To evaluate a crypto project's value using on-chain data, analyze metrics like transaction volume, active addresses, and network activity to gauge adoption and usage. Check token supply dynamics (circulating vs. total supply) and staking data for holder commitment. Assess wallet distribution to identify centralization risks or whale influence. Review gas fees or network costs for efficiency insights. Cross-reference these with developer activity (e.g., GitHub commits) and community engagement from X posts or web searches. Combining quantitative on-chain data with qualitative factors provides a holistic view of a project's value and potential.