Definition. This chart shows the two complementary state variables of the Cointime Economics framework — Liveliness 🔴 and Vaultedness 🟢 — alongside price (grey). The concept of Liveliness was first introduced in 2018 by Tamás Blummer as a measure of how 'active' a blockchain network is (cumulative cointime destruction) relative to its aggregate age and size (cumulative cointime creation). Liveliness was a breakthrough innovation in on-chain analytics and is a remarkably elegant, yet information dense, concept. Within the Cointime Economics framework, the opposite metric, Vaultedness, was established, describing the relative 'inactivity' of a blockchain network.

Technical. Both are ratios of the all-time cumulative coinblock aggregates, and sum to 1 by construction:

• 🔴 Liveliness = cumsum(Coinblocks Destroyed) / cumsum(Coinblocks Created)
• 🟢 Vaultedness = cumsum(Coinblocks Stored) / cumsum(Coinblocks Created) = 1 - Liveliness

Interpretation. Liveliness moves between the extremes of 0 (where no coin has ever been spent) and is asymptotic to a value of 1 (possible only theoretically in a block where every coin in the supply is spent). Sustained uptrends in Liveliness indicate that cointime destruction outpaces creation — older coins being spent, typical of bull markets and distribution phases — while downtrends indicate dominant coinblock storage, typical of accumulation and HODLing-heavy regimes. Vaultedness reads inversely, tracking the relative coinblock storage within the network.

Notes. Built from Liveliness. These two state variables partition the supply into the Active and Vaulted Supply regions; their ratio is charted as the Activity-to-Vaulting Ratio. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest, with full details available in two formats: an overview primer (Version I published via ARK) and a comprehensive guide for specialists (Version II published via Glassnode).