Cryptocurrency 10 minutes ago (Jan 06, 2023 12:30PM ET)
Crypto Influencer Analyzes Circulating Stablecoins To Assess Chains
- Twitter influencer Dynamo DeFi tweeted that circulating stablecoins is the best metric to study chains.
- Stablecoins cut out reflexivity, wash trading, and other corrupt metrics.
- According to DefiLlama, is the leading stablecoin amongst Tron, Polygon, , and more.
Today, Twitter influencer and on-chain analyst Patrick, also known as, Dynamo DeFi tweeted that circulating stablecoins is the most underrated metric for assessing chains.
He also added that while this is not the most efficient way of examining chains, stablecoins in supply allow to cut out reflexivity, wash trading, and other phenomenons that corrupt other metrics.
Patrick simultaneously shared a video with a demo of how to use DefiLlama’s stablecoin tool which records changes in chains, along with their market capitalizations.
Circulating stablecoins is the most underrated metric for assessing chains.It isn’t perfect, but it goes a long way towards cutting out reflexivity, wash trading, and other phenomena that corrupt other metrics.Demo of DefiLlama’s stablecoin tool
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