Liveliness compares cumulative coin days destroyed with cumulative supply days. It asks whether long-held supply is being spent quickly enough to destroy stored age, or whether dormant age is still building faster than it is being released.
A rising series means more stored age is being destroyed relative to the network’s total age base. A falling or flattening series means dormant supply is being preserved more than spent. It is most useful for holder-behavior and cycle reading, especially with Coin Days Destroyed and HODL Waves.
The key distinction is timescale. Liveliness is cumulative and ratio-based, so it is not a daily activity oscillator. Its job is to show the long-run balance between spent dormancy and preserved dormancy, not short bursts of transaction activity.
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