Tokenomics & On-chain

What is realized cap (realized market capitalization)?

Realized cap is an on-chain valuation that prices each unit of a crypto asset at the value it last moved on-chain, rather than at the current market price. It is calculated by summing the price of every coin at the time it was last transacted, which approximates the aggregate cost basis of all holders. For example, coins that last moved years ago at low prices are counted at those older prices, not today's. This makes realized cap a steadier gauge of capital actually committed to the network.