How DNH Index 20 is built

Formula

Each name is weighted by its share of the basket’s combined US-dollar market capitalization.

Weight_i = MarketCap_i / Σ MarketCap

Index = (Σ MarketCap / BaseMarketCap) × 1000

Eligibility

• Universe: the largest listed cryptoassets by market cap. The index holds exactly 20 names.
• Stablecoins (USDT, USDC, DAI, FDUSD, USDe and other fiat pegs) are excluded.
• Wrapped and liquid-staking IOUs (WBTC, cbBTC, stETH, wstETH) are dropped when the underlying is already a member, so the same cap is not counted twice.
• Manual denylist (symbol or vendor id, case-insensitive): FIGR_HELOC, figure-heloc, HELOC*, RAIN (rain / rain-protocol), CC / Canton, YLDS. Denied ids are never filled back from cache.
• When a vendor sends tags, drop stablecoin, wrapped-tokens, liquid-staking-tokens (if the underlying is already in the universe), tokenized-rwa, tokenized-products, tokenized-treasury, real-world-assets, private-credit, heloc, and mortgage.
• Liquidity screen when 24h volume is reported: at least $25M and volume / market cap of at least 0.40%. Missing volume does not fail the name.
• Pricing may refresh every 10 minutes on a locked 20. That updates prices, caps and weights — it does not reconstitute membership.
• Membership is reviewed once per UTC day at 00:00. Effective date and members_hash are persisted. Intra-day snapshots do not add or drop names except hygiene fails (denylist or missing quote).
• In: eligible rank ≤ 18 and market cap ≥ 115% of the current rank-20 cutoff. Out: eligible rank ≥ 23 or market cap ≤ 85% of cutoff. Ranks 19–22 keep the incumbent unless they fail hygiene.

Base & divisor

Genesis is 2025-01-01. The index is scaled to 1,000 points using a fixed divisor of $2.4T (combined basket capitalization at base).

Reconstitution

Pricing can refresh every 10 minutes on a locked 20 — weights drift with live caps; that is not a membership trade. Official membership is reviewed once per UTC day at 00:00 with an 85/115 band around the rank-20 cutoff (in at rank ≤ 18 and ≥ 115% of cutoff; out at rank ≥ 23 or ≤ 85%; ranks 19–22 keep the incumbent unless they fail hygiene). The lab’s 85/115 toggle is that same hysteresis on the twelve-month panel.

Open the rebalance lab

Pipeline

1. CoinMarketCap first (when a key is set). On timeout, 429 or 5xx the call retries three times with exponential backoff, then CoinGecko, then CoinPaprika.
2. A 5-minute snapshot cache skips the vendors. A lock stops overlapping cron and manual refreshes from double-fetching.
3. Filter stables, wrapped duplicates, the denylist, category tags and the liquidity screen. At 00:00 UTC review membership with the 85/115 band; otherwise reprice the locked 20. Hygiene fails (denylist, missing quote) may replace a name intra-day. Never fill from a denied id.
4. Scheduler hits /api/cron/refresh every 10 minutes for prices on the locked 20. Membership does not move with that clock. Two consecutive live-source failures page Telegram / Discord when those webhooks are configured.
5. Optional: Grok drafts a bilingual desk note; Telegram delivers it when bot credentials are set.

CMC ── retry×3 ──► quotes
  │ fail / no key
  ▼
Gecko ── retry×3 ──► quotes
  │ fail
  ▼
Paprika ── retry×3 ──► quotes
  │ fail
  ▼
last snapshot (if any) ──► serve + alert
         │
         ▼
stables out → wraps out → denylist / category / liquidity
         │
         ▼
00:00 UTC? ──yes──► 85/115 review → persist effective_date + members_hash
         │ no
         ▼
reprice locked 20 (hygiene replace only) → persist snapshot