Monthly index
The exit-friction index
A price is what the last trade happened at. It is not what you would receive. Once a month we take every token we can measure and record the gap between the two.
August 2026 · provisional, month still open
Of the 65 tokens with a live on-chain market on Base or Ethereum, the median lost 15.8% selling $100,000. 26.2% lost more than half.
We track 593 assets. 317 have a contract on a covered chain, and 246 of those returned no on-chain price when we asked — an asset whose real market is a centralised exchange, or a receipt token never meant to trade, is invisible to this measurement rather than illiquid. The index is only ever a statement about the 65 we can see.
Worst measured this month: BABYCLAW at 100%. Every token is priced at the same $100,000 so the months stay comparable — see the method.
Citing this
Quote it freely, with a link. The figure moves each month and the wording of the universe is part of the figure — “of the tokens with a live on-chain market” is not decoration, it is what the number counted.
The exit-friction index
Leave an address and we will write once, when the first index is published. Nothing else, and never to anyone else.
The index measures on-chain routing on the chains named above. It is market information, not financial advice, and it is not a statement about any token’s value.