Metrics and Definitions

Explanations of the metrics available metrics and definitions for assets listed on Messari.

The metrics below are available in the historical data tables, in charts format, and as snapshot data.
Market Data 
Metric Category
Definition 
Price 
The price metrics refer to the asset recent trading price. The price is caculated using a VWAP accross the exchanges included in Messari Real Volume Methodology. The 1H & 24H ranges refer to the low and high price of the asset over those timeframes.
Volume 
Real Volume is trading volume of the asset over the selected timeframe from the exchanges Messari includes in its Real Volume methodology.Reported Volume is the trading volume of the asset over the selected timeframe from all exchanges covered by Messari.
ROI By Year 
The ROI By Year metrics provide the raw percentage return on the asset from the beginning of the year to the end.
Risk Metrics 
The Sharpe ratio (also known as the Sharpe index) measures the performance of an investment compared to a risk-free asset, after adjusting for its risk. Volatility is measured by calculating the standard deviation of the daily returns over a given period of time. Both are available on different timeframes (30 days, 90 days, 1 year, 3 years).
Market Cap 
There exists different ways to calculate Marketcap for cryptoassets. Reported Marketcap is caclulated using the circulating supply commonly reported in the industry. Liquid Marketcap is calculated using the supply that exist on-chain, and which is not known to be encumbered by any contracts (programmatic or legal). Outstanding Marketcap is calculated using the entirery of the supply that exists on-chain. Realized Marketcap is defined as the sum USD value based on the USD closing price on the day that a native unit last moved. Projected Marketcaps (Y+10, Y2050) is defined as the Marketcap accounting for known issuance X years into the future. All together, these metrics allow to have a precise picture of the asset capitalization.
Return on Investment 
ROI metrics refer to the price performance (ROI) of the asset over different timeframes, against the selected currency, sector or tag. This allows to compare the performance of the asset against USD, but also against the average DeFi ecosystem for example.
All-time Highs & Cycle Lows 
The All-Time-High ('ATH') trading price for an asset, in USD is computed using the highest hourly open. Cycle Low is the lowest trading price (in USD) of the asset since its All-Time-High
Supply 
Metric Category
Definition 
Current Supply 
There exists different ways to measure Supply for cryptoassets. Reported Supply refers to the circulating supply commonly reported in the industry. Liquid Supply refers to the supply that exist on-chain, and which is not known to be encumbered by any contracts (programmatic or legal). Outstanding Supply refers to the entirery of the supply that exists on-chain. All together, these metrics allow to have a precise picture of the Supply for an asset
Active Supply 
Active supply is defined as the sum of unique native units that transacted at least once in the trailing X years / months / days. Native units that transacted more than once are only counted once.
Issuance & Inflation 
Issuance and Inflation metrics both measure how the supply of an asset will evolve in the future. Issuance metrics are calculated based on the current outstanding supply and the number of coins that will be issued on chain. Annual Inflation Rate, when available, is calculated by taking the projected 12 month increase in Liquid Supply and dividing by the Liquid Supply today. Projected Supply metrics (Y+10, Y2050), when available, represents the liquid supply of an asset accounting for known issuance X years into the future. All together, these metrics give a good estimate of dilution that an investor will likely suffer in the future.
Supply Distrubution 
​
Mining 
Metric Category 
Definition 
Miner Hashrate 
Hashrate is the mean rate at which miners are solving hashes. The miner revenue per hash metrics refer to the miner reward per estimated hash unit performed during the period, also known as hashprice.
Miner Difficulty 
The average difficulty of finding a hash that meets the protocol-designated requirement (i.e., the difficulty of finding a new block) that interval. The requirement is unique to each applicable cryptocurrency protocol.
Addresses 
Metric Category 
Definition 
Address Distrubution 
This is the sum of all native units being held in addresses whose balance was at least one in X of the current supply, or greater than X USD / Native units, or in the Top X addresses, at the end of the day. Only native units are considered (e.g., an address with less than X ETH but with more than X in ERC-20 tokens would not be considered). Data sourced from coinmetrics.io
Active Addresses 
The sum count of unique addresses that were active in the network (either as a destination or source of a ledger change) that day. All parties in a ledger change action (source and destination) are counted. Individual addresses are not double-counted if previously active. Data Provided by Coinmetrics.
Exchange Flows 
Metric Category
Definition  
Exchange Net Flows 
This is the net flows (supply received minus supply sent) for a given exhange on a given timeframe. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Exchange Withdrawals 
This is the sum withdrawn from exchanges that day, including or excluding exchange to exchange activity. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Exchange Deposits 
This is the sum deposited to exchanges that day, including or excluding exchange to exchange activity. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Exchange Supplies 
The sum of all native units held in hot or cold exchange wallets that day. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Fees and Revenue 
Metric Category 
Definition 
Fees 
Various metrics about fees paid to miners, transaction validators, stakers and/or block producers over the selected timeframe. They can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Revenue 
This is the value of all miner revenue, which constitutes fees plus newly issued native units, represented either as the US dollar amount earned if all native units were sold at the closing price on the same day, or in native units. Data sourced from coimetrics.io.
Gas 
Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the network. Data sourced from coinmetrics.io.
Network Activity 
Metric Category 
Definition
Transactions 
Transaction data sourced from coinmetrics.io.
Blocks 
Various metrics on blocks sourced from coinmetrics.io
Contracts
Various metrics on contracts sourced from coinmetrics.io.
Miscellaneous 
Metric Category 
Definition
Developer Activity  
Developer Activity Metrics are sourced from Github. Note that there are often many repositories associated with a given asset or project, but Github stats shown here are pulled from what we consider the 'primary' repository for an asset. Occasionally it's not straighfoward to determine which repository should be considered the primary one (or the project/asset is such that there just isn't a primary repo). In such cases, we select the repo that most closely defines the unique aspects of the project. This is usually a repo that defines the core node client for the asset, or a set of smart contracts.

Metric Category	Definition
Price	The price metrics refer to the asset recent trading price. The price is caculated using a VWAP accross the exchanges included in Messari Real Volume Methodology. The 1H & 24H ranges refer to the low and high price of the asset over those timeframes.
Volume	Real Volume is trading volume of the asset over the selected timeframe from the exchanges Messari includes in its Real Volume methodology.Reported Volume is the trading volume of the asset over the selected timeframe from all exchanges covered by Messari.
ROI By Year	The ROI By Year metrics provide the raw percentage return on the asset from the beginning of the year to the end.
Risk Metrics	The Sharpe ratio (also known as the Sharpe index) measures the performance of an investment compared to a risk-free asset, after adjusting for its risk. Volatility is measured by calculating the standard deviation of the daily returns over a given period of time. Both are available on different timeframes (30 days, 90 days, 1 year, 3 years).
Market Cap	There exists different ways to calculate Marketcap for cryptoassets. Reported Marketcap is caclulated using the circulating supply commonly reported in the industry. Liquid Marketcap is calculated using the supply that exist on-chain, and which is not known to be encumbered by any contracts (programmatic or legal). Outstanding Marketcap is calculated using the entirery of the supply that exists on-chain. Realized Marketcap is defined as the sum USD value based on the USD closing price on the day that a native unit last moved. Projected Marketcaps (Y+10, Y2050) is defined as the Marketcap accounting for known issuance X years into the future. All together, these metrics allow to have a precise picture of the asset capitalization.
Return on Investment	ROI metrics refer to the price performance (ROI) of the asset over different timeframes, against the selected currency, sector or tag. This allows to compare the performance of the asset against USD, but also against the average DeFi ecosystem for example.
All-time Highs & Cycle Lows	The All-Time-High ('ATH') trading price for an asset, in USD is computed using the highest hourly open. Cycle Low is the lowest trading price (in USD) of the asset since its All-Time-High

Metric Category	Definition
Current Supply	There exists different ways to measure Supply for cryptoassets. Reported Supply refers to the circulating supply commonly reported in the industry. Liquid Supply refers to the supply that exist on-chain, and which is not known to be encumbered by any contracts (programmatic or legal). Outstanding Supply refers to the entirery of the supply that exists on-chain. All together, these metrics allow to have a precise picture of the Supply for an asset
Active Supply	Active supply is defined as the sum of unique native units that transacted at least once in the trailing X years / months / days. Native units that transacted more than once are only counted once.
Issuance & Inflation	Issuance and Inflation metrics both measure how the supply of an asset will evolve in the future. Issuance metrics are calculated based on the current outstanding supply and the number of coins that will be issued on chain. Annual Inflation Rate, when available, is calculated by taking the projected 12 month increase in Liquid Supply and dividing by the Liquid Supply today. Projected Supply metrics (Y+10, Y2050), when available, represents the liquid supply of an asset accounting for known issuance X years into the future. All together, these metrics give a good estimate of dilution that an investor will likely suffer in the future.
Supply Distrubution

Metric Category	Definition
Miner Hashrate	Hashrate is the mean rate at which miners are solving hashes. The miner revenue per hash metrics refer to the miner reward per estimated hash unit performed during the period, also known as hashprice.
Miner Difficulty	The average difficulty of finding a hash that meets the protocol-designated requirement (i.e., the difficulty of finding a new block) that interval. The requirement is unique to each applicable cryptocurrency protocol.

Metric Category	Definition
Address Distrubution	This is the sum of all native units being held in addresses whose balance was at least one in X of the current supply, or greater than X USD / Native units, or in the Top X addresses, at the end of the day. Only native units are considered (e.g., an address with less than X ETH but with more than X in ERC-20 tokens would not be considered). Data sourced from coinmetrics.io
Active Addresses	The sum count of unique addresses that were active in the network (either as a destination or source of a ledger change) that day. All parties in a ledger change action (source and destination) are counted. Individual addresses are not double-counted if previously active. Data Provided by Coinmetrics.

Metric Category	Definition
Exchange Net Flows	This is the net flows (supply received minus supply sent) for a given exhange on a given timeframe. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Exchange Withdrawals	This is the sum withdrawn from exchanges that day, including or excluding exchange to exchange activity. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Exchange Deposits	This is the sum deposited to exchanges that day, including or excluding exchange to exchange activity. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Exchange Supplies	The sum of all native units held in hot or cold exchange wallets that day. It can be denominated in USD or Native Units. Data sourced from Coinmetrics.

Metric Category	Definition
Fees	Various metrics about fees paid to miners, transaction validators, stakers and/or block producers over the selected timeframe. They can be denominated in USD or Native Units. Data sourced from Coinmetrics.
Revenue	This is the value of all miner revenue, which constitutes fees plus newly issued native units, represented either as the US dollar amount earned if all native units were sold at the closing price on the same day, or in native units. Data sourced from coimetrics.io.
Gas	Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the network. Data sourced from coinmetrics.io.

Metric Category	Definition
Transactions	Transaction data sourced from coinmetrics.io.
Blocks	Various metrics on blocks sourced from coinmetrics.io
Contracts	Various metrics on contracts sourced from coinmetrics.io.

Metric Category	Definition
Developer Activity	Developer Activity Metrics are sourced from Github. Note that there are often many repositories associated with a given asset or project, but Github stats shown here are pulled from what we consider the 'primary' repository for an asset. Occasionally it's not straighfoward to determine which repository should be considered the primary one (or the project/asset is such that there just isn't a primary repo). In such cases, we select the repo that most closely defines the unique aspects of the project. This is usually a repo that defines the core node client for the asset, or a set of smart contracts.

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Last modified 8mo ago