We are going to design a Power BI semantic model that serves multiple reports built on top of a Snowflake / SQL warehouse using a typical Gold layer (fact and dimension tables) for a hybrid DeFi & TradFi analytics platform. The original question came from a real analytical query that joins two fact tables (FACT_TRADE_EXECUTION and FACT_WALLET_ACCOUNT) with several conformed dimensions (DIM_PROTOCOL, DIM_INVESTOR_TIER, DIM_ASSET_CLASS, DIM_INSTRUMENT_TYPE) and later mixes ledger-statement logic with window functions (ROW_NUMBER, SUM() OVER (...)).
The design decision was: one semantic model per fact table, one model per business subject area, or a single wide custom query that pre-computes everything?
This article summarizes the conclusions and aligns them with current Microsoft and community guidance.
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