Data Capital Locked (DCL)

What DCL Measures

Data Capital Locked (DCL) measures the total value of all data capital on Vana. DCL captures the aggregate presence and worth of all data on the network. DCL is distinct from data revenue, which measures realized value from specific sales. As a north star metric, DCL reflects the scale and economic weight of data capital that Vana hosts, not just the income generated from it.

Methodology

If the DLP has a live VRC-20 token

The market cap of the data token is used as the measure of dataset value. The full market cap is used, rather than only the portion of tokens distributed to data contributors, because the VRC-20 token is designed to capture the underlying value of the dataset.

Example: For $BOPS, the market cap is around $10M. This includes all circulating tokens, tokens locked in the DLP contract, tokens distributed to data contributors, and tokens locked in the DEX as liquidity.

If a DLP does not have a live VRC-20 token

A per-data-point capital value is estimated and multiplied by the number of data points collected in the DLP. This per-data-point value is set higher than the resale price, since each data point can be sold, licensed, or reused multiple times across different buyers and applications.

Example: If a resale price is $0.30 per data point, the capital value might reasonably be estimated at $3–$5, reflecting its ongoing monetization potential.

Data from outside DLPs

Individual user-owned data connected to Vana for portability (but not yet pooled in a DLP) is also included in DCL.

Example: If 100,000 users connect their Instagram data to Vana, the value of this dataset is counted in DCL based on its estimated per-data-point capital value, even if none of it is in a DLP.

If a subset of that data later enters a DLP, for example, 10,000 users opt into an Instagram DLP, then DCL counts both:

• The DLP token market cap, representing the value of the actively pooled subset
• The existing 100,000 users' data, still connected to Vana outside the DLP

This ensures DCL reflects all data capital present on the network, whether it has been tokenized through a DLP or is simply available through user data portability.

Dataset-Level Measurement

DCL is measured at the dataset type level, not only at the individual DLP level.

Example: Value Spotify data as a whole category, rather than labeling it only by a specific DLP like "Unwrapped." This approach ensures that all instances of a given dataset type (e.g., Spotify listening logs, Instagram posts, Reddit activity) are aggregated for a clearer picture of the network's total data capital.

Within each dataset type, the value can come from:

• DLP token market caps (for any pools formed around that data type)
• User-contributed data outside of DLPs (via the per-data-point capital value × number of data points method)

DCL calculations involve estimates and market-based valuations that may change over time. The methodology may be updated as the network evolves and more market data becomes available. This framework is informed by ongoing research in data economics and will continue to evolve as the field develops.