Proposals

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.

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.

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.