In the past 10 years, Bitwise, Coinbase, Nasdaq, and TSE have all attempted to create Crypto indices, but have not been very successful. Now, S&P DJI and Pantera are working together to launch the S&P Pantera Digital Asset Index (Ticker: SPPDA), which is attempting to change this logic by excluding BTC and focusing on selecting Crypto networks that can generate protocol revenue and allow token holders to capture value SPPDA's criteria for assets are: having real usage scenarios, agreement income, and economic activities. According to information released by S&P DJI, SPPDA initially consists of 18 assets. The currently confirmed top five components include ETH, BNB, SOL, TRX, HYPE, and the remaining 13 asset lists have not been fully disclosed. The official PDF also establishes several asset screening principles, including: The newly entered market value should exceed 500 million US dollars The circulation ratio should be greater than 30% Trading activity/liquidity: LR needs to exceed 0.5 ◦ Has a certain history of existence For two consecutive quarters, the agreement revenue must be positive Exclude abandoned unclaimed tokens and meme coins For the issuer S&P DJI, everyone is familiar with it. The famous S&P 500 Index and Dow Jones Industrial Average in the US stock market are currently maintained and operated by S&P DJI, and their influence is evident In fact, in the past 10 years, many institutions have launched cryptocurrency index products, but their presence in the market has been very low. The commonalities of these indices are: 1) they generally include Bitcoin and have a high proportion; 2) The overall performance basically follows the Crypto bull bear cycle, with good performance in the bull market and unbearable decline in the bear market; 3) Highly exposed to BTC and ETH, without truly capturing the value growth of different protocols in the Crypto ecosystem; 4) In the long run, the return is not as good as simply hoarding BTC. Attached, Historical Crypto Index Products The earliest was CRIX (Cryptocurrency Index) in 2016 2017 BITW (Bitwise 10 Crypto Index Fund) 2018 Coinbase Index Fund 2021 NCI (Nasdaq Crypto Index) CD20 in 2021 (CoinDesk 20 Index) The FTSE Grayscale Digital Asset Index Series for 2024 The S&P Digital Markets 50 Index for 2025 includes 15 tokens and 35 cryptocurrency related stocks