Overview/Motivation

$OPEN is an equal-weight index of leading stablecoin networks advancing transparency, composability, and user-owned governance. Said another way, it’s an index of stablecoin governance tokens. Review the current index here.

$OPEN is governed by SQUILL holders that vote-locked to receive vlSQUILL-OPEN.

The OPEN index rebalances quarterly through governance and is wrapping up debate on new constituents for Q4 2025. Review the discussion here. This Snapshot’s conclusion will formally close the discussion period and confirm the final lineup.

OPEN Mandate/Methodology

The mandate for OPEN is to track leading decentralized stablecoin-networks advancing transparency, composability, and user-led governance. Included protocols should be evaluated on verifiable asset-backing, peg design, mint/redeem logic, safety mechanisms, yield-sharing, and decentralized control.

Components should generally exceed $10M market capitalization and $1M tier-1 DEX liquidity. Final inclusion remains at governance’s discretion.

Index weighting: equal-weight

11 Protocol assets under consideration (only 10 will progress)

• Aave AAVE - current
• Alchemix ALCX - current
• Curve Finance CRV - current
• f(x) Protocol FXN - current
• Frax Finance FRAX (prev FXS) - current
• Inverse Finance INV - current
• Liquity Protocol LQTY - current
• Origin Protocol OGN - current
• Reserve RSR - current
• Resupply Finance RSUP - proposed
• Sky Ecosystem SKY (prev MKR) - current

Various metrics have been crowdsourced on the 11 protocol assets which you can view here, and fork for your own calculations. This is a community tool with crowdsourced information. Not financial advice. Don't trust, verify.

Final thoughts

• Each voter should adhere to the OPEN mandate & methodology
• You are encouraged to spread your voting power across 10 options
• Following the Snapshot’s conclusion, an onchain ratification proposal will confirm and implement the Q4 basket change