Läsa on-chain
On-chain data: what actually means something?
Blockchains publish everything, which is the problem: too much data, too little context.
Active addresses
Daily unique active addresses give a rough usage impression, useful as a trend rather than an absolute.
Weakness: one user can hold hundreds of addresses, and growth around airdrops is usually artificial.
Transaction volume and settled value
Value settled per day says something about economic relevance, especially filtered by size.
Weakness: internal transfers count too, so prefer adjusted figures.
- Look at multi-month trends
- Be sceptical of incentive-driven spikes
- Compare metrics with fees or revenue
Fees as a demand measure
Fees paid are hard to fake: someone spends real money for block space.
Comparing fees to network value is one of the few ratios resembling revenue versus market cap.
TVL and why it misleads
Total value locked double-counts borrowed positions and rises automatically with price.
Use it as a rough indication alongside protocol revenue and returning users.
Supply distribution and holder behaviour
Dormancy metrics show whether holders sell or hold; useful as sentiment, not as prediction.
Treat every metric as one puzzle piece.
Vanliga frågor
Which on-chain metric is most useful?
Fees paid and the number of returning real users; both are hard to inflate.
Is TVL a good measure?
Limited — it double-counts and moves with price.
Can on-chain data predict prices?
No. It explains usage and behaviour, not future price.
Läs vidare
Reading a transaction in the block explorer
Hash, confirmations, gas, status and addresses: what every field means and how to judge a stuck transaction.
Following whales: useful or a waste of time?
What large transfers do and do not mean, how exchange flows are read and why whale alerts are often noise.
When is a crypto payment truly final?
Why exchanges wait for multiple blocks, what finality means under proof-of-stake and how many confirmations suffice.