BNB Chain 6
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
Six tokens with meaningful BNB Chain integration. BNB anchors at 42% on Binance native demand. PancakeSwap caps at 12% to keep DEX share exposure without overweighting a flat name. Injective deepens to 18% on cross-listed product traction. Pendle enters at 14% as a multi-chain yield-trading reference that includes BNB Chain deployments. Solv adds 8% on the BTCFi-on-BNB build. Venus retains 6% as the chain-native lending leg. Trust Wallet and MAGIC exit the basket in the 2026-05 refactor.
- Ecosystem family · Moderate risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
6 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01BNB | 42% | ||
| 02INJ | 18% | ||
| 03PENDLE | 14% | ||
| 04CAKE | 12% | ||
| 05SOLV | 8% | ||
| 06XVS | 6% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- BNB42%Core anchor
BNB captures the cash flow of the largest centralized crypto exchange. Quarterly burn-and-buy gives it the cleanest token-to-revenue link of any major.
Tracks Binance volume more than crypto beta. Faces regulatory tail risk when Binance is under enforcement scrutiny.
regulatory tail riskexchange concentration - INJ18%Infrastructure
Injective is the Cosmos-based L1 specialised for on-chain derivatives and the iAssets framework for tokenized equities.
Performs in derivatives and RWA narrative phases. Sensitive to Cosmos ecosystem health and to iAssets adoption.
narrow product surface - PENDLE14%Yield
Pendle is the leading yield-trading protocol in DeFi. Tokenizes future yield into principal and yield tokens so traders can express directional yield views.
Performs in restaking and high-yield regimes. Underperforms when underlying yields compress or restaking narratives cool.
yield-curve regime risk - CAKE12%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- SOLV8%Yield
Solv Protocol tokenizes Bitcoin into yield-bearing instruments. SolvBTC is the largest BTC-yield product on-chain.
Performs in Bitcoin-DeFi narrative phases. Sensitive to Babylon protocol health and BTC-yield primitive maturity.
Babylon dependencethin float - XVS6%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OBNB6 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | −45.5% | −0.58 | −0.16 |
| 1 year | −44.2% | −0.86 | −0.06 |
| 6 months | +29.3% | 1.76 | +0.29 |
| 3 months | +1.3% | 0.14 | −0.95 |
| 1 month | +21.9% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns of 30 to 50% are within historical range during cycle bottoms, tracking the broader crypto market. Family-standard caps and rebalancing rules apply.
- Single-name concentrationHigh
BNB carries 42% of the basket. A drawdown in this single name materially moves NAV.
- Short price historyHigh
INJ, PENDLE, SOLV have under a year of usable history. Backtest metrics carry wider error bars.
- Deep historical drawdownMedium
Max drawdown reached −65% in the backtest window. Size accordingly.
- Pre-live statusLow
Watchlist index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| BNB loses half its valueLargest holding, 42.0% of the basket | −21.0%Mechanical |
| The three largest holdings fall 30%BNB, INJ, PENDLE · 74.0% of the basket together | −22.2%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 177 days to recover | −65.3%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −33.5%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.74 correlation to bitcoin over its window: the holdings often move together, though less tightly than a broad crypto basket. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Worth a second look later
OBNB6 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and an order panel over rules that are about to move would put a commitment on the page the research has not earned. Everything above stays visible and updates with the study, so you can follow the work as it lands.