Rootstock uses merge-mining, and newer L2s use various verification mechanisms tied to Bitcoin blocks. LINK is weighted at 0.20 because Chainlink oracle services are essential for DeFi applications on Bitcoin L2s, with direct integrations into Stacks [3] and cross-chain messaging capabilities through CCIP [4] that enable Bitcoin L2s to interact with external data and other chains.
ETH receives 0.15 as many Bitcoin L2s (Merlin, BOB, Rootstock) are EVM-compatible and bridge to Ethereum's DeFi ecosystem [5]. Ethereum's mature DeFi design patterns serve as the template for Bitcoin L2 applications. UNI and AAVE each receive 0.12 as the dominant DEX and lending primitives, respectively, whose architectures are being replicated or directly deployed on Bitcoin L2s. ONDO receives 0.11 as a representative real-world asset tokenization play that has announced expansion into the Bitcoin ecosystem [6], a sector that Bitcoin L2s are positioning to capture.
The basket deliberately excludes several notable crypto assets that lack direct relevance to Bitcoin L2 infrastructure or DeFi primitives. The weighting favors infrastructure and middleware tokens over application-layer tokens because the Bitcoin L2 thesis is still in its infrastructure-building phase.
Sources
- [1]Stacks total value locked exceeded $100M in early 2024, making it the largest Bitcoin L2 by TVLev-stacks-tvl
- [2]Merlin Chain attracted over $3.5B in TVL at peak in 2024, demonstrating demand for Bitcoin L2 solutionsev-merlin-bnb
- [3]Chainlink integrated with Stacks to provide oracle services for Bitcoin L2 DeFi applicationsev-link-stacks
- [4]Chainlink CCIP enables cross-chain interoperability between Bitcoin L2s and other ecosystemsev-link-ccip
- [5]Significant BTC is bridged to Ethereum as WBTC ($10B+), indicating deep cross-chain capital flows that Bitcoin L2s aim to internalizeev-eth-btc-bridge
- [6]Ondo Finance announced plans to expand tokenized RWA products to Bitcoin ecosystem and related L2sev-ondo-btc
Risk notes
- -Most native Bitcoin L2 tokens (STX, MERL, RIF, SOV) are not included in this basket because they fall outside the priceable set, meaning the index captures the Bitcoin L2 thesis indirectly rather than through direct L2 protocol exposure.
- -Bitcoin L2 technology is early-stage with limited battle-tested security; bridge exploits and smart contract risks remain elevated compared to more mature L2 ecosystems.
- -TVL figures for Bitcoin L2s can be volatile and influenced by short-term incentive programs rather than sustainable adoption.
- -Cross-chain bridge risks are significant as many Bitcoin L2s rely on custodial or semi-custodial BTC bridging mechanisms.
- -Regulatory uncertainty around Bitcoin DeFi and L2 token classifications could impact constituent performance independently of the Bitcoin L2 narrative.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
SOLANA.ssi
Solana Ecosystem Index
theme: Solana ecosystemCoverage7 of 7 priceablePriced weight100%NAV per unit$31.11Constituents7Forward test+39.62%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| SOL | 40.0% | $77.32 | priced |
| JUP | 20.0% | $0.2024 | priced |
| BONK | 10.0% | $0.00000400 | priced |
| WIF | 10.0% | $0.1499 | priced |
| TRUMP | 8.0% | $1.58 | priced |
| PENGU | 7.0% | $0.00605 | priced |
| PUMP | 5.0% | $0.00144 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
SOLANA.ssi captures the Solana ecosystem across its foundational layer-one asset, core DeFi infrastructure, and the cultural meme-coin layer that has driven significant user activity on the network. SOL receives the largest allocation at 0.40 as the native token powering transaction fees, staking, and the economic security model of the chain [1]. Solana has consistently ranked among the top layer-one networks by total value locked and daily active addresses throughout 2024 and 2025 [2]. Jupiter (JUP) is weighted at 0.20 as the dominant DEX aggregator on Solana, facilitating a large share of on-chain swap volume and serving as critical DeFi infrastructure for the ecosystem [3]. BONK at 0.10 represents the first widely recognized Solana-native meme coin, which helped catalyze a wave of retail engagement on the network starting in late 2022 [4]. WIF (dogwifhat) at 0.10 emerged in 2024 as a top meme coin by market capitalization, demonstrating the strength of Solana as a platform for viral token launches [5]. TRUMP at 0.08 reflects the high-profile political meme coin that launched on Solana in January 2025, drawing mainstream media attention and onboarding new users to the network [6]. PENGU at 0.07 represents the Pudgy Penguins brand extending from NFTs into a broader consumer and licensing ecosystem, with its token deployed on Solana [7]. PUMP at 0.05 is the token associated with Pump.fun, the platform responsible for a large share of new token launches on Solana and emblematic of the ecosystem's meme-coin culture [8]. The index is deliberately tilted toward SOL and JUP to anchor the basket in productive protocol value, while the remaining weight is distributed across culturally significant tokens that reflect Solana's distinctive position as a high-throughput chain favored for consumer and meme applications.
Sources
- [1]SOL market cap and dominance within L1 sectore1
- [2]Solana total value locked and daily active addresses datae8
- [3]Jupiter DEX aggregator volume and TVL data on Solanae2
- [4]BONK token market data and Solana ecosystem presencee3
- [5]dogwifhat (WIF) Solana meme coin market datae4
- [6]TRUMP meme coin launched on Solana in January 2025, drawing major attention to the ecosysteme5
- [7]Solana NFT and consumer app ecosystem growth with Pudgy Penguins expansione6
- [8]Pump.fun as dominant Solana memecoin launchpad by token deploymentse7
Risk notes
- -Solana has experienced multiple network outages historically, which could affect all constituent tokens.
- -Meme coin constituents (BONK, WIF, TRUMP, PENGU, PUMP) are highly speculative and subject to extreme volatility and liquidity withdrawal.
- -Regulatory scrutiny of meme tokens and political tokens (TRUMP) could impact constituent prices.
- -Solana ecosystem TVL and activity metrics can be inflated by airdrop farming and short-term speculative flows.
- -Smart contract risk exists for all DeFi and token protocols within the basket.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.
AIAGT.ssi
AI Agent Infrastructure Index
theme: AI agentsCoverage7 of 7 priceablePriced weight100%NAV per unit$306.53Constituents7Forward test+50.91%
| Token | Target weight | Price | Mark |
|---|---|---|---|
| SOL | 25.0% | $77.32 | priced |
| LINK | 20.0% | $8.03 | priced |
| ETH | 15.0% | $1,817.32 | priced |
| JUP | 15.0% | $0.2024 | priced |
| UNI | 10.0% | $3.67 | priced |
| AAVE | 8.0% | $98.14 | priced |
| HYPE | 7.0% | $67.82 | priced |
Forward test since creation (indexed to 100; paper-priced, not investable)
The AIAGT.ssi index captures the infrastructure layer most critical to the emerging AI agent economy on-chain. Autonomous software agents that transact, trade, and manage capital on blockchains require four foundational pillars: execution environments, data oracles, swap-routing access, and lending markets. This basket weights constituents according to how directly each token's protocol serves agent-specific workloads rather than general-purpose DeFi usage.
Solana receives the largest allocation at 0.25 because the overwhelming majority of AI agent project launches in the 2024 to 2025 cycle have targeted Solana as their primary chain [1]. The network's sub-cent transaction fees and 400ms block finality are near-prerequisites for high-frequency agent-to-agent interactions that would be prohibitively expensive on Ethereum L1. Chainlink follows at 0.20, reflecting the protocol's role as the dominant decentralized oracle network; AI agents depend on tamper-resistant real-world data feeds for decision-making, and Chainlink Automation provides the programmatic trigger mechanism that allows agents to execute conditional logic without centralized cron jobs [2].
Ethereum is weighted at 0.15 as the base settlement layer for the broadest set of EVM-compatible agent smart contracts and the deepest DeFi liquidity, even though per-transaction costs are higher than Solana. Jupiter's 0.15 weight mirrors its position as the primary swap-routing API for Solana-based agents [3]; most agent frameworks default to Jupiter's aggregator for optimal price execution. Uniswap at 0.10 reflects the introduction of V4 hooks, which enable programmable pool-level logic that agents can leverage for dynamic liquidity strategies [4]. Aave at 0.08 provides the lending backbone agents need for collateralized borrowing and automated yield farming across multiple chains [5]. Hyperliquid at 0.07 rounds out the basket with exposure to on-chain perpetual futures, a venue increasingly used by algorithmic agents for hedging and directional trading [6].
The combined market capitalization of AI agent tokens surged from negligible levels in mid-2024 to over $15 billion by late 2024, indicating rapid adoption but also elevated speculative premium [7]. This index deliberately excludes narrowly focused agent-application tokens in favor of infrastructure protocols with durable fee-generation potential, aiming to capture the picks-and-shovels layer of the agent thesis.
Sources
- [1]Solana dominates AI agent launches; the Eliza framework (ai16z) and Virtuals Protocol both target Solana as their primary deployment chain due to sub-cent fees and 400ms finalitysol-agent-ecosystem
- [2]Chainlink Automation (formerly Keepers) enables decentralized off-chain computation and on-chain triggers, forming critical agent middlewarelink-automation
- [3]Jupiter processed over $2.5B in daily swap volume at peak in early 2025, with its public API serving as the default routing layer for programmatic and agent-driven Solana tradesjup-api-usage
- [4]Uniswap V4 introduces programmable hooks that allow custom logic at the pool level, enabling agent-orchestrated liquidity provision and dynamic fee strategiesuni-v4-hooks
- [5]Aave V3 total value locked exceeds $20B across Ethereum, Arbitrum, and other chains, offering deep liquidity pools for automated agent yield strategiesaave-tvl
- [6]Hyperliquid consistently ranks among the top on-chain perpetual exchanges by open interest and volume, with a fully on-chain order book suited for algorithmic agent tradinghype-perps
- [7]The AI agent crypto market cap grew from near zero in mid-2024 to over $15B by late 2024, driven by the GOAT/Truth Terminal catalyst and subsequent framework proliferationagent-market-size
Risk notes
- -Most AI agent projects remain pre-revenue and highly speculative; infrastructure tokens may see reduced fee capture if the agent narrative cools without sustained on-chain activity.
- -Solana and Ethereum concentration (0.40 combined) exposes the basket to L1-specific risks such as consensus failures, validator centralization, or protocol upgrade disputes.
- -Chainlink's oracle dominance does not guarantee that AI agents will use LINK-denominated fee models; alternative oracle solutions could erode market share.
- -Hyperliquid is a relatively new venue with concentrated liquidity provider risk and limited battle-testing under extreme market stress.
- -The AI agent token market cap has exhibited high volatility and momentum-driven swings; correlation to broader crypto beta may be elevated during drawdowns.
- -Regulatory scrutiny of AI-related crypto projects could increase if autonomous agents are perceived as enabling unlicensed financial activity or market manipulation.
On-chain mapping (design only)
Sonar does not create this index on-chain in this build. On SSI Protocol (Base, chainId 8453), an index like this maps onto AssetFactory (0xb04eB6b64137d1673D46731C8f84718092c50B0D), which deploys the AssetToken, and AssetIssuer (0x0306acEb4c20FF33480d90038F8b375cC6A6b66e), which issues shares against a deposited tokenset. This proposal is a priced design artifact; it is not a transaction and moves no funds.