S&P launches blockchain fundamentals index for digital assets

S&P has launched a blockchain fundamentals index for digital assets, creating a benchmark that tracks blockchain networks using protocol revenue rather than market capitalization. The index is designed as an alternative to the traditional way many crypto indexes are built.

The development matters because it gives market participants another framework for comparing blockchain networks. By focusing on protocol revenue, the index shifts attention toward network fundamentals instead of only token size or price-driven weighting.

That approach could be useful for readers looking to understand how index providers are broadening the tools available for evaluating digital assets. It also reflects continued interest in measuring blockchain activity through metrics tied to network usage and economic output.

For the broader crypto ecosystem, the launch adds another example of traditional financial firms adapting benchmark products for digital assets. It may also encourage more discussion about which metrics best capture the health and relevance of blockchain networks.

S&P’s move highlights the growing role of data-driven benchmarks in crypto and shows how established index providers are experimenting with new ways to categorize the sector.