Supply metrics
Total supply
The total number of tokens that exist on-chain, read directly from the token contract.Circulating supply
Total supply minus tokens held in non-circulating addresses (e.g., treasury wallets, burn addresses, locked contracts). Circulating supply reflects tokens that are available to the market. For most assets, circulating supply equals total supply. Where it differs, we identify non-circulating addresses through issuer disclosure or on-chain analysis.Bridged token supply
Supply adjusted for bridging activity. On the target chain, bridged token supply equals circulating supply. On the source chain, bridged tokens are subtracted from circulating supply to avoid double-counting tokens that have moved cross-chain.Raw supply and rebase multiplier
For rebasing tokens (where token balances change automatically without transfers), we track the raw (base unit) supply separately from the display supply. The display supply equals the raw supply multiplied by the rebase multiplier. Non-rebasing tokens have a rebase multiplier of 1.Value metrics
Net asset value (NAV)
The per-unit value of the underlying assets. Source depends on asset type:- Exchange-traded tokens: Derived from market price via exchange aggregators
- Fund-style assets: Reported by the issuer or fund administrator, typically based on the fair value of underlying holdings
- Stablecoins: Derived from exchange price, expected to be ~$1
Price
The current market price of one token in USD, sourced from exchange aggregators. Price is used to calculate market value metrics. NAV-based metrics (total asset value, circulating asset value) are calculated separately from issuer-reported NAV. Price and NAV are independent.Market value
Total supply multiplied by price. This represents the total value of all tokens in existence.Circulating market value
Circulating supply multiplied by price. This is the primary measure of an asset’s market size on the platform, as it excludes locked or non-circulating tokens.Total asset value
For fund-style assets, the total value of all assets under management. This may differ from market value if the token trades at a premium or discount to NAV.Circulating asset value
Circulating supply multiplied by NAV.Yield metrics
APY (7-day and 30-day)
Annualized yield based on NAV changes over the trailing 7 or 30 days. Calculated by measuring the NAV growth over the period and annualizing it. Only applicable to yield-bearing assets.Yield to maturity
For fixed-income assets, the annualized return an investor would receive if they held the asset to maturity at the current price. Typically reported by the issuer or derived from the asset’s underlying portfolio.Weighted average maturity
The average time to maturity of the underlying holdings, weighted by their share of the portfolio. Reported by the issuer for fund-style fixed-income assets.Activity metrics
Holding addresses count
The number of unique addresses holding a non-zero balance of the token, counted directly from on-chain state. The adjusted holding addresses count excludes known infrastructure addresses (bridges, smart contracts, treasury wallets) to approximate the number of distinct end-user holders.Holder concentration
The percentage of total supply held by the top 1, 5, or 10 addresses. Calculated from on-chain balance data.Active addresses
The number of unique addresses that sent or received the token during a given period. Daily counts cover a single calendar day (UTC). Trailing counts (7-day, 30-day, 90-day, 365-day) cover the specified rolling window.Transfer volume
The total USD value of peer-to-peer transfers during the period. This excludes mints and burns; only transfers between holders are counted.Mints and burns
- Mints represent new token issuance (tokens created by the issuer)
- Burns represent redemptions (tokens destroyed and removed from circulation)
Aggregation
Metrics can be aggregated across multiple entities (e.g., all assets in an asset class, all tokens on a network). When aggregating:- Sum is used for additive metrics (supply, value, volume, holder counts)
- Weighted average is used for rate metrics (APY, yield to maturity), weighted by circulating market value
- Aggregation respects the stock vs. flow distinction: supply and value are point-in-time snapshots, while mints, burns, and transfers are accumulated over the period