Messari Subgraphs

The data shown in the Protocol Explored comes from Messari-created subgraphs. These subgraphs extract data from the blockchain using a standardized schema. This schema allows the data to be in a format fit for analytics.

For more information on the Messari subgraphs and their availability, please find read our Github Subgraph Repo.

Subgraph Metrics

Within the Subgraph Repo is the Subgraphs folder. This is a list of the available subgraphs and the current calculation methodology being used.

See an example here.

Protocol Categories

Category	Definition
Algorithm Assets	Protocols that use an algorithm to determine asset value
Bridges	Protocols that connect two blockchains together to send tokens
Decentralized Exchange	Protocols that support peer-to-peer trading of tokens
Derivatives	Protocols that enable the creation of synthetic assets
Gaming	Protocols for the trading of in-game assets
Indexes	Protocols that group assets and track their performance
Insurance	Protocols that offer financial protections for users
Launchpad	Protocols that support the launch of new Web3 projects
Lending	Protocols that enable users to borrow and lend assets
Liquid Staking	Protocols that reward users who have staked tokens
NFT	Protocols that allow for the buying and selling of NFTs
Oracle	Protocols that deliver external data to blockchains
Prediction Market	Protocols that enable traders to make price predictions
Privacy	Protocols that provide privacy to users and transactions
Protocol Owned Liquidity	Protocols that allow protocols themselves to own liquidity
Yield Aggregator	Protocols that group the yield from other protocols

Available Networks

Ethereum
Polygon
Optimism
Arbitrum
Binance
Avalanche
Fantom
Aurora
Near
Celo
xDai (Gnosis)
Moonriver
Fuse
Clover
Harmony

Protocol Metric Definitions

Key Metrics

Metric	Definition
Active Deposits	Current value of deposits from the protocol.
Deposit APR	Annual percentage rate earned from depositors for depositing assets.
Active Borrows	The current value of borrows from the protocol.
Borrow APR	Annual percentage rate charged to borrowers for borrowing assets.

Revenue

Metric	Definition
Total Revenue	Total revenue generated by the protocol.
Protocol Revenue	Revenue generated for the protocol (e.g. token holders, protocol treasury).
Supply Side Revenue	Revenue generated for users supplying assets to the protocol.

Deposits

Metric	Definition
Active Deposits	Current value of deposits from the protocol.
Deposit APR	Annual percentage rate earned from depositors for depositing assets.
Deposit Volume	Volume of new borrows.

Borrows

Metric	Definition
Active Borrows	Current value of borrows from the protocol.
Borrow APR	Annual percentage rate charged to borrowers for borrowing assets.
Borrow Volume	Volume of new borrows.

Liquidations

Metric	Definition
Liquidation Volume	Value of positions liquidated.
Liquidations	Number of positions liquidated.

Borrow Utilization

Metrics	Definition
Active Borrows	Number of borrows in the last [span].
Available to Borrow	Amount available to borrow from the protocol.
Utilization Ratio	Percentage of current borrowed amount compared to the total amount available to borrow.

Pool Categories

Category	Definition	Examples
Decentralized Exchange	Pools that support peer-to-peer trading of tokens	Uniswap V3, Sushiswap, Apeswap
Lending	Pools that enable users to borrow and lend assets	AAVE V2, Compound V2, MakerDAO
Yield Aggregator	Pools that group the yield from various protocols	Convex Finance, Arrakis Finance, Yearn Finance

Metrics by Pool Categories

Decentralized Exchanges

Metric	Definition
Revenue	Total revenue generated by the exchange.
Volume	Trading volume of the exchange.
Returns	Annual percentage rate and annual percentage yield of the exchange.
APR	`cumulative supply side revenue USD over timespan / average TVL over timespan / timespan \* 365`
APY	`numCompoundingPeriod = 365/timespan ((1+APR/numCompoundingPeriod)^(numCompoundingPeriod) - 1)`

Lending

Metric	Definition
Revenue	Total revenue generated by the lending pool.
Deposits	Deposits into the lending pool.
Borrows	Borrows from the lending pool.
Liquidations	Liquidated positions of the lending pool
Borrow Utilization	Borrow activity and availability from the pool
Returns	Annual and expected returns for supplying the lending pool.
Lending Rate APR	Pulled from protocol smart contract
Borrow Rate APR	Pulled from protocol smart contract
High/Low APR	If a protocol has a variable and stable interest rate, we show a range of rates. The higher of the two rates being the high and the lower being the low
Lending Rewards Rate APR	`cumulative reward token emissions USD over timespan / average lending balance over timespan / timespan \* 365`
Borrow Reward Rate APR	`cumulative reward token emissions USD over timespan / average borrow balance over timespan / timespan \* 365`
APY	`numCompoundingPeriod = 365/timespan` `((1+APR/numCompoundingPeriod)^(numCompoundingPeriod) - 1)`
Negative Available To Borrow Balance	Negative value indicates that USD value of loan exceeds USD value of deposits or `maxLTV ratio\*deposits`. This can occur due to protocol exploits, deprecated pools and/or protocols using undercollateralized lending

Yield Aggregator

Metric	Definition
Revenue	Revenue generated by the yield aggregator.
Returns	Annual and expected returns for supplying the yield aggregator.
APR	`cumulative supply side revenue USD over timespan / average TVL over timespan / timespan \* 365`
APY	`numCompoundingPeriod = 365/timespan` `((1+APR/numCompoundingPeriod)^(numCompoundingPeriod) - 1)`