Quick Breakdown
- Reserve and CF Benchmarks launched LCAP, the first licensed onchain crypto index token, now set to trade on Kraken.
- Tracks 90% of market cap by following the CF Large Cap Index of ten major cryptocurrencies, including BTC, ETH, and XRP.
- Backed 1:1 by assets in smart contracts, LCAP offers ETF-like simplicity with quarterly rebalancing and full redemption for underlying tokens.
Reserve, a platform for creating decentralized token portfolios (DTFs), has introduced the Large Cap Index DTF (LCAP) in collaboration with CF Benchmarks, the UK FCA-regulated crypto index provider best known for powering BlackRock’s Bitcoin ETF.
Incoming: A major milestone for crypto investing.
We’re incredibly proud to support the launch of @reserveprotocol’s Large Cap Index DTF (LCAP).
It’s the first institutional-grade, on-chain, multi-asset index tracker.
Powered by CF Benchmarks. Built on Reserve Protocol.… pic.twitter.com/5b9uIQGoXF
— CF Benchmarks (@CFBenchmarks) September 24, 2025
A Single token for broad market exposure
The onchain index token is designed to track the CF Large Cap Index, which represents roughly 90% of total cryptocurrency market capitalization. Backed 1:1 by assets held in smart contracts and rebalanced quarterly, LCAP offers investors a single-token gateway to a diversified basket of leading cryptocurrencies—including Bitcoin (BTC), Ether (ETH), and XRP.
Unlike synthetic index products, LCAP’s underlying tokens are securely held within Reserve’s decentralized infrastructure, allowing investors to redeem at any time for the exact basket of assets. The product combines ETF-like simplicity with full onchain transparency. Trading partner MEV Capital provides institutional-grade execution, while Kraken becomes the first major exchange to list the token, opening access to both retail and institutional traders.
Regulated indexing meets decentralized finance
CF Benchmarks CEO Sui Chung called the launch a “milestone in crypto financial innovation,” blending regulated benchmarking with tokenized investment vehicles. Reserve contributors added that LCAP bridges the gap between traditional index investing and blockchain-native assets, delivering diversified exposure without the complexity of managing multiple wallets or exchanges.
Reserve already manages more than $500 million in total value locked across its suite of index and yield DTFs. The addition of LCAP extends its offerings to users seeking broad market coverage with onchain settlement and real-time liquidity, signaling a new era of decentralized index investing under regulatory oversight.
In a related move within the crypto derivatives space, Flipster has launched the market’s first USD1-denominated perpetual contracts for Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), and Dogecoin (DOGE). USD1 is a fully backed, regulated stablecoin issued by World Liberty Financial (WLFI) and can be traded or held on Flipster while earning loyalty points and USDT rewards, creating new opportunities for stablecoin-based trading.
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