# Swoopr Investment: On-Chain Analysis
# Scoped content manifest for LLM agents and web crawlers.
# Generated: 2026-10-09
# 71 pages in this section.
# Root index: https://www.getswoopr.com/llms.txt

## On-Chain Analysis: Data Foundations and Data Quality

- [On-Chain Analysis: Metrics, Methods](https://www.getswoopr.com/on-chain-analysis/) ([Markdown](https://www.getswoopr.com/on-chain-analysis.md)): On-chain analysis converts blockchain records into evidence about usage, asset movement, holder behavior, liquidity, security, and protocol economics.
- [On-Chain Data Foundations & Data Quality](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality.md)): How blockchain records become analytical datasets, why providers disagree, and how analysts prevent address, entity, pricing, and methodology errors.
- [Address Labeling and Entity Clustering](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/address-labeling-entity-clustering/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/address-labeling-entity-clustering.md)): Address labeling and entity clustering connects pseudonymous blockchain addresses to known exchanges, funds, and protocols. Learn the method and common errors.
- [How to Avoid False On-Chain Signals](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/avoiding-false-on-chain-signals/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/avoiding-false-on-chain-signals.md)): Avoiding false on-chain signals means separating real economic behavior from transfers, migrations, spam, and artifacts. Learn the diagnostic process.
- [On-Chain Cohort Analysis](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/cohort-analysis/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/cohort-analysis.md)): On-chain cohort analysis segments blockchain activity into groups by holder age, size, and behavior. Learn the method and workflow for cohort-based research.
- [How Blockchain Explorers Work](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/how-blockchain-explorers-work/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/how-blockchain-explorers-work.md)): Blockchain explorers index raw ledger records into searchable, human-readable pages showing transactions, logs, traces, and address labels. Learn how they work.
- [How to Normalize On-Chain Metrics](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/normalizing-on-chain-metrics/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/normalizing-on-chain-metrics.md)): Normalizing on-chain metrics uses ratios, per-unit measures, rolling baselines, and z-scores to make raw blockchain counts comparable across cycles.
- [On-Chain Data Quality Methodology](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/on-chain-data-quality-methodology/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/on-chain-data-quality-methodology.md)): On-chain data quality methodology defines the controls that make a blockchain metric reproducible and resistant to silent changes. Learn the method.
- [On-Chain Data Sources: Nodes & APIs](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/on-chain-data-sources-providers/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/on-chain-data-sources-providers.md)): The tradeoffs among self-hosted nodes, block explorers, provider apis, sql warehouses, curated datasets, and commercial metric platforms. Learn the method
- [Privacy, Mixers & On-Chain Attribution Limits](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/privacy-and-on-chain-analysis-limitations/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/privacy-and-on-chain-analysis-limitations.md)): Privacy tools like mixers and shielded pools limit on-chain attribution's reliability. Learn the technical and ethical limits of interpreting activity.
- [UTXO vs. Account-Based Blockchains Explained](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/utxo-vs-account-models/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/utxo-vs-account-models.md)): The difference between unspent transaction output ledgers and account-state ledgers. Learn the method, interpretation, limitations, examples, and workflow
- [What Is On-Chain Analysis?](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/what-is-on-chain-analysis/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/foundations-data-quality/what-is-on-chain-analysis.md)): On-chain analysis is the disciplined study of blockchain records, state changes, transactions, and attributed entities. Learn the method and its limitations.

## On-Chain Analysis: Network Activity and Adoption

- [Network Activity, Usage](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption.md)): How to interpret addresses, transactions, transfer value, fees, block space, contracts, velocity, and cross-chain usage without confusing activity with users.
- [Active Addresses Explained](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/active-addresses/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/active-addresses.md)): Active addresses count distinct wallets in qualifying ledger activity per period. Learn what the metric measures, why providers disagree, and its limits.
- [Block-Space Demand: Congestion](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/block-space-demand/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/block-space-demand.md)): Block-space demand measures competition for the finite transaction capacity in blocks. Learn the method, interpretation, limitations, examples, and workflow.
- [Cross-Chain Activity: Measuring Users](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/cross-chain-activity/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/cross-chain-activity.md)): Cross-chain activity tracks how users and value move across bridges, rollups, and networks. Learn the method, double-counting pitfalls, and workflow.
- [Gas Price and Fee History Explained](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/gas-price-fee-history/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/gas-price-fee-history.md)): Gas price and fee history tracks how much users pay to transact on a blockchain over time, revealing network demand, congestion cycles, and adoption trends.
- [Blockchain Network Fees](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/network-fees/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/network-fees.md)): Payments associated with transaction inclusion, computation, storage, priority, or other network resources. Learn the method, interpretation, limitations,
- [New & Funded Addresses](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/new-addresses/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/new-addresses.md)): New addresses and funded addresses measure crypto user growth via first-seen and nonzero-balance wallets. Learn the method, provider gaps, and limits.
- [Token Velocity Explained: Formulas](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/on-chain-velocity/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/on-chain-velocity.md)): Token velocity measures how fast an asset circulates relative to supply or value. Learn the formula, common uses, and misinterpretations to avoid.
- [Smart-Contract Activity: Calls, Users](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/smart-contract-activity/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/smart-contract-activity.md)): The interaction between externally controlled accounts, contracts, and on-chain applications. Learn the method, interpretation, limitations, examples, and
- [Transaction Count: Blockchain Throughput](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/transaction-count/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/transaction-count.md)): Transaction count measures the number of ledger transactions included or finalized during a period, revealing blockchain throughput trends and network usage.
- [On-Chain Transfer Volume Explained](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/transfer-volume/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/transfer-volume.md)): Transfer volume measures the quantity or value transferred across the blockchain ledger during a period, including method, interpretation, and key limitations.
- [On-Chain User Retention: Cohorts](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/user-retention-on-chain/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-activity-adoption/user-retention-on-chain.md)): The share of first-time addresses or attributed entities that return and perform qualifying activity later. Learn the method, interpretation, limitations,

## On-Chain Analysis: Holder Economics and Valuation

- [Holder Economics & On-Chain Valuation](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation.md)): Realized capitalization, cost basis, MVRV, NUPL, SOPR, gains and losses, coin age, dormancy, liveliness, and supply profitability for on-chain valuation.
- [aSOPR: Adjusted SOPR Formula & Meaning](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/asopr/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/asopr.md)): Adjusted SOPR (aSOPR) is realized value divided by value at creation for spent bitcoin UTXOs over an hour old, showing if coins moved on-chain profited.
- [Coin Days Destroyed (CDD): Formula](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/coin-days-destroyed/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/coin-days-destroyed.md)): Coin Days Destroyed weights spent coins by how long they were held before moving, so a single old coin moving can outweigh many recently active ones.
- [Coin Dormancy Explained](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/dormancy/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/dormancy.md)): The average age of units spent during a period, weighted by the amount moved. Learn the method, interpretation, limitations, examples, and workflow.
- [HODL Waves and Coin Age Explained](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/hodl-waves-coin-age/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/hodl-waves-coin-age.md)): HODL waves show the distribution of crypto supply according to time since last movement, helping analysts read coin age and long-term holder behavior.
- [Liveliness and Vaultedness Explained](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/liveliness/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/liveliness.md)): The relationship between accumulated coin-days destroyed and all coin-days created over time. Learn the method, interpretation, limitations, examples, and
- [Long-Term Holder Supply: Definition](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/long-term-holder-supply/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/long-term-holder-supply.md)): Long-Term Holder Supply is the portion of a crypto asset's circulating supply held by wallets whose coins have sat unmoved for roughly 155 days or more.
- [MVRV Ratio Explained](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/mvrv-ratio/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/mvrv-ratio.md)): The relationship between current market capitalization and realized capitalization. Learn the method, interpretation, limitations, examples, and workflow.
- [NUPL Explained: Unrealized Profit & Loss](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/nupl/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/nupl.md)): NUPL measures the net unrealized profit or loss embedded in a crypto network's supply relative to market value, helping gauge market cycle sentiment.
- [Realized Capitalization Explained](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/realized-capitalization/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/realized-capitalization.md)): Realized capitalization values each coin at the price it last moved on-chain, giving a network's aggregate cost basis rather than current market value.
- [Realized Price and On-Chain Cost Basis](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/realized-price-cost-basis/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/realized-price-cost-basis.md)): Realized price is the realized capitalization divided by the relevant supply, used as an aggregate on-chain cost-basis estimate for crypto holders.
- [Realized Profit and Loss On-Chain](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/realized-profit-loss/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/realized-profit-loss.md)): Realized profit and loss estimates the dollar or native-unit gain or loss recognized when ledger units move at a different price than their prior cost basis.
- [Short-Term Holder Supply: Definition](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/short-term-holder-supply/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/short-term-holder-supply.md)): Short-Term Holder Supply is the portion of a crypto asset's circulating supply held by wallets that acquired coins within roughly the last 155 days.
- [SOPR Explained: Realized Profit and Loss](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/sopr/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/sopr.md)): SOPR is the ratio of realized value at spending time to value at creation, showing whether spent crypto units are moving at a profit or a loss.
- [Supply in Profit and Loss Explained](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/supply-in-profit-loss/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/holder-economics-valuation/supply-in-profit-loss.md)): The portion of eligible supply whose current price is above or below its last-movement price. Learn the method, interpretation, limitations, examples, and

## On-Chain Analysis: Exchange Flows, Stablecoins, and Liquidity

- [Exchange Flows and On-Chain Liquidity](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure.md)): How assets move among exchanges, custodians, whales, bridges, decentralized exchanges, and stablecoin systems, and why flow interpretation requires labels
- [Crypto Bridge Flows Across Chains](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/bridge-flows/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/bridge-flows.md)): Asset deposits, locks, burns, mints, releases, and messages associated with cross-chain bridge systems. Method, interpretation, limitations, and workflow.
- [Custodian, Fund & ETF On-Chain Flows](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/custodian-etf-fund-flows/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/custodian-etf-fund-flows.md)): Blockchain movements associated with regulated funds, custodians, trusts, and institutional products. Learn the method, interpretation, and limitations.
- [DEX Volume and On-Chain Liquidity](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/dex-volume-liquidity/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/dex-volume-liquidity.md)): Decentralized exchange trading activity and the liquidity available across automated market makers and order-book systems. Learn the method, interpretatio
- [Exchange Inflows and Outflows Explained](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/exchange-inflows-outflows/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/exchange-inflows-outflows.md)): Asset transfers into and out of addresses attributed to centralized exchanges. Learn the method, interpretation, limitations, examples, and workflow.
- [Exchange Netflow: Definition & Meaning](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/exchange-netflow/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/exchange-netflow.md)): Exchange netflow is the difference between coins moving into and out of centralized exchange wallets, a widely watched proxy for near-term selling pressure.
- [Exchange Reserves Explained](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/exchange-reserves/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/exchange-reserves.md)): The supply held in addresses attributed to exchanges at a point in time. Learn the method, interpretation, limitations, examples, and workflow.
- [Token Holder Concentration Explained](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/holder-concentration/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/holder-concentration.md)): How ownership or control is distributed across addresses, entities, contracts, treasuries, and liquidity pools. Learn the method, interpretation, limitations.
- [On-Chain Liquidity Fragmentation](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/liquidity-fragmentation/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/liquidity-fragmentation.md)): The distribution of trading and settlement liquidity across networks, venues, pools, wrappers, and bridge systems. Learn the method, interpretation, limit
- [Stablecoin Exchange Flows and Liquidity](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/stablecoin-flows/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/stablecoin-flows.md)): Movement of stablecoins among issuers, exchanges, wallets, bridges, and decentralized protocols. Learn the method, interpretation, limitations, examples,
- [Stablecoin Market Cap: What It Means](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/stablecoin-market-cap/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/stablecoin-market-cap.md)): Stablecoin market cap is the total dollar value of all stablecoins in circulation, a widely used proxy for on-chain liquidity and dollar-denominated crypto.
- [Stablecoin Supply: Issuance & Redemption](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/stablecoin-supply/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/stablecoin-supply.md)): The outstanding amount of stablecoins issued across supported chains and contract versions. Learn the method, interpretation, limitations, examples, and w
- [Whale Accumulation and Distribution](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/whale-accumulation-distribution/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/flows-liquidity-market-structure/whale-accumulation-distribution.md)): Changes in balances and flows among addresses or entities above defined size thresholds. Learn the method, interpretation, limitations, examples, and work

## On-Chain Analysis: Network Security and DeFi Health

- [Mining, Validators & DeFi Health](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health.md)): Hash rate, mining economics, validator participation, staking concentration, slashing, TVL, liquidations, MEV, and protocol revenue for network and DeFi health.
- [Borrow APY vs Supply APY](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/borrow-apy-vs-supply-apy/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/borrow-apy-vs-supply-apy.md)): Borrow APY vs supply APY is the spread between what DeFi lending borrowers pay and what suppliers earn, driven by pool utilization and the protocol's reserve.
- [DeFi Lending Health](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/defi-lending-liquidations/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/defi-lending-liquidations.md)): DeFi lending health covers the solvency and usage conditions of on-chain lending markets. Learn the method, interpretation, limitations, and examples.
- [Total Value Locked (TVL) Explained](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/defi-tvl/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/defi-tvl.md)): The value of assets held in or assigned to protocol smart contracts under a defined methodology. Learn the method, interpretation, limitations, examples,
- [ETH Issuance vs Burn](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/eth-issuance-vs-burn/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/eth-issuance-vs-burn.md)): ETH issuance vs burn tracks new ETH minted to validators against EIP-1559 base-fee burn, the two forces that determine whether net ETH supply grows or shrinks.
- [Hash Rate Explained](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/hash-rate/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/hash-rate.md)): Hash rate is the estimated computational work securing a proof-of-work network. Learn the method, interpretation, and limitations for Bitcoin analysis.
- [Lending Utilization Rate: DeFi Formula](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/lending-utilization/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/lending-utilization.md)): Lending utilization is total borrowed divided by total supplied in a DeFi lending pool, expressed as a percentage, and it drives the interest-rate curve most.
- [Maximal Extractable Value (MEV) Explained](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/mev/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/mev.md)): MEV is value extracted through transaction ordering beyond standard block rewards and fees. Learn the method, interpretation, and limitations of MEV analysis.
- [Miner Outflow: Definition & Meaning](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/miner-outflow/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/miner-outflow.md)): Miner outflow is the volume of coins moving out of known miner wallet addresses, an on-chain signal analysts watch for potential miner-driven selling pressure.
- [Miner Reserves and Miner Flows](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/miner-reserves-flows/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/miner-reserves-flows.md)): Balances and transfers attributed to miners, pools, and mining-related entities. Learn the method, interpretation, limitations, examples, and workflow.
- [Miner Revenue: Block Subsidy + Fees](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/miner-revenue/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/miner-revenue.md)): Miner revenue is the block subsidy plus transaction fees miners earn per day, a key proxy for a blockchain's network security budget and profitability.
- [Mining Difficulty and Hash Ribbons](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/mining-difficulty-hash-ribbons/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/mining-difficulty-hash-ribbons.md)): Protocol difficulty adjustments and moving-average frameworks used to describe changes in mining participation. Learn the method, interpretation, and limits.
- [Protocol Fees and Revenue Explained](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/protocol-fees-revenue/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/protocol-fees-revenue.md)): The distinction among user-paid fees, supply-side payments, protocol revenue, treasury income, tokenholder distributions, and incentives. Learn the method
- [Puell Multiple: Formula & Meaning](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/puell-multiple/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/puell-multiple.md)): The Puell Multiple divides the daily USD value of bitcoin miner issuance by its 365-day moving average, a cyclical lens on miner revenue and network stress.
- [Staking Participation and Locked Supply](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/staking-participation/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/staking-participation.md)): The share of eligible supply committed to validator or delegation mechanisms. Learn the method, interpretation, limitations, examples, and workflow.
- [Staking Ratio: Formula & Meaning](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/staking-ratio/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/staking-ratio.md)): Staking ratio is the share of a proof-of-stake network's circulating supply actively staked, expressed as a percentage. Learn the formula, an example, and why.
- [Validator Entry and Exit Queues](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/validator-entry-exit-queues/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/validator-entry-exit-queues.md)): The protocol-governed waiting process for activating or withdrawing validators. Learn the method, interpretation, limitations, examples, and workflow.
- [Validator Queue: Entry/Exit Wait Times Explained](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/validator-queue/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/validator-queue.md)): The validator queue rate-limits how many validators can enter or exit a proof-of-stake network's active set per epoch.
- [Validator Slashing & Concentration Risk](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/validator-slashing-concentration/) ([Markdown](https://www.getswoopr.com/on-chain-analysis/network-security-defi-health/validator-slashing-concentration.md)): Penalties, missed duties, correlated failure, and control concentration in proof-of-stake networks. Learn the method, interpretation, limitations, example