To evaluate a crypto project's value using on-chain data, analyze metrics like transaction volume, active addresses, token velocity, and staking ratios. Tools like Dune Analytics help by providing customizable dashboards to visualize blockchain data. For example, query a project's smart contract on Dune to track user activity or token transfers over time. Combine this with TVL (Total Value Locked) from DeFi protocols and gas usage trends to gauge adoption and utility. Cross-reference findings with market cap and circulating supply for a holistic valuation. Dune’s SQL-based interface makes it accessible for deep, data-driven insights.