To evaluate a crypto project's value using on-chain data, focus on metrics like transaction volume, active addresses, and total value locked (TVL). Tools like Dune Analytics enable custom queries to track these indicators. For example, use Dune to analyze Ethereum-based DeFi projects by creating dashboards showing TVL growth or whale activity. Glassnode offers real-time insights into wallet balances and network health, while Nansen highlights whale movements. Combine these with Dune’s SQL queries to assess adoption trends and token distribution, providing a data-driven view of a project’s fundamental value and market sentiment.