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-lock to receive vlSQUILL-OPEN. You can vote-lock here. If you are in the dark on SQUILL, read this.

The OPEN index rebalances quarterly through governance and is wrapping up debate on new constituents for Q3 2025. Review the discussion here.

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 DEX liquidity. Final inclusion remains at governance’s discretion.

Index weighting: equal-weight

Governance progression

• Part 1: [May 15 to Jun 18 2025] Request For Comment (RFC) period, read the discussion here
• Part 2: [You are here] Snapshot vote to prioritize 10 index constituents, voted on by vlSQUILL-OPEN governors
  • Voters allocate percentages of their power across options
  • 🚨 Second attempt at vote; first one had technical difficulties
• Part 3: [Week of Jun 30 2025] Onchain vote to execute the OPEN basket change

12 Protocol assets under consideration (only 10 will progress)

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

Various metrics have been crowdsourced on the 12 protocol assets which you can view here, and fork for your own calculations. This is a community worksheet with crowdsourced information. Not financial advice. Don't trust, verify.

Final thoughts

• Adherence to the OPEN mandate is up to each individual voter
• You are encouraged to spread your voting power across at least 10 options