Definitive

Fee and revenue growth over rolling 30-day windows — currently recorded at 15.22 percent — is worth monitoring because it reflects whether trading activity on the platform is expanding or contracting over time. The dilution overhang of 278.28 percent, representing the share of the maximum supply not yet in circulation relative to current circulating supply, is a structural figure to observe because additional token issuance could affect the relationship between market capitalization and protocol metrics. The holder revenue yield, currently 6.25 percent annualized against market capitalization, illustrates how the share of fees flowing to token holders compares to the overall size of the token market, and changes in this figure would reflect shifts in either fee volume or token price. The ratio of market capitalization to annualized fees, currently 3.20, and its fully diluted equivalent of 12.11, are worth watching together because the gap between them reflects the potential dilutive weight of the 73.56 percent of supply not yet circulating.

Written by an AI language model from the figures listed below, on 26 Sep 2026 09:20 UTC.