Oracle Infrastructure 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.
Three oracle and data-layer protocols, concentrated at 65% for LINK to reflect its outsized share of institutional oracle volume. PYTH and API3 round out the basket. Concentrated allocation to oracle infrastructure as on-chain volume grows, BTC-correlated by design. Designed for thematic conviction on data-feed monetization rather than absolute outperformance. Diversification benefit is intra-sector. The prior long-tail constituents (BAND, TRB, DIA) were removed after the 2024 to 2025 drawdown.
- Sector family · Conservative 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.
3 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 | |
|---|---|---|---|
| 01LINK | 65% | ||
| 02PYTH | 25% | ||
| 03API3 | 10% | ||
| 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.
- LINK65%Infrastructure
Chainlink is the dominant oracle network and the only institutional-grade middleware token in the catalogue. CCIP makes it the de facto oracle layer for tokenized assets.
Performs in oracle-narrative phases and RWA cycles. Underperforms in pure-crypto retail rotations where infrastructure is unfashionable.
middleware competition - PYTH25%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- API310%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. OOR6 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 | −37.9% | −0.30 | −0.73 |
| 1 year | −63.7% | −1.05 | −0.26 |
| 6 months | +22.3% | 1.10 | −0.36 |
| 3 months | +19.6% | 2.27 | +1.17 |
| 1 month | +34.2% | 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 are bounded relative to the broader crypto market. Constituent caps and liquidity filters contain concentration risk. Full risk parameters live in the methodology rulebook.
- Single-name concentrationHigh
LINK carries 65% of the basket. A drawdown in this single name materially moves NAV.
- Short price historyMedium
PYTH have under a year of usable history. Backtest metrics carry wider error bars.
- Deep historical drawdownHigh
Max drawdown reached −83% 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 |
|---|---|
| LINK loses half its valueLargest holding, 65.0% of the basket | −32.5%Mechanical |
| The three largest holdings fall 30%LINK, PYTH, API3 · 100.0% of the basket together | −30.0%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 557 days to recover | −82.7%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −30.8%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
OOR6 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.