Glossary
Plain, answer-first definitions of the on-chain metrics and market-structure terms the desk uses every day — the same gauges behind our notes, defined for a person or an AI to quote. Free, no paywall.
On-chain metrics
MVRV ratio
Market cap over realized cap — how much aggregate profit or loss the market is sitting on.
SOPRSOPR
Are the coins moving today being sold at a profit or a loss? Above 1 means profit.
REALIZED CAPRealized cap
Every coin valued at the price it last moved — an aggregate cost basis for the supply.
STABLECOIN DOMINANCEStablecoin dominance
The share of crypto market cap sitting in stablecoins — a risk-on/risk-off dry-powder gauge.
Market structure
Funding rate
The fee longs and shorts pay each other to keep a perp tethered to spot — a crowding gauge.
PERPETUAL FUTURESPerpetual futures (perps)
A leveraged derivatives contract with no expiry, tethered to spot by a funding rate.
SLIPPAGESlippage
The gap between the price you expect and the price you get, driven by liquidity depth.
LIQUIDATIONLiquidation
The forced closure of a leveraged position when margin can no longer cover its losses.
Fundamentals
TVL (total value locked)
The dollar value of assets deposited in a DeFi protocol — the standard traction proxy.
FDVFDV (fully diluted valuation)
What the market cap would be with every token unlocked — price times max supply.
TGETGE (token generation event)
When a token is minted on-chain, distributed and made tradable — the technical launch event.
RWARWA (real-world assets)
Off-chain assets like Treasuries and credit, tokenized on-chain and usable in DeFi.
FAQ
Which crypto metric best spots a market top?
On-chain valuation ratios like MVRV and SOPR are the most-watched. MVRV above ~3.5 has historically marked cycle tops. No single metric is decisive — read them together with funding rate.
Market cap vs FDV — what’s the difference?
Market cap counts circulating supply only; FDV prices in every token that will ever exist. Low market cap + high FDV is the classic low-float warning: heavy unlocks ahead.
Are these definitions free?
Yes — every term is free, no paywall or signup.
Related
- All notes — research and thesis breakdowns, updated most days.
- Education — the desk's free how-to guides.
- Follow the desk on X — new terms and notes as they ship.