Definition. The share of transactions on the Ethereum network by on-chain financial instruments and protocols implemented as smart contracts, including decentralized exchanges (DEXs). Decentralized Finance Transactions (Absolute) is the absolute counterpart.

Technical. Only top-level transactions are counted, assigned by their recipient address, and failed transactions are included. Transactions to addresses also labelled as exchange, stablecoin or bridge are assigned to those categories instead.

This is the Point-in-Time (PiT) variant of DeFi Transactions (Relative). PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.