NVT & Velocity
Fundamental on-chain metrics for the Keeta network, including NVT ratio, velocity and transaction volume context.
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Important context
Keeta is an L1 with a bridge to Base. Mainnet DAV includes all bridged tokens — KTA, USDC, EURC, and CBBTC — valued at current market prices. NVT and velocity use this DAV as the denominator, matching the scope of the transaction volume data which also includes all token types.
These metrics do not include trading, transfers, or DeFi activity happening on Base. As more value migrates to mainnet, the DAV will grow and these numbers will reflect an increasingly complete picture.
NVT RatioNetwork Value to Transactions. Mainnet DAV divided by 24h mainnet transaction volume. Lower = more productive network. DAV includes all bridged tokens (KTA, USDC, EURC, CBBTC). Volume is DAV-scoped — fiat (Keeta Personal) is excluded from both sides; see Payments for fiat metrics.
Mainnet DAV divided by 24h mainnet transaction volume. Use this as a neutral trend metric over time.
Token VelocityDaily mainnet volume divided by mainnet DAV. Measures how often each dollar of bridged value changes hands per day. Higher = more transactional, lower = more held.
24h mainnet volume divided by mainnet DAV. Use this as a neutral turnover metric over time.
Network ComparisonApproximate NVT and velocity ranges based on historical on-chain data from Glassnode, CoinMetrics, and Token Terminal. Ranges vary with market conditions and methodology. Current values for BTC/ETH are approximate snapshots — Keeta is live.
Contextual range comparison across network types.
NVT measures how much a network is "valued" relative to how much it's actually used. But a "good" NVT looks completely different depending on the type of chain:
Bitcoin · Store of Value
Designed for holding, not transacting. Low on-chain volume relative to market cap means NVT is structurally high (30–100+). A "normal" BTC NVT would look wildly overvalued on any other chain.
Ethereum · Smart Contract Platform
DeFi, stablecoins, and NFTs generate substantial volume, pulling NVT lower than BTC (40–110). L2 adoption means some activity isn't captured in mainnet NVT.
Solana · High-Frequency Apps
Sub-second blocks and near-zero fees enable massive transaction throughput. NVT stays very low (2–7) — a ratio of 5 on Solana can signal overvaluation, while 50 on Bitcoin is neutral.
| Network | NVT Range | Current NVT | ||
|---|---|---|---|---|
| Bitcoin | 30–100+ | ~73.5 | 0.012–0.045 | Undervalued <50 · Neutral 50–70 · Overvalued >70 |
| Ethereum | 40–110 | ~57 | 0.02–0.07 | Undervalued <40 · Neutral 50–70 · Overvalued >100 |
| Solana | 2–7 | ~3.7 | 0.05–0.2 | Undervalued <3 · Overvalued >5–7 |
| Keeta | — | —live 7d — · 30d — | —live 7d — · 30d — |
BTC/ETH/SOL current values are approximate snapshots. NVT thresholds vary by network type — store-of-value chains (BTC) have structurally higher NVT than high-throughput chains (SOL). Historical peaks: BTC ~187 (2014), ~220 (2021); ETH ~110 (2019), ~134 (2024). Sources: Glassnode, CoinMetrics, Token Terminal.
Methodology
NVT Ratio = Mainnet DAV / 24h Transaction Volume. Analogous to the P/E ratio in traditional finance. A lower NVT suggests the network is generating high economic throughput relative to its total on-chain liquidity. Pioneered by Willy Woo (2017) and widely used by Glassnode, CoinMetrics, and Token Terminal.
Token Velocity = 24h Volume / Mainnet DAV. The inverse of NVT. Measures how frequently each dollar of bridged value changes hands. High velocity can indicate active utility usage, while low velocity suggests holding behavior (often interpreted as bullish for price).
Both ratios use mainnet DAV (all bridged tokens: KTA, USDC, EURC, CBBTC) — not the total circulating KTA supply. This ensures the denominator matches the numerator, which captures all mainnet activity across all token types. Volume is calculated from user-facing transactions only — infrastructure transfers, internal ops, and token contract interactions are excluded.