Market data
Data relating to the protocol's governance token
Fully diluted market capitalization
What is this metric: Valuation of the protocol based on the maximum supply of its governance token.
How it is calculated: Maximum supply * token price.
Why do we show it: Shows the protocol's diluted valuation by taking into account the maximum token supply.
Example:
Bitcoin dashboard: https://tokenterminal.com/terminal/projects/bitcoin
Circulating market capitalization
What is this metric: Valuation of the protocol based on the circulating supply of its governance token.
How it is calculated: Circulating supply * token price.
Why do we show it: When charted against the fully diluted market capitalization, it shows the magnitude of future unlocks that could potentially drive down the price.
Example:
Ethereum dashboard: https://tokenterminal.com/terminal/projects/ethereum
Token trading volume
What is this metric: Trading volume of the protocol's governance token across CEXs and DEXs.
How it is calculated: Trading volume on supported CEXs & DEXs, sourced from Coingecko.
Why do we show it: Shows if there's proper price discovery for the token.
Example:
Ribbon Finance dashboard: https://tokenterminal.com/terminal/projects/ribbon-finance
Tokenholders
What is this metric: Number of unique governance tokenholders.
How it is calculated: Number of unique addresses with a governance token balance greater than 0, sourced from onchain data.
Why do we show it: 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).
Example:
Compound dashboard: https://tokenterminal.com/terminal/projects/compound
Circulating supply
What is this metric: Number of tokens in circulation.
How it is calculated: Total token supply - all tokens that are held by insiders. We consider tokens held by the team, treasury, early investors and foundations as non-circulating.
Why do we show it: Shows how many tokens are circulating in the public market and in the general public’s hands. This gives the investor a better understanding of how liquid the token is and how many tokens could enter the market in the future.
Example:
Hop Protocol dashboard: https://tokenterminal.com/terminal/projects/hop-protocol
Maximum supply
What is this metric: Maximum amount of tokens that will ever exist.
How it is calculated: Calculated either by looking at the total onchain supply or referring to the projects' documentation.
Why do we show it: When compared to the circulating supply we can get an understanding of how many tokens are yet to enter the market. It is analogous to the maximum number of issuable shares in the stock market. We also calculate the fully diluted market capitalisation using this metric.
Example:
Lido dashboard: https://tokenterminal.com/terminal/projects/lido-finance
Updated 9 months ago