Well-informed decisions lead to great results
The value of including analytics in a Crypto Wallet.
Analytics Means a Lot to Token-holders
Just like in any investment, token-holders need to do their homework before deciding to deploy more capital toward projects, hold or sell their assets when the time has come to generate a positive return, and as we know information is the key to better decision-making.
Metrics provide objective measures of the token's performance, and this data enables them to manage by fact-evaluating the coinâs health, and with this kind of knowledge in hands it makes easier to decide what to do next with their assets
Sonic & Plug
Sonic is an open Defi suite built on the IC blockchain that includes a collection of protocols, enabling users to trade, issue their own, and check other tokens' health.
Plug is a crypto wallet that allows users to manage, send and receive crypto assets from one place when using the Internet Computer Identity.
Both tools are extremely important to get users going on their crypto investments, and were built by the same product studio, Psychedelic.
Since all psychedelic projects feed each other with data it would be natural to connect their technology to offer better features and experience for the final user of one of them, and that was the case with Plug and Sonic.
How do Metrics Improve a Crypto Wallet Usage?
Well, to answer that letâs start by asking a question: Why is measuring something important?
By measuring something we are able to know how things are going and how much they are costing. This information can be used to improve our processes when accomplishing that something in order to make better decisions.
The same thing can be applied to having metrics as handy as possible on a crypto wallet since thatâs one of the places users hold their assets. Offering information like market capitalization, token liquidity, and the number of transactions on a period right before a send token operation can be quite useful and help prevent or confirm decisions the users could take.
With token analytics on Plug, we could help users take data-informed decisions without the need to go to a different platform to check the health of the coin and understand if it would be a good idea to maybe send the assets to a different wallet, swapping for a different token or having it exchanged and get profit instead.
These are some examples of metrics that we had on Sonic and that we knew would be a great addition to Plug:
Token Transactions per Day
Reflects the daily number of transactions registered on the Token network, and could indicate the market interest in what the network is trying to accomplish. An increased interest could lead to greater transaction occurrences.
Market Capitalization
Refers to how much a company is worth as determined by the stock market. It is often used to determine a networkâs size and evaluate its financial performance compared to other tokens of various sizes.
Liquidity
The ease with which a digital token can be converted into a digital asset or cash without affecting its price. This metric helps identify investment risk, and assists in the analysis of trader activity.
An Effective Way of Displaying Data
In order to get the maximum use of the feature, given that itâs a pretty hard task to display charts on mobile devices, it was verified that what would bring more value to it if we made available price, liquidity, and volume as charts. While other important information, like market cap, transactions in the last 24h, balance, latest pools, and would be provided by other visual methods.
The charts are filtrable by day, week, and month, can show individual values of the period, and by default show the highest and lowest point on the selected range. The access to the token balance is also there, as well as the âSend Tokensâ button as a primary button. A description and links to socials were a must since they bring clarity and safety of what token they are dealing with.
Mining pools are there a list, and for those who donât what they are, itâs a way to have people contribute their processing power toward the effort of finding a block. If the pool is successful, they receive part of what was mined.
Sending Tokens Process
The ability to Send tokens can be accessed through the analytics page or through the main page that contains the tokens that the wallet has. The intention here was to encourage the submission only after the minimum verification of data, for this we facilitated access to the analytics page easier than the raw submission without viewing the analytics.
Final S̶t̶i̶c̶k̶y̶ Note
A lot was done during the Plugâs Analytics design process. Currently, the feature is in the queue of the next features to be developed and soon users will have the ability to use and analyze the health of their tokens so that they can do what they think is best with them.
Soon I'll be able to share exciting updates about behavioral analytics of the features and what to expect for the future.
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