Stablecoins & Digital Commodities Dashboards

Description

The  rise of tokenization in real-world assets has begun to reach farther and wider than ever before. Commodities have been a staple in the worldwide exchange of value since the beginning of time, and as technology evolves the tokenization of commodities rises alongside. Our digital commodities dashboard expands our coverage on real-world assets, alongside stablecoins, showing the creation and destruction of commodities on the Ethereum network, as well as user activity, prices, market capitalization, and velocity. We currently cover the following digital commodities: Gold, Silver, and Platinum. Tokens covered include PAXG, DGX, VNXAU, TXAG, TXAU, TXPT.

Use Case

Trader: Traders focus on digital commodity issuance on-chain to identify market liquidity and sentiment shifts. An influx of commodities might signal increased buying power, potentially leading to bullish market conditions. Conversely, a decrease could indicate bearish sentiment or reduced liquidity, influencing their short-term trading strategies to capitalize on price movements.

Researcher: Researchers are interested in commodity issuance as it offers insights into the broader blockchain ecosystem's health and adoption rates. By analyzing issuance trends, they can deduce the level of trust in digital commodities and understand how different economic factors affect the blockchain space.

Analyst: Analysts pay attention to issuance on-chain to gauge investment trends and risk exposure in the cryptocurrency market. A growing supply of digital commodities can suggest an increasing interest in the crypto market or a hedge against inflation, while a decline may highlight risk aversion among investors. This information is crucial for making informed predictions and advising clients or organizations on portfolio strategies.

Methodology

Issuance - Issuance is the daily mints and burns of a token by the token contract.

Circulating Supply - Circulating supply is the cumulative sum of issuance.

Market Capitalization (USD and EUR) - Market capitalization is the circulating supply multiplied by the token price. In the case for USD we first rely on daily close centralized spot trading prices but in the case that the token is not traded on a centralized exchange we calculate the token price in WETH (using the daily close decentralized exchange price) and then convert WETH to USD.

Transfers - Transfers are the count, sum, and average of all transfers on the token contract (which often includes mints and burns).

Senders & Receivers - Senders and receivers are the distinct count of input addresses and output addresses, daily.

Velocity - Token velocity is directly calculated from the Amberdata API: https://docs.amberdata.io/reference/get-token-velocity

Holders - Holders are calculated as the number of users with a token balance greater than 0.