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Index Overview

Currently the following Indices are available on the youves platform.

#NameDescriptionIndex Type
1DEFIA capital weighted price index on the governance tokens of five leading DEFI projectsprice index

Methodology#

Some of the methodology in here may be refined at a later stage. Possibly a rebalancing in several steps and also some clearly defined exception handling. In any case the changes will be clearly communicated, and they will aim to be non-disruptive.

Rebalancing#

Frequency#

Semi-annually

Rebalancing Datetimes#

The observation and the rebalancing happen at the same time.

The observation of values for the rebalancing is done on coinmarketcap.com.

The rebalancing time is 08:00 UTC. The rebalancing dates are the 21 September and 21 March in each year, starting from the 21 September 2021.

Index Constituents#

The index constituents and the relevant values are described in each index details page.

Building Methodology#

The index will be rebalanced semi-annually, or ad hoc in case there is the need. Each rebalancing defines a new series s with the timestap j of the rebalancing. s=j_previous signifies the series immediately previous to s=j.

Index[t=ti,s=j]

Constituent Weights#

On any rebalancing datetime t=tj at the rebalancing for the start of series s=j, the parameters for constituent a=i are calculated as follows.

market_capitalization[t=tj, s=j, a=i] = outstanding_number_tokens[t=tj, s=j, a=i] * price_of_token[s=j, a=i]total_market_capitalisation[t=tj, s=j] = sum_{i}(market_capitalisation[t=tj, s=j, a=i])rebalanced_weight[t=tj, s=j, a=i] = market_capitalisation[t=tj, s=j, a=i] / total_market_capitalisation[s=j]
normalised_number_tokens[s=j, a=i] = outstanding_number_tokens[s=j, a=i] / total_market_capitalisation[s=j]

Initial Rebalancing Date#

The initial index value Index[t=0, s=0] on t=0 will be 1 tez.

Index[t=0, s=0] = 1 tez

The market_capitalisation[s=0, a=i], total_market_capitalisation[s=0] and weight[s=j, a=i] are as described above in Constituent Weights.

Index Value on any Date#

The current series is j, t=tj is the start datetime of series j. The performance of asset a=i on datetime t=tk is defined as follows.

performance_of_token[t=tk, s=j, a=i] = price_of_token[t=tk, a=i] / price_of_token[t=tj, a=i] - 1

The index value on any datetime t=tk is defined as follows. The current series is j.

Index[t=tk, s=j] = Index[t=tj, s=j] * sum_{i}(normalised_number_tokens[t=tj, a=i] * (performance_of_token[t=tk, s=j, a=i] + 1))

Please note that inbetween observation dates

Subsequent Observation Date#

At each subsequent rebalancing date j the index value of the new series is set to the value of the old series j_previous.

Index[t=tj, s=j] = Index[t=tj, s=j_previous]