Token Terminal is a platform that aggregates financial data on blockchains and decentralized applications (dapps) that run on blockchains. We believe that both blockchains and dapps are conceptually similar to traditional marketplace companies. They are internet-native businesses whose services generate revenue that is split between the projects’ supply-side participants and owners. These businesses are owned and operated by their tokenholders, similar to how companies are owned and operated by their shareholders. This is why we want to measure and evaluate the performance of blockchains and dapps using financial key performance indicators and correct the misunderstanding—where applicable—of crypto being all about currencies. An increasing amount of blockchains and dapps can be valued by measuring their usage and cash flows.