# Measured activity accounts for most daily USD volume variation

The daily model accounts for 88% of CRV’s USD log-volume variation. 12% remains unexplained.

CRV has the smallest unexplained share among the twelve tokens in the USD comparison. Its on-chain market moves closely with wider trading activity and its own exchange activity.

In token units, the model accounts for 69% of the variation. Use the selector to compare dollar trading with the amount of CRV traded.

## USD volume variation explained by measured activity

In-sample OLS fit of daily log usd volume, on 730 dates. Common and token-specific blocks share correlated explanatory power using the average of their two entry orders. Own controls include CEX activity, volatility, returns, claims and calendar terms where available. The unexplained share is the full-model residual.

[Figure](../charts/factors_usd.svg) · [Data](../data/factors_usd.csv)

| Observation | Common market activity (% of daily variance) | Token-specific controls (% of daily variance) | Unexplained (% of daily variance) |
| --- | --- | --- | --- |
| CRV | 29.8675 | 58.1694 | 11.963 |
| CVX | 26.5843 | 61.0316 | 12.384 |
| BAL | 20.1798 | 63.561 | 16.2592 |
| UNI | 26.7007 | 53.2593 | 20.0401 |
| SKYEQ | 26.9243 | 53.0083 | 20.0673 |
| AAVE | 34.5262 | 40.0273 | 25.4465 |
| PENDLE | 27.7685 | 46.1008 | 26.1307 |
| ENA | 28.8152 | 44.5427 | 26.6421 |
| LINK | 21.5011 | 47.6293 | 30.8696 |
| COMP | 11.8446 | 37.4289 | 50.7266 |
| LDO | 10.2102 | 25.2122 | 64.5777 |
| 1INCH | 7.3971 | 19.7434 | 72.8596 |

## Token volume variation explained by measured activity

In-sample OLS fit of daily log token volume, on 730 dates. Common and token-specific blocks share correlated explanatory power using the average of their two entry orders. Own controls include CEX activity, volatility, returns, claims and calendar terms where available. The unexplained share is the full-model residual.

[Figure](../charts/factors_tokens.svg) · [Data](../data/factors_tokens.csv)

| Observation | Common market activity (% of daily variance) | Token-specific controls (% of daily variance) | Unexplained (% of daily variance) |
| --- | --- | --- | --- |
| SKYEQ | 15.9092 | 68.6096 | 15.4812 |
| CVX | 10.6156 | 68.4645 | 20.92 |
| BAL | 4.4728 | 66.6581 | 28.8691 |
| UNI | 22.4701 | 46.4844 | 31.0455 |
| CRV | 15.1711 | 53.4021 | 31.4269 |
| AAVE | 24.4721 | 36.6505 | 38.8774 |
| LINK | 16.3434 | 44.5927 | 39.0639 |
| PENDLE | 14.7931 | 44.2793 | 40.9276 |
| COMP | 8.7563 | 32.2573 | 58.9863 |
| ENA | 11.4701 | 29.131 | 59.399 |
| 1INCH | 9.8892 | 17.4029 | 72.708 |
| LDO | 2.4435 | 12.1847 | 85.3718 |

## Measurement

This is a fit to the observed days, not a forecast of new days. The full model includes the common factor, own CEX volume, volatility, returns, claims, harvests and calendar terms where available. Correlated blocks share explanatory power; the plotted common share differs from a common-only fit.