We've taken the first step towards bringing more transparency around Onchain Data. Released Onchain Notes + Couple of more exciting features today. 🧵
Onchain data is not always transparent because humans are involved in the backend, which can lead to manipulation or inflated growth, especially in the context of coins that are new to the market. x.com/hmalviya9/stat…
Onchain data is not always transparent because humans are involved in the backend, which can lead to manipulation or inflated growth, especially in the context of coins that are new to the market. x.com/hmalviya9/stat…
There is always a margin of error, which varies among different coins, mainly based on the stability of their past onchain data metrics. Some coins, like $AVAX and $FTM, had wild spikes in the Fees metric a few months ago. Now, we're seeing that $NEXT had a 20x growth in Fees, mainly due to demand from airdrop farmers.
Whenever you see a spike in any metric, you always have the question: what is the reason behind the spike, and how sustainable is it? Or is it just a wash activity to inflate demand?
To answer these questions, you need an Intel layer that can provide transparency on the events behind these spikes. Today, we're launching that Intel layer, and we call it Onchain Notes.
Onchain Notes display events that cause any onchain demand-side spikes in the coins you're tracking. It also gives you the option to exclude data from that particular event in fair price calculations.
You get a clean, fair price after excluding an event that suggests potential wash activities. Right now, we're adding Onchain Notes to different coins from the backend. Eventually, we will create a tool where anyone can report potential wash onchain activities, and we will include them in the charts after reviewing the requests.
We also have plans to evolve this feature further by tracking social media and news, and building a detection engine based on feeds. This could provide intel on key events happening on different dates.
We have also released a 'Margin of Error' metric, which indicates the onchain demand-side stability of the coin you're tracking. It will evolve into an Onchain Volatility Index in coming weeks.
Share and download buttons are also available here. Now you can share charts directly on X and Telegram. You can also download images.