Cosmos Ecosystem 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 non-EVM coordination L1s, repositioned in the 2026-05 refactor away from the dead Cosmos Hub thesis. Celestia leads at 28% as the live data-availability category winner. Sui takes 20% as the cross-modular reference layer. Injective stays at 20% on the strength of live product and real fees. TON enters at 15% as the alternative non-EVM L1 with real DAU growth. SEI holds 12% on the EVM compatibility story. Cosmos Hub keeps a capped 5% as a reference exposure to the original IBC brand. Osmosis and Dymension exit the basket. The constituent set is intentionally close to OICB8's modular coordination construction.
- Ecosystem family · Moderate risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet. The text above is its catalogue description; the framing beside it is derived from the mandate and the risk tier.
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 | |
|---|---|---|---|
| 01TIA | 28% | ||
| 02INJ | 20% | ||
| 03SUI | 20% | ||
| 04TON | 15% | ||
| 05SEI | 12% | ||
| 06ATOM | 5% | ||
| 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.
- TIA28%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- INJ20%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 - SUI20%Growth
Sui is the Move-language L1 spun out of the Diem project. Parallel-execution architecture targets the throughput ceiling that Solana hits during congestion.
Higher beta than the established L1s. Outperforms during alt-L1 rotation and on technical-narrative catalysts. Drawdowns pronounced in flight-to-quality.
sub-3y historyventure overhang - TON15%Growth
TON is the Telegram-native blockchain with the largest captive user base in crypto. The Telegram integration is a distribution advantage no other L1 can replicate.
Best in adoption-narrative phases driven by Telegram launches. Lower correlation to BTC than alt-L1 peers because of the distinct user base.
Telegram product dependenceregulatory exposure - SEI12%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- ATOM5%Infrastructure
Cosmos is the original interchain layer and remains the canonical IBC asset. The ecosystem of sovereign chains keeps the hub relevant even as hub-token economics lag.
Outperforms in interchain or modular cycles. Lags when the ICS revenue thesis fails to translate into token accrual, which has been most of 2024 to 2026.
weak token accrual
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. OCOS6 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 | −64.9% | −0.60 | −0.96 |
| 1 year | −67.2% | −0.94 | −0.11 |
| 6 months | −24.2% | −0.70 | −0.02 |
| 3 months | +35.3% | 4.53 | +1.13 |
| 1 month | +23.9% | 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.
- Top-name weightLow
TIA is the largest position at 28%. Capped by methodology but still drives index direction.
- Short price historyHigh
TIA, INJ, SEI have under a year of usable history. Backtest metrics carry wider error bars.
- Elevated volatilityMedium
Backtest annualised vol 74%. See the backtest panel above for the full risk numbers.
- Deep historical drawdownHigh
Max drawdown reached −89% 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 |
|---|---|
| TIA loses half its valueLargest holding, 28.0% of the basket | −14.0%Mechanical |
| The three largest holdings fall 30%TIA, INJ, SUI · 68.0% of the basket together | −20.4%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 482 days to recover | −89.3%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −35.4%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.73 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
OCOS6 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and publishing an order panel over rules that are about to change would be the wrong kind of confidence. Everything above stays on the page while the work runs: the composition, the measured record and the risk flags all move with the research.