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Learning path

On-Chain Research

Learn to use a blockchain's own public data to research assets and protocols directly, through to on-chain valuation metrics.

Who it's for: People who already understand basic crypto concepts and want to research using real on-chain data.

11 steps · ~58 min of guided reading, plus research and tool steps

What you'll learn

  • • Explain why on-chain analysis is possible and what it can and can't reveal.
  • • Read a block explorer to verify a transaction independently.
  • • Interpret whale wallet movements and exchange flow metrics with appropriate caution.
  • • Use on-chain data as part of researching a DeFi protocol.
  • • Explain what NVT, Realized Capitalization, MVRV, and SOPR each measure, and how they relate to one another as a combined valuation toolkit.
  1. 1
    Guide

    5 min read

    Introduction to On-Chain Analysis

    Start with what on-chain analysis is and why it's possible.

  2. 2
    Guide

    5 min read

    How to Read a Block Explorer

    Learn the practical tool used to view a blockchain's public data directly.

  3. 3
    Guide

    5 min read

    Reading Whale Wallet Movements

    Understand what large-wallet tracking can and can't reasonably tell you.

  4. 4
    Guide

    5 min read

    Understanding Exchange Flow Metrics

    Learn a commonly referenced on-chain sentiment indicator and its real limitations.

  5. 5
    Guide

    6 min read

    Using On-Chain Data to Research a Protocol

    Apply on-chain research to evaluating a DeFi protocol's real activity.

  6. 6
    Research

    Understanding On-Chain Analytics Metrics

    Deepen your understanding with Kaavon's research overview of on-chain metrics.

  7. 7
    Article

    8 min read

    Realized Capitalization and Realized Price

    Learn the cost-basis concept that several on-chain valuation metrics build on.

  8. 8
    Article

    8 min read

    MVRV Ratio

    See how Realized Cap and market cap combine into a single valuation ratio.

  9. 9
    Article

    8 min read

    Spent Output Profit Ratio (SOPR)

    Learn the flow-based counterpart to MVRV's stock-based view.

  10. 10
    Article

    8 min read

    Network Value to Transactions (NVT) Ratio

    Learn the crypto-native parallel to a traditional valuation multiple.

  11. 11
    Research

    Comparing Crypto-Native On-Chain Valuation Frameworks

    Finish by seeing how all four valuation metrics relate to each other as a combined framework.

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