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Circulating supply multiplied by price. The market's current valuation of all coins actually in circulation — the standard way to compare project size.

What market cap would be if every token that will ever exist (max supply) were already circulating. A large gap between FDV and market cap signals heavy future dilution.

The dollar value of assets deposited in a protocol's contracts (lending, DEXs, staking). A rough proxy for usage and trust, though it can be inflated by incentives or double-counted across integrations.

The number of tokens currently available to the public and tradeable, excluding locked, reserved, or not-yet-issued tokens.

A scheduled event when previously locked tokens (team, investors, ecosystem funds) become tradeable. Large unlocks relative to circulating supply often pressure price via added sell-side supply.

Locking tokens to help secure a proof-of-stake network (or earn protocol rewards) in exchange for yield. Reduces liquid circulating supply while it's active.

Compares market cap to the aggregate cost basis of all coins (realized cap). A high ratio suggests holders are sitting on large unrealized gains — historically a late-cycle signal.

The share of market cap that represents unrealized profit versus loss across all holders. Used to gauge overall market sentiment stages, from capitulation to euphoria.

A periodic payment between long and short traders in perpetual futures that keeps the contract price anchored to spot. Persistently positive funding means longs are paying shorts — a sign of crowded bullish leverage.

The total dollar value of outstanding futures/options contracts that haven't been closed. Rising open interest alongside price often signals fresh leveraged conviction, not just spot demand.

The difference between the expected price of a trade and the price actually executed, caused by insufficient liquidity at that size. Higher slippage means thinner order books or pools.

How easily an asset can be bought or sold in size without materially moving its price. Deep liquidity means tighter spreads and lower slippage on large orders.

A thematic story (AI, RWA, DeFi, gaming, L2s...) that drives coordinated capital rotation into a group of assets, often independent of individual fundamentals in the short term.

A pre-programmed event (Bitcoin: every ~4 years) that cuts the block reward paid to miners in half, slowing new supply issuance. Historically preceded major bull cycles, though the relationship is not guaranteed to repeat.

A token that grants voting rights over a protocol's parameters, treasury, or upgrades. Value capture depends on whether governance actually controls something economically meaningful.

The opportunity cost an LP suffers when the price ratio of pooled assets diverges after depositing, versus simply holding them. It's 'impermanent' only if prices later revert — otherwise it's realized.

APR is the simple annualized rate; APY compounds it over the year. DeFi yields quoted in APY can look far higher than the actual APR being paid — check which one is advertised.

The schedule by which locked tokens (team, investors) gradually become unlocked over time, usually after a cliff period. Longer vesting reduces near-term sell pressure risk.

A free distribution of tokens to a set of wallets, typically to reward early users or bootstrap decentralized ownership. Often followed by short-term sell pressure from recipients.

Information read directly from a blockchain's public ledger — transactions, wallet balances, active addresses, exchange flows — used as an independent check on price-driven narratives.

Bitcoin's market cap as a share of the total crypto market cap. Rising dominance usually means capital is rotating out of altcoins into BTC (risk-off within crypto); falling dominance signals an 'alt season'.

The ratio of realized value to cost basis for coins moved on-chain that day. Above 1 means coins are moving at a profit on average; a SOPR reset to ~1 often marks local bottoms in a bull trend.

The forced closing of a leveraged position when losses erode the trader's margin below a maintenance threshold. Cascading liquidations amplify moves in both directions during volatile swings.

An L1 (Ethereum, Solana) is a base blockchain that secures its own consensus. An L2 (Arbitrum, Base) processes transactions off the L1 and periodically settles back to it, inheriting its security at lower cost.