Nvts
Chainlink
NVT Signal: network value over smoothed transaction volume, with its two-year moving average and deviation bands.
Why it matters
It prices the network against its own settlement throughput — a P/E ratio for the chain, stabilised.
How it is built
NVT computed with smoothed volume; bands are the 730-day moving average with high/low envelopes.
What to watch
The bands are what make it usable: the raw ratio drifts across eras, but distance from its own two-year band has marked overheating and washouts consistently.