Crypto research glossary
Definitions written for desk work — what the term means and why it changes Pass / Watch / Interested decisions.
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Definitions
- FDV
- Unlocks
- Liquidity
BTC+2.4%
ETH+1.8%
SOL−0.9%
AVAX+3.1%
LINK+0.6%
DOT−1.2%
ARB+4.0%
OP+2.2%
NEAR+1.4%
SUI+5.2%
APT−0.4%
INJ+2.9%BTC+2.4%ETH+1.8%SOL−0.9%AVAX+3.1%LINK+0.6%DOT−1.2%ARB+4.0%OP+2.2%NEAR+1.4%SUI+5.2%APT−0.4%INJ+2.9%BTC+2.4%ETH+1.8%SOL−0.9%AVAX+3.1%LINK+0.6%DOT−1.2%ARB+4.0%OP+2.2%NEAR+1.4%SUI+5.2%APT−0.4%INJ+2.9%BTC+2.4%ETH+1.8%SOL−0.9%AVAX+3.1%LINK+0.6%DOT−1.2%ARB+4.0%OP+2.2%NEAR+1.4%SUI+5.2%APT−0.4%INJ+2.9%Fully Diluted Valuation (FDV)
Price × max supply — a ceiling valuation if every token circulated today.
Circulating Supply
Tokens available to trade today — the float the market actually prices.
Token Unlocks
Scheduled releases of previously locked tokens into circulating supply.
Liquidity
How easily you can enter or exit size without moving the market.
Market Cap
Price × circulating supply — a quick size check, not intrinsic value.
TVL (Total Value Locked)
Capital deposited in a DeFi protocol — quality matters more than the headline.
Tokenomics
The economic design of a token — supply, incentives, and value accrual.
RSI (Relative Strength Index)
A 0–100 momentum oscillator — context, not a buy button.
Vesting
A schedule that releases tokens over time instead of all at once.
On-Chain Analysis
Reading blockchain data — flows, holders, activity — to inform research.
Whale
A wallet or entity holding enough supply to move markets.
Slippage
The difference between expected price and executed price when trading.
Impermanent Loss
LP opportunity cost when pool prices diverge vs simply holding.
Layer 1
A base blockchain that settles transactions and hosts apps.
Layer 2
A scaling network that settles to a Layer 1 for security.
DAO
A governance structure coordinated by tokens and on-chain proposals.
Max Supply
The maximum number of tokens that can ever exist under current rules.
Circulating vs Max Supply
Float today versus the eventual ceiling — the dilution gap researchers watch.
Research Score
Alphora’s composite signal across fundamentals, tokenomics, liquidity, momentum, and risk.
Crypto Narrative
The market story that attracts attention and capital to a sector or token.
APY (Annual Percentage Yield)
Compounded yearly return quoted on staking or lending products.
APR (Annual Percentage Rate)
Simple yearly rate without assuming compounding.
Staking
Locking or bonding tokens to secure a network or earn protocol rewards.
Bridging
Moving assets between chains — often via lock-and-mint or burn-and-mint designs.
MEV (Maximal Extractable Value)
Value captured by reordering, inserting, or censoring transactions in a block.
Stablecoin
A token designed to hold a stable value, usually pegged to a fiat currency.
Governance Token
A token that grants voting power over protocol parameters or treasuries.
Airdrop
Free token distribution to users, often for past activity or loyalty.
Points Program
Off-chain loyalty scores that may later convert into tokens.
TGE (Token Generation Event)
The moment a project’s token becomes transferable and tradeable.
Order Book
A list of resting bids and asks that defines market depth.
AMM (Automated Market Maker)
A pool-based pricing mechanism used by most DEXs.
Smart Contract Risk
The chance that code bugs, admin keys, or exploits destroy value.
Total Supply
Tokens created so far — may include locked and unlocked units.
Token Burn
Permanently removing tokens from supply.
Market Beta
How much an asset tends to move with the broader crypto market.
Drawdown
Peak-to-trough decline — how far an asset or portfolio fell.
Catalyst
An upcoming event that could reprice a narrative or fundamentals.