Data sources and methodology
For UTXO coins daily on-chain transaction volume is calculated as the sum of all transaction outputs belonging to the blocks mined on the given day. Known “change” outputs are not included. Estimation difficulties remain and the measure is imprecise. We discuss this here. Methodology behind adjusted transaction volume figures is described in this post.
XRP transaction volume includes only transfers of XRP tokens.
‘Transaction count’ doesn’t include coinbase and coinstake transactions.
Active addresses is the number of unique sending and receiving addresses participating in transactions on the given day. For Monero, we report an upper bound for this metric (calculated as sum of input and output count), as the precise value is unknowable due to stealth addresses technology.
Payment count for UTXO coins is defined as sum of outputs’ count minus one for each transaction. We assume that transaction with N outputs pays to N – 1 addresses and the last N-th output is change. Transactions with only one output do not contribute to payment count, as they are likely to be a self-churn.
Payment count for smart contract assets such as ETH or LSK is calculated as the amount of transfer transactions (i.e. contract creation, invocation, destruction transactions are not included).
Payment count for Ripple is the amount of XRP token transfers.
Value of Created Coins (VoCC) is the USD value of new coins minted on a given day multiplied by the opening price on the same day.
Inflation is computed by dividing created VoCC by network value (“market cap”) which is equivalent to dividing amount of coins minted on the given day by total coin supply on the same day.
NEO and GAS transaction count figures reflect the amount of transactions that have at least one output of given asset type. If transaction sends both NEO and GAS, it will be included in transaction count for both assets. Fees figure is denominated in GAS and calculated by summing the fees of all transactions that have at least one output of a given asset type.
Stellar transaction volume data covers only operations of Payment and CreateAccount types that transfer XLM tokens. Transaction count is the number of transactions that include at least one operation of aforementioned types. Lumens inflation data is currently unavailable.
NEM data includes only transactions of “Transfer” type.
Zcash and Bitcoin Private figures for on-chain volume and transaction count reflect data collected for transparent transactions only. Some meaningful percent of ZEC and BTCP transactions are shielded, and these are excluded from the analysis due to their private nature. Please note that our figures for Zcash and Bitcoin Private understate on-chain transaction volume, because we don’t capture shielded transactions. Data on shielded and transparent transactions can be found here and here.
Monero transaction volume, NVT and exchange to transaction volume are impossible to calculate due to RingCT technology which hides the amounts sent for every transaction.
EOS and TRX transaction volume figures include only transactions of transfer type. Median transaction value for EOS and TRX is actually median transfer value.
WAVES transaction volume figure includes only transactions of transfer and mass transfer types. Median transaction value for WAVES is actually median value of WAVES token transfer.
All coins: coinmarketcap.com
- BTC, BCH, LTC, DCR, DASH, ZEC, DOGE, PIVX, XVG, VTC, DGB, BTG, USDT, MAID, BSV, BTCP: data collected from blockchains and aggregated by CM Python tools
- ETH and ERC20 tokens, ETC, XMR, XEM, ADA, LSK, NEO, GAS: data collected from blockchains by CM Haskell tools and aggregated by companion analytics scripts
- XRP: data collected from data.ripple.com by CM Haskell tools and aggregated by companion analytics scripts
- XLM: data collected from history.stellar.org by CM Haskell tools and aggregated by companion analytics scripts
Bletchley indexes data
Bletchley index data is rehosted with permission from bletchleyindexes.com. B10 is a cap-weighted index of the 10 largest cryptoassets with supply diluted to 2050 for comparability. B20 consists of the next 20 largest cryptoassets (“mid caps”), with B40 tracking the next 40 (“small caps”). The ETH token index does not include Ethereum – it is an index of tokens built on Ethereum. Bletchley enforces eligibility criteria to make sure index constituents are suitable.
ICE Benchmark Administration Limited (IBA), 1-Month London Interbank Offered Rate (LIBOR), based on U.S. Dollar [USD1MTD156N], retrieved from FRED, Federal Reserve Bank of St. Louis; fred.stlouisfed.org.
Dollar index data
Board of Governors of the Federal Reserve System (US), Trade Weighted U.S. Dollar Index: Broad [DTWEXB], retrieved from FRED, Federal Reserve Bank of St. Louis; fred.stlouisfed.org.
ICE Benchmark Administration Limited (IBA), Gold Fixing Price 10:30 A.M. (London time) in London Bullion Market, based in U.S. Dollars [GOLDAMGBD228NLBM], retrieved from FRED, Federal Reserve Bank of St. Louis; fred.stlouisfed.org.
S&P 500 data
S&P Dow Jones Indices LLC, S&P 500 [SP500], retrieved from FRED, Federal Reserve Bank of St. Louis; fred.stlouisfed.org.