How To Analyze Any Crypto Token in 5 Minutes (Dune Analytics)
Summary
TLDRIn this informative video, the host introduces a new dashboard designed to analyze any ERC20 token within five minutes, focusing on the optimism token (OP). The dashboard assesses token momentum, liquidity, and distribution, providing insights into wallet interactions, transfers, and community health. It also delves into token sourcing and destinations, and the distribution of holdings among holders, offering a comprehensive view of the token's ecosystem.
Takeaways
- 📈 The video introduces a new dashboard for analyzing crypto tokens, specifically ERC20 tokens, in just five minutes.
- 🔍 The dashboard is designed to provide insights into three main categories: momentum, liquidity, and distribution of tokens.
- 🌐 The speaker uses the optimism token (OP) as an example to demonstrate how to use the dashboard, highlighting its role in governance and community engagement.
- 📊 Momentum is analyzed by looking at the number of wallets interacting with the token and the nature of their interactions, such as new entries or accumulations.
- 💧 Liquidity is examined by identifying where tokens are coming from (sourcing) and where they are going (destinations), including transfers, multi-sig wallets, and DEXes.
- 📈 The dashboard shows an exponential increase in the number of addresses interacting with the OP token since September 2022.
- 💼 The volume of OP tokens transferred has remained stable at around 100 million tokens per month.
- 🔑 The dashboard allows users to identify wallet activities, including current balances, first acquisition dates, total acquisitions, and dumps.
- 🏦 The source of tokens has changed over time, with a significant portion coming from centralized exchanges after the token was listed in June.
- 💰 The destination of tokens reveals where they are being deposited or staked, with a large amount in Merkel distributor and various liquidity pools and staking contracts.
- 📊 Distribution analysis shows that a small percentage of wallets hold a significant amount of tokens, indicating a potentially skewed distribution for governance tokens like OP.
- 📝 The video encourages viewers to explore the dashboard with their tokens of interest and share any interesting findings or patterns they discover.
Q & A
What is the main purpose of the video?
-The main purpose of the video is to teach viewers how to analyze any crypto token quickly using a newly created dashboard that provides insights through 13 charts.
What is an ERC20 token and where can I learn more about it?
-An ERC20 token is a type of token used on the Ethereum blockchain that follows a standard set of rules for how tokens are created and interact with the network. More information can be found in the newsletter mentioned in the script.
What is the significance of the optimism token (OP) mentioned in the script?
-The optimism token (OP) is the governance token for the Optimism blockchain, which is used for making decisions about the network's future rather than paying for transaction fees.
What does the term 'momentum' refer to in the context of the video?
-In the context of the video, 'momentum' refers to the activity level of wallets interacting with the token, including how many new wallets are involved and how they are interacting.
How has the number of addresses interacting with OP token changed since September 2022?
-The number of addresses interacting with the OP token has increased exponentially since September 2022.
What does the term 'liquidity' mean in the context of the video?
-In the context of the video, 'liquidity' refers to the flow of tokens, where they are coming from, and where they are going to.
What is the significance of the token sourcing and destinations in the analysis?
-Token sourcing and destinations are significant because they provide insights into where the tokens are being acquired from and where they are being deposited or used, which can indicate the health and usage patterns of the token.
What is the importance of distribution in the analysis of a token?
-Distribution is important because it shows how evenly the tokens are spread among holders, which can indicate the fairness and accessibility of the token to different participants in the network.
How can one identify major token holders or significant transactions using the dashboard?
-By using the dashboard, one can search for specific wallet labels or transaction amounts to identify major holders or significant transactions, providing a deeper understanding of the token's movement and control.
What does the script suggest about the community of the OP token?
-The script suggests that the community of the OP token is healthy, with an increasing number of wallets interacting with the token, most of which are either new or accumulating more tokens.
How can one find information about specific protocols or transactions mentioned in the script?
-One can find more information about specific protocols or transactions by using tools like 'optimism scan' and searching for the mentioned protocols or transaction details.
What is the role of decentralized exchanges (DEX) in the liquidity analysis of tokens?
-Decentralized exchanges play a crucial role in liquidity analysis as they are often the source of token sourcing and destinations, providing insights into where tokens are being traded and the volumes involved.
How can the dashboard help in understanding the distribution of token holdings among different percentiles?
-The dashboard can show the percentage of holders and the amount of tokens they hold, allowing viewers to understand the distribution of token holdings and identify patterns such as exponential distribution or concentration of holdings.
What does the script imply about the total supply of the OP token and its distribution among holders?
-The script implies that the total supply of the OP token is 4.29 billion, and the distribution among holders is such that a significant number of wallets hold a small amount of tokens, indicating a large but dispersed holder base.
Outlines
📊 Crypto Token Analysis Dashboard Introduction
The speaker introduces a new dashboard designed to analyze any ERC20 token in just five minutes. The dashboard includes 13 charts that provide comprehensive insights into the token's context. The focus is on the Optimism (OP) token, which serves as the governance token for its blockchain. The speaker explains the importance of understanding how tokens are used in governance, membership, and DeFi. The dashboard allows for the analysis of momentum, liquidity, and distribution, with the latter referring to how evenly a token is spread among holders. The dashboard excludes contract wallets from the analysis to focus solely on user interactions. The speaker also notes the exponential growth in the number of addresses interacting with the OP token since September 2022, indicating a healthy community engagement.
🔍 In-depth Analysis of Token Momentum, Liquidity, and Distribution
The video script delves into the analysis of the OP token's momentum, showing an increase in the number of addresses interacting with the token and their actions, such as new ownership or accumulation. The script also discusses liquidity, detailing the sources of tokens and their destinations, including transfers from centralized exchanges and other protocols like Rubicon and Song Finance. The speaker highlights the importance of Dex-specific analysis for liquidity and mentions the competitive liquidity between Uniswap and Velodrome. The distribution section examines the percentage of holders and the number of tokens they hold, revealing a large number of wallets with small amounts of OP tokens. The script also touches on the Gini coefficient and Palm ratio, suggesting their relevance for smaller communities but less so for the OP token with over 500,000 holders. The speaker invites viewers to share their findings and patterns discovered using the dashboard and thanks the Optimism project for its support.
Mindmap
Keywords
💡Web3
💡Crypto Token
💡Dashboard
💡ERC20 Token
💡Governance Token
💡Momentum
💡Liquidity
💡Distribution
💡Multi-Sig
💡Dex
💡Public Goods Funding
Highlights
Introduction of a new dashboard for analyzing any crypto token in just five minutes.
Explanation of what an ERC20 token is and its use in governance, membership, and DeFi.
The optimism token (OP) is the focus, serving as the governance token for the Optimism chain.
Recognition of the Retro public goods funding and the distribution of millions of tokens to the community.
The dashboard's ability to analyze tokens across three categories: momentum, liquidity, and distribution.
Momentum analysis shows an exponential increase in addresses interacting with OP since September 2022.
Token price reflection and the breakdown of actions into newcomers and accumulators.
Stable volume of 100 million tokens transferred monthly as observed in the dashboard.
Visualization of wallet activity and the ability to identify specific wallets, such as the OP Foundation wallet.
Tracking of 662,132 unique holders of OP tokens at some point in time.
Analysis of transfer activity, especially the 95th percentile of token transfers.
Identification of centralized exchanges and multi-sig wallets as significant sources of token transfers.
Liquidity section breakdown into token sources and destinations, with a focus on wallet-to-wallet transfers and DEXes.
Changes in token sourcing post-listing on centralized exchanges in June.
Investigation of protocols like Rubicon and their impact on token sourcing.
Token destination analysis revealing unclaimed tokens and those in liquidity pairs or staking contracts.
Dex-specific liquidity analysis to understand where to swap or provide liquidity.
Distribution analysis showing the percentage of holders and the number of tokens they hold.
Observation of an exponential distribution of OP tokens among holders, indicating a large number of small holders.
Discussion on the relevance of the Gini coefficient and Palm ratio for smaller communities.
Invitation for viewers to share their findings and patterns discovered using the dashboard on different tokens.
Transcripts
what's up everyone welcome back to web3
data djends today I'm going to teach you
how to analyze any crypto token in just
five minutes I've created a new
dashboard it's revamped basically just
13 charts tells you everything all the
context you need to know behind any
erc20 token now if you don't know when
erc20 token is check out the newsletter
below or if you just want to read
through this check out the newsletter
below I have a quick primary here about
how it's used in governance how it's
used in membership and defy for today
we're going to be looking at the
optimism token op which is basically
their governance token for their chain
it's not the native token used to pay
fees huge shout out for them for the
Retro public goods funding number two
they've distributed I think like 10 or
something Million worth of tokens to the
community web 3D editions was one of the
selected winners so thank you very much
for that without further Ado let's get
into the dashboard so I like to think
about tokens in terms of three
categories right one is momentum
momentum is just like how many wallets
are interacting with the token and how
are they interacting with it there's
liquidity which is where tokens coming
from and where a tokens going to and the
last one is like distribution so like
how well distributed is the token is it
fairly distributed what are the average
Holdings by different percentiles let's
just get into it all right in this
dashboard I've already put in the op
token I've switched to optimism you can
do any evm chain and I've started from
April 26th which was the day it was
deployed and I'm looking at things by
month I also exclude contracts so and
all of these like balances and
distributions and whatever queries
contracts that are not multi-cigs or
like contract wallets like Argent or
Dharma those are excluded from the
analysis where only really want to look
at users
so looking at momentum we can see that
the number of addresses interacting with
op has increased pretty much
exponentially since
September 2022. all right let's reflect
the token price and if we break down
their actions into either a newer choir
which means they didn't have the token
before or they're accumulating which
means they already had the op token
their wallet they just got more of it or
dumped some or dumped all we can see
that most of the new like the wallets
interact with the token are either new
or accumulating all right so that's
pretty indicative of a healthy Community
it's worth noting that the volume has
been pretty stable at about like 100
million tokens transferred note this
isn't traded this is transferred a
hundred million tokens transferred
basically every month so the volume
hasn't really picked up we can just also
look at who's behind all these actions
so you can see a wallet's current
balance when they first acquired the
token how much totally have acquired how
much total they've dumped and I've put
some wall labels here I think this one
is also an OP Foundation wallet but if I
just wanted to see all op wallets for
example I would just type op here
and I think this is only one that's
labeled but there's 1.17 billion
optimism tokens in here and fun little
tidbit this 662 000 rows because this
query tracks everyone who's ever owned
the token I can quickly look here and
say okay there's been 662 132 holders of
op tokens at some point in time all
right you might also want to see what
transfer activity is happening so in
this query I've shown you the 95th
percentile of token transfers right so I
think for optimism it's probably like 1K
or 1.3 K is like the 95th percentile of
token transfers you can see a lot of the
transfers are from centralized exchanges
but it can be helpful to just search
like multi-zig and just get a sense of
okay what have all the multi-sig
transfers been this one was 141k which
is a lot if I click into it I can see oh
it's transferred to the optimism
Foundation wallet so that's probably
just them like give doing something back
but this is good to know and look over
time of even in the last week all these
wallets that are multi-cigs have been
pretty active
so let's get into the second section now
on liquidity so liquidity there's token
sources and token destinations so
sourcing is just saying okay for May
2022 wallets got four percent of our
tokens from unknown contracts 29.5 of
tokens was just a wallet to wallet
transfer 19 of transfers were
multi-sigital wallet 12 or from dexes
and then 35 were from op like optimism
contracts all right and you can see over
time this has changed especially as I
think it got listed on centralized
exchanges in June it looks like so then
21 of
token sourcing has basically come from
centralized exchange since then there's
some other protocols here you can see
Rubicon you can see song finances in
here premium iron bank right so these
are all like maybe things you want to
look deeper into right so if you clicked
into this query and then put in the same
parameters I could actually search here
like Rubicon and see like all right
here's an example transaction
let me just go and check out dig deeper
into what's going on in Rubicon like why
what action is being taken so in this
case they're withdrawing some shares all
right so that might be something I will
want to look into to understand why 35
of token sourcing is coming from Rubicon
in October or November December
also important is where tokens going a
lot of the times you're not holding the
token in your wallet you've deposited
somewhere or staked it somewhere for
various reasons it could be for
liquidity pool for yield whatever and
here you can just quickly see oh there's
50.9 million op tokens and Merkel
distributor which is like means it's
unclaimed yet or not distributed yet a
bunch of it is in like decks liquidity
pairs but if you dig through this here
there's some vaults there's some staking
contracts this is all stuff you'd look
into and see like netflow is how much
it's holding over time and then Valley
in and value out self-explanatory no
liquidity analysis is done without some
sort of Dex specific analysis so here
I'm saying all right let me see the op
tokens liquidity per Dex protocol and
the volumes right so if I wanted to be
an LP or even just a Trader I would want
to know like what protocols to swap or
provide liquidity to so here I can see
that unisop and velozerum are basically
competing for the top spot there's like
a tiny difference in liquidity of tokens
this is notional right so this is 3.7
million op tokens are in velodrome but
the trading volume is like almost
basically the same so there's probably
some incentives or farming going on here
just given how big the difference is
between these two and the others but
it's just good to know if you're
interested in the specific pool
addresses you can put these into
optimism scan as well
all right
third final part let's understand
distributions so in this case I'm
looking at what percent of holders are
holding how many tokens all right so a
good cutoff point is normally 50 so if I
just try and find 50 roughly here
so it looks like 50 of wallets so 261
000 wallets hold 3.5 tokens so that's a
pretty small amount given we're about to
look at total Supply if all is an
exponential distribution not too
surprising given this is a governance
token and it's got like over 500 000
holders at this point right it's good to
know for some other tokens like FWB
you'll see like a much more even
distribution and like membership cutoffs
right so if optimism said like you have
to hold a minimum of 100 tokens to gain
access to something you'd probably see a
big like drop off at the 100 Mark
average Holdings to Total Supply so
there's a total supply of 4.29 billion
this is just the time series version of
this chart so I can see oh there was a
point in time where 50 of wallets held
like 122 tokens each but that's
basically decreased this tiny amount per
wallet could be a bunch of reasons for
this but it's something that I'd be
curious about digging more into because
like huh why are there so many wallets
with only like tiny amounts of op tokens
in it
the genie coefficient on Palm ratio I'm
not going to go too deep into it here
because of how I'll say unequal but how
like exponentially distributed this
curve is these two metrics aren't super
relevant here but if you're looking at a
smaller Community something under like
ten thousand or five thousand holders
then you really do want to look at these
metrics because like if it's only a 5
000 or like less person community like
it should be pretty evenly distributed
so
that's the token overview dashboard if
you have any suggestions you can just DM
me on Twitter or if you've put in a
token and found something interesting
yourself please just share the chart
with me or just share it on Twitter and
tag me I'd be very interested to see
what patterns people find on different
tokens and thanks again for optimism for
the retroactive public goods funding job
and I will see you all very soon
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