Polygon (MATIC) Enters Bitwise 10 Large Cap Crypto Index

Jafrin  |  Jun 4, 2021

Blockchain startup, Polygon’s native cryptocurrency MATIC now occupies a place in the institutional-grade Bitwise 10 Large Cap Crypto Index (BITX). The Bitwise 10 Crypto Index Fund (BITX) has over $817 million in assets under management with a massive 369% returns over the last year. On a year-to-date basis, the Index has surged by nearly 65%.

Polygon (MATIC) Enters Bitwise 10 Large Cap Crypto Index

As part of the May month-end index reconstitution process, Polygon has entered Bitwise 10 Large Cap Crypto Index by replacing DeFi Token AAVE.

The Index rebalancing happens every month after screening factors like custody, liquidity, and other risks while tracking the returns of the 10 largest crypto assets, as measured and weighted by free-float market cap.

 

Polygon will now occupy a space in the Index along with Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Bitcoin Cash (BCH), and Litecoin (LTC), among other cryptocurrencies.

However, Polygon has currently a weightage of just 1.03% while Bitcoin has a weight of 63.92% followed by Ethereum’s at 28.85%.

Notably, the Bitwise 10 Crypto Index Fund is only available to pre-selected investors and institutions with an AUM of $817 million and 369% returns in the past year. On an annual basis, the index increased by about 65%.

Bitwise Asset Management is managing the index with assets under management (AUM) worth $1.5 billion.

Polygon Getting Noticed Among High-Profile Investors

Polygon is slowly starting to get noticed among institutional players and high-profile investors. Just last week, tech Billionaire Mark Cuban of Shark Tank fame invested an undisclosed sum into Polygon.

Its native cryptocurrency MATIC now occupies a place in the top-15 crypto-list and has registered 183 times gains in just a year. Since the start of 2021, the price of MATIC has skyrocketed from $0.01 on 1 January 2021 to $2.68 on 11 March.

Polygon is a Layer 2 scaling and infrastructure development solution for Ethereum blockchain addressing crucial issues of the network like congestion, slow speed, and high transaction fee.

Related News