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Yuma has introduced the Yuma Composite Index, or YCX, a new market capitalization-weighted benchmark designed to track price performance across the full universe of Bittensor subnets.
The index is intended to provide a unified reference point for subnet token performance as economic activity within the Bittensor ecosystem continues to expand beyond TAO.
A New Benchmark for the Subnet Economy
YCX is described as a price-based index that reflects both subnet token prices and circulating supply. According to Yuma, the benchmark is built using weightings that inform allocations in the firm’s subnet composite fund.
The goal is to give market participants a single real-time view of aggregate subnet market performance.
The index structure is modeled conceptually on broad market equity benchmarks such as the NASDAQ Composite.
The launch comes in the context of structural changes within Bittensor following the 2025 dTAO network upgrade.
According to Yuma, the upgrade shifted a meaningful portion of network value into subnet tokens. As a result, measuring ecosystem performance solely through TAO has become less representative of overall market activity.
YCX is designed to track subnet price performance independently from TAO while accounting for circulating supply across the network.
Addressing Limitations of Existing Metrics
Yuma contrasted YCX with the existing Total Subnets Price metric, known as "TSP."
TSP measures the cumulative price of one token from each subnet and can provide a snapshot of value flow between TAO and subnet tokens. However, the metric tends to spike whenever new subnets launch, which can limit its usefulness as a broad market indicator.
YCX attempts to address this by using a market cap weighted methodology that incorporates both price and supply, with the aim of producing a more representative view of subnet market performance.
Index Infrastructure for a Growing Ecosystem
Market indexes often emerge as ecosystems mature, serving as benchmarks for portfolio performance and reference points for evaluating market health.
Yuma positions YCX as infrastructure designed to support the next phase of growth in the Bittensor subnet economy.
The index is now live and available as a consolidated view of aggregate subnet price activity:
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