The score for crypto

Chiefly the measured growth in supply over the last twelve months, meaning the dilution a holder actually experienced; a supply falling through buybacks or burns counts in the token's favor. Alongside it, with lower weight, what is still to come: the token unlocks of the next twelve months as a share of circulating supply where DefiLlama tracks the unlock schedule, otherwise the overhang still locked up, and the circulating share of maximum supply. A token with no maximum supply at all is marked down, because unbounded issuance is worse than any known ceiling. Source of the unlocks: DefiLlama (defillama.com).

What a coin actually moves, depending on its type. For proof-of-work chains, active addresses and transactions per day, computed from the block data (active addresses only for Bitcoin, Bitcoin Cash and Dash, whose nodes provide the data needed). For platforms, layer 2 networks and payment networks, the dollar stablecoins held on the chain and their growth over twelve months (growth counts from $100M held), plus DeFi capital locked (TVL) with a smaller weight. For DeFi protocols, capital locked (40%), trading volume over the last 30 days (35%) and open interest (25%). For oracles the value secured, for bridges the volume over the last 30 days, for real-world asset tokens the tokenized assets of the issuer. For AI the usage of the network, for Bittensor the TAO held in the subnet pools (from the Bittensor node of NOWNodes); where it is not measured, it counts as a gap. For DePIN and gaming there is no source that covers every coin of the type, so the factor does not apply and revenue is the core. Source: DefiLlama (defillama.com).

How expensive an attack on the chain would be: 60% security budget (value of newly issued coins per day that an attacker would have to outbid; logarithmic, 1 million dollars a day gives 55 points, 100 million or more gives 100) and 40% hash rate relative to its own one-year peak, computed from the block data. Applies to proof-of-work chains only.

Annual revenue and how many years of it the valuation asks for. What is valued is the part that reaches token holders (buybacks, burns, distributions): where DefiLlama reports it as zero, the lowest band applies; where DefiLlama does not report it, total revenue counts and the page says so. The size of the business (35%) uses total revenue, for a chain of its own its fee revenue (for Ethereum essentially the burnt base fee). Revenue below one million dollars counts as small revenue. For platforms, all fees of the chain count (burnt or paid to stakers) plus the revenue of its own protocols: market cap per year of fees on a scale of its own for chains (45%), whether the fees cover the value of newly issued coins (30%, full marks if supply is shrinking) and the size of the fees (25%). For DeFi protocols revenue is the core: without any, the score can reach at most 60. The same applies to any other coin except memecoins for which neither usage, network nor revenue is measured. Source: DefiLlama (defillama.com).

Each coin's own trend: distance to the 200-day average (45%), the gap between the 50- and 200-day EMA (25%) and relative strength over 30 days against the middle of the top 100 (30%). A healthy uptrend earns points, overheating costs them: from 30% above the average the points fall again, to 62 at twice the average and to 50 at 2.4 times. The morning email warns in addition.

The same for every coin, because Bitcoin sets the pace. What counts is MEQIRI's own Fear and Greed Index as the average of the last seven days, so that a single outlier day does not move every score. The Fear and Greed Index page and the bar at the top show the value of the day, so the two figures can differ by a few points. Three quarters of it are eleven sentiment parts (trend, volatility, buying pressure, altcoins, breadth and yearly highs from prices, plus ETF inflows, new money in stablecoins, funding and open interest in futures and the Coinbase premium), one quarter is Bitcoin's valuation, measured by its distance to the 200-week line. Read contrarian: extreme fear earns the most points (index 10 gives 95), extreme greed the fewest (index 90 gives 10). If MEQIRI's own index is unavailable, the Alternative.me index counts for half and Bitcoin's distance to the 200-week line for the other half.