Binance Launches the Top 10 Equal-Weighted Index
Binance has announced the launch of its Index Series, CMC Top 10 Equal-Weighted Index is the first one of this series.
Auto-Invest will be one of the first ways to acquire digital assets in the new index from November onwards.
Additionally, Binance has announced its one-year Index Series roadmap.
Binance, the world's leading blockchain and cryptocurrency infrastructure provider, today announced the launch of a new series of crypto benchmarks, Binance CoinMarketCap (CMC) Index Series. The indices are designed to enable users to better monitor and evaluate the performance of the crypto market for easier research. The new benchmarks will rely on pricing data from CoinMarketCap, the world’s most-referenced cryptocurrency data tracking site owned by Binance.
The series begins with the USD-denominated Binance CMC Top 10 Equal-Weighted Index, which tracks the performance of top ten cryptocurrencies by market capitalization. Users can expect to see the integration of the Index with Binance’s Auto-Invest feature, with more index-linked products within the Binance ecosystem to follow.
What more can you expect?
The Top 10 Equal-Weighted Index marks the beginning of a series of product innovations by Binance, with a roadmap of new launches stretching to 2023 and beyond.
October 2022: Launch of the Binance CoinMarketCap Top 10 Equal-Weighted Index
As of today, users can already track the performance of Binance CMC Top 10 Equal-Weighted Index here.
November 2022: Auto-Invest to launch the Index plan for diversified recurring crypto purchases
One of the first ways to invest using the new index will be via Auto-Invest, a feature that allows users to automate and diversify their cryptocurrency purchases using Dollar-Cost Averaging (DCA) strategy.
2023: Introduction of new Auto-Invest trading indices
Furthermore, users can expect to see more indices to be launched in the future, as well as the integration of indices into various Binance products.
How does the Binance CMC Top 10 Equal-Weighted Index Work?
The new Index tracks the performance of the top 10 digital assets by market capitalization relative to the base fiat currency, the US dollar. The basket of 10 digital assets is equally weighted and is rebalanced on a monthly basis. The market capitalization of a digital asset is calculated by multiplying its price in USD by its current circulating supply.
Find out more details on how the index works here.
What Is Auto-Invest?
Auto-Invest is a feature that allows you to automate cryptocurrency purchases. It relies on a dollar-cost averaging (DCA) strategy. You can choose the cryptocurrency you want to buy on a regular basis using your BUSD or USDT balance.