Methodology v0.1
The Tokenized Index is the US-dollar value of all public equities and ETFs that exist as transferable tokens on public blockchains, priced at the underlying security's reference price, computed hourly. It answers one question: how much of the stock market is on chain right now.
Index = Σ over tokens of (circulating supply × underlying reference price × token-to-share ratio).
Two companion series are published beside it and never mixed into it: Onchain value (the same supply at the token's own onchain mid-price, so the gap between the two is the market-wide premium) and Reported value (products whose supply cannot be verified on chain, from the issuer's own disclosure, clearly labeled).
What counts
A token is in the Index when its supply can be read from a public contract, each unit is a listed share or ETF unit or is backed one-for-one by one held for the token's benefit, and the underlying trades on a recognized exchange. Three questions, asked in order:
- Is there a public contract with verifiable supply? No → Reported value series.
- Is each token backed by, or is it, a real share? No → excluded (synthetics, perpetuals, oracle-only products).
- Is the underlying a listed public equity or ETF? No → Private Markets series.
| Structure tag | What the holder owns | Examples |
|---|---|---|
| Authorized share | The registered share itself, recorded on chain by a transfer agent or issued natively | Securitize, Superstate Opening Bell, Figure, DTCC, Ondo's onshore line |
| Backed claim | A claim on a specific share in segregated custody, redeemable for it or its cash value | xStocks, Dinari, Binance bStocks |
| Tracker | A note mirroring the share's total return, collateralized but without a share-specific claim | Ondo Global Markets (offshore) |
Edge cases decided once: leveraged and inverse ETFs count; a fund of tokenized stocks does not (its holdings already do); bridged copies count once; LP positions, vault shares and lending receipts do not; fractional tokens count at their fraction; pre-IPO tokens go to Private Markets; stock perpetuals are excluded entirely.
Counting rules
- Supply: circulating supply read from the token contract at the snapshot block on each chain, minus balances held by the issuer's own mint, treasury and redemption addresses (published in the registry) and minus tokens locked in bridge escrow.
- Bridged copies: a token issued on several chains through burn-and-mint (LayerZero OFT, issuer-native multichain) is counted at its total across chains; lock-and-mint copies are counted at the canonical chain minus escrow. The chain breakdown attributes each unit to the chain where it circulates.
- Unminted inventory is not in the Index; it appears in the issuer's reserve ratio.
- Price: the underlying's last trade on its primary exchange while open; its official close when closed; corporate actions applied at the ex-date. ETFs use last trade, not NAV. Non-US underlyings convert at the 4pm London fix.
- Rebasing tokens: post-rebase balance at the ex-dividend price, so dividends appear once.
- Halts and delistings: a halted underlying keeps its last price for five trading days, then is flagged.
The asset registry is the spine: one record per token with contract address, chain, issuer, structure tag, underlying ISIN, ratio, issuer-controlled addresses and the date each field was verified. It is public and versioned.
Sub-indices
By issuer, by chain, by asset type (single stocks vs ETFs), by structure, by underlying (the number on every ticker page), by availability (US / EU), the Onchain 20 (the twenty most-traded underlyings, rebalanced monthly) and Chain Share. Every breakdown's parts sum to the Index.
Activity metrics
Onchain volume from indexed DEX pools (wash trading not removed, flagged); venue volume from exchange APIs, shown separately and never summed with onchain volume; transfers excluding mints, burns, bridge moves and exchange-internal moves; net issuance (mints minus burns); holders as addresses holding at least one dollar, excluding exchange hot wallets, bridges, issuer addresses and pools (addresses, not people, and the page says so); concentration (top ten non-exempt addresses); after-hours share of volume.
Premium and discount
Premium = onchain mid-price / (underlying reference price × ratio) − 1, every five minutes per token and venue. While the exchange is open it is an arbitrage gap; while closed it is the market's forecast of the next open and is labeled "implied move". The 3am Price records the onchain implied price for the ten most-traded underlyings at 03:00 New York every trading day and publishes the running hit rate against the official open.
Snapshots, revisions and corrections
Hourly snapshots with block heights, kept indefinitely and downloadable; the daily reference is the 00:00 UTC snapshot. Registry changes apply forward; if a change would move any past daily value by more than 1%, history is restated with a dated note. Corrections run in the next issue and on the page. If a chain indexer is more than an hour behind, that chain's value is carried from the last good snapshot with a stale flag; the Index is never silently computed on partial data. No team member sees a snapshot before it is published.
Governance
This is v0.1. Rule changes are announced 14 days ahead with their expected impact; three people sign off, one outside the editorial team; issuers may request corrections of fact, applied within two business days; team holdings are disclosed; the series, the registry and this document are free to cite with attribution.