# Definitions and measurement

The study connects trading events, inventories and cash accounts. Each answers a different question.

Scope: twelve token series on Ethereum, 27 October 2024 through 26 October 2026, covering 730 UTC days. Monthly association tests use the 23 complete months from November 2024 through September 2026. Funding coverage also includes the acquired L2 deployments.

Pool volume counts absolute study-token amounts at decoded exchange events. A route can cross several pools. Trade-linked buys and sells follow transfers to the addresses that receive or supply the traded tokens.

Circulating supply subtracts documented noncirculating balances. Liquid float also subtracts locks. Provider supply is inferred from provider cap and price. Historical UNI and ENA supply definitions retain material gaps; peer rankings describe the stated accounting definitions.

Provenance follows tagged inventory to its first measured disposition. Tags reset at specified channel outflows. The resolved FIFO and proportional books differ in both allocation and principal resolution. Their source shares must keep their own denominators.

Exchange custody has two boundaries: labelled wallets, and an expanded set including qualified deposit candidates. Receipt means custody arrival. It does not demonstrate an exchange sale.

The liquid-float growth headline, supply history chart and net exchange-custody comparison use the final exchange-flow release’s corrected daily supply panel.

The accounts are exploratory and descriptive. Models summarize the observed period. Retrospective address labels and unmeasured beneficial ownership affect actor interpretations. Missing funding coverage and missing prices remain explicit in the source releases.

Every chart has a numerical table and a CSV download. The evidence index lists the released tables and their hashes. The site is a dated presentation of existing results; it does not update automatically.