Metrics

Fully diluted market cap measures the project’s valuation assuming full dilution. It is calculated as the token price multiplied by the total supply, as defined in the project’s current token economics; including tokens that are circulating, locked, unvested, or set to be issued.

Circulating market cap measures the project’s valuation based on the number of tokens that are currently transferable and tradeable. It is calculated by multiplying the token price with the circulating supply.

Token trading volume measures the trading activity for a project’s native token on centralized and decentralized spot exchanges. The absolute value indicates how liquid the token is, while the historical trend reflects the demand to buy and sell the token over time.

Token holders measures the number of unique addresses that hold a non-zero balance of a project’s native token. Investors use this metric to track the growth of the token’s holder base over time.

Maximum supply measures the total number of tokens that can ever exist under a project’s current token economics. This includes tokens that are circulating, locked, unvested, or reserved for future issuance.

Circulating supply measures the number of tokens that are currently available for trading on the open market. It excludes tokens that are locked, unvested, or held in the project’s own treasury.

Bridge deposits measures the total value of assets held in a project’s bridge contracts on the main chain. It's used to track capital flows into L2 or L3 blockchains, and serves as a leading indicator of users' intent to transact on those chains.

Total value locked (TVL) measures the total value of a project's on-chain deposits and/or the tokenized value of user deposits made offchain. It is used as a leading indicator for revenue-generating activity, such as borrowing, trading, or staking, though the assets can typically be withdrawn by depositors at any time.

Trading volume measures the total value of trades executed on a decentralized spot exchange. Since users have to pay trading fees on their trades, this metric tends to correlate with the DEX project's ability to generate fees and revenue.

Notional trading volume measures the total value of derivative contracts executed on a decentralized derivatives exchange. Since users pay trading fees on each trade, this metric tends to correlate with the project's ability to generate fees and revenue.

Transfer volume measures the total value of assets moved across chains using a bridge project. Since users pay a fee to transfer funds, this metric tends to correlate with the project’s ability to generate fees & revenue from cross-chain activity.

Assets staked measures the total value of user deposits that have been staked or restaked through a liquid staking or restaking project. It is analogous to assets under management (AUM), and serves as a proxy for the project's revenue-generation capacity, as staking rewards are typically earned on the staked amount.

Capital deployed measures the value of user deposits that are allocated into investments by an asset manager. Since this capital is typically invested to earn yield for clients, it tends to correlate with the manager’s ability to generate revenue.

Flash loan volume measures the total value of assets borrowed and repaid within the same transaction through a DeFi project. Since users pay a fee on each flash loan, this metric tends to correlate with the project's ability to generate fees & revenue from arbitrage-based activity.

Active loans measures the value of user deposits that are lent out to borrowers. It tracks the portion of deposits that borrowers have to pay interest on, which means that it tends to correlate with the lending project's ability to generate revenue.

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

Fees measure the total value users pay to use a project’s application. Some examples include interest paid by borrowers (lending), trading fees paid by traders (DEX), and transaction fees paid by users (L1 & L2 blockchain). This metric shows how much the project is able to generate economic value.

Revenue measures the portion of fees that a project retains, as determined by its take rate. The remaining fees are distributed to supply-side participants, such as lenders or liquidity providers. This metric shows how much the project earns from selling its product or service, before cost of revenue, token incentives, and operating expenses.

Expenses measures the total cost a project incurs to operate its business. This includes token incentives paid to supply/demand-side users, core contributors, or investors, as well as traditional operating expenses related to salaries, audits, infrastructure, and service providers.

Cost of revenue measures the expenses a project incurs when outsourcing a core part of its business to third-party service providers. These payments are made after the project has collected its revenue, as determined by its take rate. Examples include node operator payments for liquid staking protocols or DA fees for L2 blockchains.

Token incentives measures the value of native tokens that a project pays out to its supply/demand-side users, core contributors, and/or investors. The tokens are primarily used to compensate stakeholders either retroactively or on an ongoing basis. The metric is analogous to stock-based compensation in traditional finance.

Gross profit measures the value a project retains after paying external parties that perform a core part of its business. It is calculated as revenue minus cost of revenue, and is most relevant for L2/L3 blockchains that pay data availability fees to their main chain, and liquid staking protocols that pay node operators a share of staking reward revenue.

Earnings measures the net value a project retains after subtracting all expenses from its revenue. This includes cost of revenue, token incentives, and operating expenses, where applicable. Note that earnings reflects onchain profitability, and may understate true costs in instances where the project does not report its operating expenses onchain.

Treasury measures the total value of a project’s onchain treasury, including its own native tokens. It reflects the financial resources the project controls to fund operations, reward contributors, or invest in growth.

Treasury (net) measures the total value of a project’s onchain treasury, excluding its own native token. It shows how much the project holds in stablecoins or other non-native assets, which it can use to fund operations or invest in growth.

P/F ratio (circulating) measures the circulating market cap relative to annualized fees. It shows how highly the project is valued relative to the activity users are willing to pay for, regardless of whether the project monetizes.

P/F ratio (fully diluted) measures the fully diluted market cap relative to annualized fees. It shows how highly the project is valued relative to the activity users are willing to pay for, regardless of whether the project monetizes.

P/S ratio (circulating) measures the circulating market cap relative to annualized revenue retained by the project. It shows how highly the project is valued relative to the portion of user-paid fees it captures.

P/S ratio (fully diluted) measures the fully diluted market cap relative to annualized revenue retained by the project. It shows how highly the project is valued relative to the portion of user-paid fees it captures.

Take rate measures the percentage of total fees that a project retains as revenue. It is calculated as revenue divided by fees, showing what portion of fees collected from users goes to the project (instead of being distributed to supply-side participants like liquidity providers, lenders, or stakers). A higher take rate indicates the project captures more value from its services, while a lower take rate suggests more value is distributed to ecosystem participants. For example, a 10% take rate means the project keeps $0.10 of every $1.00 in fees collected.

Active users (daily) measures the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (daily) are measured over a fixed 24-hour window.

Active users (weekly) measures the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (weekly) are measured on a 7-day rolling basis.

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (monthly) are measured on a 30-day rolling basis.

Active addresses (daily) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Daily active addresses are measured over a fixed 24-hour window.

Active addresses (weekly) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Weekly active addresses are measured on a 7-day rolling basis.

Active addresses (monthly) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Monthly active addresses are measured on a 30-day rolling basis.

Average trading volume (per trade) measures the average value of a single trade on a decentralized spot exchange. It is calculated as total daily trading volume divided by daily trade count, and reflects whether the DEX is used by institutional (high) and/or retail (low) traders.

Average trading volume (per user) measures the average trading volume generated per unique user over a fixed 24-hour window. It is calculated as total daily trading volume divided by active users (daily), and reflects whether the DEX is used by institutional (high) and/or retail (low) traders.

Average fees per user (AFPU) measures the fees paid per active user over a fixed 24-hour window. It is calculated as total daily fees divided by active users (daily), and reflects how much an individual user pays for the project’s service on a daily basis.

Average revenue per user (ARPU) measures the revenue generated per active user over a fixed 24-hour window. It is calculated as total daily revenue divided by active users (daily), and reflects how much the project is able to monetize an individual user on a daily basis.

Gas used measures the total gas consumed by an application. It reflects how much users are willing to incur transaction costs when using the application.

Transaction count (contracts) measures the number of confirmed transactions sent to a project’s contracts. It reflects how actively users engage with the project.

Core developers measures the number of unique GitHub contributors who made at least one commit to the project’s public repositories over the past 30 days. For fully open source projects, it reflects the size of the project’s active engineering base.

Code commits measures the total number of commits made to the project’s public GitHub repositories. It reflects how actively the codebase is being updated.

Contract deployers measures the number of unique addresses that have deployed at least one smart contract. It is a proxy for how many independent developers or entities that actively publish code onchain.

Contracts deployed measures the number of unique smart contracts published onchain. It is a proxy for the amount of new infrastructure or applications that are launched on the blockchain.

Block time measures the average time it takes for a new block to be added to the blockchain. It reflects the speed at which the network processes transactions and updates its state.

Transaction count measures the number of confirmed transactions added to the blockchain. It reflects how actively users engage with the network.

Transactions per second measures the average number of confirmed user transactions added to the blockchain each second. It reflects both the network’s throughput and real-time usage.

Average transaction fee measures the average fee users pay per transaction. It reflects how much it typically costs to use the network.

Median transaction fee measures the median fee paid across all transactions. It shows what a typical user pays, without being skewed by very high or low values.

Number of validators measures the number of active nodes that produce blocks and secure the network. It reflects the degree of decentralization and resilience of the blockchain.

Staking market cap measures the value of native tokens currently staked on a proof-of-stake blockchain. It reflects how much capital is helping to secure the network.

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

Asset transfer count is defined as the number of user transactions that move assets between addresses. It is utilized to reflect how frequently assets are used for payments, trading, or other onchain activity. The metric is calculated daily for each tracked asset across all supported blockchains. By aggregating these transfer events, a comprehensive view of onchain utility and transactional velocity is provided.

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

APY measures the annualized yield accrued by holding a yield-bearing token. On-chain state is standardized into a yield index that captures yield accrual regardless of mechanism — whether the token grows in value against its underlying (e.g. ERC-4626 vaults) or rebases in quantity (e.g. stETH). A 7-day trailing window is used to annualize the growth of this index over time.

Asset senders (daily, Agentic) measures the number of unique addresses that transfer assets via agentic payments (x402 protocol). Daily agentic asset senders are measured over a fixed 24-hour window.

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

Asset senders (monthly, Agentic) measures the number of unique addresses that transfer assets via agentic payments (x402 protocol). Monthly agentic asset senders are measured on a 30-day rolling basis.

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

Asset senders (weekly, Agentic) measures the number of unique addresses that transfer assets via agentic payments (x402 protocol). Weekly agentic asset senders are measured on a 7-day rolling basis.

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

Asset transfer count (Agentic) measures the number of agentic payment transactions (x402 protocol) that move assets between addresses. It reflects how frequently assets are used in machine-to-machine and AI-agent-initiated commerce.

Asset transfer volume (Agentic) measures the total value of assets transferred onchain via agentic payments (x402 protocol). It reflects the dollar volume of machine-to-machine and AI-agent-initiated commerce.

Trade count measures the number of trades executed on a decentralized exchange. It shows how frequently users are buying or selling assets through the project.

Tradeable pairs measures the number of unique token pairs available for trading on the decentralized exchange. It reflects the number of direct swap routes offered by the project.

Tradeable assets measures the number of unique tokens users can trade on the decentralized exchange. It reflects the breadth of the project’s token coverage.

Liquidity turnover measures trading volume relative to total liquidity on the decentralized exchange. It shows how efficiently liquidity is being used to facilitate trades.

Average Relay Chain inclusion time measures the average time between parachain block production and its inclusion on the Relay Chain. It reflects the consensus and finality latency of a multichain ecosystem, such as Polkadot.

Bridged supply measures the value of stablecoins that are currently used outside of the chain where they were originally issued by the issuer. It is calculated by tracking the part of outstanding supply that is held in bridge contracts, and reflects user demand for the issuer’s stablecoins outside of the native chain.

Coinbase Smart Wallet deployers measures the number of unique addresses that have deployed Coinbase Smart Wallet contracts. It reflects the adoption of Coinbase’s own wallet infrastructure.

Coinbase Smart Wallets deployed measures the total number of Coinbase Smart Wallet contracts created on the network. It reflects the adoption of Coinbase’s own wallet infrastructure.

Reward payouts measures the total value of token incentives that are distributed through gamified mechanisms, such as quests. It reflects the scale of a project’s user acquisition costs.

Amount of assets under management by the Spark Liquidity Layer.

Token holder revenue measures the portion of revenue that is paid out to a subset of staked token holders, often through a veToken mechanism. It reflects the realized value capture for this subset of token holders.

The total amount of deposits in the protocol's vaults.

Ecosystem trading volume measures the total value of trades executed on all decentralized spot exchanges on the chain. It reflects the aggregate trading volume within the chain’s application ecosystem.

Ecosystem fees (GDP) measures the total value of all fees generated by all applications on the chain. It reflects the aggregate economic value created within the ecosystem.

Ecosystem GDP measures the total value of all fees generated by all applications on the chain. It reflects the aggregate economic value created within the ecosystem.

Ecosystem total value locked measures the total value of all user deposits into all applications on the chain. It reflects the aggregate scale of DeFi use within the chain’s application ecosystem.

Ecosystem active loans measures the sum of all outstanding loans issued by all lending applications on the chain. It reflects the aggregate demand for leverage within the chain’s application ecosystem.

Ecosystem active addresses (monthly) measures the sum of unique addresses that have made an onchain transaction with any application on the chain. It reflects the aggregate user activity within the chain’s application ecosystem. ​​Monthly active addresses are measured on a 30-day rolling basis.

Ecosystem transaction count (contracts) measures the sum of all transactions to the applications' contracts on the chain. It reflects the aggregate technical usage of the applications on the chain.

Ecosystem gas used measures the sum of all gas used by all applications on the chain. It reflects how much users are willing to incur transaction costs when using the chain’s applications.

Ecosystem stablecoin supply measures the total value of all outstanding stablecoins by all stablecoin issuers on the chain. It reflects the aggregate demand for stablecoins on the chain.

Ecosystem assets staked measures the total value of all user deposits that have been staked or restaked through all liquid staking or restaking projects on the chain. It reflects the aggregate demand for liquid staking within the chain’s application ecosystem.

Ecosystem active users (monthly) measures the sum of unique addresses that have made a revenue-generating transaction with an application on the chain. It reflects the aggregate monetized user activity within the chain’s application ecosystem. Monthly active users are measured on a 30-day rolling basis.

Ecosystem bridged stablecoin supply measures the total value of all outstanding bridged stablecoins on the chain. It reflects the aggregate demand for bridged stablecoins on the chain.