Our metrics
Below is a list of the business metrics currently available on Token Terminal and their definitions. Value is measured in US dollars. Revenue, transaction volume, and trading volume are aggregated over time and available at different granularities (for example, daily and monthly).

Borrowing volume

Borrowing volume is equal to the total value of outstanding loans of a lending protocol.

Capital deployed

Capital deployed is the total value of funds invested to generate yield by an asset management protocol.

Circulating market cap

Circulating market cap (short for capitalization) is equal to the number of tokens in circulation multiplied by the token price. It measures the total valuation of a project.

Fully diluted market cap

Fully diluted market cap (short for capitalization) is equal to the maximum supply of tokens multiplied by the token price.

Price

Price refers to the price of the token.

Price-to-earnings (P/E) ratio

Price-to-earnings ratio is equal to the fully diluted market cap divided by annualized protocol revenue. Annualized protocol revenue is calculated as the protocol revenue over the previous 30 days multiplied by 365/30. It is worth noting that this is not the same as the conventioffnal definition of price-to-earnings ratio in which earnings is calculated as the difference between revenue and costs and expenses. This is because the majority of currently listed projects record their costs and expenses off-chain, and we only have access to on-chain data.

Price-to-sales (P/S) ratio

Price-to-sales ratio is equal to the fully diluted market cap divided by annualized total revenue. Annualized total revenue is calculated as the total revenue over the previous 30 days multiplied by 365/30.

Protocol revenue

Protocol revenue is equal to the amount of revenue that is distributed to tokenholders.

Supply-side revenue

Supply-side revenue is equal to the amount of revenue the project pays to the supply-side participants (for example, liquidity providers).

Token incentives

Token incentives refer to to the value of tokens distributed to the users and supply-side participants as rewards.

Total revenue

Total revenue is equal to total fees paid by the users. It is calculated over a given time period. For example, daily total revenue for a given day is equal to the fees paid during that day (24 h).

Token trading volume

Token trading volume is equal to the trading volume of the token.

Total value locked (TVL)

Total value locked is the value of assets deposited in the project’s smart contracts.

Trading volume

Trading volume is equal to the total value of trades on a trading protocol.

Transaction volume

Transaction volume is equal to the total value of transactions on a blockchain.