Upbit Introduces On-Chain Data-Based Indexes for Ethereum Assets

South Korean cryptocurrency exchange Upbit has introduced two new digital asset indexes that utilize blockchain data to track price movements of Ethereum-based assets. According to a press release from the company's operator, Dunamu, the indexes are designed to provide users with a more detailed understanding of asset prices and market trends.

The two indexes, which are rebalanced on the second day of each month, use the MVRV (Market Value to Realized Value) indicator to identify assets that may be undervalued or overvalued. The Ethereum Small-cap Undervalued Index includes five representative assets with prices lower than their average on-chain purchase price, while the Ethereum Small-cap Overvalued Index comprises five tokens with prices higher than their average on-chain purchase price.

The indexes exclude stablecoins, memecoins, and assets with investor protection-related issues from evaluation. According to Kim Dae-hyun, chief data officer at Dunamu, the introduction of these indexes aims to make blockchain data more accessible to retail investors.