Financial news site Bloomberg and Milky way Digital Management have expanded their crypto offer to rail the performance of the decentralized finance (DeFi) infinite.

In a Thursday annunciation, Bloomberg said it would launch an index currently tracking nine unlike decentralized finance projects with Galaxy Digital. As of Aug. ane, these projects included Uniswap (UNI), Aave (AAVE), Maker (MKR), Compound (COMP), Yearn.Finance (YFI), Synthetic (SNX), SushiSwap (SUSHI), 0x (ZXR) and Uma (UMA).

"Decentralized finance is growing every bit the next major investment theme within crypto," said Alan Campbell, Bloomberg's multi-asset index business organisation' head of product management. "As liquidity and institutional custody solutions continue to grow, DeFi has become an increasingly compelling option for institutional investors."

Co-ordinate to Bloomberg, the DeFi assets were selected "based on institutional trading and custody readiness" in the United States, in add-on to the "quality of pricing." The news outlet said no single project would always represent less than one% of the index's overall value, but no more than than twoscore%. The fund's arm of Milky way Digital, Galaxy Fund Management, volition also offer its own passively managed fund tracking the operation of Bloomberg's, listed under the ticker DEFI.

Related: Coop to include BadgerDAO in DPI DeFi index from August

The proclamation comes three years after Bloomberg and Galaxy Digital offset partnered to create a joint crypto criterion index. At its launch in May 2022, the index tracked ten cryptocurrencies from the "largest, most liquid portion" of the market, which included Bitcoin (BTC) and Ether (ETH).

Bloomberg and Galaxy Digital'southward new DeFi index follows the cosmos of a DeFi Crypto Index Fund operated past fund manager Bitwise in February. Though Bitwise reported returns of 46.four% over the final month, the fund has a internet asset value of viii.vi% less since its inception.