An equal-weighted index of eight tokens tracking the infrastructure layer of real-world asset tokenization. Not investable. Not a recommendation. A lens — one designed specifically for equity investors who think in terms of platform value, revenue quality, and network effects.
Download Full Methodology PDF →Real-world asset tokenization has crossed $37 billion in on-chain value, roughly tripling in eighteen months. BlackRock, Franklin Templeton, Apollo, and KKR have all entered the space. Yet there is no widely tracked benchmark that measures the infrastructure enabling this shift.
The crypto market has Bitcoin dominance charts, ETF flow trackers, and DeFi TVL dashboards. What it lacks is a simple, repeatable measure of whether the plumbing of tokenization — the oracles, lending protocols, issuance platforms, and yield infrastructure — is gaining or losing momentum.
We created it because our readers kept asking the same question: “I understand that tokenization is happening — but how do I measure whether it’s accelerating or stalling?” This index is our answer.
Each constituent’s price is normalized to 100 on the base date. The index value on any given day is the simple arithmetic mean of all eight normalized values. This equal-weight approach avoids concentration risk — Chainlink’s $12 billion market cap does not dominate Centrifuge’s $240 million. Every constituent’s performance contributes equally to the index reading.
In a market-cap-weighted approach, Chainlink and Ondo would dominate the index, and smaller but important infrastructure protocols like Centrifuge and Maple would be rounding errors. Equal weighting ensures the index reflects the breadth of the tokenization infrastructure stack, not just the tokens with the highest retail speculation premium.
The eight constituents span five functional layers of the tokenization infrastructure stack: asset issuance, oracle/pricing, credit underwriting, yield structuring, and collateral management. Each was selected because it fills a role that must exist for tokenization to function at institutional scale.
What an index excludes defines it as much as what it includes. The Bridge RWA Index is specifically an infrastructure index — it tracks the protocols enabling tokenization, not tokenized assets themselves and not general-purpose blockchain platforms.
Not investable. The Bridge RWA Index is a commentary tool, not a financial product. There is no fund, ETF, or structured product tracking this index. It cannot be directly invested in.
Not a recommendation. Inclusion of a token in the index does not constitute a recommendation to buy, sell, or hold that token.
Data limitations. Pricing is sourced from CoinGecko. Token prices are inherently more volatile than the underlying protocol adoption they represent.
Concentration risk. With eight constituents, the index is concentrated. A material event affecting any single constituent would meaningfully impact the index level.
Survivorship bias. The initial constituent selection reflects protocols that have survived to 2026.
Douglas Borthwick and Steve Kraus are not registered investment advisors. The Bridge provides commentary and analysis for informational purposes only. Nothing in this document constitutes investment advice or a recommendation to buy or sell any security or digital asset. Past performance is not indicative of future results. Do your own research.
The Bridge RWA Index is published every Sunday in The Bridge newsletter, alongside constituent-level performance, weekly commentary, and the Tokenization Tracker.