CMC20 (CoinMarketCap 20 Index DTF), issued onchain through the Reserve protocol whose interface is operated by ABC Labs, LLC, is a Decentralized Token Folio (DTF) that wraps a basket of the top 20 crypto assets by market capitalization tracked by the CoinMarketCap 20 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].

CMC20 follows the ERC-20 standard, with basket assets held on the same blockchain as the DTF, and is deployed on BNB Chain and 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 transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

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CoinMarketCap 20 Index DTF (CMC20) is a tokenized exposure to Portfolio.

CMC20 has been issued on BNB Chain as an ERC-20 token since October 2025, with a bridged version on one more network.

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