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Introducing CMC20: Crypto’s answer to the S&P 500 has arrived

The benchmark index for the next generation of crypto investing is here

Jake "starl3xx" Bouma

Sep 24, 2025

4 min read

Introducing CMC20: Crypto’s answer to the S&P 500 has arrived

If the S&P 500 was born onchain, it would look like CMC20.

Today, we’re excited to announce the launch of CMC20 — the CoinMarketCap 20 Index DTF (Decentralized Token Folio). Built on BNB Smart Chain and powered by the Reserve Index Protocol, CMC20 gives investors instant, diversified exposure to the top 20 cryptocurrencies in a single token.

Think of it as crypto’s answer to the S&P 500: a liquid, transparent, and accessible benchmark for the entire digital asset market.

What is CMC20?

CMC20 is an onchain index token that tracks the CoinMarketCap 20 Index — a benchmark designed to measure the performance of the top 20 cryptocurrency projects by market capitalization, as ranked by CoinMarketCap.

Unlike traditional index funds that require intermediaries, minimum investments, and complex custody arrangements, CMC20 is:

Instantly mintable and redeemable — Buy or sell 24/7 with instant settlement
Fully transparent — All holdings are visible onchain in real-time
Composable in DeFi — Use across lending, trading, and liquidity protocols
Accessible globally — No accreditation requirements or geographic restrictions

With a single transaction, you gain exposure to the most established projects in crypto, from Bitcoin and Ethereum to leading Layer-1s, DeFi protocols, infrastructure projects, and more.

Imagen CMC20 offers instant exposure to the top 20 crypto assets, weighted by market cap. Available on PancakeSwap and Reserve today.

Why CMC20 matters

The crypto market is broad and fragmented. With over 2 million tokens launched and 50,000+ new tokens created daily, navigating the landscape has never been more complex. For most investors, picking individual winners is time-consuming, risky, and impractical. CMC20 solves this by providing:

1. Diversification without the complexity

CMC20 currently includes major assets like:

66.5% Bitcoin (BTC) — Digital gold and the market leader
14.5% Ethereum (ETH) — The world computer and DeFi hub
19% across 18 other top projects — Including Solana (SOL), BNB, XRP, Dogecoin (DOGE), Cardano (ADA), and more

This means exposure across Layer-1 blockchains, centralized exchange tokens, DeFi leaders, infrastructure projects, and even memecoins — all rebalanced monthly to reflect the evolving market.

2. A true core benchmark

Just as the S&P 500 serves as the benchmark for U.S. equities, CMC20 acts as a core benchmark for crypto exposure. It’s:

Comparable to traditional index products investors already understand
Market-cap weighted to reflect the actual composition of crypto markets
Designed to capture the performance of the broader cryptocurrency ecosystem

3. Built for institutional and DeFi-native use

CMC20 is the most complete crypto index available today, delivering:

Clarity — Transparent methodology and onchain verification
Credibility — Partnership with CoinMarketCap, the industry’s most-trusted data provider
Convenience — One token to buy, sell, or use across DeFi in seconds

Whether you’re an asset manager seeking diversified crypto exposure, a retail investor building a long-term portfolio, or a DeFi power user looking for a liquid collateral asset, CMC20 is built for you.

Imagen Cut through the noise with crypto's benchmark index. CMC20, now available on PancakeSwap and Reserve.

Purpose-built methodology

CMC20 isn’t just another index — it’s a purpose-built financial product designed according to research-driven, transparent, and back-tested methodologies.

Market cap weighted and rebalanced monthly

CMC20 tracks the top 20 cryptocurrencies by market capitalization, providing diversified exposure across crypto leaders. The index rebalances monthly to ensure it reflects the current market landscape and captures growth across emerging sectors.

Beyond BTC & ETH

While Bitcoin and Ethereum dominate crypto market cap today, CMC20 captures growth across different sectors, including:

Layer-1s — Foundational blockchain protocols
CEXs — Centralized exchange tokens
Infrastructure — Core crypto building blocks
Memecoins — High-engagement community tokens
DeFi leaders — Decentralized finance protocols

Designed for robustness & broad adoption

CMC20 is built to be a long-term benchmark that evolves with the market. It excludes stablecoins (e.g., USDT), tokens with limited investability (e.g., potential litigation risk or limited liquidity), and assets pegged to other crypto assets like wrapped BTC or staked ETH.

The result? A clean, investable index that represents the broader cryptocurrency market while minimizing unnecessary complexity.

The power of DeFi composability

CMC20 is a significant collaborative effort that showcases the true power of DeFi composability. It was built through partnerships across the ecosystem:

Index → CoinMarketCap
Blockchain → BNB Chain
DEX → PancakeSwap
Curation → Lista DAO
Protocol → Reserve

By leveraging best-in-class partners across indexing, blockchain infrastructure, decentralized trading, curation, liquidity, and protocol development, CMC20 represents what’s possible when DeFi works together.

Imagen A best-in-class DeFi stack brings together the best-in-class coins. Check out CMC20 on PancakeSwap and Reserve.

Leading-edge financial innovation

CMC20 is not just a reference index — it’s built for use.

Most crypto indexes are just reference data you can’t invest in. CMC20 is different. You can mint, trade, and redeem it instantly, 24/7, without any middlemen.

Best-in-class DeFi-native index

While most indexes provide limited representation of the top cryptocurrencies, CMC20 is optimized for comprehensive inclusion and rebalancing to deliver the most complete representation of the top 20 crypto leaders.

Built to meet all user needs

From asset managers and hedge funds to retail users, CMC20 services all types of investors. Whether you’re looking for a passive buy-and-hold strategy or more sophisticated trading use cases, CMC20 has you covered.

Unique regulatory position

Decentralization is at the core of CMC20. Unlike centralized products, it delivers a full-featured liquid index token without reliance on any centralized entity to facilitate compliant listing across regulated exchanges and trading venues.

Listable across exchanges

CMC20 is composable in DeFi protocols and available to users globally. It can also facilitate spot listing across regulated crypto exchanges and traditional trading venues — providing the best of both worlds.

Built on the Reserve Index Protocol

CMC20 is powered by Reserve’s battle-tested DeFi infrastructure, which includes:

4+ security audits ensuring institutional-grade security and reliability
$10M bug bounty program incentivizing ongoing security research
Proven track record with billions in transactions processed

Why now?

Crypto has reached a pivotal moment. Institutional adoption is accelerating, regulatory clarity is emerging, and digital assets are becoming a core part of diversified portfolios worldwide.

But the tools to invest intelligently haven’t kept pace. Until now.

CMC20 bridges the gap between traditional finance and decentralized infrastructure — offering the simplicity and credibility of an index fund with the transparency, accessibility, and composability of DeFi.

As recent reporting shows, major banks like BNY Mellon, State Street, and Citi are racing to build crypto custody and trading infrastructure. Tokenized assets are projected to reach $4 trillion by 2030, and DTFs (Decentralized Token Folios) represent the next evolution of index investing — combining the benefits of ETFs with the power of onchain composability.

CMC20 is leading that evolution.

Imagen Crypto’s answer to the S&P 500 has arrived. Trade CMC20 on PancakeSwap and Reserve.