Gross Merchandise Value (GMV)
Gross merchandise value (GMV) is the total monetary value of all transactions processed through a marketplace over a period, before deducting fees, refunds, or costs.
GMV measures the volume flowing through a marketplace, distinct from the marketplace’s own revenue, which is the take rate applied to GMV.
For a transaction-anchored benchmark, rising GMV also means more attested transactions feeding the index, improving its coverage and confidence intervals.