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全資産Every research file, largest firstセクターWhat each category holds and weighsランキングFourteen leaderboards and what they missヒートマップThe market sized by value, shaded by changeグローバル市場Total capitalization, dominance and volume
ツール
スクリーナーFilter by fundamentals, supply and risk資産を比較Research files side by side保存済みThe assets you have starred
ファンダメンタルズ
Economics
Fees & revenueWhat users pay, and who keeps itロック済み価値Capital deposited in each networkExchange volumeTrading on decentralized exchanges
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ネットワーク活動Addresses, transactions and throughputStablecoinsDollar tokens, where they live and what backs themStaking & yieldWhat securing a network pays, after issuance
バリュエーション
Standardized measures
バリュエーション指標Price against fees and revenue, limits statedSupply & issuanceCirculating, maximum and the dilution ahead指標の定義Every figure: definition, period, limitation
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上場取引型プロダクトEvery US-listed fund, with a page each企業の保有資産Listed companies holding digital assets
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リサーチノートShort notes written from stored figuresイベントカレンダーUpgrades, halvings and policy dates
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リスクフレームワークFifty factors in seven familiesセキュリティインシデントExploits and failures, with the losses
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Learn libraryEleven tracks, from first principles用語集Every term in plain English計算ツールFee drag, dilution and conversion
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定義 transaction censorshipcensorship resistanceblock filtering

Censorship Risk

The risk that certain transactions are excluded or delayed because the parties who order transactions choose, or are required, to leave them out.

Inclusion is decided by whoever builds blocks, and on networks with specialized builders and relays a small number of firms may construct most blocks. Those firms are legal entities in real jurisdictions, so they may filter transactions touching sanctioned addresses, which is compliance from one side and censorship from the other. Filtering at the ordering layer is usually partial, producing delay rather than permanent exclusion, as long as some producers do not filter. Additional chokepoints sit above the chain: hosted endpoints wallets query, front-end websites, and, for rollups, a single sequencer, which is why designs include forced-inclusion mechanisms and inclusion lists that let users route around a filtering operator.

実際の運用

Rollups typically provide a way to submit a transaction directly to the underlying chain if the sequencer refuses it, so a user is delayed rather than permanently excluded.

よくある誤解

That censorship on a public blockchain means transactions are blocked forever, when it usually means delay and reliance on the minority of producers that do not filter.

02

関連用語

Centralization Risk The risk that a system described as decentralized actually depends on a small number of operators,…
Front-Running Seeing a pending transaction and placing your own ahead of it to profit from the price move it will…
Sanctions Screening Checking customers, counterparties, and blockchain addresses against government lists of parties…
Validator Concentration How much of a proof-of-stake network's voting power sits with a small number of operators or…
Digital Asset DatabaseDigital asset research & education

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ファンダメンタルズ

Fees & revenueロック済み価値Exchange volumeネットワーク活動StablecoinsStaking & yield

Valuation & risk

バリュエーション指標Supply & issuance指標の定義リスクフレームワークセキュリティインシデント

機関投資家

上場取引型プロダクト企業の保有資産Eventsリサーチノートニュース

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Learn library用語集計算ツールデータに問い合わせるAI agentsパブリックAPI

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