The CoinDesk Benchmark Settlement Rates ("Settlement Rates") reflect a one-hour volume-weighted average price (VWAP) of the spot CoinDesk Benchmark Rates for single digital assets denominated in USD.

·     CoinDesk Benchmark Rates are spot rates that source prices from a minimum of three exchanges and blend USD and USDC denominated trading pairs.

·     CoinDesk Benchmark Extended are spot rates that source data from a minimum of three exchanges and blend USD, USDC and USDT denominated trading pairs.

·     USDC and USDT denominated prices are converted to USD using the appropriate conversion rate.

·     Benchmark Settlement Rates use the CoinDesk Benchmark Rates and volume data as inputs to produce a volume weighted average prices (VWAP).

·     Benchmark Extended Settlement Rates use the CoinDesk Benchmark Extended Rates and volume data as inputs to produce a volume weighted average prices (VWAP).

·     The averaging look-back period resets each hour and accumulates such that, at the end of the hour, the look-back period is 60-minutes.

·     CoinDesk Benchmark Settlement Rates are used to calculate indices such as the CoinDesk 20 Settlement Index.

·     CoinDesk Benchmark Extended Settlement Rates are used to calculate indices such as the CoinDesk 80 Settlement Index.

·     For additional details on these reference rates, see the Methodology in the <Documentation> section below.

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