Crypto Metrics Data Dictionary
A comprehensive reference for key cryptocurrency metrics used in blockchain analytics, including definitions, formulas, use cases, and Dune query examples.
Crypto Metrics Data Dictionary
This comprehensive data dictionary provides definitions, formulas, use cases, and Dune query examples for key cryptocurrency metrics across different categories: Blockchain, Protocol, and Wallet metrics.Blockchain Metrics
MVRV (Market Value to Realized Value)
Definition: Market Value to Realized Value ratio - assesses if a cryptocurrency is overvalued or undervaluedFormula: Market Cap / Realized Value
Use Case: Identify market tops/bottoms; MVRV > 3.5 often indicates overvaluation
TradFi Analogy: Similar to Price-to-Book ratio (Note: Not exact equivalent - MVRV uses on-chain cost basis)
RSOV (Realized Store of Value)
Definition: For (L1s only) Realized Store of Value - quantifies long-term value drivers of L1 tokens through staking and DeFi usageFormula: Realized Value Staked + Realized Value in DeFi
Use Case: Evaluate L1 token adoption as store of value asset; compare growth expectations
TradFi Analogy: Similar to measuring bank deposits + investment AUM
REV (Real Economic Value)
Definition: Real Economic Value - tracks actual fees users pay to use blockchain, excluding inflationary rewardsFormula: Transaction Fees + MEV Tips
Use Case: Measure genuine demand for blockspace; compare economic intensity across chains
TradFi Analogy: Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand)
TVL (Total Value Locked)
Definition: Total Value Locked - total value of assets locked or staked in a blockchain/protocolFormula: Σ(Asset Amount × Current Price)
Use Case: Measure trust and liquidity committed; compare DeFi protocol adoption
TradFi Analogy: Similar to Assets Under Management (AUM)
Active Addresses
Definition: Number of unique addresses that sent or received transactions in a periodFormula: COUNT(DISTINCT address)
Use Case: Measure network adoption and user activity trends
TradFi Analogy: Similar to Monthly Active Users (MAU)
Transaction Count & Volume
Definition: Number of transactions and their total USD valueFormula: COUNT(transactions), SUM(value × price)
Use Case: Track network usage and economic throughput
TradFi Analogy: Similar to payment processing volume
Average Transaction Fee
Definition: Average cost in USD to execute a transactionFormula: Total Fees / Transaction Count
Use Case: Evaluate network accessibility and congestion
TradFi Analogy: Similar to transaction processing fees
Network Revenue
Definition: Total fees collected by validators/minersFormula: Σ(Transaction Fees + MEV)
Use Case: Assess blockchain’s revenue generation and validator incentives
TradFi Analogy: Similar to exchange/payment network revenue
Exchange Netflows
Definition: Net token flow in/out of exchanges (inflow - outflow)Formula: Deposits - Withdrawals
Use Case: Gauge selling pressure; negative = accumulation, positive = distribution
TradFi Analogy: Similar to fund flows data
Staking Ratio
Definition: Percentage of total supply staked (PoS chains)Formula: Staked Supply / Total Supply × 100
Use Case: Measure network security and token holder confidence
TradFi Analogy: Similar to bond participation rate
Protocol Metrics
Protocol Revenue
Definition: Total fees generated by the protocolFormula: Σ(Protocol Fees)
Use Case: Evaluate protocol profitability and sustainability
TradFi Analogy: Direct equivalent to company revenue
Total Active Addresses
Definition: Unique addresses interacting with protocol contractsFormula: COUNT(DISTINCT user_address)
Use Case: Track user adoption and engagement
TradFi Analogy: Similar to customer count
Transaction Volume
Definition: Total value of transactions processed by protocolFormula: Σ(Transaction Values)
Use Case: Measure protocol’s market share and growth
TradFi Analogy: Similar to Gross Merchandise Value (GMV)
Fee Generation
Definition: Fees collected from users per transaction or periodFormula: Total Fees / Time Period
Use Case: Analyze protocol’s fee efficiency and user costs
TradFi Analogy: Similar to commission rates
Protocol Treasury Value
Definition: Total value of assets held in protocol treasuryFormula: Σ(Treasury Assets × Price)
Use Case: Assess protocol’s financial reserves and runway
TradFi Analogy: Similar to cash reserves/balance sheet
Daily/Monthly Active Addresses
Definition: Unique addresses interacting daily or monthlyFormula: COUNT(DISTINCT address) per period
Use Case: Track user retention and growth patterns
TradFi Analogy: Standard DAU/MAU metrics
Protocol Efficiency Ratio
Definition: Fees generated per dollar of TVLFormula: Total Fees / TVL
Use Case: Compare capital efficiency across protocols
TradFi Analogy: Similar to Return on Assets (ROA)
Protocol Efficiency Ratio Query Example
View the complete Protocol Efficiency Ratio calculation query
New vs Returning Users
Definition: Breakdown of first-time vs repeat usersFormula: New Users / Total Users
Use Case: Measure user acquisition vs retention
TradFi Analogy: Similar to customer acquisition metrics
Gas Usage/Fees Paid
Definition: Total gas consumed and fees paid by protocol usersFormula: Σ(Gas Used × Gas Price)
Use Case: Evaluate protocol’s cost to users and efficiency
TradFi Analogy: Similar to transaction costs
Wallet Metrics
Wallet Balance Distribution
Definition: Distribution of holdings across wallet tiersFormula: Grouped by balance ranges
Use Case: Analyze wealth concentration and user segments
TradFi Analogy: Similar to wealth distribution analysis
Transaction Frequency
Definition: Average number of transactions per wallet per periodFormula: Total Transactions / Active Wallets
Use Case: Measure user engagement and activity levels
TradFi Analogy: Similar to transaction frequency in banking
Active Wallet Count
Definition: Number of wallets with at least one transactionFormula: COUNT(DISTINCT active_wallets)
Use Case: Track network growth and adoption
TradFi Analogy: Similar to active account metrics
Wallet Age/Cohort Analysis
Definition: Analysis of wallets grouped by creation dateFormula: Grouped by first transaction date
Use Case: Understand user retention and lifecycle
TradFi Analogy: Similar to customer cohort analysis
Cross-chain Activity
Definition: Wallets active on multiple blockchainsFormula: Wallets on Chain A ∩ Chain B
Use Case: Measure multi-chain adoption and user sophistication
TradFi Analogy: Similar to multi-product usage
DeFi Participation Rate
Definition: Percentage of wallets interacting with DeFi protocolsFormula: DeFi Users / Total Active Wallets × 100
Use Case: Gauge DeFi adoption and market penetration
TradFi Analogy: Similar to investment product adoption rate
Average Transaction Value
Definition: Mean transaction size per walletFormula: Total Value / Transaction Count
Use Case: Profile user behavior and wealth levels
TradFi Analogy: Direct equivalent to average transaction size
Average Transaction Value Query Example
View the complete Average Transaction Value calculation query
Wallet Growth Rate
Definition: Rate of new wallet creation over timeFormula: (New Wallets(t) - New Wallets(t-1)) / New Wallets(t-1)
Use Case: Track adoption acceleration or deceleration
TradFi Analogy: Similar to new account growth rate
Dormant vs Active Ratio
Definition: Ratio of inactive to active walletsFormula: Dormant Wallets / Total Wallets
Use Case: Assess network health and true active user base
TradFi Analogy: Similar to inactive account ratio
First-time vs Power Users
Definition: Segmentation by transaction count tiersFormula: Categorized by lifetime transactions
Use Case: Identify user segments for targeted analysis
TradFi Analogy: Similar to customer segmentation
First-time vs Power Users Query Example
View the complete First-time vs Power Users calculation query
This data dictionary provides a comprehensive reference for key cryptocurrency metrics used in blockchain analytics. Each metric includes its definition, formula, use case, and a practical Dune query example to help you implement these calculations in your own analyses.