Market Cap / Annualized Transaction Volume

Transaction volume here means the dollar value of tokens transferred on-chain during the window, summed across all transactions and scaled to an annual figure. Dividing market capitalization by it produces a turnover-style multiple: a low number means a large amount of value moves each year relative to the network's size. It is closely related to the network-value-to-transactions ratio published separately on this site, differing mainly in the smoothing and adjustment conventions applied to the denominator.

计算方式

circulating market capitalization / (on-chain transfer value over the last 30 days x 365/30)

易产生误导之处

Raw transfer value counts movements that are not economic transactions at all: exchange hot-wallet rebalancing, change outputs returning to the sender, and self-transfers between wallets owned by the same person. Providers apply different adjustment heuristics to strip these out, and the adjusted series are not comparable between providers or with the raw series. Networks where most trading happens inside centralized exchanges or inside rollups will show low on-chain volume despite heavy activity, while a chain with negligible fees can have its volume inflated at negligible cost by whoever wishes to. Stablecoin transfers on a general-purpose chain can dominate the denominator, which means the ratio partly measures someone else's asset moving across the network.

与股权的类比，以及为何该类比不成立

Market capitalization to annual turnover. The analogy fails because turnover in equities is sales to third parties recognized as revenue by an entity, whereas moving a token between two addresses you control creates transaction volume while nothing is sold and no one earns anything.

如何解读高值或低值

A high value means a large market capitalization relative to the value settled on-chain; a low value means a large amount of value moves relative to network size. Comparison across chains is only meaningful when the same adjustment method was applied to each.