Upbit Datalab has newly launched four Ethereum-based on-chain strategy indices. With this addition, combined with existing indices, a total of six investment indices are now being provided.

• The four newly introduced indices are as follows:
• Ethereum Wallet Active Undervalued / Overvalued
• Ethereum Transaction Active Undervalued / Overvalued

These indices are designed to reflect network activity by distinguishing the undervalued and overvalued states of assets based on the number of active wallets and transaction volume within the network.

Specifically, the 'Ethereum Wallet Active Index' includes up to 10 assets each from those with a high number of active wallets relative to market capitalization and those with a low number. A high proportion of active wallets is classified as undervalued, while a low proportion is classified as overvalued. The 'Ethereum Transaction Active Index' selects up to 10 assets each from those with frequent transactions and those with few transactions relative to market capitalization. A higher number of transactions results in a higher evaluation of network utilization. Both indices target Ethereum-based digital assets (ERC-20 tokens) and adjust their portfolios through monthly rebalancing.

These new indices are an example of applying a quantitative analysis methodology to the market, based on a paper published on SSRN by Upbit Datalab and academic researchers. Unlike the existing 'Ethereum Small-Cap Overvalued/Undervalued Index,' which evaluated the ratio of the average purchase price to the market price, these new indices use network activity metrics rather than asset prices as the evaluation criteria.

Here, an active wallet refers to a holder's wallet address (EOA), excluding contracts, among the addresses that have deposited or withdrawn the asset within the last 24 hours. A transaction is the total number of asset transfers between blockchain wallets. A higher number indicates that the asset is being actively used.

Upbit Datalab also provides blockchain fundamental indicators such as active addresses, new addresses, and transaction throughput within the Ethereum network, helping general investors establish investment strategies based on on-chain data.

Dunamu Chief Data Officer (CDO) Kim Dae-hyun stated, "With the launch of these new indices, we have further advanced our on-chain data-based investment index system and expanded our lineup to a total of six," adding, "Moving forward, we will continue to develop differentiated indicators tailored to investors' needs and diversify our on-chain-based investment guidelines."