datonomy Overview

Overview

datonomy is a digital asset classification system created by Coin Metrics, Goldman Sachs, and MSCI. It gives investors a consistent, standardized way to analyze the digital assets ecosystem by assigning each covered asset to a single category based on what the asset and its underlying protocol are primarily used for.

Classification follows context of use rather than technical architecture. Assets in the same category are ones that can reasonably be expected to compete with each other or perform similar functions, regardless of whether they use different consensus mechanisms or sit on different chains. The starting point is the primary use the protocol's creators describe, but where that stated intent differs materially from how the market actually perceives and uses the asset, observed usage takes precedence.

The result is a common vocabulary for the market. Rather than reasoning about several hundred individual tickers, an investor can reason about a handful of categories with stable definitions, which makes datonomy a foundation for portfolio performance measurement, risk management, reporting, and investment strategy creation.

How the hierarchy works

datonomy has three nested levels. Every covered asset sits in exactly one subsector, and its sector and class follow from the code hierarchy rather than being assigned separately.

Level	Code width	What it describes
Class	2 digits	The asset's fundamental purpose.
Sector	4 digits	The asset's focus area within its class.
Subsector	6 digits	The asset's specific product, service, or function.

Codes are positional, so an asset's full ancestry can be read straight off its six-digit subsector code. Bitcoin, for example, is classified as follows.

Level	Code	Name
Class	10	Digital Currencies
Sector	1010	Value Transfer Coins
Subsector	101010	Value Transfer Coins

Where a sector has not been subdivided, it holds a single subsector representing the whole sector and the name repeats at both levels, as it does above. This keeps every asset classified at the same depth.

Classes, sectors, and subsectors

The current taxonomy version defines four classes and 14 sectors, holding 41 subsectors in total. The complete hierarchy is below, grouped by class. Names and codes are reproduced from the live /taxonomy-metadata/assets response, which is the authoritative source and the one to query if you need the structure programmatically. For what each category means, see the methodology, which defines every class, sector, and subsector.

10 Digital Currencies

Assets native to blockchains whose primary role is moving value on that blockchain.

Sector	Sector name	Subsector	Subsector name
1010	Value Transfer Coins	101010	Value Transfer Coins
1020	Specialized Coins	102010	Meme Coins
1020	Specialized Coins	102020	Privacy Coins
1020	Specialized Coins	102030	Remittance Coins

20 Blockchain Infrastructure

Tokens tied to the protocols and utilities that blockchains are built on and run with.

Sector	Sector name	Subsector	Subsector name
2010	Smart Contract Platforms	201010	Smart Contract Platforms
2020	Blockchain Utilities	202010	Network Scaling
2020	Blockchain Utilities	202020	Cross-Chain Interoperability
2020	Blockchain Utilities	202030	Blockchain Networks
2030	Application Utilities	203010	Oracles
2030	Application Utilities	203020	Digital Identity
2030	Application Utilities	203030	Governance Tools
2030	Application Utilities	203040	Software Development

30 Digital Asset Applications

Tokens native to on-chain applications that deliver a specific product or service.

Sector	Sector name	Subsector	Subsector name
3010	Decentralized Finance	301010	Decentralized Exchanges
3010	Decentralized Finance	301020	Derivatives Trading
3010	Decentralized Finance	301030	Decentralized Lending
3010	Decentralized Finance	301040	Stablecoin Issuers
3010	Decentralized Finance	301050	Prediction Markets
3010	Decentralized Finance	301060	Asset Management
3010	Decentralized Finance	301070	Crowd Funding
3010	Decentralized Finance	301080	Insurance
3020	Intermediated Finance	302010	Intermediated Lending
3020	Intermediated Finance	302020	Payment Platforms
3020	Intermediated Finance	302030	Private Exchanges
3030	Business Services	303010	Professional Services
3030	Business Services	303020	Enterprise Solutions
3040	Information Technology	304010	Data Services
3040	Information Technology	304020	Compute and Private Storage
3040	Information Technology	304030	Wallets and Messaging
3040	Information Technology	304040	Internet of Things
3050	Metaverse	305010	Virtual Worlds
3050	Metaverse	305020	Gaming
3050	Metaverse	305030	NFT Ecosystems
3060	Media Services	306010	Advertising
3060	Media Services	306020	Content and Streaming

40 On-Chain Derivatives

Tokens whose value derives from another asset, held on or off chain.

Sector	Sector name	Subsector	Subsector name
4010	Stablecoins	401010	Fiat-backed Stablecoins
4010	Stablecoins	401020	Crypto-backed Stablecoins
4010	Stablecoins	401030	Algorithmic Stablecoins
4020	Tokenized Assets	402010	Asset-Backed Tokens
4020	Tokenized Assets	402020	Synthetic Tokens
4030	Claim Tokens	403010	Liquidity Pool Tokens
4030	Claim Tokens	403020	Staked Tokens

This structure is versioned. The tables above reflect the current taxonomy version. Query Asset Taxonomy Metadata to get the hierarchy for any version, including historical ones, rather than hard-coding it.

Asset coverage

To be eligible for classification, an asset must be widely available to investors globally rather than confined to a single venue. Eligibility is measured against a screened universe of digital asset exchanges, and the entry and exit bars deliberately differ:

• To enter, an asset must have traded at least once in the past 30 days on at least 25% of eligible exchanges.
• To remain classified, an already classified asset must have traded at least once in the past 30 days on at least 10% of eligible exchanges, subject to a floor of two exchanges.

The gap between the two thresholds is intentional. It stops assets near the boundary from entering and leaving the taxonomy on small changes in venue coverage. Assets that fall below the lower bar are reviewed for removal rather than dropped automatically.

The classified universe is served by the API rather than published as a static list. Querying Asset Taxonomy with no filters returns every asset currently classified. See the methodology for the full set of guiding principles behind inclusion and classification.

Governance

MSCI administers datonomy. It owns the classification methodology and is responsible for reviewing and approving both the initial classifications and every subsequent change. Coin Metrics contributes the underlying market data, including the exchange screening that determines which venues count toward the eligibility thresholds above, and serves the resulting classifications through this API. An advisory board that may be co-chaired by Goldman Sachs, Coin Metrics, and MSCI provides industry input.

Classification changes have no fixed calendar. New assets, reclassifications, and removals are reviewed and implemented as needed, so an asset can be added or move categories at any time. The structure itself is reviewed at least annually, and material changes to it go through a public consultation before they take effect. In practice this means the classification of a given asset is stable most of the time, but you should not assume a fixed effective date for changes.

Versioning

datonomy is versioned, and the API preserves history at two levels. A taxonomy version fixes the set of classes, sectors, and subsectors, each with an effective start and end time. Within a version, each asset's classification is stored as a dated revision, so an asset that is reclassified keeps its earlier classification with the window over which it applied.

Both endpoints accept a version parameter, and passing version=* returns the full history. This is what makes point-in-time analysis possible: a backtest can reconstruct which assets sat in which category on a given date, rather than inheriting today's classification and picking up look-ahead bias.

API Endpoints

datonomy is served by two endpoints. One returns the classification of each asset, the other returns the structure those classifications refer to.

Asset TaxonomyAsset Taxonomy Metadata

Related

• Asset Taxonomy: the classification of each covered asset, at /taxonomy/assets.
• Asset Taxonomy Metadata: the full class, sector, and subsector structure, at /taxonomy-metadata/assets.
• datonomy Methodology: the published classification methodology.
• Asset Profiles: descriptive reference data for the same assets.