Golden Dragon China Token Index Perpetual Contract (“GDCBUSD Perpetual Contract”) is a cryptocurrency price index that tracks the market performance of certain Chinese tokens listed on mainstream spot markets.
The Index can help users quickly discover the price trends of top Chinese tokens relative to the overall cryptocurrency market direction.
1. ApolloX Golden Dragon China Index Details
|Index Name||ApolloX Golden Dragon China Index|
|Description||Golden Dragon China Token Index denominated in BUSD|
|Base Date||2023-02-21 09:00 (UTC)|
|Base Index||100 BUSD|
|Index Constituents||The ApolloX Golden Dragon China Index consists of the top Chinese Tokens (by market capitalization) on mainstream spot exchanges|
2. Index Calculation
ApolloX Golden Dragon China Token Index is calculated by reference to the weighted average prices of the tokens that constitute the Index.
The Index formula is as follows:
n is the constituents count,
piis the latest price of constituent i (denominated in BUSD),
wit is the weight of constituents i at the latest reported time t (“Report Time”),
Divisort is the latest stable divisor.
This formula ensures a continuous change of Index constituents/weight and that the price of the Index is only affected by a change to the underlying constituents’ price.
The divisor on the Index Base Date is:
And at each Report Time t:
The weight of each constituent of the Index is calculated by a weighting factor (the weight will remain unchanged between Index rebalances):
The weighting method for the ApolloX AI Token Index is market cap weighting with a weighting factor calculated as follows:
The market capi (at rebalancing time) is the market cap of constituent i. All metrics are measured in BUSD as the Index denomination.
2.4 20% Weight Cap
For constituents whose weight is < 20%:
- Define count_capped = count of constituents whose weight is capped at 20%
- Define sum_non_capped = sum of all market cap of constituents whose weight is < 20%
3 . Rebalances
The launch date of ApolloX GDCBUSD contract is 2023-02-20, with the first rebalance date at 08:00 (UTC), on 2nd March, 2023.
3.1 Regular Rebalances
The Index constituents and their weights will be automatically rebalanced every Thursday at 08:00:00 UTC to reflect latest market changes.
3.2 Special Adjustments
Special adjustments are deemed necessary when one or several constituents face drastic changes (e.g., delisting or no organic volume).
Two kinds of special adjustments can occur:
- Exclusion of an existing constituent and recalculation of the weights (and Divisort) for the remaining constituents;
- Exclusion of an existing constituent and replacement with a different Chinese Token. Recalculation would also be needed, and the index would be rebalanced.
3.3 Hard Fork/Airdrop/Mapping Adjustment
Taking into consideration the unique features of cryptocurrency price indexes, ApolloX Golden Dragon China Index will be adjusted for hard fork/airdrop/mapping following these guidelines:
- No adjustments needed for soft forks or hard forks that do not generate new tokens;
- For hard forks/airdrops that create a new token, the new token should be included in the Index with the same weighting as was given to the original token and excluded on the next regular rebalance if sample selection criteria are not met; and
- For airdrops/mappings which lead to a token being replaced by new tokens, especially for split/reverse split occasions, the existing token should be replaced by the new token(s) with the weight adjusted according to the split ratio.