Metrics Dictionary NoticeThis metrics dictionary provides blockchain analytics queries as starting points for analysis. Please note:General Information:
- These queries are educational examples and may need customization
- Blockchain data can vary across different sources and time periods
- Review and understand each query before using it
- Test on small datasets first
- Modify queries to fit your specific needs
Blockchain Metrics
Metrics that measure the overall health, activity, and economic performance of blockchain networks.DEX Volume Crosschain
DEX trades volume across multiple blockchain networks
Average Transaction Fee
Average cost in USD to execute a transaction
L2 Network Revenue Crosschain
Total fees collected by sequencers minus L1 data costs
Exchange Netflows
Net token flow in/out of exchanges
Staking Ratio
Percentage of total supply staked on PoS chains
Total Economic Activity
Comprehensive measure of all economic activity onchain
MVRV
Market Value to Realized Value ratio for assessing cryptocurrency valuation
RSOV
Realized Store of Value for L1 tokens through staking and DeFi usage
REV
Real Economic Value tracking actual fees users pay
TVL
Total Value Locked measuring trust and liquidity committed
Protocol Metrics
Metrics that evaluate the performance, adoption, and sustainability of specific DeFi protocols and applications.Protocol Revenue
Total fees generated by the protocol
DEX Trading Volume
Total value of transactions processed by protocol
Fee Generation
Fees collected from users per transaction or period
Protocol Treasury Value
Total value of assets held in protocol treasury
Daily/Monthly Active Addresses
Unique addresses interacting daily or monthly
Protocol Efficiency Ratio
Fees generated per dollar of TVL
New vs Returning Users
Breakdown of first-time vs repeat users
Gas Fees by Protocol Users
Total gas consumed and fees paid by protocol users
Outstanding Supply
Total tokens minted minus protocol-controlled holdings
GMV
Gross Merchandise Value - total value of all transactions
Wallet Metrics
Metrics that analyze user behavior, wallet distribution, and individual wallet activity patterns.Wallet Balance Distribution
Distribution of holdings across wallet tiers
Transaction Frequency
Average number of transactions per wallet per period
Active Wallet Count
Number of wallets with at least one transaction
Wallet Age/Cohort Analysis
Analysis of wallets grouped by creation date
Cross-chain Activity
Wallets active on multiple blockchains
DeFi Participation Rate
Percentage of wallets interacting with DeFi protocols
Average Transaction Value
Mean transaction size per wallet
Wallet Growth Rate
Rate of new wallet creation over time
Dormant vs Active Ratio
Ratio of inactive to active wallets
First-time vs Power Users
Segmentation by transaction count tiers
Detailed Metric Definitions
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| Protocol Revenue | Total fees generated by the protocol | Σ(Protocol Fees) | Evaluate protocol profitability and sustainability | Direct equivalent to company revenue | Protocol | Protocol Revenue |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
Framework Credits
This metrics dictionary was compiled with contributions from:- Skycatcher - RSOV metric
- Artemis - Total Economic Activity and Outstanding Supply metrics
- Blockworks - REV metric
- DefiLlama - TVL metric
Additional Resources
- Dune Query Editor - Create your own metrics
- Data Catalog Overview - Explore available data sources
- Query Engine Documentation - Learn DuneSQL syntax
- Community Queries - Discover more metric implementations
- Dune Agent - AI-powered query assistance