Introducing the Yuma Composite Index (YCX)

The

is a new price‑based, market-capitalization-weighted performance benchmark designed to track the full universe of Bittensor subnets. Built using weightings that inform allocations in Yuma Asset Management’s subnet composite fund, YCX provides a single, real-time view of aggregate subnet market price performance by reflecting both token prices and circulating supply.

Modeled after the structure of the NASDAQ Composite for U.S. equities, YCX offers subnet token holders with a reference to track prices across the entire subnet ecosystem, rather than relying on fragmented metrics that may be prone to distortion. As markets mature, indexes become critical infrastructure, providing benchmarks for portfolio performance, foundations for new products, and reference points to assess market health.

Following the 2025 dTAO network upgrade, Bittensor’s network value can no longer be measured solely in TAO. As value has shifted into subnet tokens, the need for a dedicated subnet benchmark is clear.

While the Total Subnets Price (TSP) - the cumulative price of one token from each subnet - provides a concise insight into the value flow between TAO and subnet tokens, it spikes with each new subnet launch, limiting its effectiveness as a comprehensive market-wide indicator. YCX addresses this gap by tracking aggregate subnet price performance independently from TAO, accounting for both subnet token prices and tokens in circulation. The result is a more representative benchmark for understanding how value is evolving within the Bittensor ecosystem.