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).

Active users

For dapps, the number of active users is equal to the number of unique addresses that have interacted with the dapp's business-relevant smart contracts. For blockchains, the number of active users is equal to the number of unique addresses that have sent transactions.

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.

Fees

Fees are equal to the total amount of fees paid by the users of a protocol. The total amount of fees are calculated over a given time period. For example, daily fees for a given day is equal to the fees paid during that day (24 h).

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-fees (P/F) ratio

Price-to-fees ratio is equal to the fully diluted market cap divided by annualized fees. Annualized fees are calculated as the total amount of fees paid over the previous 30 days multiplied by 365/30.

Price-to-sales (P/S) ratio

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

Revenue

Revenue is equal to the amount of fees that are distributed to tokenholders (or the treasury of the project).

Supply-side fees

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

Tokenholders

The number of tokenholders is equal to the number of addresses with a greater than zero balance of the project's token.

Token incentives

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

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.

Treasury

Treasury is equal to the value of the project's funds held on-chain. This includes the value of unallocated governance tokens.
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Active users
Borrowing volume
Capital deployed
Circulating market cap
Fees
Fully diluted market cap
Price
Price-to-fees (P/F) ratio
Price-to-sales (P/S) ratio
Revenue
Supply-side fees
Tokenholders
Token incentives
Token trading volume
Total value locked (TVL)
Trading volume
Transaction volume
Treasury