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Tüm varlıklarEvery research file, largest firstSektörlerWhat each category holds and weighsSıralamalarFourteen leaderboards and what they missIsı haritasıThe market sized by value, shaded by changeKüresel piyasaTotal capitalization, dominance and volume
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TarayıcıFilter by fundamentals, supply and riskVarlıkları karşılaştırResearch files side by sideKaydedilenlerThe assets you have starred
Temel veriler
Economics
Fees & revenueWhat users pay, and who keeps itKilitlenen değerCapital deposited in each networkExchange volumeTrading on decentralized exchanges
Networks
Ağ aktivitesiAddresses, transactions and throughputStablecoin'lerDollar tokens, where they live and what backs themStaking & yieldWhat securing a network pays, after issuance
Değerleme
Standardized measures
Değerleme oranlarıPrice against fees and revenue, limits statedSupply & issuanceCirculating, maximum and the dilution aheadMetrik tanımlarıEvery figure: definition, period, limitation
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Düzenlenmiş erişim
Borsada işlem gören ürünlerEvery US-listed fund, with a page eachKurumsal hazinelerListed companies holding digital assets
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Analysis
Araştırma notlarıShort notes written from stored figuresEtkinlik takvimiUpgrades, halvings and policy dates
Risk
Risk çerçevesiFifty factors in seven familiesGüvenlik olaylarıExploits and failures, with the losses
Eğitim
Eğitim
Learn libraryEleven tracks, from first principlesSözlükEvery term in plain EnglishHesap makineleriFee drag, dilution and conversion
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MetodolojiHow every figure is measuredVeri kaynaklarıWho publishes what we showVeri güncelliğiWhen each feed last ranAI agentsPrompts that keep an assistant on our dataAçık APIThe same figures, as JSON
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Piyasalarda yeniyseniz — fiyatlar, getiriler, market cap? Her terimi göz atarken açıklıyoruz, sade bir dille. Aynı veri, yerleşik yardımla.

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Değerleme

Değerleme oranları

Bir varlığın değeri ile ürettiği şey arasındaki standartlaştırılmış oranlar. Her varlık için aynı yöntemle hesaplandığından karşılaştırma yapılabilir — ancak bunlar hisse senedi katları değildir ve aralarındaki farklar biçimsel değildir.

Tabloyu okumadan önce bunu okuyun. Token bir hisse senedi değildir. Konsolide bir tüzel kişilik, denetlenmiş hesaplar ya da herhangi bir fee akışı üzerinde uygulanabilir bir hak yoktur. Bir protokolün fee dağılımı, oyla değiştirilebilen bir yönetişim tercihidir. Piyasa değeri, çoğunlukla kendi kendine bildirilen bir dolaşımdaki arz rakamına dayanır. Buradaki her oran, iki yayımlanmış rakam arasındaki ölçek karşılaştırmasıdır — bundan ibarettir ve bir varlığın ucuz ya da pahalı olduğuna dair hiçbir zaman bir ifade değildir. Değerleme takibi her birini ayrıntılı biçimde açıklar →
Tümü Layer 1 Layer 2 DeFi Stablecoin'ler Liquid staking Exchange tokens Real-world assets Oracles Bridges Privacy Payments AI & DePIN Gaming & NFT Meme Wrapped Infrastructure Diğer
#VarlıkPiyasa değeri MC / ücretlerMC / gelirFDV / ücretler FDV / gelirMC / TVLAdres başına MC Ücret getirisiGelir verimiHolder getirisi Önde gelen seyreltme
1 BitcoinBTC $1.65T 18,337× — 18,337× — 375.85× $3.42M 0.01% — — 0.0%
2 EthereumETH $295.56B 1,334× 3,754× 1,334× 3,754× 5.93× $692,441 0.07% 0.03% — 0.0%
3 BNBBNB $96.25B 369.0× 3,690× 369.0× 3,690× — — 0.27% 0.03% — 0.0%
4 XRPXRP $81.98B — — — — 2,710,608× — 0.00% — — 58.4%
5 SolanaSOL $61.34B 178.9× 1,476× 193.0× 1,592× 10.29× — 0.56% 0.07% — 7.9%
6 TRONTRX $31.64B 109.7× 109.7× 109.8× 109.8× 5.68× — 0.91% 0.91% — 0.0%
7 ZcashZEC $19.29B 12,548× — 12,549× — 7,420× — 0.01% — — 0.0%
8 HyperliquidHYPE $17.59B 2,530× 2,530× 10,864× 10,864× 17.12× — 0.04% 0.04% — 329.5%
9 DogecoinDOGE $12.41B 44,490× — 44,494× — 7,123× — 0.00% — — 0.0%
10 ChainlinkLINK $9.22B 169.9× 173.8× 221.5× 226.7× 4.81× — 0.59% 0.58% 0.58% 30.4%
11 CardanoADA $8.30B 4,786× 23,934× 5,735× 28,675× 131.59× — 0.02% 0.00% — 19.8%
12 RainRAIN $6.54B 1,919,738× — 3,092,156× — 398.11× — 0.00% 0.00% 0.00% 61.1%
13 NEAR ProtocolNEAR $6.51B 2,396× 3,423× 2,396× 3,423× 29.52× — 0.04% 0.03% — 0.0%
14 StellarXLM $6.26B 10,788× 10,788× 15,323× 15,323× 26.61× — 0.01% 0.01% — 42.0%
15 Bitcoin CashBCH $5.54B 195,300× — 195,300× — 1,046× — 0.00% — — 0.0%
16 Ethena USDeUSDE $4.68B — — — — 1,528× — 0.00% — — 0.0%
17 LitecoinLTC $4.61B 24,248× — 24,248× — 4,824× — 0.00% — — 0.0%
18 UniswapUNI $4.56B 3.2× 40.7× 4.6× 57.8× 1.16× — 30.94% 2.46% 2.46% 42.0%
19 AvalancheAVAX $4.36B 726.6× 726.6× 770.3× 770.3× 7.34× — 0.14% 0.14% — 6.0%
20 SuiSUI $4.07B 1,466× 5,040× 3,559× 12,237× 8.26× — 0.07% 0.02% — 142.8%
21 CantonCC $4.04B 6.9× 6.9× 6.9× 6.9× 347.21× — 14.57% 14.57% — 0.0%
22 HederaHBAR $3.89B 15,772× — 17,912× — 115.18× — 0.01% — — 13.6%
23 Gram (prev. Toncoin)GRAM $3.83B 4,411× 8,822× 8,212× 16,425× 78.41× — 0.02% 0.01% — 86.2%
24 BitwayBTW $3.69B 706.6× 2,725× 4,692× 18,099× 94.63× — 0.14% 0.04% — 564.1%
25 Tether GoldXAUT $3.36B 245.3× 245.3× 250.9× 250.9× 1.10× — 0.41% 0.41% — 2.3%
26 BittensorTAO $3.05B — — — — 57.10× — — — — 85.2%
27 CronosCRO $2.87B — — — — 20.86× — 0.00% — — 95.1%
28 EthenaENA $2.55B 11.6× 3,628× 13.0× 4,059× 0.49× — 8.61% 0.03% — 11.9%
29 OKBOKB $2.42B 4,492× 4,492× 4,492× 4,492× 15.25× — 0.02% 0.02% — 0.0%
30 AaveAAVE $2.38B 5.0× 38.4× 5.2× 39.8× 0.13× — 19.89% 2.60% — 3.7%
31 OndoONDO $2.15B 30.7× — 63.1× — 2.22× — 3.26% — — 105.4%
32 WorldcoinWLD $1.92B 6,663× — 17,456× — 45.73× $362,518 0.02% — — 162.0%
33 World Liberty FinancialWLFI $1.81B 12.2× 12.2× 38.3× 38.3× — — 8.21% 8.21% — 214.7%
34 MantleMNT $1.74B 13,243× 13,243× 24,943× 24,943× 18.30× $71,426 0.01% 0.01% — 88.3%
35 MorphoMORPHO $1.70B 6.3× — 9.0× — 0.15× — 15.81% — — 42.6%
36 Internet ComputerICP $1.62B 728.4× 728.4× 728.4× 728.4× 185.72× — 0.14% 0.14% — 0.0%
37 Bitget TokenBGB $1.32B 24,348× 31,559× 31,685× 41,069× 17.49× — 0.00% 0.00% — 30.1%
38 ArbitrumARB $1.27B 149.2× 149.9× 216.4× 217.5× 0.90× $12,510 0.67% 0.67% — 45.1%
39 Venice TokenVVV $1.10B 92.7× 92.7× 155.0× 155.0× — — 1.08% 1.08% 1.08% 67.2%
40 GateGT $1.05B 215,618× — 240,854× — 330.90× — 0.00% — — 11.7%
41 KuCoinKCS $1.04B — — — — 1,289× — 0.00% — — 1.8%
42 AlgorandALGO $1.01B 149,371× 149,371× 149,373× 149,373× 30.20× — 0.00% 0.00% — 0.0%
43 POL (ex-MATIC)POL $978.59M 35.1× 35.1× 35.1× 35.1× 1.44× $2,968 2.85% 2.85% — 0.0%
44 JupiterJUP $963.70M 4.5× 15.5× 9.4× 32.0× 0.39× — 22.08% 6.46% 3.22% 106.7%
45 RenderRENDER $953.53M 210.7× 210.7× 216.7× 216.7× — — 0.47% 0.47% 0.45% 2.8%
46 Cosmos HubATOM $914.36M 36,607× — 36,608× — 6,859× — 0.00% — — 0.0%
47 FilecoinFIL $887.44M 1,080× 1,080× 2,530× 2,530× 298.18× — 0.09% 0.09% — 134.2%
48 InjectiveINJ $847.55M 294.0× 294.0× 294.0× 294.0× 60.25× — 0.34% 0.34% — 0.0%
49 NEXONEXO $818.30M — — — — 2.61× — — — — 0.0%
50 LighterLIT $766.44M 10.6× 12.9× 42.6× 51.8× 1.06× — 9.39% 7.73% 4.35% 300.0%
51 LayerZeroZRO $741.06M 210.5× 317.7× 526.2× 794.4× 0.07× — 0.48% 0.31% 0.33% 150.0%
52 AptosAPT $712.09M 410.1× 410.1× 562.0× 562.0× 15.93× — 0.24% 0.24% — 37.0%
53 StacksSTX $692.29M 1,154× — 1,154× — 7.59× — 0.09% — — 0.0%
54 ​​StableSTABLE $686.02M — — — — 23.52× — — — — 266.1%
55 XDC NetworkXDC $662.86M 80,803× — 154,202× — 299.01× — 0.00% — — 90.8%
56 Ether.fiETHFI $652.37M 4.3× 14.0× 4.3× 14.0× 0.12× — 23.19% 7.12% — 0.0%
57 DashDASH $635.85M 74,123× — 74,126× — 8,573× — 0.00% — — 0.0%
58 VeChainVET $582.70M — — — — 434.91× — — — — 0.0%
59 FlareFLR $564.66M 2,190× — 2,674× — 3.13× — 0.05% — — 22.1%
60 RaydiumRAY $488.23M 1.3× 7.8× 2.6× 16.0× 0.42× — 77.74% 12.88% 7.64% 105.6%
61 StarknetSTRK $473.69M 149.3× 151.0× 196.6× 198.9× 3.01× $144,640 0.67% 0.66% — 31.7%
62 Virtuals ProtocolVIRTUAL $432.53M 86.0× 285.2× 130.7× 433.1× — — 1.16% 0.35% — 51.9%
63 SeiSEI $425.02M 10,882× 10,882× 16,162× 16,162× 13.77× — 0.01% 0.01% — 48.5%
64 Provenance BlockchainHASH $372.36M 86.5× — 138.8× — 2.61× — 1.16% — — 60.5%
65 PlasmaXPL $357.55M 1,712× 1,712× 3,777× 3,777× 0.64× — 0.06% 0.06% — 120.6%
66 PendlePENDLE $356.49M 25.6× 26.0× 41.5× 42.2× 0.15× — 3.90% 3.84% 2.98% 61.9%
67 BitTorrentBTT $345.80M — — — — 2,207× — — — — 2.5%
68 Falcon FinanceFF $345.46M 129.7× — 388.1× — 0.20× — 0.77% — — 199.1%
69 TezosXTZ $329.10M 7,118× 11,246× 7,247× 11,450× 16.54× — 0.01% 0.01% — 1.8%
70 Lido DAOLDO $322.06M 0.5× 8.2× 0.6× 9.9× 0.01× — 197.43% 12.16% 8.56% 20.5%
71 Sun TokenSUN $318.36M 28.0× 605.8× 28.9× 627.2× 0.48× — 3.58% 0.17% 0.12% 3.5%
72 GnosisGNO $301.13M 3,937× — 4,474× — 3.23× — 0.03% — — 13.7%
73 OlympusOHM $291.87M 164.4× 164.4× 218.1× 218.1× — — 0.61% 0.61% — 32.7%
74 ConfluxCFX $279.39M — — — — 43.73× — — — — 0.0%
75 KaiaKAIA $273.75M 4,266× 5,560× 4,266× 5,560× 34.03× — 0.02% 0.02% — 0.0%
76 The GraphGRT $260.96M 1,125× — 1,194× — — — 0.09% — — 6.1%
77 Terra Luna ClassicLUNC $257.73M — — — — 272.18× — — — — 16.8%
78 BackpackBP $257.33M — — — — 0.46× — — — — 300.0%
79 MonadMON $254.41M 46.1× 54.2× 392.5× 461.8× 0.26× — 2.17% 1.84% — 751.4%
80 Collector CryptCARDS $241.42M 1.2× 1.2× 2.6× 2.6× — — 83.40% 83.40% 0.50% 118.7%
81 EigenCloud (prev. EigenLayer)EIGEN $239.82M 49.0× — 93.4× — 0.04× — 2.04% — — 90.4%
82 GRX ChainGRX $235.06M — — — — 21.79× — 0.00% — — 5.1%
83 Ethereum Name ServiceENS $233.39M 85.1× 85.1× 201.2× 201.2× — — 1.18% 1.18% — 136.5%
84 FLOKIFLOKI $227.28M — — — — 18.67× — — — — 0.0%
85 IOTAIOTA $213.00M — — — — 127.79× — — — — 6.6%
86 THORChainRUNE $211.71M 705.1× 705.1× 759.5× 759.5× 6.04× — 0.14% 0.14% — 7.7%
87 SonicS $211.16M 2,374× 2,374× 2,374× 2,374× 10.88× — 0.04% 0.04% — 0.0%
88 Theta NetworkTHETA $190.46M — — — — 611.62× — — — — 0.0%
89 MeteoraMET $189.55M 0.3× 2.7× 0.6× 4.8× 0.68× — 318.25% 37.29% 4.46% 78.6%
90 PonsPONS $189.47M 0.4× 2.6× 0.4× 2.6× — — 252.61% 38.03% 34.26% 0.0%
91 ZamaZAMA $182.94M — — — — 1.39× — — — — 344.8%
92 Convex FinanceCVX $182.51M 6.1× 15.9× 6.6× 17.1× 0.32× — 16.38% 6.29% 5.96% 7.3%
93 Axie InfinityAXS $178.66M 108.3× 111.3× 166.5× 171.2× — — 0.92% 0.90% — 53.8%
94 AnvilANVL $178.39M — — — — 11.44× — — — — 13.5%
95 MXMX $177.69M — — — — 0.03× — — — — 345.4%
96 VaultaA $169.58M — — — — 3.44× — — — — 25.5%
97 SwissBorgBORG $162.27M — — — — 0.16× — — — — 0.0%
98 ZKsyncZK $160.04M 949.9× 949.9× 1,844× 1,844× 10.99× $53,158 0.11% 0.11% — 94.1%
99 DoubleZero2Z $159.48M 43.2× 918.4× 83.2× 1,768× 2.22× — 2.31% 0.11% 0.00% 92.5%
100 NEONEO $156.68M — — — — 157.91× — — — — 41.8%
101 RailgunRAIL $151.78M 32.6× 32.6× 32.6× 32.6× 1.35× — 3.07% 3.07% 1.79% 0.0%
102 BeamBEAM $148.58M — — — — 116.11× — 0.00% — — 14.0%
103 ChilizCHZ $145.56M 2,994× — 2,994× — 108.82× — 0.03% — — 0.0%
104 ApeCoinAPE $142.70M 741.0× — 741.0× — 49.81× — 0.13% — — 0.0%
105 ImmutableIMX $140.34M 16,240× — 35,911× — 12.65× — 0.01% — — 121.1%
106 0G0G $137.56M — — — — 37.01× — — — — 65.9%
107 1INCH1INCH $129.51M 166.5× 770.0× 177.7× 821.8× 40.83× — 0.60% 0.13% — 6.7%
108 SuperVerseSUPER $125.05M — — — — 3,041× — — — — 53.1%
109 Reserve RightsRSR $122.60M 87.2× 215.6× 139.4× 344.7× 2.62× — 1.15% 0.46% 0.46% 59.9%
110 PlumePLUME $118.55M 3,518× — 5,325× — 49.53× — 0.03% — — 51.4%
111 GeodnetGEOD $116.76M 10.6× 10.6× 21.3× 21.3× — — 9.43% 9.43% 7.54% 101.2%
112 deBridgeDBR $112.16M 17.7× 17.7× 29.8× 29.8× 57.54× — 5.65% 5.65% 4.48% 68.7%
113 ChutesSN64 $111.65M 975.7× 975.7× 975.7× 975.7× 2.09× — 0.10% 0.10% — 0.0%
114 AethirATH $109.89M 2.9× 14.6× 6.1× 30.4× — — 34.32% 6.86% — 108.7%
115 MultiversXEGLD $109.88M 3,290× — 3,290× — 8.87× — 0.03% — — 0.0%
116 OrcaORCA $107.69M 1.0× 7.5× 1.2× 9.2× 0.37× — 102.85% 13.37% 4.94% 23.4%
117 WalrusWAL $106.05M 2,222× 2,222× 4,244× 4,244× — — 0.05% 0.05% — 91.0%
118 CapCAP $105.64M 18.4× 21,659× 117.7× 138,837× 0.49× — 5.44% 0.00% — 541.0%
119 SOONSOON $104.60M — — — — 48,440× — — — — 3,140.7%
120 edgeXEDGE $102.49M 2.7× 3.7× 7.7× 10.7× 1.72× — 36.96% 26.78% 7.27% 185.7%
121 SoSoValueSOSO $101.07M 3.6× 3.6× 10.5× 10.5× 0.57× — 27.83% 27.87% — 192.4%
122 dYdXDYDX $98.38M — — — — 1.41× — — — — 13.3%
123 GALAGALA $98.15M — — — — 20.11× — — — — 0.0%
124 peaqPEAQ $97.90M — — — — 121.30× — 0.00% — — 72.4%
125 Nexus MutualNXM $97.50M 52.2× 104.4× 52.2× 104.4× 0.99× — 1.92% 0.96% 0.96% 0.0%
126 KinetiqKNTQ $95.50M 4.2× 24.4× 13.5× 77.3× 0.11× — 23.54% 4.10% 1.67% 217.5%
127 GMXGMX $90.54M 1.1× 1.6× 1.1× 1.6× 0.20× — 88.90% 63.31% 54.01% 0.0%
128 WEMIXWEMIX $90.26M — — — — 33.73× — — — — 12.2%
129 WormholeW $88.65M 370.0× — 555.8× — 0.06× — 0.27% — — 50.2%
130 PromPROM $87.91M 5,608× — 5,916× — 128.11× — 0.02% — — 5.5%
131 PharosPROS $86.30M — — — — 1.17× — — — — 637.5%
132 USD.AICHIP $84.15M 1.6× 15.8× 7.9× 78.8× 0.33× — 63.47% 6.35% — 400.0%
133 NumeraireNMR $83.70M — — — — 32,779× — — — — 47.9%
134 SafeSAFE $83.01M 136.8× 136.8× 174.6× 174.6× — — 0.73% 0.73% — 27.7%
135 LivepeerLPT $82.37M 248.7× 248.7× 248.7× 248.7× — — 0.40% 0.40% 0.40% 0.0%
136 ALEOALEO $80.69M — — — — 40.80× — — — — 39.3%
137 STONKSTONK $78.84M 0.3× 0.3× 0.3× 0.3× — — 347.93% 305.28% 183.50% 0.0%
138 ADIADI $77.98M — — — — 58.28× — — — — 10,499.4%
139 KavaKAVA $77.95M — — — — 3.68× — — — — 0.0%
140 Rootstock Infrastructure FrameworkRIF $77.16M 221.4× — 221.4× — 0.96× — 0.45% — — 0.0%
141 CoW ProtocolCOW $73.95M 3.1× 5.5× 5.3× 9.5× — — 32.66% 18.24% — 74.1%
142 VeloVELO $72.63M 43,548× 43,548× 59,505× 59,505× 999.05× — 0.00% 0.00% — 36.6%
143 ZIG FinanceZIG $71.10M — — — — 17.44× — — — — 38.7%
144 ZetaChainZETA $69.28M — — — — 196.01× — 0.00% — — 26.8%
145 AmpAMP $68.27M — — — — 54.56× — — — — 11.1%
146 o1.exchangeO $67.92M 7.4× 12.8× 46.3× 80.0× — — 13.50% 7.81% — 525.0%
147 LineaLINEA $67.38M 139.0× 139.0× 405.7× 405.7× 2.84× $20,696 0.72% 0.72% — 191.9%
148 Flying TulipFT $67.02M 36.8× 41.3× 39.1× 43.9× 4.54× — 2.72% 2.42% — 6.2%
149 QubicQUBIC $65.10M — — — — 1,256× — — — — 24.0%
150 SushiSUSHI $62.35M 8.9× 16.6× 9.1× 16.9× 0.63× — 11.22% 6.03% 0.18% 1.7%
son 30 günden yıllıklandırılmış; kapitalizasyon anlık site calculation from CoinGecko and DeFiLlama inputs observed 18 Oct 2026 07:04 UTC
01

Her rasyonun ne olduğu ve nerede işlevsiz kaldığı

Market Cap / Annualized Fees Compares a token's market value with the fees users paid to the network over a year. Providers disagree on what a fee is: priority tips and maximal extractable value are counted by some and excluded by others, and front-end interface fees taken by a separate company are usually invisible entirely. Assets that charge almost… annualized from trailing 30 days
Market Cap / Annualized Revenue Market value divided by the share of yearly fees the protocol keeps rather than paying out. The split between fees and revenue is a modeling choice, not an observation, and providers draw it in different places for the same protocol, so two reputable sites can differ by a multiple on the same token. The cost of earning that… annualized from trailing 30 days
FDV / Annualized Fees Like the market cap version, but values every token that will ever exist at today's price. There is no single definition of fully diluted supply: some providers use the coded maximum, some use current total supply, and some use supply after all published vesting completes, so the same token can carry three different FDVs. Assets… annualized from trailing 30 days
FDV / Annualized Revenue Fully diluted market value divided by the yearly fee income the protocol retains. Both inputs are estimates, so the errors compound: a provider that defines fully diluted supply generously and revenue narrowly will report a multiple several times another provider's for the identical protocol. Projects still distributing… annualized from trailing 30 days
Market Cap / TVL Compares a token's market value with the value of assets currently deposited in its contracts. Total value locked double-counts routinely: ether staked through a liquid staking provider produces a receipt token, which is deposited into a lending market, borrowed against, and redeposited, and each leg can be counted. Because it is… point-in-time
FDV / TVL Fully diluted market value divided by the value of assets deposited in the protocol. It inherits every problem of both inputs at once: recursive double-counting in deposits and an undefined or provider-specific diluted supply. Protocols that attracted deposits with token emissions are the common case here, and those same… point-in-time
Market Cap per Active Address Market value divided by the number of addresses that sent or received anything recently. 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… point-in-time value over trailing 30 days of activity
Fee Yield Total yearly fees paid by users, expressed as a percentage of the token's market value. Gross fees include amounts that never accrue to the protocol or to token holders in any form, so a high figure can coexist with a protocol that retains nothing. Fees paid to validators or liquidity providers are compensation for a cost… annualized from trailing 30 days
Network Revenue Yield Yearly protocol revenue expressed as a percentage of the token's market value. Nothing is distributed in the great majority of cases, so the figure describes revenue that stays with a treasury, with validators, or is destroyed by a burn mechanism rather than paid out. Where value does reach holders it arrives as… annualized from trailing 30 days
Holder Revenue Yield The share of fee income that actually reaches token holders, as a percentage of market value. A burn reaches holders only as a proportional supply reduction, and it can be entirely offset by issuance elsewhere in the same protocol, which this figure does not net off. Fee distributions to stakers are received only by tokens that are… annualized from trailing 30 days
Dilution overhang How much larger fully diluted valuation is than market capitalization. Fully diluted valuation prices tokens that do not yet trade at the price of tokens that do, which is an assumption, not a measurement. For assets with very long emission schedules the arithmetic is close to meaningless. point-in-time
NVT (Network Value to Transactions) Network value divided by the daily value moved on-chain, smoothed over about three months. The denominator counts change outputs, self-transfers, and exchange rebalancing as settlement, and the adjustment heuristics used to remove them differ enough between providers that NVT values from two sites are not comparable. The measure… point-in-time value over a smoothed 90-day denominator
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