Methodology

Purpose

A single 0–100 score measuring institutional adoption of tokenized real-world assets on public blockchains. Version 1 covers the tokenized U.S. Treasury / money market segment — the largest and most data-rich RWA category. Additional segments (private credit, commodities) are planned for future versions.

A reading of 50 means adoption is flat; above 50, accelerating; below 50, contracting.

Covered Products (v1)

BlackRock BUIDL, Ondo OUSG, Ondo USDY, Superstate USTB, Hashnote USYC. Franklin Templeton BENJI is temporarily excluded from v1: it has no Ethereum mainnet deployment, and multi-chain support is planned for a future version.

Where a product has multiple on-chain share classes, this index tracks the broadly-distributed class. For BUIDL, we track the distributed class (contract 0x7712…aA2AEC, ~$181M, ~60 holders). BUIDL-I (0x6a96…c89041, ~$829M, 6 holders) is excluded: a single-digit holder count reflects institutional desk allocation rather than broad market adoption, and would distort concentration and dormancy metrics for the segment. v2.0 will include a formal coverage policy for restricted share classes.

Factors and Weights

Factor Definitions

1. AUM Growth

3-month % change in total AUM across covered products. AUM = supply × per-product NAV. Distributing money-market products (BUIDL, USTB) hold ~$1 NAV; accumulating products (OUSG at ~$115, USDY/USYC at ~$1.13) accrue yield into the token price. NAVs are hardcoded with a navAsOf date, refreshed monthly; live price sources are planned for a future version.

2. Holder Growth

3-month % change in total distinct holder addresses across covered products.

3. Concentration Trend

3-month change in the average top-5 holder share of supply, averaged across products. Declining share scores positively.

4. Dormancy Trend

3-month change in the share of total supply held by addresses with no outbound transfer in the trailing 90 days. Declining dormancy scores positively.

5. Transfer Activity

Trailing 30-day on-chain transfer volume divided by AUM, compared to its 3-month average.

6. Breadth

Number of live products and distinct chains hosting them, scored against the trailing year.

Normalization

Each factor maps to a 0–100 score via a defined linear range, clamped at the bounds (e.g., 3-month AUM growth: −40% → 0, 0% → 50, +65% → 100). Exact ranges per factor are calibrated against backfilled historical data so that the mature-phase distribution spans most of the 0–100 range, and are fixed in code thereafter. Range changes require a methodology version bump. Readings during the segment's launch phase (early 2023) reflect launch dynamics and clamp at scale bounds; the index is calibrated to the mature-phase distribution.

Composite

Weighted arithmetic mean of the six factor scores. Factor sub-scores are published alongside the composite. Computed monthly on the 1st for the prior month; readings stored as snapshots. Historical readings are backfilled from on-chain data.

Holder Behavior Analysis

In addition to the index, the dashboard publishes wallet-level behavioral profiles. Each holder address is classified over the trailing 90 days as:

• Accumulating — net inflows, no outflows in the window
• Distributing — net outflows, no inflows in the window
• Dormant — no movement (in or out) in the window
• Active — both inflows and outflows in the window (two-way flow)

Published aggregates: behavioral mix per product, average holding period, dormancy share, net new vs. exited wallets per month.

Coverage tiers: full per-wallet classification for institutional products (BUIDL, OUSG, USTB, USYC); aggregate flow statistics only for USDY due to holder count constraints.

Behavioral data is produced by a classification pipeline that replays on-chain transfer history, labels each wallet, and stores results in a database. The dashboard reads from these stored results. Behavioral metrics are therefore as of the last pipeline run rather than real-time. Pipeline refresh cadence is currently manual; automated daily classification is planned (see roadmap).

These profile metrics inform the Dormancy factor but the full behavioral mix is not an index input in v1.0.

Limitations

• Custodial wallets: each address is treated as one holder. Omnibus custodial structures may aggregate many beneficial owners, overstating concentration and dormancy. Publicly labeled addresses (exchanges, known custodians) are flagged where available.
• Ethereum mainnet only: v1 measures Ethereum mainnet adoption only. Ethereum's share of total product AUM ranges from ~3% (USYC) to ~51% (USDY) per rwa.xyz, so the index reflects Ethereum-chain adoption specifically. Multi-chain coverage is the next coverage expansion.
• Per-token classification: behavioral labels reflect flows of each token in isolation. Holders interacting with DeFi wrappers (e.g., Flux Finance's fOUSG for OUSG) may be classified as Distributing or Accumulating while their economic exposure is unchanged. Wrapper-aware classification is a candidate for future versions.
• The index measures on-chain observable adoption; off-chain records (transfer-agent ledgers) are out of scope.

Data Sources

Dune Analytics (supply/AUM history), Supabase (classified holder data, index snapshots), Etherscan (recent large transfers, name tags), issuer disclosures (minimums, eligibility, NAV). Behavioral classification is computed from Etherscan transfer history and stored in Supabase; the dashboard reads the stored results, not raw on-chain data.

Primary Market Access & Eligibility

Minimum investment and eligibility as stated by issuers, June 2026. Secondary market availability varies.

Primary market access as stated by issuers, June 2026; secondary market availability varies.

Versioning