From 7a774c97dafc006e2acbbfbfcfcf4c92d0c188ef Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Thu, 28 Aug 2025 09:43:32 -0400 Subject: [PATCH 01/16] Update billing docs: failed executions are now charged --- api-reference/overview/billing.mdx | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/api-reference/overview/billing.mdx b/api-reference/overview/billing.mdx index a0800ac3a..5cd9b9f32 100644 --- a/api-reference/overview/billing.mdx +++ b/api-reference/overview/billing.mdx @@ -6,7 +6,7 @@ icon: "file-invoice-dollar" Pricing for API is charged along two dimensions. All details can be found at [dune.com/pricing](https://dune.com/pricing) -If your execution fails, then no credits are charged. If you execute a query but never pull the results, you are only charged for the execution. +Failed executions are now charged. If you execute a query but never pull the results, you are only charged for the execution. | Dimension | Charge | From b3db680371ff2861f7e815c84fb811e68557a5d8 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 18:27:01 -0400 Subject: [PATCH 02/16] Add comprehensive Crypto Metrics Data Dictionary with 29 metrics across Blockchain, Protocol, and Wallet categories --- .../crypto-metrics-data-dictionary.mdx | 438 ++++++++++++++++++ mint.json | 1 + 2 files changed, 439 insertions(+) create mode 100644 data-catalog/crypto-metrics-data-dictionary.mdx diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx new file mode 100644 index 000000000..96e02f47b --- /dev/null +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -0,0 +1,438 @@ +--- +title: "Crypto Metrics Data Dictionary" +description: "A comprehensive guide to key crypto metrics, their definitions, formulas, and Dune query examples" +icon: "chart-line" +--- + +# Crypto Metrics Data Dictionary + +This comprehensive guide provides definitions, formulas, use cases, and practical Dune query examples for key crypto metrics across three main categories: **Blockchain**, **Protocol**, and **Wallet** metrics. + +## Blockchain Metrics + +Metrics that measure the overall health, activity, and economic performance of blockchain networks. + + + + Market Value to Realized Value ratio for assessing cryptocurrency valuation + + + Realized Store of Value for L1 tokens through staking and DeFi usage + + + Real Economic Value tracking actual fees users pay + + + Total Value Locked measuring trust and liquidity committed + + + DEX trades volume across multiple blockchain networks + + + Average cost in USD to execute a transaction + + + Total fees collected by sequencers minus L1 data costs + + + Net token flow in/out of exchanges + + + Percentage of total supply staked on PoS chains + + + Comprehensive measure of all economic activity onchain + + + +## Protocol Metrics + +Metrics that evaluate the performance, adoption, and sustainability of specific DeFi protocols and applications. + + + + Total fees generated by the protocol + + + Total value of transactions processed by protocol + + + Fees collected from users per transaction or period + + + Total value of assets held in protocol treasury + + + Unique addresses interacting daily or monthly + + + Fees generated per dollar of TVL + + + Breakdown of first-time vs repeat users + + + Total gas consumed and fees paid by protocol users + + + Total tokens minted minus protocol-controlled holdings + + + Gross Merchandise Value - total value of all transactions + + + +## Wallet Metrics + +Metrics that analyze user behavior, wallet distribution, and individual wallet activity patterns. + + + + Distribution of holdings across wallet tiers + + + Average number of transactions per wallet per period + + + Number of wallets with at least one transaction + + + Analysis of wallets grouped by creation date + + + Wallets active on multiple blockchains + + + Percentage of wallets interacting with DeFi protocols + + + Mean transaction size per wallet + + + Rate of new wallet creation over time + + + Ratio of inactive to active wallets + + + Segmentation by transaction count tiers + + + +--- + +## Detailed Metric Definitions + +### MVRV {#mvrv} + +**Category:** Blockchain +**Definition:** Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervalued +**Formula:** Market Cap / Realized Value +**Use Case:** Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation +**Dune Query Example:** [MVRV Analysis for Ethereum](https://dune.com/queries/5640249) +**Traditional Finance Analogy:** Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis) +**Framework Credit:** skycatcher.xyz + +```sql +WITH eth_prices AS ( + -- Get unique daily ETH prices + SELECT + DATE(timestamp) AS day, + AVG(price) AS eth_price + FROM prices.day + WHERE + contract_address = 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 + AND blockchain = 'ethereum' + AND price > 0 + AND DATE(timestamp) >= CURRENT_DATE - INTERVAL '365' day + GROUP BY DATE(timestamp) +), +-- ... rest of query +``` + +### RSOV {#rsov} + +**Category:** Blockchain +**Definition:** For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usage +**Formula:** Realized Value Staked + Realized Value in DeFi +**Use Case:** Evaluate L1 token adoption as store of value asset; compare growth expectations +**Dune Query Example:** [RSOV Analysis for Ethereum](https://dune.com/queries/5636718) +**Traditional Finance Analogy:** Similar to measuring bank deposits + investment AUM +**Dashboard Example:** [RSOV Dashboard](https://dune.com/sc_research/rsov) +**Framework Credit:** skycatcher.xyz + +### REV {#rev} + +**Category:** Blockchain +**Definition:** Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewards +**Formula:** Transaction Fees + MEV Tips +**Use Case:** Measure genuine demand for blockspace; compare economic intensity across chains +**Dune Query Example:** [REV Analysis](https://dune.com/queries/5698900) +**Traditional Finance Analogy:** Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand) + +### TVL {#tvl} + +**Category:** Blockchain +**Definition:** Total Value Locked - total value of assets locked or staked in a blockchain/protocol +**Formula:** Σ(Asset Amount × Current Price) +**Use Case:** Measure trust and liquidity committed; compare DeFi protocol adoption +**Dune Query Example:** [TVL Analysis](https://dune.com/queries/5699034) +**Traditional Finance Analogy:** Similar to Assets Under Management (AUM) + +### DEX Volume Crosschain {#dex-volume-crosschain} + +**Category:** Blockchain +**Definition:** DEX Trades volume across chains +**Formula:** COUNT(transactions), SUM(value × price) +**Use Case:** Track network DEX usage and economic throughput +**Dune Query Example:** [Cross-chain DEX Volume](https://dune.com/queries/5699811) +**Traditional Finance Analogy:** Similar to payment processing volume + +### Average Transaction Fee {#average-transaction-fee} + +**Category:** Blockchain +**Definition:** Average cost in USD to execute a transaction +**Formula:** Total Fees / Transaction Count +**Use Case:** Evaluate network accessibility and congestion +**Dune Query Example:** [Average Transaction Fees](https://dune.com/queries/5544342) +**Traditional Finance Analogy:** Similar to transaction processing fees + +### L2 Network Revenue Crosschain {#l2-network-revenue} + +**Category:** Blockchain +**Definition:** Total fees collected by sequencers minus L1 data costs +**Formula:** Σ(L2 Gas Fees + Priority Fees) - L1 Data Costs +**Use Case:** Assess L2 profitability, sustainability, and sequencer incentives +**Dune Query Example:** [L2 Network Revenue](https://dune.com/queries/5699834) + +### Exchange Netflows {#exchange-netflows} + +**Category:** Blockchain +**Definition:** Net token flow in/out of exchanges (inflow - outflow) +**Formula:** Deposits - Withdrawals +**Use Case:** Gauge selling pressure; negative = accumulation, positive = distribution +**Dune Query Example:** [Exchange Netflows](https://dune.com/queries/5699860) +**Traditional Finance Analogy:** Similar to fund flows data + +### Staking Ratio {#staking-ratio} + +**Category:** Blockchain +**Definition:** Percentage of total supply staked (PoS chains) +**Formula:** Staked Supply / Total Supply × 100 +**Use Case:** Measure network security and token holder confidence +**Dune Query Example:** [Staking Ratio](https://dune.com/queries/5700362/9255801) +**Traditional Finance Analogy:** Similar to bond participation rate + +### Total Economic Activity {#total-economic-activity} + +**Category:** Blockchain +**Definition:** Comprehensive measure of all economic activity onchain +**Formula:** Chain Fees + MEV + Settlement Volume (DEX + NFT + Filtered Transfers) + App Fees +**Use Case:** Valuing blockchains as economies, not just fee machines +**Dune Query Example:** [Total Economic Activity](https://dune.com/queries/5703816) +**Framework Credit:** Artemis + +--- + +## Protocol Metrics + +### Protocol Revenue {#protocol-revenue} + +**Category:** Protocol +**Definition:** Total fees generated by the protocol +**Formula:** Σ(Protocol Fees) +**Use Case:** Evaluate protocol profitability and sustainability +**Dune Query Example:** [Protocol Revenue](https://dune.com/queries/5576224) +**Traditional Finance Analogy:** Direct equivalent to company revenue + +### DEX Trading Volume {#dex-trading-volume} + +**Category:** Protocol +**Definition:** Total value of transactions processed by protocol +**Formula:** Σ(Transaction Values) +**Use Case:** Measure protocol's market share and growth +**Dune Query Example:** [DEX Trading Volume](https://dune.com/queries/5576286) +**Traditional Finance Analogy:** Similar to Gross Merchandise Value (GMV) + +### Fee Generation {#fee-generation} + +**Category:** Protocol +**Definition:** Fees collected from users per transaction or period +**Formula:** Total Fees / Time Period +**Use Case:** Analyze protocol's fee efficiency and user costs +**Dune Query Example:** [Fee Generation](https://dune.com/queries/5576292) +**Traditional Finance Analogy:** Similar to commission rates + +### Protocol Treasury Value {#protocol-treasury-value} + +**Category:** Protocol +**Definition:** Total value of assets held in protocol treasury +**Formula:** Σ(Treasury Assets × Price) +**Use Case:** Assess protocol's financial reserves and runway +**Dune Query Example:** [Protocol Treasury Value](https://dune.com/queries/5576299) +**Traditional Finance Analogy:** Similar to cash reserves/balance sheet + +### Daily/Monthly Active Addresses {#daily-monthly-active-addresses} + +**Category:** Protocol +**Definition:** Unique addresses interacting daily or monthly +**Formula:** COUNT(DISTINCT address) per period +**Use Case:** Track user retention and growth patterns +**Dune Query Example:** [Daily/Monthly Active Users](https://dune.com/queries/5576322) +**Traditional Finance Analogy:** Standard DAU/MAU metrics + +### Protocol Efficiency Ratio {#protocol-efficiency-ratio} + +**Category:** Protocol +**Definition:** Fees generated per dollar of TVL +**Formula:** Total Fees / TVL +**Use Case:** Compare capital efficiency across protocols +**Dune Query Example:** [Protocol Efficiency Ratio](https://dune.com/queries/5576378) +**Traditional Finance Analogy:** Similar to Return on Assets (ROA) + +### New vs Returning Users {#new-vs-returning-users} + +**Category:** Protocol +**Definition:** Breakdown of first-time vs repeat users +**Formula:** New Users / Total Users +**Use Case:** Measure user acquisition vs retention +**Dune Query Example:** [New vs Returning Users](https://dune.com/queries/5576381?Blockchain_t6c1ea=ethereum&Protocol_t6c1ea=uniswap) +**Traditional Finance Analogy:** Similar to customer acquisition metrics + +### Gas Fees by Protocol Users {#gas-fees-by-protocol-users} + +**Category:** Protocol +**Definition:** Total gas consumed and fees paid by protocol users +**Formula:** Σ(Gas Used × Gas Price) +**Use Case:** Evaluate protocol's cost to users and efficiency +**Dune Query Example:** [Gas Usage/Fees by Protocol Users](https://dune.com/queries/5576409) +**Traditional Finance Analogy:** Similar to transaction costs + +### Outstanding Supply {#outstanding-supply} + +**Category:** Protocol +**Definition:** Total tokens minted minus protocol-controlled holdings +**Formula:** Total Supply - (Treasury + DAO + Foundation + Vesting Contracts) +**Use Case:** Find smarter circulating supply +**Dune Query Example:** [Outstanding Supply](https://dune.com/queries/5700697?Blockchain_t6c1ea=ethereum&Token_Contract_t6c1ea=0x1f9840a85d5af5bf1d1762f925bdaddc4201f984&Token_Decimals_t6c1ea=18&Protocol_Address_1_t6c1ea=0x1a9c8182c09f50c8318d769245bea52c32be35bc&Protocol_Address_2_t6c1ea=0x4b4e140d1f131fdad6fb59c13af796fd194e4135&Protocol_Address_3_t6c1ea=0xe3953d9d317b834592ab58ab2c7a6ad22b54075d&Protocol_Address_4_t6c1ea=0x3d30b1ab88d487b0f3061f40de76845bec3f1e94+&Protocol_Address_5_t6c1ea=0x0000000000000000000000000000000000000000) +**Traditional Finance Analogy:** Outstanding Shares in equities +**Framework Credit:** Artemis + +### GMV {#gmv} + +**Category:** Protocol +**Definition:** Gross Merchandise Value - total value of all transactions +**Formula:** GMV=∑(Price of Each Item Sold×Quantity Sold) +**Use Case:** Suggests that a protocol or marketplace is actively used +**Dune Query Example:** [GMV Analysis](https://dune.com/queries/5700620/9256236) +**Traditional Finance Analogy:** Similar to Gross Merchandise Value + +--- + +## Wallet Metrics + +### Wallet Balance Distribution {#wallet-balance-distribution} + +**Category:** Wallet +**Definition:** Distribution of holdings across wallet tiers +**Formula:** Grouped by balance ranges +**Use Case:** Analyze wealth concentration and user segments +**Dune Query Example:** [Wallet Balance Distribution](https://dune.com/queries/5576417) +**Traditional Finance Analogy:** Similar to wealth distribution analysis + +### Transaction Frequency {#transaction-frequency} + +**Category:** Wallet +**Definition:** Average number of transactions per wallet per period +**Formula:** Total Transactions / Active Wallets +**Use Case:** Measure user engagement and activity levels +**Dune Query Example:** [Transaction Frequency Distribution](https://dune.com/queries/5576435) +**Traditional Finance Analogy:** Similar to transaction frequency in banking + +### Active Wallet Count {#active-wallet-count} + +**Category:** Wallet +**Definition:** Number of wallets with at least one transaction +**Formula:** COUNT(DISTINCT active_wallets) +**Use Case:** Track network growth and adoption +**Dune Query Example:** [Active Wallet Count](https://dune.com/queries/5576448) +**Traditional Finance Analogy:** Similar to active account metrics + +### Wallet Age/Cohort Analysis {#wallet-age-cohort-analysis} + +**Category:** Wallet +**Definition:** Analysis of wallets grouped by creation date +**Formula:** Grouped by first transaction date +**Use Case:** Understand user retention and lifecycle +**Dune Query Example:** [Wallet Age/Cohort Analysis](https://dune.com/queries/5576464) +**Traditional Finance Analogy:** Similar to customer cohort analysis + +### Cross-chain Activity {#cross-chain-activity} + +**Category:** Wallet +**Definition:** Wallets active on multiple blockchains +**Formula:** Wallets on Chain A ∩ Chain B +**Use Case:** Measure multi-chain adoption and user sophistication +**Dune Query Example:** [Cross-chain Activity](https://dune.com/queries/5576492) +**Traditional Finance Analogy:** Similar to multi-product usage + +### DeFi Participation Rate {#defi-participation-rate} + +**Category:** Wallet +**Definition:** Percentage of wallets interacting with DeFi protocols +**Formula:** DeFi Users / Total Active Wallets × 100 +**Use Case:** Gauge DeFi adoption and market penetration +**Dune Query Example:** [DeFi Participation Rate](https://dune.com/queries/5576505) +**Traditional Finance Analogy:** Similar to investment product adoption rate + +### Average Transaction Value {#average-transaction-value} + +**Category:** Wallet +**Definition:** Mean transaction size per wallet +**Formula:** Total Value / Transaction Count +**Use Case:** Profile user behavior and wealth levels +**Dune Query Example:** [Average Transaction Value](https://dune.com/queries/5576567) +**Traditional Finance Analogy:** Direct equivalent to average transaction size + +### Wallet Growth Rate {#wallet-growth-rate} + +**Category:** Wallet +**Definition:** Rate of new wallet creation over time +**Formula:** (New Wallets(t) - New Wallets(t-1)) / New Wallets(t-1) +**Use Case:** Track adoption acceleration or deceleration +**Dune Query Example:** [Wallet Growth Rate](https://dune.com/queries/5576596) +**Traditional Finance Analogy:** Similar to new account growth rate + +### Dormant vs Active Ratio {#dormant-vs-active-ratio} + +**Category:** Wallet +**Definition:** Ratio of inactive to active wallets +**Formula:** Dormant Wallets / Total Wallets +**Use Case:** Assess network health and true active user base +**Dune Query Example:** [Dormant vs Active Ratio](https://dune.com/queries/5576600) +**Traditional Finance Analogy:** Similar to inactive account ratio + +### First-time vs Power Users {#first-time-vs-power-users} + +**Category:** Wallet +**Definition:** Segmentation by transaction count tiers +**Formula:** Categorized by lifetime transactions +**Use Case:** Identify user segments for targeted analysis +**Dune Query Example:** [First-time vs Power Users](https://dune.com/queries/5576625) +**Traditional Finance Analogy:** Similar to customer segmentation + +--- + +## Framework Credits + +This metrics dictionary was compiled with contributions from: + +- **skycatcher.xyz** - MVRV, RSOV, and other blockchain metrics +- **Artemis** - Total Economic Activity and Outstanding Supply metrics + +## Additional Resources + +- [Dune Query Editor](/web-app/query-editor/overview) - Create your own metrics +- [Data Catalog Overview](/data-catalog/overview) - Explore available data sources +- [Query Engine Documentation](/query-engine/overview) - Learn DuneSQL syntax +- [Community Queries](https://dune.com/browse) - Discover more metric implementations diff --git a/mint.json b/mint.json index 848595eb8..e2b1ea656 100644 --- a/mint.json +++ b/mint.json @@ -196,6 +196,7 @@ "group": "", "pages": [ "data-catalog/overview", + "data-catalog/crypto-metrics-data-dictionary", "data-catalog/data-freshness", "data-catalog/bring-your-own-data" ] From a1b4d582cc851b7252d49ff46ae3cd30fbcace8d Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 18:31:37 -0400 Subject: [PATCH 03/16] Fix MDX parsing error in SQL code block --- data-catalog/crypto-metrics-data-dictionary.mdx | 12 ++++++++++-- 1 file changed, 10 insertions(+), 2 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 96e02f47b..338fb58e5 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -146,8 +146,16 @@ WITH eth_prices AS ( AND price > 0 AND DATE(timestamp) >= CURRENT_DATE - INTERVAL '365' day GROUP BY DATE(timestamp) -), --- ... rest of query +) +-- Example query structure for MVRV calculation +SELECT + day, + eth_price, + -- Additional MVRV calculation logic would go here + 'MVRV calculation example' as description +FROM eth_prices +ORDER BY day DESC +LIMIT 10 ``` ### RSOV {#rsov} From 63cf41fc3ea197003fb6ca01722001af575eabea Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 18:35:36 -0400 Subject: [PATCH 04/16] Simplify SQL code block to fix MDX parsing error --- .../crypto-metrics-data-dictionary.mdx | 27 ++++++------------- 1 file changed, 8 insertions(+), 19 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 338fb58e5..742d8f0a3 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -134,26 +134,15 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a **Framework Credit:** skycatcher.xyz ```sql -WITH eth_prices AS ( - -- Get unique daily ETH prices - SELECT - DATE(timestamp) AS day, - AVG(price) AS eth_price - FROM prices.day - WHERE - contract_address = 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 - AND blockchain = 'ethereum' - AND price > 0 - AND DATE(timestamp) >= CURRENT_DATE - INTERVAL '365' day - GROUP BY DATE(timestamp) -) --- Example query structure for MVRV calculation +-- Example MVRV calculation query structure SELECT - day, - eth_price, - -- Additional MVRV calculation logic would go here - 'MVRV calculation example' as description -FROM eth_prices + DATE(timestamp) AS day, + AVG(price) AS eth_price +FROM prices.day +WHERE contract_address = 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 + AND blockchain = 'ethereum' + AND price > 0 +GROUP BY DATE(timestamp) ORDER BY day DESC LIMIT 10 ``` From 842099b621308f6d88201a7c4fd42b55d230c57f Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 18:42:06 -0400 Subject: [PATCH 05/16] Fix MDX parsing errors: escape anchor links and fix broken line breaks --- .../crypto-metrics-data-dictionary.mdx | 60 +++++++++---------- 1 file changed, 30 insertions(+), 30 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 742d8f0a3..876b269ed 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -123,7 +123,7 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a ## Detailed Metric Definitions -### MVRV {#mvrv} +### MVRV \{#mvrv} **Category:** Blockchain **Definition:** Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervalued @@ -147,7 +147,7 @@ ORDER BY day DESC LIMIT 10 ``` -### RSOV {#rsov} +### RSOV \{#rsov} **Category:** Blockchain **Definition:** For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usage @@ -158,7 +158,7 @@ LIMIT 10 **Dashboard Example:** [RSOV Dashboard](https://dune.com/sc_research/rsov) **Framework Credit:** skycatcher.xyz -### REV {#rev} +### REV \{#rev} **Category:** Blockchain **Definition:** Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewards @@ -167,7 +167,7 @@ LIMIT 10 **Dune Query Example:** [REV Analysis](https://dune.com/queries/5698900) **Traditional Finance Analogy:** Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand) -### TVL {#tvl} +### TVL \{#tvl} **Category:** Blockchain **Definition:** Total Value Locked - total value of assets locked or staked in a blockchain/protocol @@ -176,7 +176,7 @@ LIMIT 10 **Dune Query Example:** [TVL Analysis](https://dune.com/queries/5699034) **Traditional Finance Analogy:** Similar to Assets Under Management (AUM) -### DEX Volume Crosschain {#dex-volume-crosschain} +### DEX Volume Crosschain \{#dex-volume-crosschain} **Category:** Blockchain **Definition:** DEX Trades volume across chains @@ -185,7 +185,7 @@ LIMIT 10 **Dune Query Example:** [Cross-chain DEX Volume](https://dune.com/queries/5699811) **Traditional Finance Analogy:** Similar to payment processing volume -### Average Transaction Fee {#average-transaction-fee} +### Average Transaction Fee \{#average-transaction-fee} **Category:** Blockchain **Definition:** Average cost in USD to execute a transaction @@ -194,7 +194,7 @@ LIMIT 10 **Dune Query Example:** [Average Transaction Fees](https://dune.com/queries/5544342) **Traditional Finance Analogy:** Similar to transaction processing fees -### L2 Network Revenue Crosschain {#l2-network-revenue} +### L2 Network Revenue Crosschain \{#l2-network-revenue} **Category:** Blockchain **Definition:** Total fees collected by sequencers minus L1 data costs @@ -202,7 +202,7 @@ LIMIT 10 **Use Case:** Assess L2 profitability, sustainability, and sequencer incentives **Dune Query Example:** [L2 Network Revenue](https://dune.com/queries/5699834) -### Exchange Netflows {#exchange-netflows} +### Exchange Netflows \{#exchange-netflows} **Category:** Blockchain **Definition:** Net token flow in/out of exchanges (inflow - outflow) @@ -211,7 +211,7 @@ LIMIT 10 **Dune Query Example:** [Exchange Netflows](https://dune.com/queries/5699860) **Traditional Finance Analogy:** Similar to fund flows data -### Staking Ratio {#staking-ratio} +### Staking Ratio \{#staking-ratio} **Category:** Blockchain **Definition:** Percentage of total supply staked (PoS chains) @@ -220,7 +220,7 @@ LIMIT 10 **Dune Query Example:** [Staking Ratio](https://dune.com/queries/5700362/9255801) **Traditional Finance Analogy:** Similar to bond participation rate -### Total Economic Activity {#total-economic-activity} +### Total Economic Activity \{#total-economic-activity} **Category:** Blockchain **Definition:** Comprehensive measure of all economic activity onchain @@ -233,7 +233,7 @@ LIMIT 10 ## Protocol Metrics -### Protocol Revenue {#protocol-revenue} +### Protocol Revenue \{#protocol-revenue} **Category:** Protocol **Definition:** Total fees generated by the protocol @@ -242,7 +242,7 @@ LIMIT 10 **Dune Query Example:** [Protocol Revenue](https://dune.com/queries/5576224) **Traditional Finance Analogy:** Direct equivalent to company revenue -### DEX Trading Volume {#dex-trading-volume} +### DEX Trading Volume \{#dex-trading-volume} **Category:** Protocol **Definition:** Total value of transactions processed by protocol @@ -251,7 +251,7 @@ LIMIT 10 **Dune Query Example:** [DEX Trading Volume](https://dune.com/queries/5576286) **Traditional Finance Analogy:** Similar to Gross Merchandise Value (GMV) -### Fee Generation {#fee-generation} +### Fee Generation \{#fee-generation} **Category:** Protocol **Definition:** Fees collected from users per transaction or period @@ -260,7 +260,7 @@ LIMIT 10 **Dune Query Example:** [Fee Generation](https://dune.com/queries/5576292) **Traditional Finance Analogy:** Similar to commission rates -### Protocol Treasury Value {#protocol-treasury-value} +### Protocol Treasury Value \{#protocol-treasury-value} **Category:** Protocol **Definition:** Total value of assets held in protocol treasury @@ -269,7 +269,7 @@ LIMIT 10 **Dune Query Example:** [Protocol Treasury Value](https://dune.com/queries/5576299) **Traditional Finance Analogy:** Similar to cash reserves/balance sheet -### Daily/Monthly Active Addresses {#daily-monthly-active-addresses} +### Daily/Monthly Active Addresses \{#daily-monthly-active-addresses} **Category:** Protocol **Definition:** Unique addresses interacting daily or monthly @@ -278,7 +278,7 @@ LIMIT 10 **Dune Query Example:** [Daily/Monthly Active Users](https://dune.com/queries/5576322) **Traditional Finance Analogy:** Standard DAU/MAU metrics -### Protocol Efficiency Ratio {#protocol-efficiency-ratio} +### Protocol Efficiency Ratio \{#protocol-efficiency-ratio} **Category:** Protocol **Definition:** Fees generated per dollar of TVL @@ -287,7 +287,7 @@ LIMIT 10 **Dune Query Example:** [Protocol Efficiency Ratio](https://dune.com/queries/5576378) **Traditional Finance Analogy:** Similar to Return on Assets (ROA) -### New vs Returning Users {#new-vs-returning-users} +### New vs Returning Users \{#new-vs-returning-users} **Category:** Protocol **Definition:** Breakdown of first-time vs repeat users @@ -296,7 +296,7 @@ LIMIT 10 **Dune Query Example:** [New vs Returning Users](https://dune.com/queries/5576381?Blockchain_t6c1ea=ethereum&Protocol_t6c1ea=uniswap) **Traditional Finance Analogy:** Similar to customer acquisition metrics -### Gas Fees by Protocol Users {#gas-fees-by-protocol-users} +### Gas Fees by Protocol Users \{#gas-fees-by-protocol-users} **Category:** Protocol **Definition:** Total gas consumed and fees paid by protocol users @@ -305,7 +305,7 @@ LIMIT 10 **Dune Query Example:** [Gas Usage/Fees by Protocol Users](https://dune.com/queries/5576409) **Traditional Finance Analogy:** Similar to transaction costs -### Outstanding Supply {#outstanding-supply} +### Outstanding Supply \{#outstanding-supply} **Category:** Protocol **Definition:** Total tokens minted minus protocol-controlled holdings @@ -315,7 +315,7 @@ LIMIT 10 **Traditional Finance Analogy:** Outstanding Shares in equities **Framework Credit:** Artemis -### GMV {#gmv} +### GMV \{#gmv} **Category:** Protocol **Definition:** Gross Merchandise Value - total value of all transactions @@ -328,7 +328,7 @@ LIMIT 10 ## Wallet Metrics -### Wallet Balance Distribution {#wallet-balance-distribution} +### Wallet Balance Distribution \{#wallet-balance-distribution} **Category:** Wallet **Definition:** Distribution of holdings across wallet tiers @@ -337,7 +337,7 @@ LIMIT 10 **Dune Query Example:** [Wallet Balance Distribution](https://dune.com/queries/5576417) **Traditional Finance Analogy:** Similar to wealth distribution analysis -### Transaction Frequency {#transaction-frequency} +### Transaction Frequency \{#transaction-frequency} **Category:** Wallet **Definition:** Average number of transactions per wallet per period @@ -346,7 +346,7 @@ LIMIT 10 **Dune Query Example:** [Transaction Frequency Distribution](https://dune.com/queries/5576435) **Traditional Finance Analogy:** Similar to transaction frequency in banking -### Active Wallet Count {#active-wallet-count} +### Active Wallet Count \{#active-wallet-count} **Category:** Wallet **Definition:** Number of wallets with at least one transaction @@ -355,7 +355,7 @@ LIMIT 10 **Dune Query Example:** [Active Wallet Count](https://dune.com/queries/5576448) **Traditional Finance Analogy:** Similar to active account metrics -### Wallet Age/Cohort Analysis {#wallet-age-cohort-analysis} +### Wallet Age/Cohort Analysis \{#wallet-age-cohort-analysis} **Category:** Wallet **Definition:** Analysis of wallets grouped by creation date @@ -364,7 +364,7 @@ LIMIT 10 **Dune Query Example:** [Wallet Age/Cohort Analysis](https://dune.com/queries/5576464) **Traditional Finance Analogy:** Similar to customer cohort analysis -### Cross-chain Activity {#cross-chain-activity} +### Cross-chain Activity \{#cross-chain-activity} **Category:** Wallet **Definition:** Wallets active on multiple blockchains @@ -373,7 +373,7 @@ LIMIT 10 **Dune Query Example:** [Cross-chain Activity](https://dune.com/queries/5576492) **Traditional Finance Analogy:** Similar to multi-product usage -### DeFi Participation Rate {#defi-participation-rate} +### DeFi Participation Rate \{#defi-participation-rate} **Category:** Wallet **Definition:** Percentage of wallets interacting with DeFi protocols @@ -382,7 +382,7 @@ LIMIT 10 **Dune Query Example:** [DeFi Participation Rate](https://dune.com/queries/5576505) **Traditional Finance Analogy:** Similar to investment product adoption rate -### Average Transaction Value {#average-transaction-value} +### Average Transaction Value \{#average-transaction-value} **Category:** Wallet **Definition:** Mean transaction size per wallet @@ -391,7 +391,7 @@ LIMIT 10 **Dune Query Example:** [Average Transaction Value](https://dune.com/queries/5576567) **Traditional Finance Analogy:** Direct equivalent to average transaction size -### Wallet Growth Rate {#wallet-growth-rate} +### Wallet Growth Rate \{#wallet-growth-rate} **Category:** Wallet **Definition:** Rate of new wallet creation over time @@ -400,7 +400,7 @@ LIMIT 10 **Dune Query Example:** [Wallet Growth Rate](https://dune.com/queries/5576596) **Traditional Finance Analogy:** Similar to new account growth rate -### Dormant vs Active Ratio {#dormant-vs-active-ratio} +### Dormant vs Active Ratio \{#dormant-vs-active-ratio} **Category:** Wallet **Definition:** Ratio of inactive to active wallets @@ -409,7 +409,7 @@ LIMIT 10 **Dune Query Example:** [Dormant vs Active Ratio](https://dune.com/queries/5576600) **Traditional Finance Analogy:** Similar to inactive account ratio -### First-time vs Power Users {#first-time-vs-power-users} +### First-time vs Power Users \{#first-time-vs-power-users} **Category:** Wallet **Definition:** Segmentation by transaction count tiers From 59640643cfa0be46aa96eea4d482452e88702b93 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 18:47:09 -0400 Subject: [PATCH 06/16] Fix UI issues: remove duplicate title, remove SQL syntax from MVRV, add Dune Agent to resources --- .../crypto-metrics-data-dictionary.mdx | 20 ++----------------- 1 file changed, 2 insertions(+), 18 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 876b269ed..8c058526f 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -4,8 +4,6 @@ description: "A comprehensive guide to key crypto metrics, their definitions, fo icon: "chart-line" --- -# Crypto Metrics Data Dictionary - This comprehensive guide provides definitions, formulas, use cases, and practical Dune query examples for key crypto metrics across three main categories: **Blockchain**, **Protocol**, and **Wallet** metrics. ## Blockchain Metrics @@ -130,22 +128,7 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a **Formula:** Market Cap / Realized Value **Use Case:** Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation **Dune Query Example:** [MVRV Analysis for Ethereum](https://dune.com/queries/5640249) -**Traditional Finance Analogy:** Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis) -**Framework Credit:** skycatcher.xyz - -```sql --- Example MVRV calculation query structure -SELECT - DATE(timestamp) AS day, - AVG(price) AS eth_price -FROM prices.day -WHERE contract_address = 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 - AND blockchain = 'ethereum' - AND price > 0 -GROUP BY DATE(timestamp) -ORDER BY day DESC -LIMIT 10 -``` +**Traditional Finance Analogy:** Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis) ### RSOV \{#rsov} @@ -433,3 +416,4 @@ This metrics dictionary was compiled with contributions from: - [Data Catalog Overview](/data-catalog/overview) - Explore available data sources - [Query Engine Documentation](/query-engine/overview) - Learn DuneSQL syntax - [Community Queries](https://dune.com/browse) - Discover more metric implementations +- [Dune Agent](https://dune.com/agent) - AI-powered query assistance From 83452010675d5d4f55ef54e11e7c72d721bd7118 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 18:57:06 -0400 Subject: [PATCH 07/16] Make metric cards clickable - link directly to Dune query examples for better UX --- .../crypto-metrics-data-dictionary.mdx | 60 +++++++++---------- 1 file changed, 30 insertions(+), 30 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 8c058526f..98f9d4b71 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -11,34 +11,34 @@ This comprehensive guide provides definitions, formulas, use cases, and practica Metrics that measure the overall health, activity, and economic performance of blockchain networks. - + Market Value to Realized Value ratio for assessing cryptocurrency valuation - + Realized Store of Value for L1 tokens through staking and DeFi usage - + Real Economic Value tracking actual fees users pay - + Total Value Locked measuring trust and liquidity committed - + DEX trades volume across multiple blockchain networks - + Average cost in USD to execute a transaction - + Total fees collected by sequencers minus L1 data costs - + Net token flow in/out of exchanges - + Percentage of total supply staked on PoS chains - + Comprehensive measure of all economic activity onchain @@ -48,34 +48,34 @@ Metrics that measure the overall health, activity, and economic performance of b Metrics that evaluate the performance, adoption, and sustainability of specific DeFi protocols and applications. - + Total fees generated by the protocol - + Total value of transactions processed by protocol - + Fees collected from users per transaction or period - + Total value of assets held in protocol treasury - + Unique addresses interacting daily or monthly - + Fees generated per dollar of TVL - + Breakdown of first-time vs repeat users - + Total gas consumed and fees paid by protocol users - + Total tokens minted minus protocol-controlled holdings - + Gross Merchandise Value - total value of all transactions @@ -85,34 +85,34 @@ Metrics that evaluate the performance, adoption, and sustainability of specific Metrics that analyze user behavior, wallet distribution, and individual wallet activity patterns. - + Distribution of holdings across wallet tiers - + Average number of transactions per wallet per period - + Number of wallets with at least one transaction - + Analysis of wallets grouped by creation date - + Wallets active on multiple blockchains - + Percentage of wallets interacting with DeFi protocols - + Mean transaction size per wallet - + Rate of new wallet creation over time - + Ratio of inactive to active wallets - + Segmentation by transaction count tiers From 59f18706a9e73a427d461bd8e790867f688abd92 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 19:01:22 -0400 Subject: [PATCH 08/16] Reorder Blockchain Metrics: Move MVRV, RSOV, REV to bottom for better flow --- .../crypto-metrics-data-dictionary.mdx | 18 +++++++++--------- 1 file changed, 9 insertions(+), 9 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 98f9d4b71..e10d3d5ec 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -11,15 +11,6 @@ This comprehensive guide provides definitions, formulas, use cases, and practica Metrics that measure the overall health, activity, and economic performance of blockchain networks. - - Market Value to Realized Value ratio for assessing cryptocurrency valuation - - - Realized Store of Value for L1 tokens through staking and DeFi usage - - - Real Economic Value tracking actual fees users pay - Total Value Locked measuring trust and liquidity committed @@ -41,6 +32,15 @@ Metrics that measure the overall health, activity, and economic performance of b Comprehensive measure of all economic activity onchain + + Market Value to Realized Value ratio for assessing cryptocurrency valuation + + + Realized Store of Value for L1 tokens through staking and DeFi usage + + + Real Economic Value tracking actual fees users pay + ## Protocol Metrics From 9461fe36e1144bbe31dc187426185e5623ffa60a Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 19:07:01 -0400 Subject: [PATCH 09/16] Add disclaimer, move TVL to bottom, fix missing icons for better UX --- .../crypto-metrics-data-dictionary.mdx | 46 ++++++++++++++++--- 1 file changed, 39 insertions(+), 7 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index e10d3d5ec..c403be5ec 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -6,14 +6,43 @@ icon: "chart-line" This comprehensive guide provides definitions, formulas, use cases, and practical Dune query examples for key crypto metrics across three main categories: **Blockchain**, **Protocol**, and **Wallet** metrics. + +**Metrics Dictionary Disclaimer - Important Notice About Data Accuracy** + +This metrics dictionary provides a collection of commonly used blockchain and protocol analytics queries as a starting point for analysis. Please note: + +**Limitations & Considerations:** +- **No Accuracy Guarantee:** We do not warrant the accuracy, completeness, or reliability of these queries or their results. Blockchain data is complex and constantly evolving. +- **Not Financial Advice:** These metrics should not be used as the sole basis for investment, trading, or business decisions. Always conduct your own thorough research. + +**Query Limitations:** +- Some queries use approximations for performance reasons +- Data availability varies by chain and protocol +- Historical data may be incomplete or revised +- Different data providers may return different results + +**Best Practices:** +- **Validate Results:** Cross-reference metrics with multiple data sources +- **Understand the Logic:** Review and understand each query before using it +- **Customize for Your Needs:** These are templates - modify them for your specific use case +- **Check Data Freshness:** Ensure you're querying recent data where needed +- **Test on Small Datasets:** Verify query logic before running on large datasets + +**Your Responsibility:** +By using these queries, you acknowledge that: +- You are responsible for verifying the accuracy of any data +- Results may vary based on when and how queries are executed +- We assume no liability for decisions made based on these metrics +- Query performance and costs on platforms like Dune are your responsibility + +These queries are educational resources and starting templates, not production-ready solutions. + + ## Blockchain Metrics Metrics that measure the overall health, activity, and economic performance of blockchain networks. - - Total Value Locked measuring trust and liquidity committed - DEX trades volume across multiple blockchain networks @@ -23,10 +52,10 @@ Metrics that measure the overall health, activity, and economic performance of b Total fees collected by sequencers minus L1 data costs - + Net token flow in/out of exchanges - + Percentage of total supply staked on PoS chains @@ -41,6 +70,9 @@ Metrics that measure the overall health, activity, and economic performance of b Real Economic Value tracking actual fees users pay + + Total Value Locked measuring trust and liquidity committed + ## Protocol Metrics @@ -51,7 +83,7 @@ Metrics that evaluate the performance, adoption, and sustainability of specific Total fees generated by the protocol - + Total value of transactions processed by protocol @@ -63,7 +95,7 @@ Metrics that evaluate the performance, adoption, and sustainability of specific Unique addresses interacting daily or monthly - + Fees generated per dollar of TVL From 4b452414887bae082d8888f1af8750e5cfc0562a Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 19:09:37 -0400 Subject: [PATCH 10/16] Fix DEX Volume Crosschain icon and simplify disclaimer to be shorter and less strong --- .../crypto-metrics-data-dictionary.mdx | 38 ++++++------------- 1 file changed, 12 insertions(+), 26 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index c403be5ec..ab6755f08 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -7,35 +7,21 @@ icon: "chart-line" This comprehensive guide provides definitions, formulas, use cases, and practical Dune query examples for key crypto metrics across three main categories: **Blockchain**, **Protocol**, and **Wallet** metrics. -**Metrics Dictionary Disclaimer - Important Notice About Data Accuracy** +**Metrics Dictionary Notice** -This metrics dictionary provides a collection of commonly used blockchain and protocol analytics queries as a starting point for analysis. Please note: +This metrics dictionary provides blockchain analytics queries as starting points for analysis. Please note: -**Limitations & Considerations:** -- **No Accuracy Guarantee:** We do not warrant the accuracy, completeness, or reliability of these queries or their results. Blockchain data is complex and constantly evolving. -- **Not Financial Advice:** These metrics should not be used as the sole basis for investment, trading, or business decisions. Always conduct your own thorough research. - -**Query Limitations:** -- Some queries use approximations for performance reasons -- Data availability varies by chain and protocol -- Historical data may be incomplete or revised -- Different data providers may return different results +**General Information:** +- These queries are educational examples and may need customization +- Blockchain data can vary across different sources and time periods +- Results should be validated with multiple data sources **Best Practices:** -- **Validate Results:** Cross-reference metrics with multiple data sources -- **Understand the Logic:** Review and understand each query before using it -- **Customize for Your Needs:** These are templates - modify them for your specific use case -- **Check Data Freshness:** Ensure you're querying recent data where needed -- **Test on Small Datasets:** Verify query logic before running on large datasets - -**Your Responsibility:** -By using these queries, you acknowledge that: -- You are responsible for verifying the accuracy of any data -- Results may vary based on when and how queries are executed -- We assume no liability for decisions made based on these metrics -- Query performance and costs on platforms like Dune are your responsibility - -These queries are educational resources and starting templates, not production-ready solutions. +- Review and understand each query before using it +- Test on small datasets first +- Modify queries to fit your specific needs + +These are learning resources and starting templates for your analysis. ## Blockchain Metrics @@ -43,7 +29,7 @@ These queries are educational resources and starting templates, not production-r Metrics that measure the overall health, activity, and economic performance of blockchain networks. - + DEX trades volume across multiple blockchain networks From ed29b525742c036a41c4d9df58ff1cbcfb50e37d Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 19:10:56 -0400 Subject: [PATCH 11/16] Reorder Blockchain Metrics cards to match detailed definitions section order for consistency --- .../crypto-metrics-data-dictionary.mdx | 24 +++++++++---------- 1 file changed, 12 insertions(+), 12 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index ab6755f08..fa1dfc4db 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -29,6 +29,18 @@ These are learning resources and starting templates for your analysis. Metrics that measure the overall health, activity, and economic performance of blockchain networks. + + Market Value to Realized Value ratio for assessing cryptocurrency valuation + + + Realized Store of Value for L1 tokens through staking and DeFi usage + + + Real Economic Value tracking actual fees users pay + + + Total Value Locked measuring trust and liquidity committed + DEX trades volume across multiple blockchain networks @@ -47,18 +59,6 @@ Metrics that measure the overall health, activity, and economic performance of b Comprehensive measure of all economic activity onchain - - Market Value to Realized Value ratio for assessing cryptocurrency valuation - - - Realized Store of Value for L1 tokens through staking and DeFi usage - - - Real Economic Value tracking actual fees users pay - - - Total Value Locked measuring trust and liquidity committed - ## Protocol Metrics From 3b4c7f5257ed22da5a5dceb9b33738c79d43e48b Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 19:13:40 -0400 Subject: [PATCH 12/16] Reorder detailed definitions to match card order: DEX Volume first, MVRV/RSOV/REV/TVL last --- .../crypto-metrics-data-dictionary.mdx | 100 +++++++++--------- 1 file changed, 50 insertions(+), 50 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index fa1dfc4db..88f1cfd39 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -29,18 +29,6 @@ These are learning resources and starting templates for your analysis. Metrics that measure the overall health, activity, and economic performance of blockchain networks. - - Market Value to Realized Value ratio for assessing cryptocurrency valuation - - - Realized Store of Value for L1 tokens through staking and DeFi usage - - - Real Economic Value tracking actual fees users pay - - - Total Value Locked measuring trust and liquidity committed - DEX trades volume across multiple blockchain networks @@ -59,6 +47,18 @@ Metrics that measure the overall health, activity, and economic performance of b Comprehensive measure of all economic activity onchain + + Market Value to Realized Value ratio for assessing cryptocurrency valuation + + + Realized Store of Value for L1 tokens through staking and DeFi usage + + + Real Economic Value tracking actual fees users pay + + + Total Value Locked measuring trust and liquidity committed + ## Protocol Metrics @@ -139,44 +139,6 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a ## Detailed Metric Definitions -### MVRV \{#mvrv} - -**Category:** Blockchain -**Definition:** Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervalued -**Formula:** Market Cap / Realized Value -**Use Case:** Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation -**Dune Query Example:** [MVRV Analysis for Ethereum](https://dune.com/queries/5640249) -**Traditional Finance Analogy:** Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis) - -### RSOV \{#rsov} - -**Category:** Blockchain -**Definition:** For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usage -**Formula:** Realized Value Staked + Realized Value in DeFi -**Use Case:** Evaluate L1 token adoption as store of value asset; compare growth expectations -**Dune Query Example:** [RSOV Analysis for Ethereum](https://dune.com/queries/5636718) -**Traditional Finance Analogy:** Similar to measuring bank deposits + investment AUM -**Dashboard Example:** [RSOV Dashboard](https://dune.com/sc_research/rsov) -**Framework Credit:** skycatcher.xyz - -### REV \{#rev} - -**Category:** Blockchain -**Definition:** Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewards -**Formula:** Transaction Fees + MEV Tips -**Use Case:** Measure genuine demand for blockspace; compare economic intensity across chains -**Dune Query Example:** [REV Analysis](https://dune.com/queries/5698900) -**Traditional Finance Analogy:** Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand) - -### TVL \{#tvl} - -**Category:** Blockchain -**Definition:** Total Value Locked - total value of assets locked or staked in a blockchain/protocol -**Formula:** Σ(Asset Amount × Current Price) -**Use Case:** Measure trust and liquidity committed; compare DeFi protocol adoption -**Dune Query Example:** [TVL Analysis](https://dune.com/queries/5699034) -**Traditional Finance Analogy:** Similar to Assets Under Management (AUM) - ### DEX Volume Crosschain \{#dex-volume-crosschain} **Category:** Blockchain @@ -230,6 +192,44 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a **Dune Query Example:** [Total Economic Activity](https://dune.com/queries/5703816) **Framework Credit:** Artemis +### MVRV \{#mvrv} + +**Category:** Blockchain +**Definition:** Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervalued +**Formula:** Market Cap / Realized Value +**Use Case:** Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation +**Dune Query Example:** [MVRV Analysis for Ethereum](https://dune.com/queries/5640249) +**Traditional Finance Analogy:** Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis) + +### RSOV \{#rsov} + +**Category:** Blockchain +**Definition:** For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usage +**Formula:** Realized Value Staked + Realized Value in DeFi +**Use Case:** Evaluate L1 token adoption as store of value asset; compare growth expectations +**Dune Query Example:** [RSOV Analysis for Ethereum](https://dune.com/queries/5636718) +**Traditional Finance Analogy:** Similar to measuring bank deposits + investment AUM +**Dashboard Example:** [RSOV Dashboard](https://dune.com/sc_research/rsov) +**Framework Credit:** skycatcher.xyz + +### REV \{#rev} + +**Category:** Blockchain +**Definition:** Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewards +**Formula:** Transaction Fees + MEV Tips +**Use Case:** Measure genuine demand for blockspace; compare economic intensity across chains +**Dune Query Example:** [REV Analysis](https://dune.com/queries/5698900) +**Traditional Finance Analogy:** Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand) + +### TVL \{#tvl} + +**Category:** Blockchain +**Definition:** Total Value Locked - total value of assets locked or staked in a blockchain/protocol +**Formula:** Σ(Asset Amount × Current Price) +**Use Case:** Measure trust and liquidity committed; compare DeFi protocol adoption +**Dune Query Example:** [TVL Analysis](https://dune.com/queries/5699034) +**Traditional Finance Analogy:** Similar to Assets Under Management (AUM) + --- ## Protocol Metrics From c91fdb0ba775067878bea162888700089fe2f750 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Fri, 29 Aug 2025 19:20:48 -0400 Subject: [PATCH 13/16] Update Additional Resources links: Dune Query Editor to dune.com/queries, Community Queries to trending content --- data-catalog/crypto-metrics-data-dictionary.mdx | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 88f1cfd39..717fa41a9 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -430,8 +430,8 @@ This metrics dictionary was compiled with contributions from: ## Additional Resources -- [Dune Query Editor](/web-app/query-editor/overview) - Create your own metrics +- [Dune Query Editor](https://dune.com/queries) - Create your own metrics - [Data Catalog Overview](/data-catalog/overview) - Explore available data sources - [Query Engine Documentation](/query-engine/overview) - Learn DuneSQL syntax -- [Community Queries](https://dune.com/browse) - Discover more metric implementations +- [Community Queries](https://dune.com/discover/content/trending) - Discover more metric implementations - [Dune Agent](https://dune.com/agent) - AI-powered query assistance From 12cb204d37bd3b4e06efebcc8c87113aa4b71300 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Tue, 2 Sep 2025 09:48:48 -0400 Subject: [PATCH 14/16] Update crypto metrics dictionary: add Blockworks/DefiLlama credits, change RSOV to dashboard link, convert detailed definitions to table format --- .../crypto-metrics-data-dictionary.mdx | 315 ++---------------- 1 file changed, 35 insertions(+), 280 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 717fa41a9..47a1de540 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -50,7 +50,7 @@ Metrics that measure the overall health, activity, and economic performance of b Market Value to Realized Value ratio for assessing cryptocurrency valuation - + Realized Store of Value for L1 tokens through staking and DeFi usage @@ -139,285 +139,38 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a ## Detailed Metric Definitions -### DEX Volume Crosschain \{#dex-volume-crosschain} - -**Category:** Blockchain -**Definition:** DEX Trades volume across chains -**Formula:** COUNT(transactions), SUM(value × price) -**Use Case:** Track network DEX usage and economic throughput -**Dune Query Example:** [Cross-chain DEX Volume](https://dune.com/queries/5699811) -**Traditional Finance Analogy:** Similar to payment processing volume - -### Average Transaction Fee \{#average-transaction-fee} - -**Category:** Blockchain -**Definition:** Average cost in USD to execute a transaction -**Formula:** Total Fees / Transaction Count -**Use Case:** Evaluate network accessibility and congestion -**Dune Query Example:** [Average Transaction Fees](https://dune.com/queries/5544342) -**Traditional Finance Analogy:** Similar to transaction processing fees - -### L2 Network Revenue Crosschain \{#l2-network-revenue} - -**Category:** Blockchain -**Definition:** Total fees collected by sequencers minus L1 data costs -**Formula:** Σ(L2 Gas Fees + Priority Fees) - L1 Data Costs -**Use Case:** Assess L2 profitability, sustainability, and sequencer incentives -**Dune Query Example:** [L2 Network Revenue](https://dune.com/queries/5699834) - -### Exchange Netflows \{#exchange-netflows} - -**Category:** Blockchain -**Definition:** Net token flow in/out of exchanges (inflow - outflow) -**Formula:** Deposits - Withdrawals -**Use Case:** Gauge selling pressure; negative = accumulation, positive = distribution -**Dune Query Example:** [Exchange Netflows](https://dune.com/queries/5699860) -**Traditional Finance Analogy:** Similar to fund flows data - -### Staking Ratio \{#staking-ratio} - -**Category:** Blockchain -**Definition:** Percentage of total supply staked (PoS chains) -**Formula:** Staked Supply / Total Supply × 100 -**Use Case:** Measure network security and token holder confidence -**Dune Query Example:** [Staking Ratio](https://dune.com/queries/5700362/9255801) -**Traditional Finance Analogy:** Similar to bond participation rate - -### Total Economic Activity \{#total-economic-activity} - -**Category:** Blockchain -**Definition:** Comprehensive measure of all economic activity onchain -**Formula:** Chain Fees + MEV + Settlement Volume (DEX + NFT + Filtered Transfers) + App Fees -**Use Case:** Valuing blockchains as economies, not just fee machines -**Dune Query Example:** [Total Economic Activity](https://dune.com/queries/5703816) -**Framework Credit:** Artemis - -### MVRV \{#mvrv} - -**Category:** Blockchain -**Definition:** Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervalued -**Formula:** Market Cap / Realized Value -**Use Case:** Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation -**Dune Query Example:** [MVRV Analysis for Ethereum](https://dune.com/queries/5640249) -**Traditional Finance Analogy:** Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis) - -### RSOV \{#rsov} - -**Category:** Blockchain -**Definition:** For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usage -**Formula:** Realized Value Staked + Realized Value in DeFi -**Use Case:** Evaluate L1 token adoption as store of value asset; compare growth expectations -**Dune Query Example:** [RSOV Analysis for Ethereum](https://dune.com/queries/5636718) -**Traditional Finance Analogy:** Similar to measuring bank deposits + investment AUM -**Dashboard Example:** [RSOV Dashboard](https://dune.com/sc_research/rsov) -**Framework Credit:** skycatcher.xyz - -### REV \{#rev} - -**Category:** Blockchain -**Definition:** Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewards -**Formula:** Transaction Fees + MEV Tips -**Use Case:** Measure genuine demand for blockspace; compare economic intensity across chains -**Dune Query Example:** [REV Analysis](https://dune.com/queries/5698900) -**Traditional Finance Analogy:** Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand) - -### TVL \{#tvl} - -**Category:** Blockchain -**Definition:** Total Value Locked - total value of assets locked or staked in a blockchain/protocol -**Formula:** Σ(Asset Amount × Current Price) -**Use Case:** Measure trust and liquidity committed; compare DeFi protocol adoption -**Dune Query Example:** [TVL Analysis](https://dune.com/queries/5699034) -**Traditional Finance Analogy:** Similar to Assets Under Management (AUM) - ---- - -## Protocol Metrics - -### Protocol Revenue \{#protocol-revenue} - -**Category:** Protocol -**Definition:** Total fees generated by the protocol -**Formula:** Σ(Protocol Fees) -**Use Case:** Evaluate protocol profitability and sustainability -**Dune Query Example:** [Protocol Revenue](https://dune.com/queries/5576224) -**Traditional Finance Analogy:** Direct equivalent to company revenue - -### DEX Trading Volume \{#dex-trading-volume} - -**Category:** Protocol -**Definition:** Total value of transactions processed by protocol -**Formula:** Σ(Transaction Values) -**Use Case:** Measure protocol's market share and growth -**Dune Query Example:** [DEX Trading Volume](https://dune.com/queries/5576286) -**Traditional Finance Analogy:** Similar to Gross Merchandise Value (GMV) - -### Fee Generation \{#fee-generation} - -**Category:** Protocol -**Definition:** Fees collected from users per transaction or period -**Formula:** Total Fees / Time Period -**Use Case:** Analyze protocol's fee efficiency and user costs -**Dune Query Example:** [Fee Generation](https://dune.com/queries/5576292) -**Traditional Finance Analogy:** Similar to commission rates - -### Protocol Treasury Value \{#protocol-treasury-value} - -**Category:** Protocol -**Definition:** Total value of assets held in protocol treasury -**Formula:** Σ(Treasury Assets × Price) -**Use Case:** Assess protocol's financial reserves and runway -**Dune Query Example:** [Protocol Treasury Value](https://dune.com/queries/5576299) -**Traditional Finance Analogy:** Similar to cash reserves/balance sheet - -### Daily/Monthly Active Addresses \{#daily-monthly-active-addresses} - -**Category:** Protocol -**Definition:** Unique addresses interacting daily or monthly -**Formula:** COUNT(DISTINCT address) per period -**Use Case:** Track user retention and growth patterns -**Dune Query Example:** [Daily/Monthly Active Users](https://dune.com/queries/5576322) -**Traditional Finance Analogy:** Standard DAU/MAU metrics - -### Protocol Efficiency Ratio \{#protocol-efficiency-ratio} - -**Category:** Protocol -**Definition:** Fees generated per dollar of TVL -**Formula:** Total Fees / TVL -**Use Case:** Compare capital efficiency across protocols -**Dune Query Example:** [Protocol Efficiency Ratio](https://dune.com/queries/5576378) -**Traditional Finance Analogy:** Similar to Return on Assets (ROA) - -### New vs Returning Users \{#new-vs-returning-users} - -**Category:** Protocol -**Definition:** Breakdown of first-time vs repeat users -**Formula:** New Users / Total Users -**Use Case:** Measure user acquisition vs retention -**Dune Query Example:** [New vs Returning Users](https://dune.com/queries/5576381?Blockchain_t6c1ea=ethereum&Protocol_t6c1ea=uniswap) -**Traditional Finance Analogy:** Similar to customer acquisition metrics - -### Gas Fees by Protocol Users \{#gas-fees-by-protocol-users} - -**Category:** Protocol -**Definition:** Total gas consumed and fees paid by protocol users -**Formula:** Σ(Gas Used × Gas Price) -**Use Case:** Evaluate protocol's cost to users and efficiency -**Dune Query Example:** [Gas Usage/Fees by Protocol Users](https://dune.com/queries/5576409) -**Traditional Finance Analogy:** Similar to transaction costs - -### Outstanding Supply \{#outstanding-supply} - -**Category:** Protocol -**Definition:** Total tokens minted minus protocol-controlled holdings -**Formula:** Total Supply - (Treasury + DAO + Foundation + Vesting Contracts) -**Use Case:** Find smarter circulating supply -**Dune Query Example:** [Outstanding Supply](https://dune.com/queries/5700697?Blockchain_t6c1ea=ethereum&Token_Contract_t6c1ea=0x1f9840a85d5af5bf1d1762f925bdaddc4201f984&Token_Decimals_t6c1ea=18&Protocol_Address_1_t6c1ea=0x1a9c8182c09f50c8318d769245bea52c32be35bc&Protocol_Address_2_t6c1ea=0x4b4e140d1f131fdad6fb59c13af796fd194e4135&Protocol_Address_3_t6c1ea=0xe3953d9d317b834592ab58ab2c7a6ad22b54075d&Protocol_Address_4_t6c1ea=0x3d30b1ab88d487b0f3061f40de76845bec3f1e94+&Protocol_Address_5_t6c1ea=0x0000000000000000000000000000000000000000) -**Traditional Finance Analogy:** Outstanding Shares in equities -**Framework Credit:** Artemis - -### GMV \{#gmv} - -**Category:** Protocol -**Definition:** Gross Merchandise Value - total value of all transactions -**Formula:** GMV=∑(Price of Each Item Sold×Quantity Sold) -**Use Case:** Suggests that a protocol or marketplace is actively used -**Dune Query Example:** [GMV Analysis](https://dune.com/queries/5700620/9256236) -**Traditional Finance Analogy:** Similar to Gross Merchandise Value - ---- - -## Wallet Metrics - -### Wallet Balance Distribution \{#wallet-balance-distribution} - -**Category:** Wallet -**Definition:** Distribution of holdings across wallet tiers -**Formula:** Grouped by balance ranges -**Use Case:** Analyze wealth concentration and user segments -**Dune Query Example:** [Wallet Balance Distribution](https://dune.com/queries/5576417) -**Traditional Finance Analogy:** Similar to wealth distribution analysis - -### Transaction Frequency \{#transaction-frequency} - -**Category:** Wallet -**Definition:** Average number of transactions per wallet per period -**Formula:** Total Transactions / Active Wallets -**Use Case:** Measure user engagement and activity levels -**Dune Query Example:** [Transaction Frequency Distribution](https://dune.com/queries/5576435) -**Traditional Finance Analogy:** Similar to transaction frequency in banking - -### Active Wallet Count \{#active-wallet-count} - -**Category:** Wallet -**Definition:** Number of wallets with at least one transaction -**Formula:** COUNT(DISTINCT active_wallets) -**Use Case:** Track network growth and adoption -**Dune Query Example:** [Active Wallet Count](https://dune.com/queries/5576448) -**Traditional Finance Analogy:** Similar to active account metrics - -### Wallet Age/Cohort Analysis \{#wallet-age-cohort-analysis} - -**Category:** Wallet -**Definition:** Analysis of wallets grouped by creation date -**Formula:** Grouped by first transaction date -**Use Case:** Understand user retention and lifecycle -**Dune Query Example:** [Wallet Age/Cohort Analysis](https://dune.com/queries/5576464) -**Traditional Finance Analogy:** Similar to customer cohort analysis - -### Cross-chain Activity \{#cross-chain-activity} - -**Category:** Wallet -**Definition:** Wallets active on multiple blockchains -**Formula:** Wallets on Chain A ∩ Chain B -**Use Case:** Measure multi-chain adoption and user sophistication -**Dune Query Example:** [Cross-chain Activity](https://dune.com/queries/5576492) -**Traditional Finance Analogy:** Similar to multi-product usage - -### DeFi Participation Rate \{#defi-participation-rate} - -**Category:** Wallet -**Definition:** Percentage of wallets interacting with DeFi protocols -**Formula:** DeFi Users / Total Active Wallets × 100 -**Use Case:** Gauge DeFi adoption and market penetration -**Dune Query Example:** [DeFi Participation Rate](https://dune.com/queries/5576505) -**Traditional Finance Analogy:** Similar to investment product adoption rate - -### Average Transaction Value \{#average-transaction-value} - -**Category:** Wallet -**Definition:** Mean transaction size per wallet -**Formula:** Total Value / Transaction Count -**Use Case:** Profile user behavior and wealth levels -**Dune Query Example:** [Average Transaction Value](https://dune.com/queries/5576567) -**Traditional Finance Analogy:** Direct equivalent to average transaction size - -### Wallet Growth Rate \{#wallet-growth-rate} - -**Category:** Wallet -**Definition:** Rate of new wallet creation over time -**Formula:** (New Wallets(t) - New Wallets(t-1)) / New Wallets(t-1) -**Use Case:** Track adoption acceleration or deceleration -**Dune Query Example:** [Wallet Growth Rate](https://dune.com/queries/5576596) -**Traditional Finance Analogy:** Similar to new account growth rate - -### Dormant vs Active Ratio \{#dormant-vs-active-ratio} - -**Category:** Wallet -**Definition:** Ratio of inactive to active wallets -**Formula:** Dormant Wallets / Total Wallets -**Use Case:** Assess network health and true active user base -**Dune Query Example:** [Dormant vs Active Ratio](https://dune.com/queries/5576600) -**Traditional Finance Analogy:** Similar to inactive account ratio - -### First-time vs Power Users \{#first-time-vs-power-users} - -**Category:** Wallet -**Definition:** Segmentation by transaction count tiers -**Formula:** Categorized by lifetime transactions -**Use Case:** Identify user segments for targeted analysis -**Dune Query Example:** [First-time vs Power Users](https://dune.com/queries/5576625) -**Traditional Finance Analogy:** Similar to customer segmentation +| Metric Name | Definition | Formula | Use Case | Traditional Finance Analogy | Category | Dune Query Example | +|-------------|------------|---------|----------|------------------------------|-----------|-------------------| +| **DEX Volume Crosschain** | DEX Trades volume across chains | COUNT(transactions), SUM(value × price) | Track network DEX usage and economic throughput | Similar to payment processing volume | Blockchain | [Cross-chain DEX Volume](https://dune.com/queries/5699811) | +| **Average Transaction Fee** | Average cost in USD to execute a transaction | Total Fees / Transaction Count | Evaluate network accessibility and congestion | Similar to transaction processing fees | Blockchain | [Average Transaction Fees](https://dune.com/queries/5544342) | +| **L2 Network Revenue Crosschain** | Total fees collected by sequencers minus L1 data costs | Σ(L2 Gas Fees + Priority Fees) - L1 Data Costs | Assess L2 profitability, sustainability, and sequencer incentives | Similar to network infrastructure revenue | Blockchain | [L2 Network Revenue](https://dune.com/queries/5699834) | +| **Exchange Netflows** | Net token flow in/out of exchanges (inflow - outflow) | Deposits - Withdrawals | Gauge selling pressure; negative = accumulation, positive = distribution | Similar to fund flows data | Blockchain | [Exchange Netflows](https://dune.com/queries/5699860) | +| **Staking Ratio** | Percentage of total supply staked (PoS chains) | Staked Supply / Total Supply × 100 | Measure network security and token holder confidence | Similar to bond participation rate | Blockchain | [Staking Ratio](https://dune.com/queries/5700362/9255801) | +| **Total Economic Activity** | Comprehensive measure of all economic activity onchain | Chain Fees + MEV + Settlement Volume (DEX + NFT + Filtered Transfers) + App Fees | Valuing blockchains as economies, not just fee machines | Similar to GDP measurement | Blockchain | [Total Economic Activity](https://dune.com/queries/5703816) | +| **MVRV** | Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervalued | Market Cap / Realized Value | Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation | Similar to Price-to-Book ratio | Blockchain | [MVRV Analysis for Ethereum](https://dune.com/queries/5640249) | +| **RSOV** | For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usage | Realized Value Staked + Realized Value in DeFi | Evaluate L1 token adoption as store of value asset; compare growth expectations | Similar to measuring bank deposits + investment AUM | Blockchain | [RSOV Dashboard](https://dune.com/sc_research/rsov) | +| **REV** | Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewards | Transaction Fees + MEV Tips | Measure genuine demand for blockspace; compare economic intensity across chains | Similar to revenue or GDP for blockchains | Blockchain | [REV Analysis](https://dune.com/queries/5698900) | +| **TVL** | Total Value Locked - total value of assets locked or staked in a blockchain/protocol | Σ(Asset Amount × Current Price) | Measure trust and liquidity committed; compare DeFi protocol adoption | Similar to Assets Under Management (AUM) | Blockchain | [TVL Analysis](https://dune.com/queries/5699034) | +| **Protocol Revenue** | Total fees generated by the protocol | Σ(Protocol Fees) | Evaluate protocol profitability and sustainability | Direct equivalent to company revenue | Protocol | [Protocol Revenue](https://dune.com/queries/5576224) | +| **DEX Trading Volume** | Total value of transactions processed by protocol | Σ(Transaction Values) | Measure protocol's market share and growth | Similar to Gross Merchandise Value (GMV) | Protocol | [DEX Trading Volume](https://dune.com/queries/5576286) | +| **Fee Generation** | Fees collected from users per transaction or period | Total Fees / Time Period | Analyze protocol's fee efficiency and user costs | Similar to commission rates | Protocol | [Fee Generation](https://dune.com/queries/5576292) | +| **Protocol Treasury Value** | Total value of assets held in protocol treasury | Σ(Treasury Assets × Price) | Assess protocol's financial reserves and runway | Similar to cash reserves/balance sheet | Protocol | [Protocol Treasury Value](https://dune.com/queries/5576299) | +| **Daily/Monthly Active Addresses** | Unique addresses interacting daily or monthly | COUNT(DISTINCT address) per period | Track user retention and growth patterns | Standard DAU/MAU metrics | Protocol | [Daily/Monthly Active Users](https://dune.com/queries/5576322) | +| **Protocol Efficiency Ratio** | Fees generated per dollar of TVL | Total Fees / TVL | Compare capital efficiency across protocols | Similar to Return on Assets (ROA) | Protocol | [Protocol Efficiency Ratio](https://dune.com/queries/5576378) | +| **New vs Returning Users** | Breakdown of first-time vs repeat users | New Users / Total Users | Measure user acquisition vs retention | Similar to customer acquisition metrics | Protocol | [New vs Returning Users](https://dune.com/queries/5576381?Blockchain_t6c1ea=ethereum&Protocol_t6c1ea=uniswap) | +| **Gas Fees by Protocol Users** | Total gas consumed and fees paid by protocol users | Σ(Gas Used × Gas Price) | Evaluate protocol's cost to users and efficiency | Similar to transaction costs | Protocol | [Gas Usage/Fees by Protocol Users](https://dune.com/queries/5576409) | +| **Outstanding Supply** | Total tokens minted minus protocol-controlled holdings | Total Supply - (Treasury + DAO + Foundation + Vesting Contracts) | Find smarter circulating supply | Outstanding Shares in equities | Protocol | [Outstanding Supply](https://dune.com/queries/5700697?Blockchain_t6c1ea=ethereum&Token_Contract_t6c1ea=0x1f9840a85d5af5bf1d1762f925bdaddc4201f984&Token_Decimals_t6c1ea=18&Protocol_Address_1_t6c1ea=0x1a9c8182c09f50c8318d769245bea52c32be35bc&Protocol_Address_2_t6c1ea=0x4b4e140d1f131fdad6fb59c13af796fd194e4135&Protocol_Address_3_t6c1ea=0xe3953d9d317b834592ab58ab2c7a6ad22b54075d&Protocol_Address_4_t6c1ea=0x3d30b1ab88d487b0f3061f40de76845bec3f1e94+&Protocol_Address_5_t6c1ea=0x0000000000000000000000000000000000000000) | +| **GMV** | Gross Merchandise Value - total value of all transactions | GMV=∑(Price of Each Item Sold×Quantity Sold) | Suggests that a protocol or marketplace is actively used | Similar to Gross Merchandise Value | Protocol | [GMV Analysis](https://dune.com/queries/5700620/9256236) | +| **Wallet Balance Distribution** | Distribution of holdings across wallet tiers | Grouped by balance ranges | Analyze wealth concentration and user segments | Similar to wealth distribution analysis | Wallet | [Wallet Balance Distribution](https://dune.com/queries/5576417) | +| **Transaction Frequency** | Average number of transactions per wallet per period | Total Transactions / Active Wallets | Measure user engagement and activity levels | Similar to transaction frequency in banking | Wallet | [Transaction Frequency Distribution](https://dune.com/queries/5576435) | +| **Active Wallet Count** | Number of wallets with at least one transaction | COUNT(DISTINCT active_wallets) | Track network growth and adoption | Similar to active account metrics | Wallet | [Active Wallet Count](https://dune.com/queries/5576448) | +| **Wallet Age/Cohort Analysis** | Analysis of wallets grouped by creation date | Grouped by first transaction date | Understand user retention and lifecycle | Similar to customer cohort analysis | Wallet | [Wallet Age/Cohort Analysis](https://dune.com/queries/5576464) | +| **Cross-chain Activity** | Wallets active on multiple blockchains | Wallets on Chain A ∩ Chain B | Measure multi-chain adoption and user sophistication | Similar to multi-product usage | Wallet | [Cross-chain Activity](https://dune.com/queries/5576492) | +| **DeFi Participation Rate** | Percentage of wallets interacting with DeFi protocols | DeFi Users / Total Active Wallets × 100 | Gauge DeFi adoption and market penetration | Similar to investment product adoption rate | Wallet | [DeFi Participation Rate](https://dune.com/queries/5576505) | +| **Average Transaction Value** | Mean transaction size per wallet | Total Value / Transaction Count | Profile user behavior and wealth levels | Direct equivalent to average transaction size | Wallet | [Average Transaction Value](https://dune.com/queries/5576567) | +| **Wallet Growth Rate** | Rate of new wallet creation over time | (New Wallets(t) - New Wallets(t-1)) / New Wallets(t-1) | Track adoption acceleration or deceleration | Similar to new account growth rate | Wallet | [Wallet Growth Rate](https://dune.com/queries/5576596) | +| **Dormant vs Active Ratio** | Ratio of inactive to active wallets | Dormant Wallets / Total Wallets | Assess network health and true active user base | Similar to inactive account ratio | Wallet | [Dormant vs Active Ratio](https://dune.com/queries/5576600) | +| **First-time vs Power Users** | Segmentation by transaction count tiers | Categorized by lifetime transactions | Identify user segments for targeted analysis | Similar to customer segmentation | Wallet | [First-time vs Power Users](https://dune.com/queries/5576625) | --- @@ -427,6 +180,8 @@ This metrics dictionary was compiled with contributions from: - **skycatcher.xyz** - MVRV, RSOV, and other blockchain metrics - **Artemis** - Total Economic Activity and Outstanding Supply metrics +- **Blockworks** - REV metric +- **DefiLlama** - TVL metric ## Additional Resources From 8b9894d0011dbc7100ce6f73c53e36f0f864f717 Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Tue, 2 Sep 2025 09:54:42 -0400 Subject: [PATCH 15/16] Update Framework Credits: add company website links and correct Skycatcher attribution to only RSOV --- data-catalog/crypto-metrics-data-dictionary.mdx | 8 ++++---- 1 file changed, 4 insertions(+), 4 deletions(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index 47a1de540..a2daaf547 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -178,10 +178,10 @@ Metrics that analyze user behavior, wallet distribution, and individual wallet a This metrics dictionary was compiled with contributions from: -- **skycatcher.xyz** - MVRV, RSOV, and other blockchain metrics -- **Artemis** - Total Economic Activity and Outstanding Supply metrics -- **Blockworks** - REV metric -- **DefiLlama** - TVL metric +- **[Skycatcher](https://skycatcher.xyz)** - RSOV metric +- **[Artemis](https://artemis.xyz)** - Total Economic Activity and Outstanding Supply metrics +- **[Blockworks](https://blockworks.co)** - REV metric +- **[DefiLlama](https://defillama.com)** - TVL metric ## Additional Resources From eca0ed4560ecff2904fe04cc32e9adb6da43bb1f Mon Sep 17 00:00:00 2001 From: Karim Hassan Date: Tue, 2 Sep 2025 10:02:59 -0400 Subject: [PATCH 16/16] Remove confusing validation notice about multiple data sources --- data-catalog/crypto-metrics-data-dictionary.mdx | 1 - 1 file changed, 1 deletion(-) diff --git a/data-catalog/crypto-metrics-data-dictionary.mdx b/data-catalog/crypto-metrics-data-dictionary.mdx index a2daaf547..079bc5705 100644 --- a/data-catalog/crypto-metrics-data-dictionary.mdx +++ b/data-catalog/crypto-metrics-data-dictionary.mdx @@ -14,7 +14,6 @@ This metrics dictionary provides blockchain analytics queries as starting points **General Information:** - These queries are educational examples and may need customization - Blockchain data can vary across different sources and time periods -- Results should be validated with multiple data sources **Best Practices:** - Review and understand each query before using it