S&P Dow Jones Indices and Pantera Capital have launched a new digital asset benchmark that tracks crypto networks through a more fundamentals-focused lens.

The S&P Pantera Digital Asset Index, or SPPDA, launched with 18 constituents and uses a rules-based methodology. According to the index materials, asset selection is tied to protocol-level revenue, with Artemis Analytics used for revenue data and Lukka used for pricing.

That makes the index different from a simple market-cap basket.

Market capitalization still matters across crypto, but it does not always tell investors whether a network is actually generating fees, revenue, or sustainable usage. S&P and Pantera are leaning into that gap.

The result is an institutional benchmark that…