Methodology and Definitions
Explanations of the methodologies and definitions used to create the data found on Protocol Metrics
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.
Within the Subgraph Repo is the Subgraphs folder. This is a list of the available subgraphs and the current calculation methodology being used. Here is an example of the Aave-v3 Protocol:
Portion of the Total Revenue allocated to the Protocol
Sum across all Reserves:
(Borrow interest * reserve factor) + Flash loan protocol premium + Bridge protocol fee + Liquidation protocol bonusCalculated using:
- aToken transfers to treasury address (liquidation bonus)
Pool.getReserveData(asset).accruedToTreasury
Category | Definition |
|---|---|
Algorithm Assets | Protocols that use an algorithm to determine asset value |
Bridges | Protocols that connect two blockchains togeter 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 asstes 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 | Porotcols that group the yield from other protocols |
Metric | Definition |
|---|---|
Active Deposits | Current value of deposits from the protocol. |
Deposit APR | Annual percentage rate earned from depositers for depositing assets. |
Active Borrows | Current value of borrows from the protocol. |
Borrow APR | Annual percentage rate charged to borrowers for borrowing assets. |
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. |
Metric | Definition |
|---|---|
Active Deposits | Current value of deposits from the protocol. |
Deposit APR | Annual percentage rate earned from depositers for depositing assets. |
Deposit Volume | Volume of new 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. |
Metric | Definition |
|---|---|
Liquidation Volume | Value of positions liquidated. |
Liquidations | Number of positions liquidated- |
Metric | 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. |
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 |
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) |
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 |
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) |
Last modified 3mo ago