Validators process transactions and receive fees from users (supply-side fees).

Ethereum is a smart contract platform for decentralized applications (a blockchain). Ethereum was founded by Vitalik Buterin, Anthony Di Iorio, Mihai Alisie, etc. and launched in 2015.

ETH holders own and govern the protocol. They currently take a cut of the total transaction fees (base fee) paid by users (revenue). Ethereum’s investors include KR1, Block Ventures, 8 Decimal Capital, etc.

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# Ethereum Token holders Methodology

## 1. Overview

The Ethereum token holders metric measures the total number of unique addresses that hold native ETH on the Ethereum blockchain at the end of each day. This metric provides insight into the distribution and adoption of ETH by counting distinct wallet addresses with positive ETH balances. The calculation relies on pre-aggregated daily snapshots of account balances rather than real-time computation.

## 2. Data sources

- **Ethereum blockchain data**: Native Ethereum transaction records and account balance information
- **Account balance snapshots**: Daily snapshots of ETH balances across all Ethereum addresses
- **Token metadata**: ETH-specific information including decimal precision and chain identification
- **End-of-day price feeds**: Token price data for potential USD conversion (applied through standardized metric finalization)

## 3. Step-by-step calculation

### Component A: Native tokenholder extraction
- **Purpose**: Retrieves pre-calculated daily counts of ETH holders
- **Logic**: Extracts data from daily tokenholder snapshots that contain timestamp information, chain identification, and the count of addresses holding ETH. The data includes different timestamp granularities (daily, weekly, monthly aggregations) and focuses specifically on the Ethereum mainnet chain
- **Key fields**: `timestamp` for the snapshot date, `timestamp_grain` for aggregation period, `chain` for blockchain identification, and `tokenholders` for the count of unique addresses

### Component B: Data standardization  
- **Purpose**: Ensures numerical precision and applies standardized metric formatting
- **Logic**: Converts the tokenholder count to high-precision numeric format to handle large numbers accurately. Applies Token Terminal's standardized metric finalization process which adds metadata, ensures consistent formatting, and potentially includes price conversion capabilities
- **Key fields**: `tokenholders` converted to `bignumeric` format, standardized metric metadata fields

### Final aggregation
- **Combining components**: The metric uses pre-aggregated tokenholder counts rather than combining multiple components, as the core calculation happens upstream in the balance snapshot process
- **Currency conversion**: USD conversion capabilities are available through the finalization macro but may not be applicable for a count-based metric like token holders
- **Time aggregation**: Supports multiple time granularities including daily, weekly, and monthly aggregations based on the `timestamp_grain` field
- **Final calculation**: The final metric value represents the count of unique Ethereum addresses with positive ETH balances at the end of each specified time period, filtered for data availability and quality constraints

The methodology relies on upstream processes that analyze Ethereum blockchain data to identify and count unique addresses holding ETH, with this model serving as the final standardization and formatting step.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses holding a non-zero balance of the project's native token.

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Competitive landscape