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About Token Terminal
Token Terminal translates on-chain activity into financial statements: it ingests raw logs from RPC nodes, decodes them by contract into fees, supply-side fees, protocol revenue, expenses, TVL and active addresses, then presents valuation ratios such as price-to-sales and price-to-fees so chains and applications can be compared on one basis. It addresses inconsistent definitions of revenue and unverifiable self-reported figures, and delivers standardised data through an Explorer, Studio dashboards, an API, a BigQuery share and spreadsheet add-ins. Quarterly reports break fees and revenue into income statements suited to discounted cash flow work.
Data is decoded into five account groups: fees, supply-side fees, protocol revenue, expenses and on-chain activity, each with its own mapping table that switches by contract version. Presentation comes in tiers: Explorer for a single protocol, Studio for comparison and export, API and BigQuery for data teams, and spreadsheet add-ins that pull the same definitions into local models. Quarterly reports turn fees and revenue into income statements for discounted cash flow work. Coverage centres on chains and leading applications, with long-tail protocols added as decoding completes.
Token Terminal, a full-stack onchain data platform founded in Helsinki by Aleksis Tapper and Henri Hyvärinen, launched its first public product around 2020. In March 2022, it completed a Series A round led by LeadBlock Partners, marking its early institutional validation. A pivotal shift occurred in November 2025 with the launch of its 'Tokenized Assets' page, expanding tracked assets from roughly 300 to over 4,600 across 45 chains, covering a total market cap of about $345.6 billion, with stablecoins representing 94%. This asset-first model reoriented the platform from protocol metrics to tracking individual tokenized assets, holders, and transactions. In January 2026, Token Terminal became the first crypto fundamental analysis app integrated into the Bloomberg Terminal, a major distribution win that signaled crypto's growing acceptance in traditional finance. In May 2026, it launched a dedicated RWA dashboard, followed by redesigned issuer pages in June, positioning itself for the expanding tokenized asset market. The company also rebuilt its API in May 2025, adding LLM-ready endpoints, and introduced an MCP server for AI agents. Today, Token Terminal covers 100+ chains, 1,200+ applications, and 3,000+ tokenized assets, serving institutions like Google, Binance, Bloomberg, and Morgan Stanley.
In 2026 Token Terminal expanded from a data platform into an AI distribution layer for onchain data. On June 1 it partnered with Cardano on dedicated dashboards and API access covering over ten project dashboards; on July 6 it struck a data partnership with CoinMarketCap and CMC AI, on July 7 it launched Token Terminal AI, and on June 12 it shipped MCP 2.0; on August 4 it became an official Claude connector, and in September and October it integrated with The Block and Robinhood Agents and launched Fact Sheets covering more than 10,000 tokenized assets.
Future strategy and roadmap: Token Terminal launched Fact Sheets (60-plus fields, 10,000-plus tokenized assets) and MCP 2.0, integrating Claude, The Block and Robinhood Agents. Next it will expand its data catalog and connectors, pipe standardized on-chain financials to institutional channels like the Bloomberg Terminal (January 2026) and AI agents, and unify revenue, fee and user accounting.
Token Terminal was founded in Helsinki in 2020 by Henri Hyvarinen, Aleksis Tapper and Robert Valta, who wanted to bring the language of public-company financial statements onchain. Hyvarinen studied law at the University of Helsinki and co-founded the student-run venture fund Wave Ventures in 2016 before moving into digital assets.
Hyvarinen is chief executive, with Tapper and Valta covering product and engineering.
Token Terminal recently welcomed Charlie Kavanagh as Senior Partnerships Manager in April 2026. Charlie brings experience from Nansen, Easy Crypto, and a background in crypto community leadership. This hire strengthens Token Terminal's partnership development as it expands its onchain data integrations with platforms like CoinMarketCap and Nansen.