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Our metrics
Below is a walkthrough of all the different metrics currently available in the Terminal.
Fully-diluted market cap
- Definition: What is a project valued at based on its fully-diluted valuation?
- Calculation: Calculated based on a blockchain's or decentralized application's max supply of tokens.
Fully-diluted market cap for Compound (COMP)
Circulating market cap
- Definition: What is a project valued at based on the amount of tokens or cryptocurrencies in circulation?
- Calculation: Calculated based on a blockchain's or decentralized application's circulating supply of cryptocurrencies or tokens.
Circulating market cap for Compound (COMP)
Price to sales ratio (P/S)
- Definition: How is a project valued in relation to its revenues?
- Calculation: Calculated as a blockchain’s or decentralized application’s market cap divided by its annualized revenue. Annualized revenue is a forward-looking revenue estimate that is calculated based on a simple 30-day moving average.
P/S-ratio for Compound (COMP)
Token trading volume
- Definition: How efficient is the price discovery for a project’s native token?
- Calculation: Calculated as the 24h trading volume for a blockchain’s or decentralized application’s cryptocurrency or token.
Total value locked (TVL)
- Definition: How much money is currently deposited into a project’s smart contracts?
- Calculation: Calculated as the liquidity deposited into a decentralized application’s smart contracts (exchange) or as the difference between the assets deposited and borrowed (lending). Note: we do not measure TVL for blockchains.
TVL for Compound (COMP)
Gross merchandise volume (GMV)
- Definition: What is the demand for a project’s service?
- Calculation: Calculated as a blockchain’s transaction volume or a decentralized application’s trading (exchange) or borrowing (lending) volume.
Borrowing volume for Compound (COMP)
Revenue (fees paid)
- Definition: How much are users paying to use a project’s service?
- Calculation: Revenue refers to the total fees paid by a blockchain’s or decentralized application’s end users. Calculated as: GMV * Take Rate = Revenue.
Total revenue for Compound (COMP)
Protocol (tokenholder) revenue
- Definition: What is the protocol's (tokenholders') share of the total revenues?
- Calculation: Calculated as a percentage of the total revenues.
Protocol revenue for Compound (COMP)
Revenue share for Compound (COMP)
Costs and expenses
- Definition: How much of the protocol revenue is used to pay for development grants, salaries, audits, etc.?
- Calculation: Calculated as the sum of all costs and expenses paid according to implemented on-chain governance proposals.
Earnings
- Definition: How much money is available to be distributed to tokenholders as dividends?
- Calculation: Calculated as the difference between protocol revenue and costs and expenses.
It is worth noting that a majority of current crypto projects are venture-backed and still record their costs and expenses off-chain (exceptions like Yearn do exist though), which is why we’ve initially decided to focus primarily on revenues instead of earnings.
Sources:
Market cap and trading data: Coingecko and Uniswap TWAP oracle.
Business data: smart contracts, project APIs, the Graph (decentralized applications) and Coinmetrics (blockchains).
Last modified 8mo ago