Measured anchor — start here. The part of a price we can measure today: book value (C) + residual income (E/r). The headline coverage is this anchor ÷ price; everything above it is future expectations. The entries below define each piece — we keep the formal finance terms (Ohlson's book value and residual income) and group them under the measured anchor.
Waterfall (the signature) The price-decomposition shown as a stacked bar — each asset's price split into the measured anchor (book value + residual income) and the future expectations priced on top. One per asset; the home shows the four majors side by side.
Coverage The headline number: the measured anchor ÷ price, as a percentage — how much of the price is anchored to value we can measure today. Over 100% means price sits below the measured floor (e.g. Bitcoin near or below production cost). An observation, not a verdict.
Book value (C) The realized net-asset stock — the equity analog of book value. For Bitcoin, cumulative production cost (energy assumptions disclosed). For fee-burning chains, the net-burn stock, which needs our own node and is N/A keyless today — never estimated, and never treasury (treasury is external holders, shown separately).
Residual income (E/r) The holder cash flow capitalized with no growth at a discount rate r. What we measure keyless is the base-fee burn — a buyback, not earnings (issuance is not subtracted).
Premium (future expectations) Price minus the measured anchor (book value + residual income) — what the market pays beyond what we can measure today. We keep it as a single residual; we don't split it into sub-claims we can't yet defend. (We do read the residual — the perpetual growth rate the price implies — but we don't draw a line through it.)
Discount rate (r) The risk-free rate (10-year Treasury) plus a disclosed crypto risk premium. The dial through which macro enters the model — as a discount rate, never a causal claim about price.
Lens The frame we read an asset through, assigned by an objective, mechanism-based test (not opinion). Four lenses: Cash-flow, Monetary, Staking/issuance, No-fundamentals. The lens decides which metrics apply and which are left blank; each asset page declares its lens at the top.
Cash-flow lens For assets where fees accrue to token holders via a mechanism (burn or distribution) — DEXes, lending, perps, fee-burning L1s. Read through the base-fee burn (a buyback flow) and the waterfall. P/F and P/S, read keyless today, are price ÷ base-fee burn — a buyback multiple, not a revenue or earnings multiple (the full revenue version needs our own node).
Monetary lens For assets with no holder-accrual mechanism by design that function as money / store-of-value (e.g. BTC, XRP). Read through production cost, supply, issuance, and security (hashrate); the premium is read against gold parity and stock-to-flow, not growth.
Staking / issuance lens For assets whose holder rewards are funded mainly by new issuance rather than external cash flow (e.g. ADA). Read through staking real yield (nominal minus issuance dilution).
No-fundamentals lens For assets with effectively no protocol revenue or holder accrual (meme coins). Most cells are blank, and that — "almost no measured anchor — the price is almost entirely future expectations" — is itself the information.
Three-state cell Every metric cell is one of three states: Value (a number), 0 (a meaningful zero — the mechanism exists but currently nets nothing to holders, shown as a number), and N/A (the metric doesn't apply under the asset's lens, or needs infrastructure we don't run — shown greyed/blank). A blank (N/A) is not a zero.
accrual_type — none The holder-accrual mechanism is structurally absent (BTC, XRP, memes). Distinct from reserve_only (revenue goes to a DAO treasury, not the token) and from a real revenue = 0 (a mechanism exists but currently nets zero). none means the cash-flow lens is off.
Anchor vs. context The decomposition (book value + residual income + premium) is built only from data we compute ourselves — on-chain fees/burn and self-read supply. Price (Kraken ticker + DexScreener DEX trades) and macro (US Treasury, World Bank, NY Fed) are context with a source badge; they never silently feed the ratios.
Sample estimate On-chain fees and burn are annualized from a recent-block sample, not full block history — an estimate, flagged. Full block-by-block computation is future work; we disclose the limit rather than imply false precision.