Upbit Data Lab Adds Four On-Chain Indexes, Expanding Lineup to Six

Dunamu said on June 2 that Upbit Data Lab launched four new investment indexes based on on-chain data.

The additions are the Ethereum Wallet Active Undervalued Index, Ethereum Wallet Active Overvalued Index, Ethereum Transaction Active Undervalued Index and Ethereum Transaction Active Overvalued Index. The launch expands Upbit Data Lab’s on-chain index lineup to six, including its existing Ethereum Small Cap Overvalued and Undervalued indexes.

The new products apply to live markets a quantitative analysis methodology from a joint paper by Upbit Data Lab and academic researchers. The study, titled “On-Chain Factors and Cryptocurrency Asset Pricing: Evidence from Ethereum-Based Tokens,” is available on the Social Science Research Network, or SSRN.

The Ethereum Wallet Active Index selects assets based on the number of active wallets relative to market capitalization. Assets with higher active-wallet ratios are classified as undervalued, while those with lower ratios are categorized as overvalued. The index is designed to identify projects with stronger user bases and higher network usage.

The Ethereum Transaction Active Index is constructed using transaction counts relative to market capitalization. It includes assets with more active transaction volume to measure relative valuation against network activity.

All four indexes cover Ethereum-based ERC-20 tokens supported for trading on Upbit’s Korean won market. Their constituents will be adjusted through monthly rebalancing.

Kim Dae-hyun, Dunamu’s chief data officer, said the launch further advances the company’s on-chain data-based investment index framework and expands the lineup to six. He added that the company will continue developing differentiated indicators tailored to investor needs and broaden on-chain-based investment guidelines.