BGCI (Bloomberg Galaxy Crypto Index), issued onchain through the Reserve protocol whose interface is operated by ABC Labs, LLC, is a Decentralized Token Folio (DTF) that wraps the constituents of the Bloomberg Galaxy Crypto Index into a single fungible ERC-20 index token whose value tracks its underlying holdings [S1][S2].

Each token represents a pro-rata onchain claim on the DTF's underlying ERC-20 basket, and holders can mint or redeem permissionlessly at real-time net asset value (NAV) without authorized participants or intermediaries [S1]. The basket is periodically rebalanced toward governance-set target weights through onchain Dutch auctions priced on an exponential decay curve [S3]. Two fees are borne by holders and accrue in the DTF token itself: a TVL fee assessed block-by-block and capped at 10% annualized, and a mint fee charged on issuance [S4].

The Reserve protocol smart contracts and the reserve.org and app.reserve.org interfaces are operated by ABC Labs, LLC under the laws of the State of Delaware [S2]. ABC Labs states it is not a bank, broker-dealer, investment adviser, commodity trading adviser, or other regulated financial intermediary, and is not registered with the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, or any other financial authority [S2]. All DTFs are permissionlessly created by third parties unaffiliated with ABC Labs, which does not control them; DTFs are not deposits and are not insured by the FDIC or SIPC, and access is restricted for OFAC-sanctioned persons and jurisdictions [S2].

BGCI follows the ERC-20 standard, with basket assets held on the same blockchain as the DTF, and is deployed on Base [S1]. Anyone can mint or redeem permissionlessly at NAV against the underlying tokens, with zapper helpers enabling single-token entry and exit [S1]. Governance escrows a vote-locking token in a staking vault and gates basket changes through a governor operating under a default 48-hour timelock with Guardian veto rights [S5].

<Sources
  retrievedAt="2026-07-17"
  items={[
    { id: "S1", url: "https://docs.reserve.org/core-components/index-dtfs/overview" },
    { id: "S2", url: "https://reserve.org/terms-and-conditions" },
    { id: "S3", url: "https://docs.reserve.org/core-components/index-dtfs/rebalancing/technical-details" },
    { id: "S4", url: "https://docs.reserve.org/core-components/index-dtfs/fees" },
    { id: "S5", url: "https://docs.reserve.org/core-components/index-dtfs/roles" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

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Bloomberg Galaxy Crypto Index (BGCI) is a tokenized exposure to Portfolio.

BGCI has been issued on Base as an ERC-20 token since February 2025.

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