Metrics

Metric	Methodology
Active loans (Lending)	Outstanding borrows on the protocol.
Active users (daily) (All)	Active users (daily) is number of distinct addresses interacting with business relevant contracts on a daily basis.
Active users (weekly) (All)	Active users (weekly) is number of distinct addresses interacting with business relevant contracts on a weekly basis, based on a 7-day rolling window.
Active users (monthly) (All)	Active users (monthly) is number of distinct addresses interacting with business relevant contracts on a monthly basis, based on a 30-day rolling window.
AFPU - Average Fees Per User (All)	AFPU (Average Fees Per User) is a measurement of how much daily fees the average user generates.
ARPU - Average Revenue Per User (All)	ARPU (Average Revenue Per User) is a measurement of how much daily revenue the average user generates.
Assets staked (Liquid staking)	Assets staked is average value of assets staked through the protocol.
Average trading volume (per trade) (Exchanges (DEXs))	Average trading volume (per trade) is a measurement of how much daily trading volume, on average, is generated by one trade.
Average trading volume (per user) (Exchanges (DEXs))	Average trading volume (per user) is a measurement of how much daily trading volume, on average, is generated by one user.
Block time (Blockchains L1/L2)	Block time is average time elapsed between the addition of successive blocks to a blockchain.
Bridge deposits (Blockchains L2)	Bridge deposits are total value deposited to the protocol’s bridging contracts.
Capital deployed (Asset management)	Capital deployed is average value of capital deployed through the protocol.
Code commits (All)	Code commits are number of commits to the project’s public GitHub repositories.
Core developers (All)	Core developers are number of distinct GitHub users that made 1+ commits to the project’s public GitHub repositories during the past 30 days.
Earnings (All)	Earnings are revenue minus token incentives.
Expenses (All)	Expenses are total onchain expenses for the protocol (currently only includes token incentives).
Fees (All)	Fees are total fees paid by users.
Liquidity turnover (Exchanges (DEXs))	Liquidity turnover is a measurement of how much trading volume a DEX facilitates relative to its total value locked.
Market cap (circulating) (All)	Market cap (circulating) is circulating supply * average price of governance token.
Market cap (fully diluted) (All)	Market cap (fully diluted) is maximum supply * average price of governance token.
Maximum supply (All)	Maximum supply is the maximum amount of governance tokens that will ever exist.
Net deposits (All)	Net deposits are total value deposited to the protocol.
Net treasury (All)	Net treasury is USD value of the protocol’s funds held on-chain (excluding unallocated governance tokens).
Outstanding supply (Stablecoin issuers)	Outstanding supply is average value of outstanding stablecoin supply on the protocol.
P/F ratio (circulating) (All)	P/F ratio (circulating) is circulating market cap / annualized fees. The annualized fees are calculated based on the past 30d sum.
P/F ratio (fully diluted) (All)	P/F ratio (fully diluted) is fully diluted market cap / annualized fees. The annualized fees are calculated based on the past 30d sum.
P/S ratio (circulating) (All)	P/S ratio (circulating) is circulating market cap / annualized revenue. The annualized revenue is calculated based on the past 30d sum.
P/S ratio (fully diluted) (All)	P/S ratio (fully diluted) is fully diluted market cap / annualized revenue. The annualized revenue is calculated based on the past 30d sum.
Revenue (All)	Revenue is share of fees that goes to the protocol.
Token incentives (All)	Token incentives are USD value of the protocol’s governance tokens that have been distributed to users.
Token trading volume (All)	Token trading volume is trading volume of the protocol’s governance token.
Tokenholders (All)	Tokenholders are number of addresses with token balance greater than 0.
Total value locked (TVL) (All)	Total value locked (TVL) is average value of funds locked into the protocol’s smart contracts.
Tradeable assets (Exchanges (DEXs))	Tradeable assets is a metric for DEXs (Decentralized Exchanges). It measures the number of tradable tokens in deployed liquidity pools.
Tradeable pairs (Exchanges (DEXs))	Tradable pairs is a metric for DEXs (Decentralized Exchanges). It measures the number of deployed trading pairs.
Trading volume (Exchanges (DEX), Derivatives, NFT marketplaces)	Trading volume is total trading volume on the protocol.
Transaction count (Blockchains L1/L2)	Transaction count is number of onchain transactions.
Transaction volume (Infrastructure)	Transaction volume is total transaction volume on the protocol.
Transactions per second (Blockchains L1/L2)	Transactions per second is average number of transactions per second.
Transfer volume (Bridges)	Transfer volume is total bridging volume on the protocol.
Treasury (All)	Treasury is USD value of the protocol’s funds held on-chain (including unallocated governance tokens).