Metaverse Index - May 2024 Rebalance

The Metaverse Index is a digital asset index designed to track the performance of some of the largest protocols in the Metaverse themed space.

Since the last rebalancing, MVI has gained more than 250% in USD terms, outperforming ETH which gained ~145% over the same period.

Metaverse Index component and product updates

Fetch.AI (FET) project has pivoted away from metaverse to focus purely on AI, no longer qualifies to be held by the index and has therefore been removed.

Former component Merit Circle (MC) rebranded and migrated to a new token called BEAM.

MVI continues to struggle to rebalance effectively and efficiently due to inherited legacy technical debt forcing all trades to be carried out on-chain against a small set of DEXs. Whilst Index Coop has no control over this as MVI was built on Set Protocol the team continues to work on long term solutions.

The inefficiencies have lead to a further reduction in the rebalance cadence to reduce churn and value erosion from trading.

Axie Infinity and Blur (AXS and BLUR) have negligible on-chain liquidity accessable and can no longer be rebalanced.

Metaverse Index rebalance weights

Rebalance summary

The above index weightfactors and weights were calculated using prices and circulating supplies as of Apr 30, 2024.

At the May 2024 index rebalance, No other constituents were added or removed.

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Capital due to increase the AXS and BLUR weights but unable to due to lack of access to liquidity is being held in WETH.

FET was removed in a one of rebalance after and that capital is also now held in WETH until the next rebalance.

Due to these extra-ordinary circumstances WETH in now (temporarily) the top component by weight.

indexcoop.com/products/metaverse-index (as of 3rd June 2024)