There’s a myth circulating in the crypto industry that indices don’t work in Web 3.0 & Web3 — but that’s not true. Another common myth is that Bitcoin itself is the index: the main and only one — which is also false. the Simply put, an index is a numerical indicator of something. That’s why people often confuse indicator indices (like the Fear and Greed Index, Altcoin Season Index, BTC Dominance Index, etc.) with indices as tradable derivatives. A S I Example of an indicator: coinglass.com/pro/i/alt-coin-season: That’s why I’ll clarify the distinction right away: I’m not particularly interested in indicators, but I am interested in indices as derivatives. Why? Example of an indicator: coinglass.com/pro/i/alt-coin-season am There are many reasons, but here are three: Over 80% of fund managers — i.e., professional players — underperform index investing; For more than 80% of people on the planet, an index is the ideal investment tool, because any alternative requires qualification, time, and… money spent on practice (learning); Web 3.0 & Web3 (WW3) indices are only at the beginning of their development — and the new is always attractive. Over 80% of fund managers — i.e., professional players — underperform index investing; 80 For more than 80% of people on the planet, an index is the ideal investment tool, because any alternative requires qualification, time, and… money spent on practice (learning); 80 Web 3.0 & Web3 (WW3) indices are only at the beginning of their development — and the new is always attractive. WW3 I’ve been working with indices for a long time, and in the WW3 space — for about five years. When I started, there were no projects at all; then some began to emerge, but so far, most are still centered around very primitive practices. WW3 That’s why below I’ll review a number of interesting projects in this area, and at the end, I’ll offer a summary in the form of several forecasts and limitations. Chainlink Chainlink Chainlink is one of the leaders in the crypto industry, and naturally, they couldn’t overlook index models — after all, who better than a price oracle to build indices? Essentially, their index acts as a benchmark. Here’s how it’s described on the project’s official site: “Use the CDY Index as a benchmark of prevailing onchain yields, which enable performance comparisons, risk assessment, and strategic allocation.” official “Use the CDY Index as a benchmark of prevailing onchain yields, which enable performance comparisons, risk assessment, and strategic allocation.” And here’s what it looks like:The approach is straightforward, but as I mentioned above, quite primitive — so let’s move on to explore more complex models. SoSoValue SoSoValue If you haven’t heard of this project in 2025, you’ve probably had little to no contact with WW3 indices at all. Website: ssi.sosovalue.com. ssi.sosovalue.com This platform already offers a wide range of indices across various themes — from the half-forgotten Metaverse to the ever-present DeFi. Moreover, there’s a methodology in place for assigning weight to each component within an index:You can explore the details in the documentation, for example, here: sosovalue.com/ru/assets/cryptoindex/index-token/19/1950935956973633540: Here, you can not only view the index, but also: sosovalue.com/ru/assets/cryptoindex/index-token/19/1950935956973633540 Buy it; Stake it; And even create your own (although this option isn’t available to everyone). Buy it; Buy Stake it; Stake And even create your own (although this option isn’t available to everyone). create There are also quite a few incentive mechanisms in place, such as a referral program, boosted staking rewards, and more.Here’s an example from my test account:The composition of the index can change over time. Here’s what the DeFi index looks like in the summer of 2025: LINK: 34.1% UNI: 17.24% AAVE: 12.14% ENA: 11.09% ONDO: 8.83% JUP: 4.63% CRV: 4.32% CAKE: 2.79% DO: 2.68% RAY: 2.18% LINK: 34.1% LINK UNI: 17.24% UNI AAVE: 12.14% AAVE ENA: 11.09% ENA ONDO: 8.83% ONDO JUP: 4.63% JUP CRV: 4.32% CRV CAKE: 2.79% CAKE DO: 2.68% DO RAY: 2.18% RAY Essentially, the index is traded like regular LP tokens, so they can be swapped, transferred, and so on. As of today, it’s one of the most popular solutions — which is reflected, among other things, in the amount of VC investment in the project. However, the main issue for me with this service is custodial control: while you technically can create your own indices, you definitely can’t do so within this interface or model. So let’s take a look at other players in this emerging niche. for me custodial control can niche Reserve.org Reserve.org This project works differently than SoSo, even if it may look similar at first glance:The funniest thing about this model is that, essentially, it’s just the purchase of multiple tokens in a single transaction. Example:basescan.org/tx/0x6ade41844976ae55c8c0e15570c2b70c82ecbe6cbb78f1ccc815e8037d2127a3:In other words, there’s no need to invent LP tokens here: you simply buy the tokens that make up a given index — and that’s it. There might be some gas savings, but it’s unclear how much more appealing this is compared to manual purchasing. That’s why I’d call this approach semi-custodial. basescan.org/tx/0x6ade41844976ae55c8c0e15570c2b70c82ecbe6cbb78f1ccc815e8037d2127a3 semi-custodial Nonetheless, over just 3+ months, there have been more than 15,000 transactions: basescan.org/txs?a=0x00c2e5d94bd090763acb5ff6ac2ebd04c1f71020&p=1. basescan.org/txs?a=0x00c2e5d94bd090763acb5ff6ac2ebd04c1f71020&p=1 IndexCoop IndexCoop One of the earliest projects focused on building WW3 indices. App: app.indexcoop.com. The problem is that they’ve essentially regressed into offering standard vaults — complex structured products sold in a single click — which makes them barely distinguishable from other similar projects (like Beefy, etc.):As for index trading — it’s still actively taking place: app.indexcoop.com But in reality, this is more of a leverage product than an index in the traditional sense. It’s described in more detail as follows “How does the Leverage Suite work? The Leverage Suite automates your leveraged trading through DeFi lending platforms like Aave V3—no perps, no margin calls, and no hidden fees. Each token is fully collateralized, with built-in liquidation protection and transparent costs, so you can enjoy leverage without worrying about managing constant rebalances or liquidation risk.” More details here: indexcoop.com/blog/introducing-arbitrum-leverage-suite. “How does the Leverage Suite work? indexcoop.com/blog/introducing-arbitrum-leverage-suite To put it simply: Long tokens (2x, 3x): Use WETH/WBTC as collateral, borrow USDC, swap it for more ETH/BTC, and reinvest. Short tokens (-1x): Use USDC as collateral to borrow ETH/WBTC and sell them. Long tokens (2x, 3x): Use WETH/WBTC as collateral, borrow USDC, swap it for more ETH/BTC, and reinvest. Long tokens (2x, 3x): Short tokens (-1x): Use USDC as collateral to borrow ETH/WBTC and sell them. Short tokens (-1x): Here’s what a purchase looks like: arbiscan.io/tx/0x44e2a350b8629b4b01510b0344df22306cae687cff18d0fb6c3791356ff2896a: Can this really be considered an index?.. arbiscan.io/tx/0x44e2a350b8629b4b01510b0344df22306cae687cff18d0fb6c3791356ff2896a index Glider.fi Glider.fi A relatively new product, judging by traffic and Whois analytics. Access is currently invite-only, but the core idea is explained in their blog: blog.glider.fi/getting-started-with-glider-a-step-by-step-guide. blog.glider.fi/getting-started-with-glider-a-step-by-step-guide Essentially, it’s a kind of smart portfolio service that allows you to visualize different portfolios and assemble them on the fly: Foundy Website: app.foundycapital.com. I tested this service back when it was still in development, and now they’ve already launched an open beta:We can see that for now, two indices are featured: app.foundycapital.com Crypto RWA Crypto RWA In essence, this is a custodial solution — but built on decentralized smart contracts. Purchases are currently limited by a minimum threshold of $100: An index is created as a wNFT with collateral, where the required assets are held in the specified proportions. Indexy Indexy Another fairly new service: indexy.xyz: Here, you can create and trade a wide variety of indices: indexy.xyz/index/657 — here’s an example: Before purchasing, you can review the index composition and the weights of specific assets: When creating an index, you can choose which assets to include; by default, they are allocated based on market capitalization: All in all, this most closely resembles a truly non-custodial solution. Though there’s another one — with a slightly different approach. indexy.xyz indexy.xyz/index/657 Envelop Envelop You may have come across this project in my research dedicated to NFT 2.0. But now they also offer wNFT-based indices (for about a year and a half already). The alpha version is currently available here: alpha.appv1.envelop.is/indexpage: research dedicated to NFT 2.0 alpha.appv1.envelop.is/indexpage Here, an index is a smart wallet in the form of a wNFT, into which the assets are placed — meaning this is also a fully non-custodial solution. That’s why in this application, you can specify an amount in the desired stablecoin, which will then be distributed either automatically or manually for the purchase of various assets: Depin Index: Two aspects are important to me. The first — index visualization: The second is the time-lock: without it, achieving an anti-FOMO effect is difficult. time-lock Conclusions Conclusions Although indices are still in their early, even zero-stage of development, over the past 2–3 years enough services have emerged to say that this niche has already taken root. 2–3 years Currently, most indices are custodial and preconfigured — meaning someone creates them, and all you do is buy. But non-custodial and customizable solutions are also emerging, which is encouraging for me as a crypto enthusiast. custodial preconfigured The main issue for now is that the sectors, markets, industries, and niches are still too young — even forming an index in a relatively mature area like DeFi is no simple task. But the more mature the WW3-format market structures become, the more indices (and later — complex structured products) we’ll see. DeFi simple task In the next articles, I’ll dive into specific solutionsand their nuances.But for now — that’s all. solutions See you!
