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Table of Contents

A
B
C
D
E
F
G
H
I
K
L
M
N
O
P
R
S
T
U
V
W
Y
Z

Glossary of Terms​

A

ABSOLUTE ADV

An economics concept in which one party has a direct advantage in efficiency in producing/providing a specific good or service over another party. 

ACCUMULATION BALANCE

The total amount of funds held in accumulation addresses. Accumulation addresses are defined as addresses that have at least 2 incoming non-dust transfers and have never spent funds. Exchange addresses and addresses received from coinbase transactions (miner addresses) are discarded. To account for lost coins, addresses that were last active more than 7 years ago are omitted as well.

ACCUMULATION BOND

A bond sold at a price below its face value and can be redeemed at its face value when matured. Also called a discount bond.

ACQUISITION

The act of acquiring control of another corporation by either stock purchase or exchange. This can be achieved either through hostile or friendly means.

ACTIVE WALLETS CNT

The sum count of unique wallets that were active in the network (either as a destination or source of a ledger change) that day. All unique wallets involved in a ledger change action (recipients and originators) are counted. This metric does not double-count wallets. In other words, if a wallet has been deemed active by being part of a ledger change, it is not counted again if it is subsequently involved in a transaction during the same time interval. Wallets represent groups of addresses that we estimate are owned by the same entity. They provide a better proxy for user behavior since users often own more than one blockchain address.

ACTIVE WALLETS CNT (RECEIVED)

The sum count of unique wallets that were active in the network as a recipient of funds. All unique wallets that have received funds in transactions are counted. This metric does not double-count wallets. In other words, if a wallet has been deemed active by receiving funds, it is not counted again if it receives funds again during the same time interval. Wallets represent groups of addresses that we estimate are owned by the same entity. They provide a better proxy for user behavior since users often own more than one blockchain address.

ACTIVE WALLETS CNT (SENT)

The sum count of unique wallets that were active in the network as a sender of funds. All unique wallets that have sent funds in transactions are counted. This metric does not double-count wallets. In other words, if a wallet has been deemed active by sending funds, it is not counted again if it sends funds again during the same time interval. Wallets represent groups of addresses that we estimate are owned by the same entity. They provide a better proxy for user behavior since users often own more than one blockchain address.

ADHOC

A phrase of Latin origin that is used in modern English to mean 'for this purpose' or 'specifically for this.

ADJUSTED SUPPLY

The circulating supply adjusted by accounting for lost coins. The amount of lost coins is estimated by all those that have not moved in over 7 years.

ADL/ INSURANCE FUND

Auto-Deleveraging (ADL) is the final step taken only when the Insurance Fund cannot accept the bankrupt client's positions.

AGGREGATED MARKET DEPTH

The volume of bids placed within 0 and x% of the mid price. For example, bid_volume0_1 includes the sum of bids placed within 0 and .1% of the mid price. Bid_volume_10 would include the cumulative sum of all bids placed within 10% of the mid price.

AGGREGATOR

A financial trading tool that increases efficiency as a comprehensive explorer by bringing in price and liquidity data from many DEXs.

AIRDROP

An airdrop is a type of marketing strategy that involves sending crypto wallet addresses a few tokens or coins in exchange for small tasks, such as sharing a social media post. This is usually done to increase public awareness of a new cryptocurrency.

ALL OR NONE ORDER

An order which once placed, must either be filled in its entirety or not at all. This prevents any partial filling of orders.

ALL TIME LOW (ATL)

An abnormally low price point. A crypto asset reaches its all-time low when the price of its coin is lower than it has ever been before.

ALL TIME MINER REVENUE

The sum USD value of all miner revenue (fees plus newly issued native units) for all time.

ALLOCATION

An allotment of tokens or equity, that may be earned, purchased, or set aside for a certain investor, team, group, organization, or other related entity.

ALPHA

The measure of a fund's risk-adjusted return. Alpha is derived by compares the fund's actual returns and the expected returns as determined by its level of risk (beta). A positive alpha indicates the fund has performed better than expected, while a negative alpha indicates the fund has underperformed.

ALPHA CODE

Preliminary version of codes and algorithms that are to be developed with the aim to bridge a technological gap.

ALTCOIN

A cryptocurrency that is alternative to Bitcoin. Used to describe cryptocurrencies that are not Bitcoin.

AML

Anti-Money Laundering or AML in crypto refers to actions taken mostly by centralized exchanges to comply with legal requirements and report potentially malicious activities.

AMM

An automated market maker (AMM) is a tool used to provide liquidity in decentralized finance (DeFi). They are used to enable the automatic trading of digital assets. They do this by using liquidity pools as a replacement for traditional buyer and seller markets. Automated Market Makers determine price adjustments of tokens and incentivize users to provide liquidity to trading pairs in decentralized exchanges and earn returns. AMMs ensure that there is liquidity for users to buy a specific token, without relying on another party to execute the trade. They eliminate the need to rely on external market makers to provide liquidity for trading pairs.

ANNUALIZED RETURNS

The return on an investment over a specified number of years, calculated as what an investor would have received each year if the cumulative return were distributed evenly over each year within the specified time period.

API

Application Programming Interface (API). A collection of functions and procedures that allow users to interact/communicate with the data of an application or service, such as an exchange, to execute the features of the service programmatically.

APR

Annual Percentage Rate or APR refers to the percentage earnings of a user that provides his/her tokens to borrowers as loans.

ARBITRAGE

Trading of an asset or derivative security where the price spread between two different markets or exchanges can be exploited to earn ‘riskless’ or ‘certain’ profits. In DeFI this relates to trading in coins or crypto derivatives across different markets or exchanges. Arbitrage trade (usually) facilitates ‘fair’ price discovery by ‘trading away’ price differences between different markets.

 

ARBITRAGEUR

An arbitrageur is a type of investor who attempts to profit from market inefficiencies. These inefficiencies can relate to any aspect of the markets, whether it is price, dividends, or regulation. The most common form of arbitrage is price.

ARREARAGE

The overdue interest or dividends of a bond or preferred share.

ASIC- RESISTANT

An ASIC-resistant cryptocurrency has its protocol and mining algorithm configured in such a way that using ASIC machines to mine the coin is either impossible or brings no significant benefit when compared to traditional GPU mining.

ASK (ASKED PRICE)

The lowest round lot price at which a broker will sell a security.

ASOL

Average Spent Output Lifespan (ASOL) is the average age (in days) of spent transaction outputs. Outputs with a lifespan of less than 1h are discarded.

ASOPR

Adjusted SOPR is SOPR ignoring all outputs with a lifespan of less than 1 hour.

ASSET CLASSES

An asset class is a category of financial instrument - these can be physical assets or financial assets. The instruments are grouped into asset classes based on whether they show similar characteristics, behave in the same way on the market, or are governed by the same laws and regulations.

ASYNCHRONOUS

Events in electronic systems that do not happen at the same time or speed, or happen independent of the main program flow.

ATH

All-Time-High or ATH refers to highest value of all time of a crypto metric such as Bitcoin price and hash rate.

ATOMIC SWAP

An atomic swap is an automatic exchange of cryptocurrencies from different blockchains, facilitated by a hashed timelock contract (HTLC), without the need for centralized third-party trading platforms.

AUDIT

The process of evaluating that a crypto project is technically legitimate including the assessment of smart contract functionalities.

AUTOMATED TRADING

Automated trading – also known as algorithmic trading – uses algorithms to make trade orders. To set up automated trading, you will need an automated trading system. You can then set up the rules you want the automated trading system to follow based on common variables like price and volume or technical indicators like moving averages or Bollinger bands. The trading strategy you set up can be as simple or as complicated as you want, but truly advanced strategies require learning the programming language associated with your automated trading system.

AVERAGE BALANCE

The Average Balance (in $) indicator calculates the mean value an address holds for a particular crypto-asset. It measure by dividing the market cap over the total number of addresses holding this crypto-asset. In other words, it excludes addresses with a balance of zero to arrive at the average holdings on-chain.

AVERAGE TRANSACTION SIZE

The Average Transaction Size indicator measures the mean transaction value for a crypto-asset on any given day. This metric is calculated in dollar terms by taking timestamps of every on-chain transaction and multiplied by the asset’s price at that time, then summing the total dollar value and dividing it by the total number of transactions. Additionally, it can also be shown in crypto-terms.

AVERAGING DOWN

When a trader purchases an asset, the asset’s price drops; if the trader purchases more, it is referred to as averaging down. Because the average cost of the asset or financial instrument has been lowered, it is called averaging down. Because of this, the point at which a trade can become profitable has also been lowered.

B

BACKTESTING

The general method for seeing how well a strategy or model would have done ex-post. Backtesting assesses the viability of a trading strategy by discovering how it would play out using historical data. If backtesting works, traders and analysts may have the confidence to employ it going forward.

BASE CURRENCY

The first currency that appears in a forex pair quotation. In the foreign exchange market, one currency will always be quoted because you buy one while selling the other. A base currency is the first currency that appears in a forex pair quotation. In the foreign exchange market, one currency will always be quoted because you buy one while selling the other. The base currency will appear first, followed by the second currency, the quote or counter currency. The price displayed on a chart will always be the quote currency – it represents the amount of the quote currency you will need to spend to purchase one unit of the base currency.

BASIS POINT

A unit of measurement used to quantify the change between two percentages – it can also be referred to as ‘bp’, which is pronounced ‘bip’ or ‘beep’. A basis point equals one-hundredth of one percent or 0.01%. This means that a 0.01% change is a one-bp move, a 1% change is a 100-bp move, and a 10% change is a 1000-bp move. Basis points are commonly used to define interest rates, quote price changes in the stock market, and outline the cost of exchange-traded fund mutual funds. They help traders and analysts clarify the change between two percentages – instead of saying a 10% increase on a 10% rate; it can be described as a 1000 bps change. By creating a universal measure, any confusion over movements in prices and interest rates is eliminated.

BEACON CHAIN

Ethereum’s proof-of-stake (PoS) layer where consensus is reached. It controls and coordinates the network of Ethereum stakers who help validate and secure the network in exchange for staking rewards.

BEAR TRAP

A coordinated effort that involves selling an asset to produce a short-lived dip in the asset’s price.

BEARISH

Being bearish in trading means you believe that a market, asset or financial instrument will experience a downward trajectory. Being bearish is the opposite of bullish, which means you think the market is heading upwards. Identifying bearish trends is essential to trading because market sentiment is a key factor in determining how financial markets move. When the bearish pressure in a market is stronger than the bullish pressure, the market will usually drop in price. For this reason, a market experiencing a sustained price decline will be referred to as a bear market. Spotting when a bear market is taking hold or coming to an end is key to profiting and limiting loss when trading. Bearish traders believe that a market will soon drop in value and attempt to profit from its decline. This puts them in contention with bulls, who will buy a market believing that doing so will return a profit.

BENCHMARK

A measurement standard which can be used to gauge the performance of a particular asset or investment portfolio.

BEP

Break-Even Point (BEP), the point where the total costs of an operation is equivalent to its current value or revenue.

BETA CODE

Mid-stage version of codes and algorithms that are to be developed with the aim to bridge a technological gap. At this moment, some functionalities are live on a testing phase.

BID

The price at which a trader can sell an underlying asset to a broker or market maker. From the market maker's perspective, the bid price is the price at which they are willing to buy the underlying asset from the trader. The bid price is one of the two prices quoted when trading financial support, the other being the offer price. The difference between the bid price and the offer price is known as the spread, which is the cost that a trader will incur to open a position. The bid price will always be slightly lower than the market price, while the offer price will always be slightly above it.

BID-ASK SPREAD

Represents the difference between the bid — the price buyers are willing to pay — and the ask, which is the price sellers are willing to accept to trade a financial instrument.

BID-ASK VOLUME IMBALANCE

Simply put, the bid-ask volume imbalance measures changes in the difference in the volume at the bid price and the volume at the ask price.

BID/ASK SIZE

The number of shares buyers are willing to purchase at the quoted bid price and the number of shares offered for sale at the quoted ask price.

BLACK SWAN

An unexpected event in the market, usually referring to a price crash.

BLACK SWAN EVENT

An event that is often entirely unexpected and deviates from the expected result causing widespread ramifications.

BLOCK GAS LIMIT

The sum gas limit of all blocks that day.

BLOCK HEADER

A section in a block containing metadata and a summary of the block's transactions. This is the information hashed when mining.

BLOCK HEIGHT

The number of blocks in the chain between itself and the first block on that blockchain (genesis block or block 0).

BLOCK REWARD

The sum of coins awarded by the blockchain protocol to cryptocurrency miners for each successfully mined and validated block.

BLOCKCHAIN

A distributed, immutable permanent record or ledger of all transactions since the beginning of a cryptocurrency coin or token.

BLOOM FILTER

A data structure that can be used to inform the user whether a particular item is part of a set.

BONDING CURVE

A mathematical formula that sets the relationship between the price and supply of a cryptocurrency.

BOOK VALUE

Book value, or net book value, is the term used to describe how much a business or asset is worth according to its financials. For businesses, it is the total value of tangible assets minus liabilities. And for assets, it is the amount paid for the asset minus depreciation – which is the decline in an asset’s value due to market conditions.

BORROW RATES

This chart displays the rates users have to pay to get a loan for a particular crypto asset in a given lending protocol. The chart shows the most widely available assets on the left (in terms of borrowing options), while less available ones can be seen by scrolling to the right.

BREAKEVEN MULTIPLE

The multiple of the current price by which an asset needs to appreciate in order to reach its previous all-time high.

BREAKOUT

When the price of an asset moves outside of a defined range or pattern, typically by breaking out of a support or resistance area.

BRIDGE

A blockchain bridge, otherwise known as a cross-chain bridge, connects two blockchains and allows users to send cryptocurrency from one chain to another. If you have bitcoin but want to spend it like Ethereum, you can do that through the bridge.

BURNED SUPPLY

The total amount of ETH burned since the London Fork (EIP-1559).

C

CALL OPEN INTEREST

Open interest is the total number of outstanding derivative contracts, such as options or futures that have not been settled. Open interest equals the total number of bought or sold contracts, not the total of both. Open interest is commonly associated with the futures and options markets.

CALL OPTION

A contract that gives the buyer the right but not the obligation to buy a specific asset at a specific price on specific expiry date. The value of a call option appreciates if the asset's market price increases. The seller, also known as the writer, has an obligation to sell the underlying asset – at the agreed-upon price, called the strike price – if the option is executed by the buyer, also known as the holder. The seller is paid a premium for accepting the risks associated with the obligation to sell.

CANDLESTICK

A graph representation of price action that displays the open, close, high, and low points within a certain period.

CAPITULATION

A period of strong selling activity, where investors give up their positions and sell their holdings as quickly as possible.

CDN

A content delivery network (CDN) refers to a geographically distributed group of servers that work together to provide fast delivery of Internet content. 

CEFI

Centralized Finance’, in other words, traditional finance methods and markets. From a DeFi perspective, CeFi is represented by centralized cryptocurrency exchanges, businesses, or organizations with a physical address, and usually with some sort of corporate structure like traditional financial market participants (banks, investment banks, exchanges, fund managers, and so on). CeFi businesses are also generally subject to applicable laws, codes of practice, and regulations of the jurisdictions in which they operate.

CEX

It is a Centralized Exchange with a physical address and a corporate structure, subject to applicable laws, codes of practice, and regulations of the jurisdictions in which it operates.

CHAIN SPLIT

A chain split refers to a cryptocurrency fork in which the cryptocurrency code of a coin is separated to generate new cryptocurrencies independent of the original blockchain.

CHANGE-ADJUSTED VOLUME (MEAN)

The mean value of a transfer, adjusted by change volume. Only successful transfers are counted.

CHANGE-ADJUSTED VOLUME (TOTAL)

The total amount of coins transferred on-chain, adjusted by change volume. Only successful transfers are counted.

CIPHER

A method for encrypting and decrypting messages. These can be divided into symmetric or asymmetric, according to their key model.

CIRCULATING SUPPLY

The total amount of all coins ever created/issued, i.e., the circulating supply.

CLOSING PRICE

The last level at which an asset was traded before the market closed on any given day. Closing prices are often used as a marker when looking at movements over a longer term. They can be compared to previous closing prices or the opening price to measure an asset’s movement over a single day.

CLUSTER

We often group examples as a first step to understanding a subject (data set) in a machine learning system. Grouping unlabeled examples are called clustering. As the samples are unlabeled, clustering relies on unsupervised machine learning. However, if the samples are labeled, then clustering becomes classification—an on-chain environment.

COIN

A unit of digital currency. Coins are secured by encryption algorithms. Coins can be divisible and ownership can represent a share of the ownership and/or governance of a coin, token, protocol, company, or project.

COIN DAYS DESTROYED (CDD)

Coin Days Destroyed (CDD) for any given transaction is calculated by taking the number of coins in a transaction and multiplying it by the number of days it has been since those coins were last spent.

COLD WALLET

A cryptocurrency wallet that stores a user’s private key offline and cannot be compromised since it is not connected to the Internet. Also referred to as a “hardware wallet”.

COLLATERAL

Refers to the offer of one cryptocurrency or token as ‘collateral’ to secure a borrowing a different cryptocurrency or token.

COLLATERAL RATIO

The ratio of the crypto loan amount to the value of the collateral.

COLLATERIZATION

The borrowing of a deposit asset or assets to seek further business activities such as Yield Farming. Collateralization can amplify gains or losses, and is thus, considered riskier than not borrowing funds.

COLOCATION

A dedicated space in a data center belonging to stock exchanges which are shared with other entities, such as high-frequency traders.

COMPOSABILITY

A measure of the usability and ability of a DeFi or crypto product to be used as a building block (or “money lego”) in the construction of other products or domains. A protocol that is simple, powerful, and that functions well with other protocols would be considered to have high composability.

CONCENTRATED LIQUIDITY

It is a liquidity that is allocated within a custom price range. In earlier versions, liquidity was distributed uniformly along the price curve between 0 and infinity.

CONCENTRATED LIQUIDITY

Refers to the ability of liquidity providers (LPs) to select a particular range along the price curve to provide liquidity.

CONCENTRATION RATIO

An industry’s concentration ratio is the size of a certain number of firms compared to its total length. It calculates one or more firms’ dominance of their sector. Concentration ratios tend to feature in economic research and reports and are displayed as an equation. The number of companies considered in the concentration ratio is shown in superscript next to the letters CR. The most common ratios are CR4 and CR8, indicating the comparative output of the four and eight biggest firms in a sector compared to the rest. CR1, on the other hand, is the relative size of the single most prominent firm in an industry.

CONFIRMATION TIME

The time elapsed when a transaction is submitted to the network and the time it is recorded into a confirmed block.

CONFLUENCE

When multiple investment methods, technical indicators, or trading signals are combined to form a more reliable strategy.

CONSENSUS MECHANISM

A consensus mechanism, also known as a consensus protocol, allows a distributed system of computers to work together and stay secure. There are many different types of consensus mechanisms, but the most common are proof of work (PoW) and proof of stake (PoS).

CONTANGO/BACKWARDATION BASIS

Basis is a common measure used in futures trading to quantify the difference between futures price and spot price. This indicator also introduces the traditional concepts of contango and backwardation. When a futures contract is in contango, its price is above the spot price. On the other hand, a futures contract is said to be in backwardation when its price is below spot price.

CONTRACT ADDRESS

The address created when a contract is deployed on the blockchain. It is often required by wallet services to add a token in a user’s portfolio.

CONTRACT CALLS (EXTERNAL)

The total number of smart contract calls on the Ethereum network initiated by Externally Owned Addresses (EOAs), i.e. external transactions. Only successful transactions are counted.

CONTRACT CALLS (INTERNAL)

The total number of internal smart contract calls on the Ethereum network, i.e. contract calls initiated by other contracts (internal transactions). Only successful transactions are counted.

CONTRACT SPECS

The complete specifications prepared for a specific contract and consist of an assembly of appropriate standard and one-time-use specifications supplemented by lists and descriptions of items of work and construction details.

CONTRACT SPECS (EXPIRY)

The expiry date is the day when the buyer and seller of a derivative contract have to honor their obligations/rights as per the contract specifications.

 

COST OPTIMIZATION

A business-focused, continuous discipline to drive spending and cost reduction, while maximizing business value. It includes: Obtaining the best pricing and terms for all business purchases. Standardizing, simplifying and rationalizing platforms, applications, processes and services.

CROSS CHAIN

The interoperability between blockchain networks that allows the transfer of value.

CROSS-CHAIN SMART ORDER ROUTING

It involves cross-chain transactions whereas the routing will simulate transaction results in at least two different paths in the parachain, and finally choose the best simulated transaction result Pools on n parachains split transactions.

CROSS-CHAIN TRANSACTIONS

Cross-chain swaps where each edge e transfers an asset that the head of e already owns. However, in general, a cross-chain transaction includes a sequence of exchanges at each blockchain.

CUSTODY

Refers to the holding of assets on behalf of a client. Can also refer to the ownership of one's funds or assets.

Glossary of Terms
A
B
C

D

DAC

Decentralized Autonomous Cooperative (DAC); An organization that is controlled by shareholders rather than a central authority.

DAI

A stablecoin built on Ethereum with the aim maintain a value pegged to $1. Backed by collateral on the Maker platform.

DAILY GAS COSTS

This insight monitors hourly gas costs over a certain period of time. Users are able to track these costs in Gwei, Ethereum’s default measure for gas costs. 1 Gwei = 0.000000001 ETH. They will also be able to see the dollar estimate which is obtained by multiplying the gwei cost times 21,000, the minimum gas spent in a simple ETH transfer.

DAO

Distributed Autonomous Organization. Can be defined as an ‘organisation’ on a blockchain, represented by a set of rules encoded as a computer program (on a blockchain) that is transparent, controlled by the organization members and not influenced by a central government.

DAPP

A decentralized Web3 application that normally runs on a blockchain. Advantages of dApps are that they allow for new solutions to problems, they are decentralized and are thus rugged, and they are resistant to outages and censorship.

DARK POOLS

Dark pools are networks – usually private exchanges or forums – that allow institutional investors to buy or sell large amounts of stock without the details of the trade being released to the wider market. Dark pools can also be referred to as dark pool liquidity or dark liquidity. They came about as a way for large-scale investors to make deals with each other that would not result in an adverse price move against them. If an investor wants to sell a major portion of a company’s stock on a public exchange, they must declare their intention and run the risk that the value of the stock will drop, thanks to the swell in supply. Dark pools remove this risk by announcing deals only after they have taken place and restricting access to deals.

DATA QUERY

A database query is either an action query or a select query. A select query is one that retrieves data from a database. An action query asks for additional operations on data, such as insertion, updating, deleting or other forms of data manipulation. This doesn't mean that users just type in random requests.

DCA

Dollar Cost Averaging (DCA); Investing fixed dollar amounts over regular periods of time regardless of the price of the asset.

DEEP LIQUIDITY

A stock has a deep market if it consistently achieves a high volume of trades. A stock with a deep market is highly liquid, meaning there is a balance between buyers and sellers that keeps the price stable.

DEFI

DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries. The ecosystem comprised of decentralized financial applications developed on top of blockchain networks.

DEFLATIONARY TOKEN

A token that decreases its market supply through time.

DELEGATED POS

A consensus algorithm that allows users to vote for the next block validator by spending an amount of tokens. Therefore, this is a situation of token holders electing delegates, rather than creating blocks themselves.

DELEGATION

The concept of permitting a person, company, or organization the ability to borrow utilizing another owner's deposited collateral. The reward of tokens to another user for participating in a staking mechanism on Delegated Proof-of-Stake (DPoS) blockchain protocols.

DERIVATIVE

An investment instrument or tool that is based on an underlying asset or assets.

DEX

A type of cryptocurrency exchange that allows for direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary.

DIFFICULTY RIBBON COMPRESSION

A market indicator that uses a normalized standard deviation to quantify compression of the Difficulty Ribbon. Historically, zones of high compression (low values) have been good buying opportunities. The compression threshold is set here at 0.05.

DIVERGENCE

When the market price of an asset and a technical indicator (e.g. RSI, Volume, MACD) are heading in opposite directions.; When two or more averages or indices move in different directions, failing to show a market trend.

DOUBLE SPENDING

When a given amount of coins are spent more than once. Usually as a result of a race attack or a 51% attack.

DYNAMIC STRATEGY AGGREGATION

Dynamic aggregation is an OLAP Services feature that allows you to change the level of report aggregation on the fly, while you are reviewing the report results.

E

ECN

Electronic Communication Network. The electronic system that matches buyers and sellers for the electronic execution of trades. The benefits an investor gets from trading with an ECN include after-hours trading, avoiding market makers (and their spreads), and anonymity (which is often important for large trades).

EIP

An Ethereum Improvement Proposal that aims to increase the mining speed of Ethereum’s native currency – Ether – and incentivise tis use.

ELLIPSE ATTACK

When the majority of peers on the network are malicious and monopolize the network in order to prevent specific nodes from receiving information from honest nodes.

ENTITY-ADJUSTED DORMANCY FLOW

Entity-adjusted Dormancy Flow is the ratio of the current market capitalization and the annualized dormancy value (measured in USD). Entity-adjusted Dormancy Flow can be used to time market lows and assess whether the bull market remains in relatively normal conditions. It helps confirm whether Bitcoin is in a bullish or bearish primary trend. This metric was put forward by David Puell. For more information please read his introductory article.

ENTITY-ADJUSTED SOPR

An improved variant of SOPR that discards transactions between addresses of the same entity ("in-house" transactions). Entity-adjusted SOPR therefore accounts for real economic activity only, and provides an improved market signal compared to its raw UTXO-based counterpart. For detailed information read this article.

ENTITY-ADJUSTED TRANSACTION COUNT

The estimated entity-adjusted number of transactions is defined as the number of transactions between different entities, i.e. the total number of transactions excluding transactions within addresses of the same entity. Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode's proprietary clustering algorithms. Note that entity–based metrics are based on data science techniques and statistical information that changes over time and are therefore mutable – the data is stable, but most recent data points are subject to slight fluctuations as time progresses.

ENTITY-ADJUSTED VOLUME (MEAN)

The mean estimated amount of coins moved between different entities, i.e. excluding the volume transferred within addresses of the same entity. Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode's proprietary clustering algorithms. Note that entity–based metrics are based on data science techniques and statistical information that changes over time and are therefore mutable – the data is stable, but most recent data points are subject to slight fluctuations as time progresses.

ENTITY-ADJUSTED VOLUME (TOTAL)

The total estimated amount of coins moved between different entities, i.e. the total volumed transferred excluding the volume transferred within addresses of the same entity. Entities are defined as a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode's proprietary clustering algorithms. Note that entity–based metrics are based on data science techniques and statistical information that changes over time and are therefore mutable – the data is stable, but most recent data points are subject to slight fluctuations as time progresses.

ERC 1155

A token standard that enables the efficient transfer of fungible and non-fungible tokens in a single transaction. Witek Radomski, Andrew Cooke, Philippe Castonguay, James Therien, Eric Binet, and Ronan Sandford proposed the new standard in June 2018 with EIP-1155.

ERC 721

A token standard on Ethereum for non-fungible tokens (NFTs). Fungible means interchangeable and replaceable; Bitcoin is fungible because any Bitcoin can replace any other Bitcoin. Each NFT, on the other hand, is completely unique. One NFT cannot replace another.

ERC20

A cryptocurrency protocol based on the Ethereum blockchain. An ERC-20 coin, by definition, uses this protocol.

ETH

Smart Order Router (SOR) is an off-chain tool for finding the best price execution across Balancer Pools. The SOR finds the optimal trades, whether a direct swap in one Pool or a combination of trades hopping through multiple Pools.

ETH IMPROV PROPOSALS

Ethereum Improvement Proposal (EIP) refers to any document with suggestions for improving the protocol, network and contract standards on the Ethereum blockchain. Any community member can propose new features and processes.

ETHERSCAN

An online Ethereum blockchain explorer.

EVM

A mechanism that determines state changes of the Ethereum network upon the creation of new blocks. The machine determines transitions with every set of programs it runs according to certain fixed rules.

EVM-COMPATIBLE

It means creating an EVM-like code execution environment that makes it easy for Ethereum developers to migrate smart contracts to an EVM compatible chain without having to write the code from scratch again. 

EXCHANGE DEPOSIT CNT

The sum count of transfers to any address belonging to an exchange in that interval. Transfers between exchanges are not counted.

EXCHANGE DEPOSIT CNT, INCL ETOE

The sum count of transfers to any address belonging to an exchange in that interval. Transfers between exchanges are counted.

EXCHANGE DEPOSITS

The deposit will be added to your account after receiving the right amount of the confirmations from the network.

EXCHANGE INFLOW VOLUME (MEAN)

The mean value of a transfer to exchanges addresses. Only successful transfers are counted. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

EXCHANGE INFLOW VOLUME (TOTAL)

The total amount of coins transferred to exchange addresses. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

EXCHANGE NET POSITION CHANGE

The 30d change of the supply held in exchange wallets.

EXCHANGE NETFLOW VOLUME

The difference of in volume flowing into exchanges and out of exchanges, i.e. the net flow of coins into/out of exchanges. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

EXCHANGE OUTFLOW VOLUME (MEAN)

The mean value of a transfer from exchanges addresses. Only successful transfers are counted. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

EXCHANGE OUTFLOW VOLUME (TOTAL)

The total amount of coins transferred from exchange addresses. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

EXCHANGE SUPPLY

The sum USD value of all native units held in hot or cold exchange wallets that day.

EXCHANGE TX CNT

The sum count of transactions that involved any address belonging to an exchange, as a sender or recipient of a non-zero transfer of native units, in that interval. If a transaction involves multiple exchanges, it is only counted once.

EXCHANGE WITHDRAWAL CNT

The sum count of transfers from any address belonging to an exchange in that interval. Transfers between exchanges are not counted.

EXCHANGE WITHDRAWALS

The total count of transfers from exchange addresses, i.e. the number of on-chain withdrawals from exchanges. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

F

FAIR LAUNCH

A concept where a developer decides to not seek outside investment and also does not hold back a share of a coin or token's launch for themselves or others. This is considered to be much fairer to early investors as their share of equity or ownership of a coin or token is not diluted by pre-investors or founders/founding teams.

FAKE OUT

A situation where a trader enters a position betting on a price movement that quickly reverses or ultimately doesn’t happen.

FALLING KNIFE

Refers to the action of purchasing an asset while it is rapidly declining in price under the expectation that it will bounce.

FIAT

A government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. Fiat currency is legal tender in (at least) its home jurisdiction, whereas many or most cryptocurrencies are not.

FILL OR KILL (FOK)

A order that must be filled immediately in its entirety, at a specific price or better, or it is cancelled.

FINALITY

The assurance or guarantee that completed (cryptocurrency) transactions cannot be altered, reversed or canceled.

FLASH LOAN

A type of loan that is only possible in the world of cryptocurrencies. A Flash Loan is a type of loan where the asset, often Ethereum or an ERC-20 coin, is loaned out only for the duration of the length of time it takes to complete one transaction block on the blockchain. As long as the loan is paid back before the next transaction block begins there is no interest fee incurred by the borrower.

FLASH LOAN ATTACKS

Essentially a very rapid crypto pump-and-dump that leverages the quick and collateral-free borrowing available via some DeFi platforms, but some (such as this one) can also exploit structural vulnerabilities in a platform. Flash loans are a form of peer-to-peer borrowing without any collateral.

FLIPPENING

The name to describe the moment when/if Ethereum (ETH) surpasses Bitcoin (BTC) in terms of market capitalization.

FLUCTUATIONS

One that is not stable or one that is changing frequently. The same can be said about the fluctuating capital account. Under the fluctuating capital account, the capital of the partners keeps on fluctuating.

FOK

Fill Or Kill Order (FOK), a buy or sell order which must be executed immediately in its entirety or else it will be cancelled.

FOMO

Fear Of Missing Out (FOMO), the feeling of fear and anxiety that you might be missing out on a potentially profitable opportunity.

FORCE LIQUIDATION

In the context of cryptocurrencies, forced liquidation happens when the investor or trader is unable to fulfill the margin requirements for a leveraged position. The concept of liquidation applies to both futures and margin trading; When a trader's leveraged position is forcibly closed as a result of it not fulfilling the necessary margin requirements.

FRAGMENTATION

When information is not adequately passed between exchanges and leads to differences in pricing of cryptocurrencies and lack of liquidity in the market.

FRONT RUNNING

It is Illegal and unethical when a trader acts on inside information. A straightforward example of front-running occurs when a broker exploits market-moving knowledge that has not yet been made public. There are gray areas. An investor may buy or sell a stock and then publicize the reasoning behind it.

FUD

Fear, Uncertainty and Doubt (FUD), a marketing strategy used to spread fear and insecurity among customers, traders, or investors.

FUNDAMENTAL ANALYSIS

A method of evaluating the intrinsic value of an asset and analysing the factors that could influence its price in the future. This form of analysis is based on external events and influences, as well as financial statements and industry trends.

FUNDING RATE

Periodic payments either to traders that are long or short based on the difference between perpetual contract markets and spot prices. Therefore, depending on open positions, traders will either pay or receive funding.

FUNDING RATE PREDICTION

The predicted funding rate is the current estimate of what the funding rate will be at the end of the current funding interval. Some exchanges refer to this as the real-time funding rate or the next funding rate.

FUNGIBILITY

The property of an asset whose individual units are indistinguishable from each other in terms of value and functionality.

FUTURES ESTIMATED LEVERAGE RATIO

The Estimated Leverage Ratio is defined as the ratio of the open interest in futures contracts and the balance of the corresponding exchange.

FUTURES LONG LIQUIDATIONS (MEAN)

The mean liquidated volume (USD Value) from long positions in futures contracts. For a list of all supported exchanges and earliest available datapoints, please refer to our futures data documentation.

FUTURES LONG LIQUIDATIONS (TOTAL)

The sum liquidated volume (USD Value) from long positions in futures contracts. For a list of all supported exchanges and earliest available datapoints, please refer to our futures data documentation.

FUTURES SHORT LIQUIDATIONS (MEAN)

The mean liquidated volume (USD Value) from short positions in futures contracts. For a list of all supported exchanges and earliest available datapoints, please refer to our futures data documentation.

FUTURES SHORT LIQUIDATIONS (TOTAL)

The sum liquidated volume (USD Value) from short positions in futures contracts. For a list of all supported exchanges and earliest available datapoints, please refer to our futures data documentation.

FUTURES VOLUME (STACKED)

The total volume (USD Value) traded in futures contracts in the last 24 hours. For a list of all supported exchanges and earliest available datapoints, please refer to our futures data documentation.

G

GAME THEORY

The study of mathematical models to understand the strategic decision-making incentives within a network.

GAMEFI

A combination of the terms gaming and decentralized finance (DeFi) and describes the integration of blockchain applications in the gaming sector for monetization purposes, among other things. Smaller publishers, in particular, use the possibility of monetizing their games by issuing tokens.

GAMMA

A derivative of delta: the relationship between a derivative’s price and the price of its underlying asset. Specifically, gamma is the movement of delta in regard to the price of the underlying asset. If an option has a large gamma, then its price movement in relation to the price movement of its underlying asset is volatile. That enhances both risk and reward because any price move in the underlying asset will be amplified in the price movement of its option. Gamma is always at its largest when a trade is at the money and smallest when it is deeply in or out of the money.

GAS COSTS HEATMAP

Tracks gas fees to transact on the Ethereum blockchain. The indicator categorizes times and days with low gas prices in green and high gas prices in red. Users are able to see how gas prices have fared over the last 7-days, or see the 28-day average to obtain a more representative view of variations in gas prices.

GAS FEE

These are the fees that Ethereum miners receive to process and validate transactions on the Ethereum blockchain. They are levied in the native token ETH and are usually broken down into tiny increments called Gwei.

GAS LIMIT

The maximum amount of gas a user is willing to pay for conducting an action or confirming a transaction.

GATEWAY

A network node used in telecommunications that connects two networks with different transmission protocols together. Gateways serve as an entry and exit point for a network as all data must pass through or communicate with the gateway prior to being routed.

GEARING RATIO

A measure used by investors to establish a company’s financial leverage. In this context, leverage is the number of funds acquired through creditor loans – or debt – compared to the funds acquired through equity capital.

GOOD 'TIL-CANCELED (GTC)

An order that remains open until it is either executed or canceled.

GOVERNANCE

Refers to determining, maintaining, adapting and enforcing the rules of a blockchain ecosystem, product, project or DAO. It specifically refers to the control and use of a Governance coin or token that carries the right to take part in governance processes.

GOVERNANCE TOKEN

Tokens that grant voting and management power to their owners.

GWEI

A unit of measurement of gas fees for transactions on the Ethereum network or ERC-20 coin networks.

 

H

HALVING

Halving in cryptocurrency means that the production of new tokens or coins is reduced by half, which usually happens after a specific period of time in order to stabilize the currency.

HASH

The output produced by a hash function after a piece of data is mapped. It may also be referred to as hash value, hash code, or digest.

HASH RATE

The speed at which a computer or mining hardware is able to calculate new hashes. Usually measured in hashes per second.

HFT

High-Frequency Trading (HFT), a type of algorithmic trading that involves the execution of a large number of orders in fractions of a second.

HIDDEN

The Hidden Order option ensures an order does not appear in the order book; thus does not influence other market participants.

HOT WALLET

A wallet that is connected to the internet. 

 

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ICEBERG ORDER

A conditional order to buy or sell a large amount of assets in smaller predetermined quantities in order to conceal the total order quantity.

ICO

An unregulated crowdfunding method for new crypto projects.

ICO

An initial coin offering (ICO) is a one-time money-raising event for a cryptocurrency project. The company creates or sells coins to interested users as a way of launching its crypto.

IDO

An initial DEX offering (IDO) is a token offering that occurs on a decentralized exchange.

IEO

An initial exchange offering (IEO) is a fundraising event that helps startups sell utility tokens through a cryptocurrency exchange to raise the necessary capital and ensure timeliness, transparency and security.

IGO

An initial game offering (IGO) is a pre-purchase option for buying the NFTs related to a GameFi project. Buying these tokens ahead of time gives investors a way to ensure their participation in the video game.

IMMEDIATE OR CANCEL

An Immediate Or Cancel (IOC) Order requires all or part of the order to be executed immediately, and any unfilled parts of the order are cancelled. Partial fills can take place with this type of order, unlike a fill-or-kill order, which must be filled immediately in its entirety or be cancelled.

IMO

Initial Metaverse Offering, or IMO, is an innovative launch method catered towards Metaverse projects. The IMO is composed of 2 parts — token sale and Metaverse item sale.

IMPERMANENT LOSS

In AMMs, lending providers (LPs) contribute assets to provide liquidity for market participants. LPs occasionally will not receive the exact amount of assets upon withdrawal. The dollar value of the assets they withdraw would typically be lower than if they had no provided liquidity and just held the assets. This dollar value shortfall is known as impermanent loss. The loss is said to be ‘impermanent’ because if asset prices return to the level during withdrawal the loss is eliminated.

IN-HOUSE EXCHANGE VOLUME

The total amount of coins transferred within wallets of the same exchange. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

INFLATION RATE

The percentage of new coins issued, divided by the current supply.

INTER-EXCHANGE TRANSFERS

The total count of transfers between exchanges. Note that exchange metrics are based on our labelled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

INTER-EXCHANGE VOLUME

The total amount of coins transferred between exchanges. Note that exchange metrics are based on our labelled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

INTEROPERABILITY

The degree to which blockchains can operate in sync and exchange information.

IOU

An acronym that stands for “I owe you” and refers to an informal document that acknowledges a debt one party owes to another.

IPFS

InterPlanetary File System (IPFS), an open-source project building a protocol for distributed content storage and access.

ISOLATED MARGIN

The margin balance is allocated to a position. Traders can manage risk by restricting the amount allocated to each position.

IV (IMPLIED VOLATILITY)

The term implied volatility refers to a metric that captures the market's view of the likelihood of changes in a given security's price. Investors can use implied volatility to project future moves and supply and demand and often employ it to price options contracts.

 

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KYC

Know your customer. KYC has been used in financial services and requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.

 

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LATENCY

The time between submitting a transaction to a network and the first confirmation of acceptance by the network.

LAYER 1

The main blockchain network in charge of on-chain transactions while. The Bitcoin network is Layer 1. It offers an abysmal speed of five to seven transactions per second (tps).

LAYER 2

The connected network in charge of off-chain transactions. 

LEGOS

A fundamental tenet of the DeFi space is building for interoperability. This allows the ecosystem to benefit from individual progress, pushing decentralized finance continually forward. As participants build useful things, they are able to be shared and combined in new ways, reminiscent of everyone’s favorite toy, Lego. When new people dive into the Lego ‘bin’, they find individual legos or preassembled combinations of Legos that they too start building with, creating bigger and better things.

LENDING AGGREGATOR

A program or set of smart contracts that automatically seeks the best lending rates for depositors loaning coins for returns on their investment or ROI.

LENDING AGGREGATOR

Programmable smart contracts that look for the best lending opportunities for stakers/lenders.

LENDING POOLS

A small number of pools are lending pools, which means you earn interest from lending as well as trading fees.

LENDING PROVIDER

A person or group who provides cryptocurrency capital in exchange for a share of rewards and fees gained by lending out and providing liquidity for various cryptocurrency coins and their respective networks. Loans are provided to traders, investors, exchanges, cryptocurrency networks, DAOs, and CIIs to take advantage of arbitrage opportunities and business opportunities by actors within the CeFi and DeFi space.

LENDING RATES

This insight tracks the lending rates DeFi users can earn by supplying their tokens to a protocol. The chart shows the most widely available assets on the left (in terms of lending options), while less available ones can be seen by scrolling to the right.

LEVERAGE

In CeFi leverage means borrowing or using multipliers such as margin functions to amplify gains on trading. In DeFi it more specifically refers to the use of multipliers on exchanges eg: providing 1 Bitcoin (BTC) deposit on such an exchange could provide the investment power of 10 to 100 BTC if used at 10x to 100x leverage. Leveraged trades can amplify gains greatly but can also amplify losses as much or more on loss-making trades.

LIMIT (ORDER BOOK)

An order that can be executed by clicking on a price on the order book.

LIMIT ORDER

Allows you to specify an amount and price you are able and willing to buy or sell.

LIMIT UP/ LIMIT DOWN

The maximum amounts a commodity future may increase (limit up) or decrease (limit down) on any trading day. They protect futures contracts from unexpected events that may cause major moves in their underlying commodity’s price. Without a limit up or limit down, there is a risk that a futures contract’s price will reach an irrational value because of market panic. Limit ups and limit downs can cause a discrepancy between a market’s price and the price reflected in its corresponding futures contract. If a market makes a major move in a very short time, the contract price may reach its limit up or down for several days before it matches the market’s price once more.

LIQUID PROOF OF STAKE

Liquid proof of stake (LPoS) is a consensus algorithm that was designed to be an improvement on the proof of stake (PoS) and delegated proof of stake (DPoS) algorithms.

LIQUID SUPPLY CHANGE

The monthly (30d) net change of supply held by liquid and highly liquid entities. For more information see our introductory article on Bitcoin liquidity.

LIQUIDATION EVENT

Another term for a Forced Liquidation, where due to rapid market changes, or a change in prevailing market sentiment, a trader or investor is unable to meet a margin call on their leveraged investment, their trading position is eliminated or liquidated, and the investor loses all or part of their initial investment(s).

LIQUIDATION MANAGEMENT

The conversion of all the assets of the company into money, the collection of its receivables, the payment of all debts of the company, and the payment of the liquidation surplus remaining after the tax and public receivables to the shareholders of the company in proportion to their capital.

LIQUIDITY

Measures the circulating supply and how much trading activity there is an exchange, economy, or network. A currency with low supply and/or circulation is said to be illiquid.

LIQUIDITY AGGREGATOR AGENTS

Liquidity aggregator refers to technology that allows participants to simultaneously obtain streamed prices from several liquidity providers/pools. Computer algorithms allow customization of the price streams for both the liquidity provider and the receiving counterparty.

LIQUIDITY CONCENTRATION

Liquidity is used in finance to describe how easily an asset can be bought or sold in the market without affecting its price – it can also be known as market liquidity. When there is a high demand for an asset, there is high liquidity, as it will be easier to find a buyer (or seller) for that asset.

LIQUIDITY POOL

A crowdsourced pool of cryptocurrencies or tokens locked in a smart contract that is used to facilitate trades between the assets on a decentralized exchange (DEX). Instead of traditional markets of buyers and sellers, many decentralized finance (DeFi) platforms use automated market makers (AMMs), which allow digital assets to be traded in an automatic and permissionless manner through the use of liquidity pools.

LIQUIDITY SNAPSHOTS

Liquidity position means a bank's foreseen need for liquid assets expressed as the ratio between the actual and potential sources of liquidity and the actual and potential use of liquid assets in the same period.

LIQUIDITY TOKEN

Implemented via Smart Contracts, a liquidity token is given to a depositor in exchange for that investor's deposit(s) to be used for other purposes such as yield farming. Examples of liquidity tokens include aDAI, yCRV, and yYFI. A liquidity token can be exchanged back.

LOAD BALANCE

Load balancing is the process of distributing network traffic across multiple servers. This ensures no single server bears too much demand. By spreading the work evenly, load balancing improves application responsiveness. It also increases availability of applications and websites for users.

LOANS OUTSTANDING

This insight quantifies the total amount of open loans in the top DeFi lending protocols. This is a key demand-side indicator for lending protocols.

LPOOL

Is a pool of deposited funds meant to provide liquidity to a currency, network, or Smart Contract. There are usually designed rewards or incentives given to those who provide liquidity to LPs.

LTH-SOPR

Long Term Holder SOPR (LTH-SOPR) is SOPR that takes into account only spent outputs with a lifespan of at least 155 days and serves as an indicator to assess the behaviour of long term investors. For more information see this article.

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MAINNET

The real blockchain network where cryptocurrencies carry monetary value.

MAKER

You become a “maker” when you place an order and it does not trade immediately, so your order stays in the order book and waits for someone else to fill/match with it later.

MARGIN

An available avenue of borrowed capital that is considered very high risk, as collateral must be provided for a margin loan to secure the loan.

MARGIN CALL

The act of implementing a Forced Liquidation or Liquidation Event when an investor or trader cannot meet debt obligations on leveraged trade positions. Margin calls can be triggered by rapidly changing market conditions and high volatility that bring Liquidation Events for some leveraged traders on exchanges and markets.

MARGIN DEPOSIT

A margin deposit is he initial amount of money a trader needs to put down to open a leveraged trading position. It can also be known as the initial margin, deposit margin, or the deposit. The margin deposit is usually stated as a percentage of the full value of the trade – leveraged provider’s margin system determines it. The amount needed as a deposit margin depends on the derivative being used and the market being traded. Markets with higher volatility or larger positions may require a higher deposit margin. A margin deposit is one of two main types of margin needed to hold an open leveraged position. The other is called maintenance margin. This term describes the additional funds that might be needed to cover any running losses or keep a position open. 

MARKET CAPITALIZATION

The total value of all coins that are currently in circulation. Also known as Marketcap. It is calculated by multiplying the price of a cryptocurrency by the current supply mined.

MARKET ENTRY

Market entry includes all the activities involved in bringing a product or service to a new market—whether that market is a new country, demographic or customer segment.

MARKET MOMENTUM

Market momentum refers to the capacity for a broad market price trend to sustain itself into the future. Market momentum can continue in an upward or downward trend, which can be confirmed by changes in trading volume and by using one of several technical indicators. The ability of a certain market to maintain a continuous increase or decrease in price within a particular timeframe.

MARKET ORDER

A market order is an instruction from a trader to their broker to execute a trade immediately at the best available price. Market orders are usually implemented very quickly, provided there is enough liquidity in the market. When a market order has been executed, it is referred to as a ‘filled order’.

MARKETMICRO STRUCTURES

Market microstructure analyzes how specific trading mechanisms affect the price formation process. Microstructure deals with issues of market structure and design, price formation and price discovery, transaction and timing cost, information and disclosure, and market maker and investor behavior.

MASTERNODE

Nodes on a network that often require a minimum amount of a given coin staked in order to access staking rewards.

MATCHING ENGINE

A matching engine is essentially the core mechanic of a digital exchange which matches up bids and offers to execute trades. They work by using one or more algorithms which keep a record of all open orders in a market and generating new trades if the two orders can be fulfilled by each other.

MEAN BASE FEE

The average (mean) Base Fee paid for transactions during a time interval (e.g. 1 day), shown in the smallest denomination of Ether.

MEAN BLOCK GAS LIMIT

The mean gas limit per block that day.

MEAN DIFFICULTY

The mean difficulty of finding a hash that meets the protocol-designated requirement (i.e., the difficulty of finding a new block) that day. The requirement is unique to each applicable cryptocurrency protocol. Difficulty is adjusted periodically by the protocol as a function of how much hashing power is being deployed by miners.

MEAN GAS LIMIT PER TX

The mean gas limit per transaction that day.

MEAN GAS USED PER TX

The mean gas used (i.e., paid) per transaction that day.

MEAN MINER TIP

The average (mean) Miner Tip, a.k.a. priority fee, paid for transactions during a time interval (e.g. 1 day).

MEAN TX FEE

The mean fee per transaction in native units that interval.

MEAN TX FEE PER BYTE

The mean transaction fee per byte of all blocks that interval in native units.

MEDIAN MINER TIP

The median Miner Tip, a.k.a. priority fee, paid for transactions during a time interval (e.g. 1 day).

MEDIAN TX FEE

The median fee per transaction in native units that interval.

MEMPOOL

A node’s mechanism for keeping track of unconfirmed transactions that the node has seen (but have not yet been added to a block).

MEMPOOL AVERAGE RELATIVE FEE

The mean relative fee of transactions waiting in the mempool. The relative fee is calculated as the total transaction fees divided by the transacion size (in vByte). High relative fees give an indication of transaction urgency as miners do not consider total transaction fee but fee per size, as the total fee they can collect is limited by the block space.

MEMPOOL TRANSACTION COUNT

The total number of transactions waiting in the mempool.

MERGED MINING

Merged mining is simultaneously mining two different cryptocurrencies by using auxiliary proof of work (AuxPoW). It helps miners earn extra coins with the same hashing algorithm without splitting the hash rate.

MERKLE TREE

A way of organizing and structuring large amounts of data to make it more straightforward to process. A hash-based data structure.

META MODELS

A metamodel or surrogate model is a model of a model, and metamodeling is the process of generating such metamodels. Thus metamodeling or meta-modeling is the analysis, construction and development of the frames, rules, constraints, models and theories applicable and useful for modeling a predefined class of problems.

METAMASK

A popular mobile or desktop software cryptocurrency wallet that can hold, transmit or receive Ethereum and ERC-20 compatible coins or tokens.

METAPOOLS

Metapools is a new concept, It allows a single coin to be pooled with all the coins in another (base) pool without diluting its liquidity.

MIDDLEWARE

Middleware is software which lies between an operating system and the applications running on it. Essentially functioning as hidden translation layer, middleware enables communication and data management for distributed applications.

MIDDLEWARE BRIDGE

Middleware bridge (UMB) can be used to solve seamless interoperability problems caused by the heterogeneity of several kinds of home network middleware.

MINER BALANCE

The total supply held in miner addresses.

MINER BALANCE (STACKED)

The total supply held in miner addresses.

MINER EXTRACTABLE VALUE

The value of profits that miners can make if they decide to reorder, insert or exclude specific blockchain transactions.

MINER INCOMING TRANSFERS

The total number of transfers in which the receiver is a miners' address.

MINER INFLOW VOLUME

The total amount of coins transferred to miner addresses.

MINER NET POSITION CHANGE

The 30d change of the supply held in miner addresses.

MINER NETFLOW VOLUME

The difference between miner's inflow and outflow, i.e the net flow of coins into/out of miner addresses.

MINER OUTFLOW MULTIPLE

The Miner Outflow Multiple indicates periods where the amount of bitcoins flowing out of miner addresses is high with respect to its historical average. It is defined as the ratio of the miners' outflow and its 365 day MA.

MINER OUTFLOW VOLUME

The total amount of coins transferred from miner addresses.

MINER OUTGOING TRANSFERS

The total number of transfers in which the sender is a miners' address.

MINER REVENUE

The sum native units of miner revenue (fees plus newly issued native units) that interval.

MINER REVENUE FROM FEES (%)

The percentage of miner revenue derived from fees that interval. This is equal to the fees divided by the miner revenue.

MINERS TO EXCHANGES

The total amount of coins transferred from miners to exchange wallets. Only direct transfers are counted. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

MINING POOL

A pool of cryptocurrency miners that provides mining services to a cryptocurrency network. Mining Pool operators and contributors are incentivized by a coin or token’s programmed mining rewards to support transactions and provide liquidity on a coin’s network.

MINTED SUPPLY

The total amount of issued ETH.

MLOPS

MLOps or ML Ops is a set of practices that aims to deploy and maintain machine learning models in production reliably and efficiently. The word is a compound of "machine learning" and the continuous development practice of DevOps in the software field. 

MSOL

Median Spent Output Lifespan (MSOL) is the median age (in days) of spent transaction outputs. Outputs with a lifespan of less than 1h are discarded.

MULTIPLE FEE TIERS

Multiple Fee Tiers feature on the Algofi DEX. In a constant product AMM, liquidity providers (LPs) earn trading fees as a form of compensation for pooling assets. LPs are the market makers of the decentralized trading world, providing assets against which users can trade.

MULTISIG

A type of cryptocurrency wallet that controls access and changes to one or more Smart Contracts. Community governed projects like a DAO often require multiple signers to approve a transaction before it will be executed.

MVRV RATIO

Market Value to Realized Value (MVRV) is the ratio between market cap and realised cap. It gives an indication of when the traded price is below a "fair value". This metric was created by David Puell and Murad Muhmudov. For more information see this post.

MVRV Z-SCORE

The MVRV Z-Score is used to assess when Bitcoin is over/undervalued relative to its "fair value". When market value is significantly higher than realized value, it has historically indicated a market top (red zone), while the opposite has indicated market bottoms (green zone). Technically, MVRV Z-Score is defined as the ratio between the difference of market cap and realized cap, and the standard deviation of market cap, i.e. (market cap – realized cap) / std.

MY ETHER WALLET

An open-source, client-side interface for generating Ethereum wallets and interacting with the Ethereum blockchain.

 

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NET CHANGE

Net change is the difference between the closing price of the current trading session, compared to the closing price of the previous trading session. Net change can be positive or negative, as it represents whether the markets are up or down on the previous day.

NET REALIZED PROFIT/LOSS

Net Realized Profit/Loss is the net profit or loss of all moved coins, and is defined by the difference of Realized Profit - Realized Loss.

NET UNREALIZED PROFIT/LOSS (NUPL)

Net Unrealized Profit/Loss is the difference between Relative Unrealized Profit and Relative Unrealized Loss. For more information see this article. This metric can also be calculated by subtracting realised cap from market cap, and dividing the result by the market cap as described in this article.

NETWORK VALIDATORS

A blockchain validator is a network node that helps process and validate transaction blocks on the platform so that they can be added to the permanent ledger of the blockchain. When using the term “validator,” some people presume the nodes validating transactions on PoS blockchains.

NFT

Non-fungible Token (NFT); A type of cryptographic token that represents a unique digital or real-world asset and isn't interchangeable.

NODE

A computer that supports a blockchain network by validating and broadcasting transactions.

NOMINATED PROOF OF STAKE

Nominated proof of stake (NPoS) is a type of blockchain consensus algorithm that uses stakeholder voting to determine which nodes are able to participate in the validation of new blocks. Only nodes that have been nominated by other voters are allowed to validate new blocks, and earn rewards for doing so.

NVT RATIO

The Network Value to Transactions (NVT) Ratio is computed by dividing the market cap by the transferred on-chain volume measured in USD. The NVT Ratio was created by Willy Woo.

NVT SIGNAL

The NVT Signal (NVTS) is a modified version of the original NVT Ratio. It uses a 90 day moving average of the daily transaction volume in the denominator instead of the raw daily transaction volume. This moving average improves the ratio to better function as a leading indicator.

 

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OCO

One Cancels the Other Order (OCO); A pair of orders that are created concurrently, but it is only possible for one of them to execute.

OFF CHAIN

The processing of transactions outside the main blockchain. Useful for lower fees and faster settlement times.

OFF RAMP

A gateway to convert cryptocurrencies to fiat money.

OFF-CHAIN COMPUTATION

Off-chain computation is simply a computation that takes place outside a blockchain.

OFF-CHAIN ORDER BOOK

Off-chain order books are order books that are hosted by a centralized entity outside of a distributed ledger. The centralized entity helps parties discover other parties who make offers on the asset and can restrict access to view or submit to the order book.

OFF-CHAIN TRANSACTIONS

Off-chain transactions refer to those transactions occurring on a cryptocurrency network that move the value outside of the blockchain.

OHLCV

Epoch timestamp in milliseconds. You can learn more about timestamps, including how to convert them to human readable form, here. The timestamp for all aggregates corresponds with the beginning of the time interval.

 

 

ON CHAIN

The processing of transactions on the main blockchain.

ON-CHAIN NEURAL NETWORKS

Neural network is a series of algorithms that seek to identify relationships in a data set via a process that mimics how the human brain works.

ON-CHAIN RISK MANAGEMENT

On-chain risk management is the process of identifying, assessing, and mitigating the risks of an protocol's on-chain transaction occuring on a cryptocurrency network.

ONE CANCELS OTHER (OCO)

The One-Cancels-Other Order (OCO) option allows you to place a pair of orders stipulating that if one order is executed fully or partially, then the other is automatically cancelled. An OCO order places a stop order and a limit order. This option allows you to set both take profit and stop loss targets for your position at the same time while only consuming available balance for one order.

OPEN INTEREST

Open interest is the total number of outstanding derivative contracts that have not been settled for an asset, such as options or futures. The total open interest does not count, and the total every buys and sell the contract. Instead, open interest provides a more accurate picture of the options trading activity and whether money flows into the futures and options market are increasing or decreasing. If a buyer and seller come together and initiate a new position of one contract, then open interest will increase by one contract. Open interest decreases by one contract if a buyer and seller exit a one cone-contraction on a trade. However, if a buyer or seller passes off their current position to a new buyer or seller, then open interest remains unchanged.

OPEN INTEREST RANK

The Open Interest Rank indicator classifies the top perpetual swaps contracts, sorted by the aggregate dollar amount in outstanding positions in the last 24-hours.

OPTIONS ATM IMPLIED VOLATILITY (ALL)

Implied Volatility is the market's expectation of volatility. Given the price of an option, we can solve for the expected volatility of the underlying asset. Formally, implied volatility (IV) is the one standard deviation range of the expected movement of an asset’s price over the course of a year. Viewing At-The-Money (ATM) IV over time gives a normalized view of volatility expectations which will often rise and fall with realized volatility and market sentiment. This metric shows the ATM implied volatility for options contracts expiring 1 week, 1 month, 3 months, and 6 months from today.

OPTIONS OPEN INTEREST PUT/CALL RATIO

The Options Open Interest Put/Call Ratio shows the put volume divided by call volume of all funds currently allocated in options contracts (open interest).

ORACLE

A trusted feed of data, such as the current market prices of an asset or assets, that provides confidence to users that the data are timely, accurate, and untampered.

ORDER BOOK SNAPSHOTS

Epoch timestamp in milliseconds. You can learn more about timestamps, including how to convert them to human readable form, here.

ORDER SIZING

Order Size means the total Purchase value per Order.

OTC DESKS HOLDINGS

The total amount of coins held on OTC desk addresses. This data is based on three different OTC desks. Note that OTC metrics are based on our labeled data that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

OTC DESKS INCOMING TRANSACTIONS

The total count of transfers to OTC desk addresses. This data is based on three different OTC desks. Note that OTC metrics are based on our labeled data that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

OTC DESKS INFLOWS

The total amount of coins transferred to OTC desk addresses. This data is based on three different OTC desks. Note that OTC metrics are based on our labeled data that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

OTC DESKS OUTFLOWS

The total amount of coins transferred from OTC desk addresses. This data is based on three different OTC desks. Note that OTC metrics are based on our labeled data that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

OTC DESKS OUTGOING TRANSACTIONS

The total count of transfers from OTC desk addresses. This data is based on three different OTC desks. Note that OTC metrics are based on our labeled data that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

OVER COLLATERIZATION

The provision of collateral that carries a greater value than the original loan. Used in Flash Loans.

 

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PAIR MATCHING

Matching is the procedure of finding pairs or groups of orders that are executed against each other. In its simplest form, there is one buy order and one sell order that are both executed at the same execution price and with the same quantity. However, in general, several orders on the buy side can be executed against several orders on the sell side. The execution price is the same for all involved orders, and the accumulated executed quantity on the buy side must equal the accumulated executed quantity on the sell side. 

PARTICIPANT MARKET IMPACT

In financial markets, market impact is the effect that a market participant has when it buys or sells an asset. It is the extent to which the buying or selling moves the price against the buyer or seller, i.e., upward when buying and downward when selling.

PEER TO PEER

The direct exchange of cryptocurrencies between users without the involvement of a third party.

PERMISSION BLOCKCHAIN

A blockchain network where users need to be granted access in order to participate and see the history of transactions. It can come into various access tiers.

PERMISSIONLESS BLOCKCHAIN

An open blockchain network where any user can access transaction history and participate by trading cryptocurrencies as well as validating and mining transactions.

PLAIN POOLS

A plain pool is the simplest implementation of Curve, where all assets in the pool are ordinary ERC-20 tokens.

PLASMA

A framework that allows the creation of “child” chains to the main Ethereum chain and apply Optimistic Rollups to settle disputes. Each Plasma chain can be customized to be suitable for different scalable use cases.

PORTFOLIO COMPOSITION

Portfolio Composition File . (or “PCF”) means the securities, share quantities, and or cash that would be required to effect a Creation or Redemption on the next trading day by an Authorized Participant.

PORTFOLIO CONSTRUCTIONS

Portfolio construction is the process of understanding how different asset classes, funds and weightings impact each other, their performance and risk and how decisions ladder up to an investor's objectives.

PORTFOLIO REBALANCING

Portfolio rebalancing is the process of changing the weightings of assets in an investment portfolio. It is like a tune-up for your car: it allows individuals to keep their risk levels in check and minimize risk.

POST-ONLY LIMIT

The Post-Only Limit Order option ensures the limit order will be added to the order book and not match with a pre-existing order. If your order would cause a match with a pre-existing order, the engine will cancel your post-only limit order. In addition, this order option ensures that you will pay the maker fee and not the taker fee. Visit the fees page for more information.

PRICE DISCOVERY

Price discovery is the process of setting the spot price, but most commonly the proper price, for a security, commodity, or currency.

PRICE OHLC

OHLC candlestick chart of the asset's price in USD.

PRICE ORACLE

An oracle that fees the main chain with information regarding prices of assets such as cryptocurrencies and fiat currencies.

PRIMITIVE

A generic building block, similar to ‘Legos’. Financial Primitives are cryptocurrency-based financial generic building blocks designed to efficiently and reliably perform one task.

PRIVATE KEY

A random number that is cryptographically generated and used to obtain control and spend cryptocurrencies from a wallet.

PROJECTED YEARLY INTEREST

This insight calculates the expected annual interest borrowers will owe DeFi protocols. This is calculated based on the weighted average borrowing rates times the dollar amount of loans outstanding.

PROOF OF AUTHORITY

Proof of authority is a consensus mechanism that provides fast transactions using identity as a stake. More commonly referred to as PoA, it relies on well-known vendors to produce blocks. It allows the blockchain network to perform transactions more quickly using a Byzantine fault tolerance (BFT) algorithm.

PROOF OF BURN

Proof of authority is a consensus mechanism that provides fast transactions using identity as a stake. More commonly referred to as PoA, it relies on well-known vendors to produce blocks. It allows the blockchain network to perform transactions more quickly using a Byzantine fault tolerance (BFT) algorithm.

PROOF OF CAPACITY (POC)

Proof of capacity (PoC) is an energy-efficient consensus mechanism that allows nodes on a blockchain to use the empty space on their hard drives to mine crypto.

PROOF OF DEVELOPER (POD)

Proof of Developer, or PoD, is a verification system designed to prove to investors who the real developer behind a certain cryptocurrency or crypto project is. It’s intended to prevent investors from falling victim to fraudulent transactions.

PROOF OF REPLICATION (POREP)

Proof of replication (PoRep) is an extension of proof of work (PoW) that allows distributed systems to agree on the state of a blockchain without trusting any single node.

PROOF OF STAKE (POS)

Proof of stake, or PoS, is a consensus mechanism for processing transactions and creating new blocks in a blockchain. With a PoS consensus, miners are replaced by validators, who stake their cryptocurrency to bet on the next block. If the block they bet on is validated, they earn rewards.

PROOF OF WORK (POW)

Proof of work is a system that uses computational power to secure networks, process transactions and add new blocks to a blockchain. It is the most popular consensus mechanism in crypto and is used most prominently in Bitcoin.

PROTOCOL

In High Technology, a protocol is a set of developed rules or specifications. These rules detail definitions, standards, limitations, and potential stipulations of a protocol.

PROTOCOL FEES

An ETH protocol fee is paid by the Taker each time a Limit Order is filled. The fee is proportional to the gas cost of filling an order and scales linearly with gas price. The cost is currently 0 * tx.

PUT OPEN INTEREST

Simply put, open interest is the number of option contracts that exist for a particular stock. They can be tallied on as large a scale as all open contracts on a stock, or can be measured more specifically as option type (call or put) at a specific strike price with a specific expiration.

PUT OPTION

A put option (or “put”) is a contract giving the option buyer the right, but not the obligation, to sell—or sell short—a specified amount of an underlying security at a predetermined price within a specified time frame.

 

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RANGE POSITION/ PIR

Position in Range (PIR) A mathematical calculation that expresses how an employee's pay compares to the pay range and how far into a pay range an employee's pay stands.

REALIZED P/L RATIO

Realized Profit/Loss Ratio is the ratio between all coins moved at a profit and at a loss, i.e. Realized Profit / Realized Loss.

REALIZED PROFIT

Realized Profit denotes the total profit (USD value) of all moved coins whose price at their last movement was lower than the price at the current movement.

REALIZED PROFITS-TO-VALUE (RPV) RATIO

The Realized Profits-to-Value Ratio (RPV) is defined as the ratio of Realized Profits and Realized Cap. This metric compares profit-taking in the market with its overall cost basis on a dollar-to-dollar basis. This metric was first put forward by ARK Invest.

REBALANCE

To make changes to a portfolio or pool of funds for various reasons.

REBASE TOKEN

A token that automatically adjusts its supply according to price fluctuations.

REDUCE-ONLY

The Reduce Only option allows you to set orders intended to only reduce a current position. As a result, you will not be able to execute more than you currently have in your position in the opposite direction, allowing you to trade without running the risk of over-exposing your assets.

REDUCED SLIPPAGE

Slippage occurs when a trader uses market orders. Market orders are one of the order types that are used to enter or exit positions. To help eliminate or reduce slippage, traders use limit orders instead of market orders. A limit order only fills at the price you want, or better. 

RHODL RATIO

The Realized HODL Ratio is a market indicator that uses a ratio of the Realized Cap HODL Waves. In particular, the RHODL Ratio takes the ratio between the 1 week and the 1-2 years RCap HODL bands. In addition, it accounts for increased supply by weighting the ratio by the total market age. A high ratio is an indication of an overheated market and can be used to time cycle tops. This metric was created by Philip Swift.

ROI

Return On Investment. The gains or losses on an investment. For example, doubling your investment in an asset would be a 100% gain, or 100% ROI. Losing all of your investment would be a 100% loss, or -100% ROI.

ROL (RETURN ON LIQUIDITY)

projected return liquidity providers obtain from this pair based on 24-hour data

ROLL UP

Rollups. Rollups perform transaction execution outside layer 1 and then the data is posted to layer 1 where consensus is reached. As transaction data is included in layer 1 blocks, this allows rollups to be secured by native Ethereum security.

ROLLOVER

A rollover is a process of keeping a position open beyond its expiry. The term is commonly used in forex, which explains the possible interest that may be earned or incurred for holding a position overnight. However, rollover has a variety of meanings in finance.

ROUTING ATTACK

An attack on the Internet Service Provider level to affect uptime or participation in a web-enabled system, such as a blockchain.

RUG PULL

A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors' funds. Occurs when project creators withdraw their Liquidity Pool tokens from a decentralized exchange pair. This action drives the token’s price close to $0.

 

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SANDWICH ATTACKS

A sandwich attack is a form of front-running that primarily targets decentralized finance protocols and services. In a sandwich attack, a nefarious trader looks for a pending transaction on the network of their choice, e.g., Ethereum. The sandwiching occurs by placing one order right before the trade and one right after it. In essence, the attacker will front-run and back-run simultaneously, with the original pending transaction sandwiched in between.

SCALED ORDER (VIDEO)

The Scaled Order tool is an algorithm designed to allow you to spend less time entering orders and more time focusing on your strategy. The algorithm automatically creates multiple limit orders across a user-determined price range. This tool also provides control over the diversity and distribution of orders within the price range.

SCALP

A scalp in trading is the act of opening and then closing a position very quickly in the hope of profiting from small price movements. Traders who practise this tactic are called scalpers and tend to make many scalps daily. The theory behind scalping is that small price movements are easier to predict than large ones. Profits on scalps tend to be small, but losses can be kept to a minimum as strict rules are adhered to.

SEED PHRASE

A 12 or 24 series of words that acts as a backup to restore the content of cryptocurrency wallets. Usually when a cryptocurrency wallet is generated, it is associated with a Seed Phrase, which the user must keep in a safe place.

SEGWIT

A process where the transaction signatures are separated from bitcoin transactions. Allowing more transactions to fit within one block.

SELL WALL

A very large limit sell order or a cumulation of sell orders at the same price level on an order book for an asset.

SEQUENCE ID

The unique sequence ID created by Kaiko used to order all events. This can be used to re-build an internally maintained order book. 

SHARD CHAIN

A shard chain is a sub-blockchain of the main Ethereum blockchain that’s intended to ease blockchain network congestion issues and improve the transactions per second (TPS) rate.

SHARDS

Small “pieces” of a blockchain with each one of them carrying its own transactions. Sharding is a scalability solution on Ethereum by splitting the load of the network and facilitating faster transactions.

SHARPE RATIO

A ratio created in 1966 that investors and economists use to assess the potential return of investment (ROI).

SIDE CHAIN

A separate blockchain running in parallel to the main chain with its own consensus mechanism to achieve greater scalability. It is tied to the main chain via a 2-way peg.

SLIPPAGE

Slippage refers to the difference between the expected price at which a trade is placed and the actual price at which the trade occurs. In simpler terms, it occurs when the order that you placed on the exchange is executed at a price that’s different from the price that you requested.

SMART CONTRACTS

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss. The code controls the execution, and transactions are trackable and irreversible.

SOPD (ATH-PARTITIONED)

Spent Output Price Distribution (SOPD) shows at which prices UTXOs were spent that day, i.e. each bar shows the amount of Bitcoin volume that was moved within that specified price bucket. The price specified on the x-axis refers to the lower bound of that bucket. ATH-partitioned means that the price buckets are defined by dividing the range between 0 and the current ATH in 100 equally-spaced partitions.

SOPD (PERCENT-PARTITIONED)

Spent Output Price Distribution (SOPD) shows at which prices UTXOs were spent that day, i.e. each bar shows the amount of Bitcoin volume that was moved within that specified price bucket. The price specified on the x-axis refers to the lower bound of that bucket. %-partitioned means that the price buckets are defined by taking the day's closing price and creating 50 equally-spaced bucket each above and below the current price in steps of +/- 2%.

SOPR

The ratio of the sum of spent value over the sum of creation value of all spent and created outputs for that interval. There are two versions of this metric. For this version, a spent output’s “spent value” is the market value of the sum of all native units of that output (i.e., price multiplied by the sum of native units). A created output’s “creation value” is the market value of the sum of all native units of that output (i.e., price multiplied by the sum of native units).

SOPR OUT

The ratio of the sum of spent value over the sum of creation value of all spent and created outputs for that interval. There are two versions of this metric. For this version, a spent output’s “spent value” is the market value of that output (i.e., price multiplied by 1). A created output’s “creation value” is the market value of that output (i.e., price multiplied by 1).

SOR

Smart Order Router (SOR) is an off-chain tool for finding the best price execution across Balancer Pools. The SOR finds the optimal trades, whether a direct swap in one Pool or a combination of trades hopping through multiple Pools.

SORTINO RATIO

The Sortino ratio is another highly used metric in traditional finance to assess the risk-return performance of an asset.

SPREAD

When an order is made on an exchange or market, the disagreement of the difference in price between potential buy and sell offers of an asset is called the spread. A wide spread in price can lead to higher slippage. The difference between the buy and sell prices of a cryptocurrency.

STABLE COIN

Is a cryptocurrency that has its value pegged to the value of a stable asset. Stable coins are most commonly pegged to the US Dollar but can be pegged to other assets like gold or a basket of crypto assets.

STABLECOIN SUPPLY RATIO (SSR) OSCILLATOR

The Stock to Flow (S/F) Deflection is the ratio between the current Bitcoin price and the S/F model. If deflection is ≥ 1 it means that Bitcoin is overvalued according to the S/F model, otherwise undervalued.

STAKE

The act of depositing a cryptocurrency coin or token into a yield farming project and/or protocol, whether the access to the project is either through CeFi or DeFi methods.

STAKING

Locking up" a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network. It is the act of depositing a cryptocurrency coin or token into a yield farming project and/or protocol, whether the access to the project is either through CeFi or DeFi methods.

STH-MVRV

Short Term Holder MVRV (STH-MVRV) is MVRV that takes into account only UTXOs younger than 155 days and serves as an indicator to assess the behaviour of short-term investors. For more information see this article.

STH-NUPL

Short Term Holder NUPL (STH-NUPL) is Net Unrealized Profit/Loss that takes into account only UTXOs younger than 155 days and serves as an indicator to assess the behaviour of short-term investors. For more information, see this article.

STOCK-TO-FLOW RATIO

The Stock to Flow (S/F) Ratio is a popular model that assumes that scarcity drives value. Stock to Flow is defined as the ratio of the current stock of a commodity (i.e. circulating Bitcoin supply) and the flow of new production (i.e. newly mined bitcoins). Bitcoin's price has historically followed the S/F Ratio and therefore it is a model that can be used to predict future Bitcoin valuations. This metric was first coined by PlanB. For a detailed description, see this article.

STOP-LIMIT

A Stop-limit Order triggers a limit order. When setting a Stop-limit, the trader puts a stop price at which the order can be triggered, and a limit price for the order may be filled. Thus, once the stop of a Stop-limit order is triggered, the limit order would automatically create. Stop-Limit orders can help prevent slippage on Stop orders.

STOP

A Stop Order is used to trigger a market sell when the market drops to your trigger price or used to trigger a market buy if the market rises to your trigger price.

STRIKE_PRICE

The strike price of the contract in USD.

SUPERCLUSTER

A supercluster is a large group of smaller groups of unlabeled examples (data sets) clustered together, in machine learning.

SUPPLY-ADJUSTED CDD

Adjusted Coin Days Destroyed simply divides CDD by the circulating supply (total amount of coins issued). Adjusted CDD more accurately represents the quantity of native coins sold by long-term holders over time.

SYNTHETIC ASSETS

The use of smart contracts to represent on-chain and off-chain assets via blockchain tokens. A blockchain transaction facilitates this relationship between the asset and the token. This transaction is reflected by tokenization.

 

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TAIL-HEDGING

Tail-risk hedging funds are designed to profit from rare episodes like the global financial crisis or March's Covid Crash. They took off in 2008 as they generated profits even as stock and bond markets fell around the world.

TAKER

The 'taker' is someone who decides to place an order that is instantly matched with an existing order on the order book.

TEST NET

A testing network for a new coin, project, or product, or for potential improvements to an existing product or offering. A testnet can also be used by newcomers to ‘practice’ activities like staking and trading.

TETHER

A stablecoin pegged to the value of 1$.

THERMOCAP

Aggregate security spend, or "Thermocap", is the aggregated amount of coins paid to miners and serves as a proxy to mining resources spent. It serves as a measure of the true capital flow into the network and is computed as the aggregate coinbase transactions multiplied by the price in USD at the time they were mined. This metric was first put forth by Nic Carter.

THROUGPUT

A metric of how many actions, mostly referring to transactions, can be completed within a given timeframe.

TICK-LEVEL TRADE DATA

Unique trade ID (unique to the exchange). Trade ID's come directly from the exchange. If an exchange does not provide a trade ID, we will generate it ourselves.

TICKER

A ticker symbol is the short combination of letters that is used to represent an asset, stock, or cryptocurrency token on various exchanges, swapping services, and other DeFi solutions. The trading 'symbol' or shortened name (typically in capital letters) that refer to a coin on a trading platform. For example: BNB.

TIME IN FORCE (TIF)

The Time in Force option is available for Limit, Stop, Stop Limit, and Trailing Stop orders. This option allows users to direct the duration (date and time) an order can stay open.

TIMESTAMP

Epoch timestamp in milliseconds. You can learn more about timestamps, including how to convert them to human readable form, here. The timestamp for all aggregates corresponds with the beginning of the time interval.

TOKEN BURN

The removal of cryptocurrencies from the supply by sending them to an unspendable address.

TOKEN LOCKUP

Token lockup or vesting period refers to the time span in which tokens or coins are not allowed to be transferred or traded.

TOKEN REWARDS

Rewards given to stakers or other eligible users.

TOKENOMICS

The economics that affect the demand and supply of a cryptocurrency.

TOKENS

Similar to a type of coin but with much greater functionality. Tokens can also be used as a method of payment like coins, but unlike coins, they can excel at other use cases such as the democratic governance of a protocol or system, or as a means to use underlying coins to make liquidity tokens from these coin deposits.

TOP OF BOOK

It denotes an updated tick-level order book event. SMUC_Top_of_Book denotes any update to the best bid/best ask. SMUC_Trade denotes a trade.

TOTAL FEES

The sum of all fees paid to miners, transaction validators, stakers and/or block producers that interval. In certain cryptonetworks, fees might be burned (destroyed), but they are still accounted for in this metric.

TOTAL MINER TIPS

The total value of Miner Tips, a.k.a. priority fees, paid for all transactions during a time interval.

TPS

Transactions per second (TPS) refers to the number of transactions a particular blockchain can handle per second. Higher speeds mean higher payment efficiency, possibly at the expense of decentralization.

TRADING PLAN

A trading plan is a strategy set by the individual trader in order to systemise evaluation of assets, risk management, types of trading, and objective setting. Most trading plans will comprise two parts: long-term trading objectives, and the route to achieving them.

TRAILING STEPS

A trailing step is a measure of price movement and a key component of a trailing stop order – a type of stop-loss order that follows your position if it earns you profit and closes if the market moves against you.The value of a trailing step is set in pips. So, a trailing step of 50 pips would only move after 50 points of movement in the price of the asset.The trailing step is one of the parameters you set to manage the how your trailing stop-loss follows the market price. It dictates how much the underlying market needs to move before your trailing stop re-adjusts. The larger your trailing step, the more the market has to move before your stop is re-positioned, and the less frequently the ‘trailing’ would be performed.

TRAILING STOP

A Trailing Stop Order provides flexibility over a stop order by executing only once the market goes against you by a defined price distance. Thus, you can use a trailing stop order to protect profit. A trailing stop is a modification of a typical stop order that can be set at a defined percentage or dollar amount away from a security's current market price. For a long position, an investor places a trailing stop loss below the current market price.

TRANSACTION FEES

Payable to miners by users, as an incentive to include their transactions on the following block(s).

TRUSTLESS

The fact that blockchain transactions can be executed P2P without the need to rely on a third party.

TRUSTLESS SYSTEM

A trustless system is a decentralized platform that functions without the need for participants to know or trust each other. Blockchain technology ensures trust, eliminating the need for third-party intermediaries such as banks.

TURING COMPETE

In programming, it refers to a language that is powerful and semi-autonomous, in a way. When a language such as Solidity or Vyper is Turing complete, it means that with enough processing power and time, a properly programmed Smart Contract using a Turing complete language should be able to use its code base and logical algorithms to perform nearly any digital task or process. It is a code that can execute any task when fed with the correct instructions.

TURNOVER RATIO

The turnover ratio is an advanced derivatives indicator which shows the 24 hour volume of a derivatives contract over its open interest. This provides the ratio of short-term trading and speculation relative to longer-term positions. During volatile periods, turnover tends to increase as traders look to profit on short-term price variations.

TVL

The Total Value Locked (TVL), sometimes also called Total Locked Value (TLV) is a measure of the dollar value of all the investor deposits in coins or tokens locked into a platform, protocol, lending program, yield farming program, or insurance liquidity pool. Total value locked is a metric that is used to measure the overall health of the DeFi and yielding market. You can track total value locked on many services.

TX GAS LIMIT

The sum gas limit of all transactions that day.

TX GAS USED

The sum gas used (i.e., paid) across all transactions that day.

TXID

Transaction ID; A transaction ID (TXID) is a unique string of characters that labels each transaction on the blockchain.

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UNDERLINE ASSEST

An asset that determines the price of another asset. For example the US dollar for Tether.

UNIFIED API

A unified API is a “meta” data model designed to enable developers to talk to many other systems' APIs through one interface.

UNREALIZED UTXO LOSSES

The total unrealized loss of unspent transaction outputs on the network.

UNREALIZED UTXO PROFITS

The total unrealized profit of unspent transaction outputs on the network.

UTILITY TOKEN

A utility token is a crypto asset, typically issued during an initial coin offering (ICO), that allows token holders to perform a specific function on the network.

UTXO

Unspent Transaction Output (UTXO) is a cryptocurrency transaction output that can be used as an input in a later transaction. It essentially lets you break up cryptocurrency into fractional pieces.

UTXO VALUE CREATED (TOTAL)

The total amount of coins in newly created UTXOs.

UTXOS (TOTAL)

The total number of UTXOs in the network.

UTXOS CREATED

The number of created unspent transaction outputs.

UTXOS IN LOSS

The number of unspent transaction outputs whose price at creation time was higher than the current price. For more information see this article.

UTXOS IN PROFIT

The number of unspent transaction outputs whose price at creation time was lower than the current price. For more information see this article.

UTXOS SPENT

The number of created unspent transaction outputs.

 

VELOCITY

Velocity is a measure of how quickly units are circulating in the network and is calculated by dividing the on-chain transaction volume (in USD) by the market cap, i.e. the inverse of the NVT ratio.

VISIBLE ON HIT

The Visible on Hit option applies to Hidden orders only. Once a hidden order has been partially executed, the remaining part becomes visible in the order book.

VOLATILITY

In investing, a measure of how rapid changes are seen to the price of an asset or market. Newer early-stage technology companies and projects in the explosive growth stage tend to see very high volatility in the price of their assets in their early days. Should the company or project behind the volatile asset see their venture survive over time, this volatility tends to be much reduced as the company's market cap grows and matures.

VOLUME

Volume is the amount of an asset or security that changes hands over some period of time, often over the course of a day. For instance, stock trading volume would refer to the number of shares of a security traded between its daily open and close. Trading volume, and changes to volume over the course of time, are important inputs for technical traders.

VOLUME RANK

The Volume Rank indicator classifies the top perpetual swaps contracts, sorted by the aggregate dollar volume traded in the last 24-hours.

VOTING RIGHTS

The rights to vote for specific decisions in a blockchain project, which are included on Governance Tokens.

VWAP

The volume-weighted average price (VWAP) is a measurement that shows the average price of a security, adjusted for its volume. It is calculated during a specific trading session by taking the total dollar value of trading in the security and dividing it by the volume of trades.

 

W

WALLET

A software application or hardware cryptocurrency wallet that can hold a variety of coins.

WETH

wETH is wrapped Ether. The reason you need wETH is to be able to trade ETH for other ERC-20 tokens on decentralized platforms as ETH was the proto-token of the Ethereum Alt tokens, which means it was built before the ERC-20 standard existed. Because decentralized platforms running on Ethereum use smart contracts to facilitate trades directly between users, every user needs to have the same standardized format for every token they trade. This ensures tokens don’t get lost in translation.

WICK

A line found on a candlestick chart which is used to indicate where the price of an asset is fluctuating in regards to its opening and closing prices.

WITHDRAWING ADDRESSES

The number of unique addresses that appeared as a receiver in a transaction receiving funds from an exchanges.

WRAPPED BTC (WBTC) BALANCE

Wrapped Bitcoin (WBTC) is the first ERC20 token backed 1:1 with Bitcoin and designed to act as representation of Bitcoin on the Ethereum blockchain. The WBTC supply listed here corresponds to the amount of Bitcoin held by BitGo, the custodian responsible for minting new WBTC ERC20 tokens and guaranteeing backing of new ERC20 tokens by actual BTC.

WRAPPED ETH

Wrapped Ether (WETH) is an ERC20-compatible token pegged to Ether’s value, meaning that users can redeem it for the original coin anytime without affecting its value.

WRAPPED TOKENS

A wrapped token is a cryptocurrency token pegged to the value of another crypto. It’s called a wrapped token because the original asset is put in a wrapper, a kind of digital vault that allows the wrapped version to be created on another blockchain.

 

Y

YIELD

Earnings deriving rom yield farming activities such as staking.

YIELD AGGREGATOR

The use of different DeFi protocols to maximize yield returns.

YIELD FARMING

The manual or automatic lending and/or arbitrage of digital assets to provide an ROI for lending out or depositing digital assets in CeFi or DeFi. Yield Farming can provide an additional income stream over and above any potential increase in the value of an underlying asset.

 

Z

ZERO KNOWLEDGE PROOFS

A verification method where one party proves to another party that a statement is true without revealing any more information.

ZERO KNOWLEDGE ROLLUPS

Smart contracts that process transactions off-chain and bundle them into a single transaction for scalability purposes.

ZK SNARKS

Zk-SNARK is an acronym that stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” A Zk-SNARK is a cryptographic proof that allows one party to prove it possesses certain information without revealing that information.

ZK STARK

ZK-STARKs (Zero-Knowledge Scalable Transparent Arguments of Knowledge) are a type of cryptographic proof technology that enables users to share validated data or perform computations with a third party without the data or computation being revealed to the third-party, also known as a zero-knowledge proof, in a way that is publicly verifiable.

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