The CF DeFi Composite Index is a liquid, investible benchmark portfolio index that tracks the return performance of decentralised financial services, commonly referred to as "DeFi". The index is comprised of three distinct sub-portfolios of fixed weight that represent the components of blockchain architecture that are required to deliver decentralised financial services to individual and institutional end users; decentralized applications (dApps) via DeFi protocols, Services and Settlement Blockchains. Digital assets are classified in accordance with the CF Digital Asset Classification Structure (DACS) for sub-portfolio eligibility.
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Size led the factor table at 8.86% as the Market finished flat, with Downside Beta and Liquidity next and Momentum last. Much of the move traces to Quant (QNT), up 200% on the week, so the rotation is narrower than the rankings suggest.

Mark Pilipczuk
Digital assets rallied in September despite the Fed's first rate hike since 2023 and a failed Senate vote on the CLARITY Act. All eight CF Benchmarks indices rose, led by DeFi at 31.8%, as smaller caps outpaced the majors and fund inflows slowed to $3.8 billion, down 35.3% from August.

Mark Pilipczuk
Digital assets rallied through a Fed hike and a failed CLARITY Act vote. Our Q4 outlook argues that usage earns a return only where it reaches tokenholders, and tests that view across protocol fees, tokenized equities, perpetuals and stablecoins.

Mark Pilipczuk
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