1/ We’ve created an entirely new metric to measure the total size and economic activity of blockchains. It is flexible and widely applicable to chains with various use cases and user behaviors. It also has a strong relationship with Market Cap:

2/ Introducing TEA: Total Economic Activity TEA = Chain Fees & MEV + Settlement Volume + Application Fees

3/ While there have been numerous attempts to measure and value blockchains in the past, we believe looking at blockchains as individual economies is the correct framework.

4/ All core on-chain actions are captured and measured by TEA. TEA provides a standardized metric to evaluate, contextualize, and compare the size of these digital economies over time.

5/ For more on TEA, including our findings across several major chains, check out the full post: