How We Measure

Where our data comes from, how often it updates, and how we work out each number.

Not investment advice.

Unusual Trading

Identifies assets trading far more actively than their peers by comparing trading volume to asset size.

Multiplier = (24h Volume ÷ Total Value) ÷ Peer Median Turnover

Example: If Moderna tokenized equity has a daily turnover of 15% while the healthcare median is 0.7%, its multiplier is 15% ÷ 0.7% = 21.4× normal.

See Unusual Activity

Price Surprise Score

Measures how unusual today's price move is compared with typical daily swings over the past 30 days.

Z-Score (σ) = 24h Return ÷ (Hourly Volatility × √24)

Example: If Arista Networks moves 8.5% in a day with an expected daily volatility of 1.7%, its price surprise is 8.5% ÷ 1.7% = 5.0σ.

See Unusual Activity

Share Tokenized

Compares tokenized market value against global public market cap to show how early tokenization is.

Share Tokenized = Tokenized Value ÷ Global Industry Value

Example: In Tech, with $245.9M tokenized against $39.3T total global cap, share tokenized is 0.00063% (1 in every $160,000).

See Industries

Data Sources

We aggregate prices, reserves, and protocol deposits directly from verified public sources and token maker reports.

Verified feeds: Public Blockchains + Custodian Disclosures + Token Maker Reports

Example: Treasury TVL is reconciled across on-chain contract addresses and monthly attestation reports from BNY Mellon, State Street, and Grant Thornton.

See Markets

Update Timing

Prices refresh every 2 minutes; on-chain collateral and deposit TVLs update continuously as transactions confirm.

Price interval = 120s • On-chain TVL = Real-time contract query

Example: When you click Refresh on the top navigation bar, the latest order-book and swap pricing feeds are loaded directly.

See Markets

What's Included and Left Out

We track genuine asset-backed tokens with physical or custodian backing; uncollateralized or purely synthetic tokens are excluded.

Inclusion criteria: 1:1 reserve backing + licensed issuer or regulated SPV + public contract

Example: Included: BlackRock BUIDL, Ondo USDY, Backed bCSPX, Paxos PAXG. Excluded: algorithmic synthetic pegs without custodial proof.

See Token Makers