밸류에이션

밸류에이션 비율

자산의 가치와 그것이 창출하는 수익 간의 표준화된 비율입니다. 모든 자산에 동일한 방식으로 산출되므로 비교가 가능하지만, 주식의 배수와는 다르며 그 차이는 형식적인 것이 아닙니다.

표를 읽기 전에 확인하세요. Token은 주식이 아니다. 연결 실체도 없고, 감사받은 재무제표도 없으며, 어떤 수수료 흐름에 대한 법적 청구권도 없다. Protocol의 수수료 배분 방식은 투표를 통해 변경될 수 있는 거버넌스 결정 사항이다. Market capitalization은 종종 자체 보고되는 유통 공급량 수치에 의존한다. 여기의 모든 비율은 공개된 두 수치 간의 규모 비교다 — 그 이상도 이하도 아니며, 어떤 자산이 저평가 또는 고평가되었다는 주장이 결코 아니다. 밸류에이션 트랙에서 각 항목을 상세히 설명합니다 →

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

#	자산	시가총액	시가총액 / 수수료	시가총액 / 매출	FDV / 수수료	FDV / 매출	MC / TVL	주소당 시가총액	수수료 수익률	수익률	보유자 수익률	예정된 희석
1	BitcoinBTC	$1.64T	18,188×	—	18,188×	—	376.24×	$3.41M	0.01%	—	—	0.0%
2	EthereumETH	$293.95B	1,335×	3,747×	1,335×	3,747×	5.95×	$659,614	0.07%	0.03%	—	0.0%
3	BNBBNB	$95.69B	369.3×	3,693×	369.3×	3,693×	—	—	0.27%	0.03%	—	0.0%
4	XRPXRP	$81.53B	—	—	—	—	2,712,598×	—	0.00%	—	—	58.4%
5	SolanaSOL	$60.88B	179.7×	1,499×	193.9×	1,617×	10.35×	—	0.56%	0.07%	—	7.9%
6	TRONTRX	$31.66B	109.4×	109.4×	109.4×	109.4×	5.69×	—	0.91%	0.91%	—	0.0%
7	ZcashZEC	$19.17B	12,110×	—	12,111×	—	7,497×	—	0.01%	—	—	0.0%
8	HyperliquidHYPE	$17.44B	2,483×	2,483×	10,663×	10,663×	17.14×	—	0.04%	0.04%	—	329.5%
9	DogecoinDOGE	$12.34B	44,973×	—	44,975×	—	7,134×	—	0.00%	—	—	0.0%
10	ChainlinkLINK	$9.16B	139.3×	141.4×	181.7×	184.3×	4.87×	—	0.72%	0.71%	0.71%	30.4%
11	CardanoADA	$8.22B	4,906×	24,530×	5,878×	29,389×	131.28×	—	0.02%	0.00%	—	19.8%
12	RainRAIN	$6.56B	1,849,253×	—	2,978,624×	—	396.85×	—	0.00%	0.00%	0.00%	61.1%
13	NEAR ProtocolNEAR	$6.46B	2,435×	3,479×	2,435×	3,479×	28.28×	—	0.04%	0.03%	—	0.0%
14	StellarXLM	$6.22B	10,875×	10,875×	15,447×	15,447×	26.17×	—	0.01%	0.01%	—	42.0%
15	Bitcoin CashBCH	$5.54B	195,957×	—	195,957×	—	1,045×	—	0.00%	—	—	0.0%
16	Ethena USDeUSDE	$4.68B	—	—	—	—	1,534×	—	0.00%	—	—	-0.1%
17	LitecoinLTC	$4.56B	24,501×	—	24,501×	—	4,801×	—	0.00%	—	—	0.0%
18	UniswapUNI	$4.48B	3.1×	39.2×	4.4×	55.7×	1.16×	—	32.07%	2.55%	2.55%	42.0%
19	AvalancheAVAX	$4.31B	749.3×	749.3×	794.4×	794.4×	7.44×	—	0.13%	0.13%	—	6.0%
20	CantonCC	$4.05B	7.0×	7.0×	7.0×	7.0×	352.66×	—	14.29%	14.29%	—	0.0%
21	SuiSUI	$4.00B	1,498×	5,057×	3,638×	12,279×	8.35×	—	0.07%	0.02%	—	142.8%
22	Gram (prev. Toncoin)GRAM	$3.80B	4,402×	8,803×	8,196×	16,392×	77.68×	—	0.02%	0.01%	—	86.2%
23	HederaHBAR	$3.74B	14,890×	—	16,910×	—	110.96×	—	0.01%	—	—	13.6%
24	BitwayBTW	$3.60B	589.1×	2,281×	3,913×	15,151×	78.31×	—	0.17%	0.04%	—	564.1%
25	Tether GoldXAUT	$3.36B	223.6×	223.6×	228.7×	228.7×	1.10×	—	0.45%	0.45%	—	2.3%
26	BittensorTAO	$3.01B	—	—	—	—	5.67×	—	—	—	—	85.2%
27	CronosCRO	$2.86B	—	—	—	—	21.01×	—	0.00%	—	—	95.1%
28	EthenaENA	$2.50B	10.0×	3,561×	11.1×	3,985×	0.51×	—	10.05%	0.03%	—	11.9%
29	OKBOKB	$2.41B	4,539×	4,539×	4,539×	4,539×	15.63×	—	0.02%	0.02%	—	0.0%
30	AaveAAVE	$2.34B	5.1×	39.3×	5.3×	40.7×	0.13×	—	19.44%	2.55%	—	3.7%
31	OndoONDO	$2.12B	33.0×	—	67.8×	—	2.31×	—	3.03%	—	—	105.4%
32	WorldcoinWLD	$1.85B	7,163×	—	18,771×	—	48.59×	$367,791	0.01%	—	—	162.1%
33	World Liberty FinancialWLFI	$1.81B	12.2×	12.2×	38.2×	38.2×	—	—	8.23%	8.23%	—	214.7%
34	MantleMNT	$1.73B	13,370×	13,370×	25,182×	25,182×	18.43×	$579,902	0.01%	0.01%	—	88.3%
35	MorphoMORPHO	$1.67B	6.3×	—	9.0×	—	0.15×	—	15.88%	—	—	42.6%
36	Internet ComputerICP	$1.61B	754.8×	754.8×	754.8×	754.8×	189.44×	—	0.13%	0.13%	—	0.0%
37	Bitget TokenBGB	$1.32B	24,551×	31,881×	31,949×	41,487×	17.73×	—	0.00%	0.00%	—	30.1%
38	ArbitrumARB	$1.24B	152.7×	153.4×	221.5×	222.6×	0.93×	$12,485	0.66%	0.65%	—	45.1%
39	Venice TokenVVV	$1.08B	96.7×	96.7×	161.9×	161.9×	—	—	1.03%	1.03%	1.03%	67.4%
40	GateGT	$1.05B	220,209×	—	245,982×	—	334.80×	—	0.00%	—	—	11.7%
41	KuCoinKCS	$1.03B	—	—	—	—	1,315×	—	0.00%	—	—	1.8%
42	AlgorandALGO	$1.01B	151,177×	151,177×	151,178×	151,178×	29.62×	—	0.00%	0.00%	—	0.0%
43	POL (ex-MATIC)POL	$972.85M	35.5×	35.6×	35.5×	35.6×	1.48×	$2,422	2.82%	2.81%	—	0.0%
44	JupiterJUP	$957.26M	4.7×	16.0×	9.8×	33.1×	0.41×	—	21.13%	6.25%	3.12%	106.7%
45	RenderRENDER	$948.33M	260.2×	260.2×	267.6×	267.6×	—	—	0.38%	0.38%	0.37%	2.8%
46	Cosmos HubATOM	$909.88M	37,155×	—	37,156×	—	6,806×	—	0.00%	—	—	0.0%
47	FilecoinFIL	$870.45M	1,205×	1,205×	2,823×	2,823×	297.25×	—	0.08%	0.08%	—	134.3%
48	InjectiveINJ	$848.44M	307.4×	307.4×	307.4×	307.4×	59.89×	—	0.33%	0.33%	—	0.0%
49	NEXONEXO	$810.84M	—	—	—	—	2.61×	—	—	—	—	0.0%
50	LighterLIT	$754.56M	11.2×	13.6×	44.9×	54.3×	1.09×	—	8.91%	7.36%	4.15%	300.0%
51	LayerZeroZRO	$733.62M	219.1×	336.4×	547.7×	841.1×	0.07×	—	0.46%	0.30%	0.33%	150.0%
52	StacksSTX	$692.08M	1,176×	—	1,176×	—	7.79×	—	0.09%	—	—	0.0%
53	AptosAPT	$690.27M	434.7×	434.7×	595.7×	595.7×	16.65×	—	0.23%	0.23%	—	37.0%
54	StableSTABLE	$689.44M	—	—	—	—	24.13×	—	—	—	—	266.5%
55	XDC NetworkXDC	$664.39M	81,713×	—	155,939×	—	306.84×	—	0.00%	—	—	90.8%
56	Ether.fiETHFI	$646.06M	4.4×	14.3×	4.4×	14.3×	0.12×	—	22.76%	7.00%	—	0.0%
57	DashDASH	$620.17M	74,504×	—	74,507×	—	8,591×	—	0.00%	—	—	0.0%
58	VeChainVET	$574.92M	—	—	—	—	443.70×	—	—	—	—	0.0%
59	FlareFLR	$566.46M	2,221×	—	2,712×	—	3.16×	—	0.05%	—	—	22.1%
60	RaydiumRAY	$481.80M	1.3×	7.6×	2.6×	15.7×	0.42×	—	79.10%	13.12%	7.78%	105.6%
61	StarknetSTRK	$475.77M	164.8×	166.7×	217.1×	219.6×	3.35×	$157,284	0.61%	0.60%	—	31.7%
62	Virtuals ProtocolVIRTUAL	$426.62M	84.1×	278.9×	127.7×	423.5×	—	—	1.19%	0.36%	—	51.9%
63	SeiSEI	$414.52M	11,356×	11,356×	16,865×	16,865×	13.78×	—	0.01%	0.01%	—	48.5%
64	Provenance BlockchainHASH	$376.86M	89.0×	—	142.9×	—	2.62×	—	1.12%	—	—	60.6%
65	PlasmaXPL	$352.75M	1,769×	1,769×	3,901×	3,901×	0.67×	—	0.06%	0.06%	—	120.6%
66	PendlePENDLE	$351.82M	26.5×	26.9×	42.9×	43.5×	0.16×	—	3.78%	3.72%	2.89%	61.9%
67	BitTorrentBTT	$344.96M	—	—	—	—	2,183×	—	—	—	—	2.5%
68	Falcon FinanceFF	$344.87M	124.9×	—	373.7×	—	0.21×	—	0.80%	—	—	199.1%
69	TezosXTZ	$326.64M	7,528×	11,901×	7,665×	12,117×	17.14×	—	0.01%	0.01%	—	1.8%
70	Sun TokenSUN	$318.40M	27.9×	601.8×	28.9×	623.1×	0.48×	—	3.58%	0.17%	0.12%	3.5%
71	Lido DAOLDO	$317.13M	0.5×	8.5×	0.6×	10.3×	0.01×	—	190.84%	11.76%	8.27%	20.5%
72	GnosisGNO	$299.90M	3,782×	—	4,298×	—	3.23×	—	0.03%	—	—	13.7%
73	OlympusOHM	$292.12M	164.6×	164.6×	218.4×	218.4×	—	—	0.61%	0.61%	—	32.7%
74	ConfluxCFX	$276.64M	—	—	—	—	44.15×	—	—	—	—	0.0%
75	KaiaKAIA	$274.08M	4,286×	5,613×	4,286×	5,613×	34.55×	—	0.02%	0.02%	—	0.0%
76	BackpackBP	$263.37M	—	—	—	—	0.44×	—	—	—	—	300.0%
77	The GraphGRT	$260.17M	1,269×	—	1,347×	—	—	—	0.08%	—	—	6.1%
78	Terra Luna ClassicLUNC	$257.98M	—	—	—	—	274.68×	—	—	—	—	16.8%
79	MonadMON	$251.41M	48.3×	56.8×	411.3×	483.9×	0.27×	—	2.07%	1.76%	—	751.4%
80	Collector CryptCARDS	$243.98M	1.3×	1.3×	2.9×	2.9×	—	—	75.51%	75.51%	0.43%	118.7%
81	EigenCloud (prev. EigenLayer)EIGEN	$238.33M	52.9×	—	100.7×	—	0.04×	—	1.89%	—	—	90.4%
82	Ethereum Name ServiceENS	$231.63M	84.6×	84.6×	200.1×	200.1×	—	—	1.18%	1.18%	—	136.5%
83	FLOKIFLOKI	$225.82M	—	—	—	—	18.73×	—	—	—	—	0.0%
84	IOTAIOTA	$213.27M	—	—	—	—	127.03×	—	—	—	—	6.6%
85	THORChainRUNE	$208.76M	707.9×	707.9×	762.6×	762.6×	6.05×	—	0.14%	0.14%	—	7.7%
86	SonicS	$203.00M	2,496×	2,496×	2,496×	2,496×	11.00×	—	0.04%	0.04%	—	0.0%
87	PonsPONS	$191.97M	0.4×	2.8×	0.4×	2.8×	—	—	238.06%	36.00%	32.53%	0.0%
88	Theta NetworkTHETA	$190.52M	—	—	—	—	622.68×	—	—	—	—	0.0%
89	MeteoraMET	$188.61M	0.3×	2.9×	0.6×	5.1×	0.73×	—	296.92%	34.77%	4.05%	78.6%
90	ZamaZAMA	$181.59M	—	—	—	—	1.44×	—	—	—	—	344.8%
91	Convex FinanceCVX	$179.97M	6.2×	16.0×	6.7×	17.2×	0.31×	—	16.05%	6.24%	5.92%	7.3%
92	Axie InfinityAXS	$178.64M	110.8×	114.0×	170.4×	175.3×	—	—	0.90%	0.88%	—	53.8%
93	AnvilANVL	$178.01M	—	—	—	—	8.28×	—	—	—	—	13.5%
94	MXMX	$177.23M	—	—	—	—	0.03×	—	—	—	—	345.4%
95	GRX ChainGRX	$176.75M	—	—	—	—	24.25×	—	0.00%	—	—	5.1%
96	VaultaA	$173.43M	—	—	—	—	3.93×	—	—	—	—	25.5%
97	SwissBorgBORG	$163.20M	—	—	—	—	0.16×	—	—	—	—	0.0%
98	ZKsyncZK	$159.90M	1,023×	1,023×	1,987×	1,987×	11.84×	$48,327	0.10%	0.10%	—	94.1%
99	DoubleZero2Z	$158.76M	47.5×	1,018×	91.5×	1,961×	2.33×	—	2.11%	0.10%	0.00%	92.7%
100	NEONEO	$156.33M	—	—	—	—	161.82×	—	—	—	—	41.8%
101	RailgunRAIL	$151.94M	32.7×	32.7×	32.7×	32.7×	1.36×	—	3.06%	3.06%	1.76%	0.0%
102	BeamBEAM	$145.91M	—	—	—	—	119.69×	—	0.00%	—	—	14.0%
103	ChilizCHZ	$145.27M	3,141×	—	3,141×	—	108.18×	—	0.03%	—	—	0.0%
104	ApeCoinAPE	$141.03M	773.0×	—	773.0×	—	50.04×	—	0.13%	—	—	0.0%
105	ImmutableIMX	$139.48M	17,073×	—	37,753×	—	13.11×	—	0.01%	—	—	121.1%
106	0G0G	$138.68M	—	—	—	—	38.18×	—	—	—	—	66.0%
107	1INCH1INCH	$129.21M	162.5×	752.4×	173.4×	802.9×	41.12×	—	0.62%	0.13%	—	6.7%
108	SuperVerseSUPER	$124.69M	—	—	—	—	3,009×	—	—	—	—	53.1%
109	Reserve RightsRSR	$124.23M	84.1×	210.0×	134.5×	335.7×	2.58×	—	1.19%	0.48%	0.48%	59.9%
110	PlumePLUME	$118.56M	3,713×	—	5,621×	—	51.50×	—	0.03%	—	—	51.4%
111	GeodnetGEOD	$116.86M	10.5×	10.5×	21.2×	21.2×	—	—	9.48%	9.48%	7.58%	101.2%
112	deBridgeDBR	$112.91M	17.8×	17.8×	30.0×	30.0×	54.77×	—	5.61%	5.61%	4.40%	68.7%
113	ChutesSN64	$112.33M	1,009×	1,009×	1,009×	1,009×	2.09×	—	0.10%	0.10%	—	0.0%
114	MultiversXEGLD	$109.65M	3,333×	—	3,333×	—	8.97×	—	0.03%	—	—	0.0%
115	CapCAP	$109.20M	19.1×	22,220×	122.6×	142,435×	0.52×	—	5.23%	0.00%	—	541.0%
116	AethirATH	$108.98M	3.1×	15.3×	6.4×	31.9×	—	—	32.70%	6.54%	—	108.7%
117	OrcaORCA	$108.54M	1.0×	7.8×	1.2×	9.6×	0.38×	—	98.94%	12.86%	4.75%	23.4%
118	WalrusWAL	$104.74M	2,348×	2,348×	4,485×	4,485×	—	—	0.04%	0.04%	—	91.0%
119	SOONSOON	$102.85M	—	—	—	—	48,739×	—	—	—	—	3,140.7%
120	edgeXEDGE	$102.33M	2.7×	3.8×	7.8×	10.8×	1.79×	—	36.40%	26.38%	6.94%	185.7%
121	SoSoValueSOSO	$99.66M	3.6×	3.6×	10.6×	10.6×	0.58×	—	27.61%	27.65%	—	192.4%
122	KinetiqKNTQ	$99.19M	4.1×	23.5×	13.1×	74.7×	0.10×	—	24.28%	4.25%	1.72%	217.5%
123	GALAGALA	$98.28M	—	—	—	—	24.20×	—	—	—	—	0.0%
124	dYdXDYDX	$98.14M	—	—	—	—	1.49×	—	—	—	—	13.3%
125	Nexus MutualNXM	$96.96M	52.7×	105.3×	52.7×	105.3×	0.99×	—	1.90%	0.95%	0.95%	0.0%
126	peaqPEAQ	$95.86M	—	—	—	—	123.40×	—	0.00%	—	—	72.7%
127	GMXGMX	$90.61M	1.1×	1.6×	1.1×	1.6×	0.20×	—	88.69%	62.29%	52.74%	0.0%
128	WEMIXWEMIX	$90.61M	—	—	—	—	34.41×	—	—	—	—	12.2%
129	WormholeW	$89.10M	406.2×	—	610.1×	—	0.06×	—	0.25%	—	—	50.2%
130	USD.AICHIP	$85.74M	1.7×	16.8×	8.4×	83.9×	0.35×	—	59.59%	5.96%	—	400.0%
131	PromPROM	$84.20M	5,682×	—	5,993×	—	126.17×	—	0.02%	—	—	5.5%
132	NumeraireNMR	$83.60M	—	—	—	—	34,430×	—	—	—	—	47.9%
133	SafeSAFE	$82.34M	117.3×	117.3×	149.8×	149.8×	—	—	0.85%	0.85%	—	27.7%
134	LivepeerLPT	$82.02M	259.2×	259.2×	259.2×	259.2×	—	—	0.39%	0.39%	0.39%	0.0%
135	PharosPROS	$81.68M	—	—	—	—	1.20×	—	—	—	—	637.5%
136	STONKSTONK	$80.91M	0.3×	0.3×	0.3×	0.3×	—	—	339.49%	295.24%	177.74%	0.0%
137	ALEOALEO	$79.79M	—	—	—	—	43.53×	—	—	—	—	39.5%
138	ADIADI	$78.09M	—	—	—	—	58.56×	—	—	—	—	10,499.4%
139	Rootstock Infrastructure FrameworkRIF	$77.18M	223.1×	—	223.1×	—	0.98×	—	0.45%	—	—	0.0%
140	KavaKAVA	$76.26M	—	—	—	—	3.68×	—	—	—	—	0.0%
141	CoW ProtocolCOW	$73.82M	3.1×	5.6×	5.5×	9.8×	—	—	31.84%	17.78%	—	74.1%
142	VeloVELO	$72.15M	43,610×	43,610×	59,590×	59,590×	1,010×	—	0.00%	0.00%	—	36.6%
143	ZIG FinanceZIG	$71.49M	—	—	—	—	17.45×	—	—	—	—	38.7%
144	ZetaChainZETA	$69.27M	—	—	—	—	190.70×	—	0.00%	—	—	26.8%
145	o1.exchangeO	$68.16M	7.2×	12.5×	44.8×	78.2×	—	—	13.95%	7.99%	—	525.0%
146	Flying TulipFT	$67.90M	38.7×	43.4×	41.1×	46.1×	4.74×	—	2.59%	2.30%	—	6.2%
147	LineaLINEA	$66.66M	143.4×	143.4×	418.6×	418.6×	2.94×	$26,883	0.70%	0.70%	—	191.9%
148	QubicQUBIC	$65.62M	—	—	—	—	1,164×	—	—	—	—	24.0%
149	AmpAMP	$65.00M	—	—	—	—	55.04×	—	—	—	—	11.1%
150	SushiSUSHI	$61.86M	9.0×	16.9×	9.1×	17.1×	0.64×	—	11.16%	5.93%	0.17%	1.7%

최근 30일에서 연환산; 시가총액은 특정 시점 기준 site calculation from CoinGecko and DeFiLlama inputs observed 17 Oct 2026 07:03 UTC

각 비율의 정의 및 한계

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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각 비율의 정의 및 한계

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Valuation & risk

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