Bewertung

Bewertungskennzahlen

Standardisierte Kennzahlen zwischen dem Wert eines Assets und dem, was es erwirtschaftet. Sie werden für jedes Asset nach derselben Methode berechnet, um Vergleichbarkeit herzustellen — es handelt sich jedoch nicht um Eigenkapitalmultiplikatoren, und die Unterschiede sind nicht kosmetischer Natur.

Dies vor der Tabelle lesen. Ein Token ist keine Aktie. Es gibt keine konsolidierte Einheit, keine geprüften Abschlüsse und keinen durchsetzbaren Anspruch auf einen Fee-Strom. Die Fee-Aufteilung eines Protokolls ist eine Governance-Entscheidung, die per Abstimmung geändert werden kann. Market Capitalization hängt von einer Circulating-Supply-Angabe ab, die häufig selbst gemeldet wird. Jedes Ratio hier ist eine Größenrelation zwischen zwei veröffentlichten Kennzahlen — nicht mehr und nie eine Aussage darüber, ob ein Vermögenswert günstig oder teuer ist. Die Bewertungsspur erklärt jede einzeln korrekt →

Alle Layer 1 Layer 2 DeFi Stablecoins Liquid Staking Exchange tokens Real-world assets Oracles Bridges Privacy Payments AI & DePIN Gaming & NFT Meme Wrapped Infrastructure Sonstige

#	Asset	Market Cap	MC / Gebühren	MC / Umsatz	FDV / Gebühren	FDV / Umsatz	MC / TVL	MC pro Adresse	Gebührenrendite	Umsatzrendite	Halter-Rendite	Bevorstehende Verwässerung
1	BitcoinBTC	$1.66T	18,337×	—	18,337×	—	375.85×	$3.42M	0.01%	—	—	0.0%
2	EthereumETH	$296.04B	1,334×	3,754×	1,334×	3,754×	5.93×	$692,441	0.07%	0.03%	—	0.0%
3	BNBBNB	$96.70B	369.0×	3,690×	369.0×	3,690×	—	—	0.27%	0.03%	—	0.0%
4	XRPXRP	$82.73B	—	—	—	—	2,710,608×	—	0.00%	—	—	58.4%
5	SolanaSOL	$61.97B	178.9×	1,476×	193.0×	1,592×	10.29×	—	0.56%	0.07%	—	7.9%
6	TRONTRX	$31.57B	109.7×	109.7×	109.8×	109.8×	5.68×	—	0.91%	0.91%	—	0.0%
7	ZcashZEC	$20.05B	12,548×	—	12,549×	—	7,420×	—	0.01%	—	—	0.0%
8	HyperliquidHYPE	$17.63B	2,530×	2,530×	10,864×	10,864×	17.12×	—	0.04%	0.04%	—	329.5%
9	DogecoinDOGE	$12.50B	44,490×	—	44,494×	—	7,123×	—	0.00%	—	—	0.0%
10	ChainlinkLINK	$9.35B	169.9×	173.8×	221.5×	226.7×	4.81×	—	0.59%	0.58%	0.58%	30.4%
11	CardanoADA	$8.33B	4,786×	23,934×	5,735×	28,675×	131.59×	—	0.02%	0.00%	—	19.8%
12	RainRAIN	$6.62B	1,919,738×	—	3,092,156×	—	398.11×	—	0.00%	0.00%	0.00%	61.1%
13	NEAR ProtocolNEAR	$6.59B	2,396×	3,423×	2,396×	3,423×	29.52×	—	0.04%	0.03%	—	0.0%
14	StellarXLM	$6.30B	10,788×	10,788×	15,323×	15,323×	26.61×	—	0.01%	0.01%	—	42.0%
15	Bitcoin CashBCH	$5.57B	195,300×	—	195,300×	—	1,046×	—	0.00%	—	—	0.0%
16	Ethena USDeUSDE	$4.68B	—	—	—	—	1,528×	—	0.00%	—	—	0.0%
17	LitecoinLTC	$4.62B	24,248×	—	24,248×	—	4,824×	—	0.00%	—	—	0.0%
18	UniswapUNI	$4.55B	3.2×	40.7×	4.6×	57.8×	1.16×	—	30.94%	2.46%	2.46%	42.0%
19	AvalancheAVAX	$4.34B	726.6×	726.6×	770.3×	770.3×	7.34×	—	0.14%	0.14%	—	6.0%
20	SuiSUI	$4.13B	1,466×	5,040×	3,559×	12,237×	8.26×	—	0.07%	0.02%	—	142.8%
21	CantonCC	$4.08B	6.9×	6.9×	6.9×	6.9×	347.21×	—	14.57%	14.57%	—	0.0%
22	Gram (prev. Toncoin)GRAM	$3.81B	4,411×	8,822×	8,212×	16,425×	78.41×	—	0.02%	0.01%	—	86.2%
23	HederaHBAR	$3.71B	15,772×	—	17,912×	—	115.18×	—	0.01%	—	—	13.6%
24	BitwayBTW	$3.40B	706.6×	2,725×	4,692×	18,099×	94.63×	—	0.14%	0.04%	—	564.1%
25	Tether GoldXAUT	$3.37B	245.3×	245.3×	250.9×	250.9×	1.10×	—	0.41%	0.41%	—	2.3%
26	BittensorTAO	$3.09B	—	—	—	—	57.10×	—	—	—	—	85.2%
27	CronosCRO	$2.89B	—	—	—	—	20.86×	—	0.00%	—	—	95.1%
28	EthenaENA	$2.56B	11.6×	3,628×	13.0×	4,059×	0.49×	—	8.61%	0.03%	—	11.9%
29	OKBOKB	$2.39B	4,492×	4,492×	4,492×	4,492×	15.25×	—	0.02%	0.02%	—	0.0%
30	AaveAAVE	$2.35B	5.0×	38.4×	5.2×	39.8×	0.13×	—	19.89%	2.60%	—	3.7%
31	OndoONDO	$2.13B	30.7×	—	63.1×	—	2.22×	—	3.26%	—	—	105.4%
32	WorldcoinWLD	$1.87B	6,663×	—	17,456×	—	45.73×	$362,518	0.02%	—	—	162.0%
33	World Liberty FinancialWLFI	$1.83B	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	$1.65B	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	ArbitrumARB	$1.31B	149.2×	149.9×	216.4×	217.5×	0.90×	$12,510	0.67%	0.67%	—	45.1%
38	Bitget TokenBGB	$1.31B	24,348×	31,559×	31,685×	41,069×	17.49×	—	0.00%	0.00%	—	30.1%
39	Ethereum ClassicETC	$1.23B	125,180×	—	125,180×	—	10,293×	—	0.00%	—	—	0.0%
40	Venice TokenVVV	$1.20B	92.7×	92.7×	155.0×	155.0×	—	—	1.08%	1.08%	1.08%	67.2%
41	KuCoinKCS	$1.06B	—	—	—	—	1,289×	—	0.00%	—	—	1.8%
42	GateGT	$1.05B	215,618×	—	240,854×	—	330.90×	—	0.00%	—	—	11.7%
43	AlgorandALGO	$1.02B	149,371×	149,371×	149,373×	149,373×	30.20×	—	0.00%	0.00%	—	0.0%
44	POL (ex-MATIC)POL	$980.42M	35.1×	35.1×	35.1×	35.1×	1.44×	$2,968	2.85%	2.85%	—	0.0%
45	JupiterJUP	$977.83M	4.5×	15.5×	9.4×	32.0×	0.39×	—	22.08%	6.46%	3.22%	106.7%
46	RenderRENDER	$945.31M	210.7×	210.7×	216.7×	216.7×	—	—	0.47%	0.47%	0.45%	2.8%
47	Cosmos HubATOM	$919.39M	36,607×	—	36,608×	—	6,859×	—	0.00%	—	—	0.0%
48	FilecoinFIL	$875.24M	1,080×	1,080×	2,530×	2,530×	298.18×	—	0.09%	0.09%	—	134.2%
49	InjectiveINJ	$850.85M	294.0×	294.0×	294.0×	294.0×	60.25×	—	0.34%	0.34%	—	0.0%
50	NEXONEXO	$804.78M	—	—	—	—	2.61×	—	—	—	—	0.0%
51	LighterLIT	$793.26M	10.6×	12.9×	42.6×	51.8×	1.06×	—	9.39%	7.73%	4.35%	300.0%
52	LayerZeroZRO	$762.14M	210.5×	317.7×	526.2×	794.4×	0.07×	—	0.48%	0.31%	0.33%	150.0%
53	StacksSTX	$691.16M	1,154×	—	1,154×	—	7.59×	—	0.09%	—	—	0.0%
54	AptosAPT	$690.71M	410.1×	410.1×	562.0×	562.0×	15.93×	—	0.24%	0.24%	—	37.0%
55	Ether.fiETHFI	$677.89M	4.3×	14.0×	4.3×	14.0×	0.12×	—	23.19%	7.12%	—	0.0%
56	XDC NetworkXDC	$663.11M	80,803×	—	154,202×	—	299.01×	—	0.00%	—	—	90.8%
57	StableSTABLE	$658.97M	—	—	—	—	23.52×	—	—	—	—	266.1%
58	DashDASH	$633.01M	74,123×	—	74,126×	—	8,573×	—	0.00%	—	—	0.0%
59	VeChainVET	$591.17M	—	—	—	—	434.91×	—	—	—	—	0.0%
60	FlareFLR	$561.73M	2,190×	—	2,674×	—	3.13×	—	0.05%	—	—	22.1%
61	RaydiumRAY	$515.83M	1.3×	7.8×	2.6×	16.0×	0.42×	—	77.74%	12.88%	7.64%	105.6%
62	StarknetSTRK	$462.57M	149.3×	151.0×	196.6×	198.9×	3.01×	$144,640	0.67%	0.66%	—	31.7%
63	Virtuals ProtocolVIRTUAL	$436.98M	86.0×	285.2×	130.7×	433.1×	—	—	1.16%	0.35%	—	51.9%
64	Provenance BlockchainHASH	$429.87M	86.5×	—	138.8×	—	2.61×	—	1.16%	—	—	60.5%
65	SeiSEI	$415.80M	10,882×	10,882×	16,162×	16,162×	13.77×	—	0.01%	0.01%	—	48.5%
66	PendlePENDLE	$357.93M	25.6×	26.0×	41.5×	42.2×	0.15×	—	3.90%	3.84%	2.98%	61.9%
67	PlasmaXPL	$356.50M	1,712×	1,712×	3,777×	3,777×	0.64×	—	0.06%	0.06%	—	120.6%
68	Falcon FinanceFF	$346.61M	129.7×	—	388.1×	—	0.20×	—	0.77%	—	—	199.1%
69	BitTorrentBTT	$345.35M	—	—	—	—	2,207×	—	—	—	—	2.5%
70	Lido DAOLDO	$334.70M	0.5×	8.2×	0.6×	9.9×	0.01×	—	197.43%	12.16%	8.56%	20.5%
71	TezosXTZ	$330.38M	7,118×	11,246×	7,247×	11,450×	16.54×	—	0.01%	0.01%	—	1.8%
72	Sun TokenSUN	$318.45M	28.0×	605.8×	28.9×	627.2×	0.48×	—	3.58%	0.17%	0.12%	3.5%
73	GnosisGNO	$303.03M	3,937×	—	4,474×	—	3.23×	—	0.03%	—	—	13.7%
74	OlympusOHM	$293.94M	164.4×	164.4×	218.1×	218.1×	—	—	0.61%	0.61%	—	32.7%
75	BackpackBP	$282.26M	—	—	—	—	0.46×	—	—	—	—	300.0%
76	ConfluxCFX	$278.66M	—	—	—	—	43.73×	—	—	—	—	0.0%
77	KaiaKAIA	$271.34M	4,266×	5,560×	4,266×	5,560×	34.03×	—	0.02%	0.02%	—	0.0%
78	The GraphGRT	$262.03M	1,125×	—	1,194×	—	—	—	0.09%	—	—	6.1%
79	Terra Luna ClassicLUNC	$256.60M	—	—	—	—	272.18×	—	—	—	—	16.8%
80	MonadMON	$254.17M	46.1×	54.2×	392.5×	461.8×	0.26×	—	2.17%	1.84%	—	751.4%
81	Collector CryptCARDS	$244.95M	1.2×	1.2×	2.6×	2.6×	—	—	83.40%	83.40%	0.50%	118.7%
82	Ethereum Name ServiceENS	$233.28M	85.1×	85.1×	201.2×	201.2×	—	—	1.18%	1.18%	—	136.5%
83	EigenCloud (prev. EigenLayer)EIGEN	$228.10M	49.0×	—	93.4×	—	0.04×	—	2.04%	—	—	90.4%
84	FLOKIFLOKI	$225.91M	—	—	—	—	18.67×	—	—	—	—	0.0%
85	GRX ChainGRX	$224.95M	—	—	—	—	21.79×	—	0.00%	—	—	5.1%
86	THORChainRUNE	$213.37M	705.1×	705.1×	759.5×	759.5×	6.04×	—	0.14%	0.14%	—	7.7%
87	IOTAIOTA	$211.47M	—	—	—	—	127.79×	—	—	—	—	6.6%
88	SonicS	$201.57M	2,374×	2,374×	2,374×	2,374×	10.88×	—	0.04%	0.04%	—	0.0%
89	Convex FinanceCVX	$190.30M	6.1×	15.9×	6.6×	17.1×	0.32×	—	16.38%	6.29%	5.96%	7.3%
90	MeteoraMET	$189.03M	0.3×	2.7×	0.6×	4.8×	0.68×	—	318.25%	37.29%	4.46%	78.6%
91	Theta NetworkTHETA	$187.84M	—	—	—	—	611.62×	—	—	—	—	0.0%
92	ZamaZAMA	$181.61M	—	—	—	—	1.39×	—	—	—	—	344.8%
93	Axie InfinityAXS	$177.57M	108.3×	111.3×	166.5×	171.2×	—	—	0.92%	0.90%	—	53.8%
94	MXMX	$177.36M	—	—	—	—	0.03×	—	—	—	—	345.4%
95	PonsPONS	$176.78M	0.4×	2.6×	0.4×	2.6×	—	—	252.61%	38.03%	34.26%	0.0%
96	AnvilANVL	$174.44M	—	—	—	—	11.44×	—	—	—	—	13.5%
97	SwissBorgBORG	$163.86M	—	—	—	—	0.16×	—	—	—	—	0.0%
98	ZKsyncZK	$159.55M	949.9×	949.9×	1,844×	1,844×	10.99×	$53,158	0.11%	0.11%	—	94.1%
99	DoubleZero2Z	$156.91M	43.2×	918.4×	83.2×	1,768×	2.22×	—	2.31%	0.11%	0.00%	92.5%
100	NEONEO	$155.99M	—	—	—	—	157.91×	—	—	—	—	41.8%
101	RailgunRAIL	$149.61M	32.6×	32.6×	32.6×	32.6×	1.35×	—	3.07%	3.07%	1.79%	0.0%
102	VaultaA	$149.46M	—	—	—	—	3.44×	—	—	—	—	25.5%
103	ChilizCHZ	$146.59M	2,994×	—	2,994×	—	108.82×	—	0.03%	—	—	0.0%
104	BeamBEAM	$143.59M	—	—	—	—	116.11×	—	0.00%	—	—	14.0%
105	ApeCoinAPE	$143.50M	741.0×	—	741.0×	—	49.81×	—	0.13%	—	—	0.0%
106	ImmutableIMX	$138.14M	16,240×	—	35,911×	—	12.65×	—	0.01%	—	—	121.1%
107	0G0G	$136.35M	—	—	—	—	37.01×	—	—	—	—	65.9%
108	1INCH1INCH	$130.62M	166.5×	770.0×	177.7×	821.8×	40.83×	—	0.60%	0.13%	—	6.7%
109	SuperVerseSUPER	$120.33M	—	—	—	—	3,041×	—	—	—	—	53.1%
110	PlumePLUME	$118.49M	3,518×	—	5,325×	—	49.53×	—	0.03%	—	—	51.4%
111	Reserve RightsRSR	$117.79M	87.2×	215.6×	139.4×	344.7×	2.62×	—	1.15%	0.46%	0.46%	59.9%
112	GeodnetGEOD	$116.77M	10.6×	10.6×	21.3×	21.3×	—	—	9.43%	9.43%	7.54%	101.2%
113	ChutesSN64	$112.92M	975.7×	975.7×	975.7×	975.7×	2.09×	—	0.10%	0.10%	—	0.0%
114	deBridgeDBR	$112.18M	17.7×	17.7×	29.8×	29.8×	57.54×	—	5.65%	5.65%	4.48%	68.7%
115	CapCAP	$111.70M	18.4×	21,659×	117.7×	138,837×	0.49×	—	5.44%	0.00%	—	541.0%
116	MultiversXEGLD	$111.31M	3,290×	—	3,290×	—	8.87×	—	0.03%	—	—	0.0%
117	AethirATH	$109.54M	2.9×	14.6×	6.1×	30.4×	—	—	34.32%	6.86%	—	108.7%
118	OrcaORCA	$109.14M	1.0×	7.5×	1.2×	9.2×	0.37×	—	102.85%	13.37%	4.94%	23.4%
119	WalrusWAL	$105.77M	2,222×	2,222×	4,244×	4,244×	—	—	0.05%	0.05%	—	91.0%
120	SOONSOON	$103.28M	—	—	—	—	48,440×	—	—	—	—	3,140.7%
121	edgeXEDGE	$100.95M	2.7×	3.7×	7.7×	10.7×	1.72×	—	36.96%	26.78%	7.27%	185.7%
122	SoSoValueSOSO	$99.62M	3.6×	3.6×	10.5×	10.5×	0.57×	—	27.83%	27.87%	—	192.4%
123	Nexus MutualNXM	$97.74M	52.2×	104.4×	52.2×	104.4×	0.99×	—	1.92%	0.96%	0.96%	0.0%
124	dYdXDYDX	$97.63M	—	—	—	—	1.41×	—	—	—	—	13.3%
125	GALAGALA	$97.26M	—	—	—	—	20.11×	—	—	—	—	0.0%
126	peaqPEAQ	$96.44M	—	—	—	—	121.30×	—	0.00%	—	—	72.4%
127	KinetiqKNTQ	$93.11M	4.2×	24.4×	13.5×	77.3×	0.11×	—	23.54%	4.10%	1.67%	217.5%
128	WEMIXWEMIX	$90.51M	—	—	—	—	33.73×	—	—	—	—	12.2%
129	GMXGMX	$90.46M	1.1×	1.6×	1.1×	1.6×	0.20×	—	88.90%	63.31%	54.01%	0.0%
130	PromPROM	$87.37M	5,608×	—	5,916×	—	128.11×	—	0.02%	—	—	5.5%
131	WormholeW	$86.79M	370.0×	—	555.8×	—	0.06×	—	0.27%	—	—	50.2%
132	PharosPROS	$86.66M	—	—	—	—	1.17×	—	—	—	—	637.5%
133	USD.AICHIP	$85.33M	1.6×	15.8×	7.9×	78.8×	0.33×	—	63.47%	6.35%	—	400.0%
134	STONKSTONK	$83.19M	0.3×	0.3×	0.3×	0.3×	—	—	347.93%	305.28%	183.50%	0.0%
135	SafeSAFE	$81.52M	136.8×	136.8×	174.6×	174.6×	—	—	0.73%	0.73%	—	27.7%
136	LivepeerLPT	$81.36M	248.7×	248.7×	248.7×	248.7×	—	—	0.40%	0.40%	0.40%	0.0%
137	NumeraireNMR	$80.75M	—	—	—	—	32,779×	—	—	—	—	47.9%
138	ALEOALEO	$79.44M	—	—	—	—	40.80×	—	—	—	—	39.3%
139	ADIADI	$77.55M	—	—	—	—	58.28×	—	—	—	—	10,499.4%
140	KavaKAVA	$76.61M	—	—	—	—	3.68×	—	—	—	—	0.0%
141	Rootstock Infrastructure FrameworkRIF	$75.01M	221.4×	—	221.4×	—	0.96×	—	0.45%	—	—	0.0%
142	CoW ProtocolCOW	$73.90M	3.1×	5.5×	5.3×	9.5×	—	—	32.66%	18.24%	—	74.1%
143	AmpAMP	$73.27M	—	—	—	—	54.56×	—	—	—	—	11.1%
144	VeloVELO	$72.32M	43,548×	43,548×	59,505×	59,505×	999.05×	—	0.00%	0.00%	—	36.6%
145	ZIG FinanceZIG	$70.54M	—	—	—	—	17.44×	—	—	—	—	38.7%
146	ZetaChainZETA	$68.66M	—	—	—	—	196.01×	—	0.00%	—	—	26.8%
147	Flying TulipFT	$68.34M	36.8×	41.3×	39.1×	43.9×	4.54×	—	2.72%	2.42%	—	6.2%
148	o1.exchangeO	$67.82M	7.4×	12.8×	46.3×	80.0×	—	—	13.50%	7.81%	—	525.0%
149	DiemDIEM	$66.82M	3,762×	3,762×	3,763×	3,763×	131.85×	—	0.03%	0.03%	0.02%	0.0%
150	LineaLINEA	$65.67M	139.0×	139.0×	405.7×	405.7×	2.84×	$20,696	0.72%	0.72%	—	191.9%

annualisiert aus den rollierenden 30 Tagen; Marktkapitalisierung zeitpunktbezogen site calculation from CoinGecko and DeFiLlama inputs observed 18 Oct 2026 07:04 UTC

Was jede Kennzahl aussagt und wo sie versagt

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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