Market Cap per Active Address

An active address is any on-chain account that appeared as a sender or receiver in a transaction during the measurement window. Dividing market capitalization by that count gives a dollar figure per active address, which is sometimes used as a crude network-size comparison in the spirit of value per user. The number is easy to compute on any public chain and correspondingly easy to misread, because an address is a data structure rather than a person.

计算方式

circulating market capitalization / unique active addresses over the last 30 days

易产生误导之处

Addresses are not users in either direction: one person can generate an unlimited number of addresses for free, while a single exchange deposit address can serve millions of customers whose trades never touch the chain. Rollups, batching services and account-abstraction wallets compress many end users into one on-chain account, so a layer 2 with heavy batching looks far smaller than it is. Chains with negligible transaction costs attract automated address creation that inflates the count at almost no cost to whoever benefits from the appearance. Unspent-output chains such as Bitcoin generate fresh change addresses by design and are not comparable with account-based chains on this measure at all.

与股权的类比，以及为何该类比不成立

Market capitalization per monthly active user, as used for consumer internet companies. The analogy fails because a reported active user is an audited, deduplicated account behind a login, while an address is anonymous, free to create in bulk, and may represent zero people or millions.

如何解读高值或低值

A high value means a large market capitalization relative to the count of addresses transacting; a low value means a smaller one. Differences in wallet architecture between chains usually explain more of the variation than differences in adoption do.