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Onchain Economics
Valuation

Token Terminal

A crypto analytics platform providing standardized financial metrics for blockchain protocols.

In-Depth Explanation

Token Terminal applies traditional financial analysis to crypto—revenue, P/S ratios, earnings, and more. It standardizes metrics across protocols, enabling apples-to-apples comparisons. Other analytics platforms include DefiLlama (TVL-focused), Dune (custom queries), and Artemis (institutional data). These tools are essential for fundamental analysis in crypto.

Related Terms

Protocol Revenue

Fees collected by a protocol that accrue to the protocol itself or its tokenholders, rather than to liquidity providers or other participants.

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Market Capitalization

Market Cap

The total value of a token's circulating supply, calculated as price × circulating supply.

Fully Diluted Valuation

FDV

The theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.

Price to Sales Ratio

P/S

Valuation metric comparing market cap (or FDV) to annualized revenue.

Price to Fees Ratio

P/F

Valuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.

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