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 undervalued
Formula: 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)

MVRV Query Example

View the complete MVRV calculation query

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 usage
Formula: 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

RSOV Query Example

View the complete RSOV calculation query

REV (Real Economic Value)

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
TradFi Analogy: Similar to revenue or GDP for blockchains (Note: High REV can indicate inefficiency, not just demand)

REV Query Example

View the complete REV calculation query

TVL (Total Value Locked)

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
TradFi Analogy: Similar to Assets Under Management (AUM)

TVL Query Example

View the complete TVL calculation query

Active Addresses

Definition: Number of unique addresses that sent or received transactions in a period
Formula: COUNT(DISTINCT address)
Use Case: Measure network adoption and user activity trends
TradFi Analogy: Similar to Monthly Active Users (MAU)

Active Addresses Query Example

View the complete Active Addresses calculation query

Transaction Count & Volume

Definition: Number of transactions and their total USD value
Formula: COUNT(transactions), SUM(value × price)
Use Case: Track network usage and economic throughput
TradFi Analogy: Similar to payment processing volume

Transaction Count & Volume Query Example

View the complete Transaction Count & Volume calculation query

Average Transaction Fee

Definition: Average cost in USD to execute a transaction
Formula: Total Fees / Transaction Count
Use Case: Evaluate network accessibility and congestion
TradFi Analogy: Similar to transaction processing fees

Average Transaction Fee Query Example

View the complete Average Transaction Fee calculation query

Network Revenue

Definition: Total fees collected by validators/miners
Formula: Σ(Transaction Fees + MEV)
Use Case: Assess blockchain’s revenue generation and validator incentives
TradFi Analogy: Similar to exchange/payment network revenue

Network Revenue Query Example

View the complete Network Revenue calculation query

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

Exchange Netflows Query Example

View the complete Exchange Netflows calculation query

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

Staking Ratio Query Example

View the complete Staking Ratio calculation query

Protocol Metrics

Protocol Revenue

Definition: Total fees generated by the protocol
Formula: Σ(Protocol Fees)
Use Case: Evaluate protocol profitability and sustainability
TradFi Analogy: Direct equivalent to company revenue

Protocol Revenue Query Example

View the complete Protocol Revenue calculation query

Total Active Addresses

Definition: Unique addresses interacting with protocol contracts
Formula: COUNT(DISTINCT user_address)
Use Case: Track user adoption and engagement
TradFi Analogy: Similar to customer count

Total Active Addresses Query Example

View the complete Total Active Addresses calculation query

Transaction Volume

Definition: Total value of transactions processed by protocol
Formula: Σ(Transaction Values)
Use Case: Measure protocol’s market share and growth
TradFi Analogy: Similar to Gross Merchandise Value (GMV)

Transaction Volume Query Example

View the complete Transaction Volume calculation query

Fee Generation

Definition: Fees collected from users per transaction or period
Formula: Total Fees / Time Period
Use Case: Analyze protocol’s fee efficiency and user costs
TradFi Analogy: Similar to commission rates

Fee Generation Query Example

View the complete Fee Generation calculation query

Protocol Treasury Value

Definition: Total value of assets held in protocol treasury
Formula: Σ(Treasury Assets × Price)
Use Case: Assess protocol’s financial reserves and runway
TradFi Analogy: Similar to cash reserves/balance sheet

Protocol Treasury Value Query Example

View the complete Protocol Treasury Value calculation query

Daily/Monthly Active Addresses

Definition: Unique addresses interacting daily or monthly
Formula: COUNT(DISTINCT address) per period
Use Case: Track user retention and growth patterns
TradFi Analogy: Standard DAU/MAU metrics

Daily/Monthly Active Addresses Query Example

View the complete Daily/Monthly Active Addresses calculation query

Protocol Efficiency Ratio

Definition: Fees generated per dollar of TVL
Formula: 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 users
Formula: New Users / Total Users
Use Case: Measure user acquisition vs retention
TradFi Analogy: Similar to customer acquisition metrics

New vs Returning Users Query Example

View the complete New vs Returning Users calculation query

Gas Usage/Fees Paid

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
TradFi Analogy: Similar to transaction costs

Gas Usage/Fees Paid Query Example

View the complete Gas Usage/Fees Paid calculation query

Wallet Metrics

Wallet Balance Distribution

Definition: Distribution of holdings across wallet tiers
Formula: Grouped by balance ranges
Use Case: Analyze wealth concentration and user segments
TradFi Analogy: Similar to wealth distribution analysis

Wallet Balance Distribution Query Example

View the complete Wallet Balance Distribution calculation query

Transaction Frequency

Definition: Average number of transactions per wallet per period
Formula: Total Transactions / Active Wallets
Use Case: Measure user engagement and activity levels
TradFi Analogy: Similar to transaction frequency in banking

Transaction Frequency Query Example

View the complete Transaction Frequency calculation query

Active Wallet Count

Definition: Number of wallets with at least one transaction
Formula: COUNT(DISTINCT active_wallets)
Use Case: Track network growth and adoption
TradFi Analogy: Similar to active account metrics

Active Wallet Count Query Example

View the complete Active Wallet Count calculation query

Wallet Age/Cohort Analysis

Definition: Analysis of wallets grouped by creation date
Formula: Grouped by first transaction date
Use Case: Understand user retention and lifecycle
TradFi Analogy: Similar to customer cohort analysis

Wallet Age/Cohort Analysis Query Example

View the complete Wallet Age/Cohort Analysis calculation query

Cross-chain Activity

Definition: Wallets active on multiple blockchains
Formula: Wallets on Chain A ∩ Chain B
Use Case: Measure multi-chain adoption and user sophistication
TradFi Analogy: Similar to multi-product usage

Cross-chain Activity Query Example

View the complete Cross-chain Activity calculation query

DeFi Participation Rate

Definition: Percentage of wallets interacting with DeFi protocols
Formula: DeFi Users / Total Active Wallets × 100
Use Case: Gauge DeFi adoption and market penetration
TradFi Analogy: Similar to investment product adoption rate

DeFi Participation Rate Query Example

View the complete DeFi Participation Rate calculation query

Average Transaction Value

Definition: Mean transaction size per wallet
Formula: 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 time
Formula: (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

Wallet Growth Rate Query Example

View the complete Wallet Growth Rate calculation query

Dormant vs Active Ratio

Definition: Ratio of inactive to active wallets
Formula: Dormant Wallets / Total Wallets
Use Case: Assess network health and true active user base
TradFi Analogy: Similar to inactive account ratio

Dormant vs Active Ratio Query Example

View the complete Dormant vs Active Ratio calculation query

First-time vs Power Users

Definition: Segmentation by transaction count tiers
Formula: 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.