| Market data | Data relating to the protocol's governance token | | |
| Fully diluted market capitalization | Valuation of the protocol based on the maximum supply of its governance token | Maximum supply * token price, sourced from Coingecko | Shows the protocol's true valuation by taking into account all the tokens that have been issued |
| Circulating market capitalization | Valuation of the protocol based on the circulating supply of its governance token | Circulating supply * token price, sourced from Coingecko | When charted against the fully diluted market capitalization, it shows the magnitude of future unlocks that could potentially drive down the price |
| Token trading volume | Trading volume of the protocol's governance token across CEXs and DEXs | Trading volume on supported CEXs & DEXs, sourced from Coingecko | Shows if there's proper price discovery for the token |
| Tokenholders | Number of unique governance tokenholders | Number of unique addresses with a governance token balance greater than 0, sourced from onchain data | Shows if the protocol's ownership is concentrated or decentralized, often tied to the maturity of the protocol (concentrated ownership more common at the early stage) |
| GMV data | Data relating to the usage of the protocol | | |
| Total value locked | User deposits to the protocol's smart contracts (these assets are not owned by the protocol) | Value of funds held across a protocol's smart contracts | Shows how much value users are willing to deposit to a protocol's contracts, i.e. if there is trust in the protocol's contracts (security-wise) |
| Transaction volume | Transaction volume on a blockchain (L1 / L2) | Transaction volume on a blockchain (L1 / L2) | Shows how much value users are willing to transact on a blockchain, i.e. if there is trust in the blockchain to transact at scale |
| Trading volume | Trading volume on a DEX / NFT marketplace | Value of tokens being exchanged at a DEX / NFT marketplace | Shows how much value traders are willing to trade on a DEX / NFT marketplace, i.e. if there is trust in the DEX / NFT marketplace to trade at scale |
| Active loans | Outstanding loans on a lending protocol | Value of funds owed by borrowers to lenders | Shows how much value borrowers are willing to borrow on a protocol, i.e. if there is trust in the lending protocol to lend & borrow at scale |
| Assets staked | User deposits staked by a liquid staking protocol | Value of funds staked across the protocol's smart contracts | Shows how much value stakers are willing to stake through a protocol, i.e. if there is trust in the liquid staking protocol to stake at scale |
| Capital deployed | Capital invested by an asset management protocol | Total value of funds deployed by the protocol's smart contracts | Shows how much investors are willing to invest through a protocol, i.e. if there is trust in the asset management protocol to invest at scale |
| Transfer volume | Tokens transferred through a cross-chain bridging protocol | Value of tokens transferred through a cross-chain bridge | Shows how much bridge users are willing to transfer through a bridging protocol, i.e. if there is trust in the bridging protocol to transfer at scale. |
| Financial data | Data relating to the economic sustainability or profitability of the protocol | | |
| Fees | Fees paid by end users | Value of the aggregate fees paid by end users, sourced from onchain data | Shows if users are willing to pay to use a protocol, i.e. if there is product market fit (especially if there are no token incentives) |
| Supply-side fees | Portion of fees paid to service providers | Value of the fees paid to service providers (LPs, lenders, creators, etc.), sourced from onchain data | Shows what percentage of the fees the protocol passes on to service providers |
| Revenue | Portion of fees kept by the protocol (and its tokenholders) | Value of the fees kept by the protocol (and tokenholders), sourced from onchain data | Shows what percentage of the fees the protocol captures for itself |
| Token incentives | Governance tokens distributed to users (token-based compensation) | Value of a protocol’s governance tokens that have been claimed by users, sourced from onchain data | Shows how much the protocol is subsidizing the use of the protocol by issuing tokens to its users, i.e. how much existing tokenholders are being diluted |
| Earnings | Net income of a protocol (excl. operating expenses) | Revenue - token incentives, sourced from onchain data | Shows how much the protocol earns after token incentives, i.e. if the protocol has an economically sustainable business or not |
| Valuation data | Data relating to the valuation (over / undervalued) of the protocol | | |
| P/F ratio
(fully diluted) | Valuation multiple, based on the fees paid by end users | Fully diluted market capitalization / annualized fees | Shows how many years it would take for the fees to "repay" the fully diluted valuation |
| P/F ratio (circulating) | Valuation multiple, based on the fees paid by end users | Circulating market capitalization / annualized fees | Shows how many years it would take for the fees to "repay" the circulating valuation |
| P/S ratio
(fully diluted) | Valuation multiple, based on the revenue earned by the protocol | Fully diluted market capitalization / annualized revenue | Shows how many years it would take for the revenue to "repay" the fully diluted valuation |
| P/S ratio (circulating) | Valuation multiple, based on the revenue earned by the protocol | Circulating market capitalization / annualized revenue | Shows how many years it would take for the revenue to "repay" the circulating valuation |
| Cash management data | Data relating to the treasury management of the protocol | | |
| Treasury | Assets in the protocol's treasury (incl. unallocated governance tokens) | Value of the tokens held across a protocol's treasury contracts, sourced from onchain data | Shows how much the protocol is generating in business income and how it manages its treasury over time |
| Alternative data | Data relating to the non-financial metrics of the protocol | | |
| Daily active users | Unique addresses that use the protocol's service during a 24h period | Number of unique addresses interacting with the protocol's business relevant smart contracts, sourced from onchain data | Important to know if there are 3 vs. 300k users, gives a better understanding of the supply & demand-side dependencies |
| Active developers | Core developers that contribute to the protocol's public GitHub repositories | Number of distinct users that made 1+ commits to the protocol's public repositories during the past 30 days, sourced from GitHub | Important to know if there are 10 vs. 100 core developers, gives a better understanding of the contributor dependencies |
| Code commits | New commits to the protocol's public GitHub repositories | Number of commits to the protocol's public repositories, sourced from GitHub | Important to know if there are few vs. many regular commits, gives a better understanding of the pace of development |