Crypto Analyst Josh Rager Examines On-Chain Network Activity for Chainlink

Siamak Masnavi

Prominent crypto analyst and trader Josh Rager explains how looking at on-chain network activity can be a good way to discover which altcoins to invest in. He uses Chainlink (LINK) as an example.

Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, used on-chain market intelligence platform Glassnode to look at several on-chain metrics for Chainlink (LINK). 

Glassnode believes that the problem with conventional valuation metrics is that they "don’t provide enough valuable information about the new crypto asset class; they are too noisy, too easy to manipulate, and too low-fidelity when applied to blockchain assets."

In contrast, it says that on-chain data "enables the development of a new generation of metrics," which "can more precisely measure relevant economic activity in crypto networks, allowing stakeholders to make better informed decisions and more accurate predictions."

In particular, when examining Chainlink's transactions with Glassnode Studio, as he notes in the tweet below, he noticed that Chainlink has "shown significant growth in transfers w/ each passing month," which he says suggests "increasing token interest & usage."



Here are the on-chain metrics available in Glassnode Studio (although it should be noted that not all of them are applicable to every digital asset):

  • Indicators: Spent Output Profit Ratio (SOPR); NVT Ratio; Average Coin Dormancy; and Supply adjusted Dormancy
  • Addresses: Active Addresses; New Addresses; Sending Addresses; and Receiving Addresses
  • Exchanges: Exchange Inflow (Total); Exchange Outflow (Total); Exchange Deposits; and Exchange Withdrawals
  • Fees: Fee (Total); Fee (Mean); Gas Used (Total); Gas Used (Mean); Gas Used (Median); Gas Price (Mean); Gas Price (Median); Transaction Gas Limit (Mean); and Transaction Gas Limit (Median)
  • Transactions: Transaction Count; Transaction Rate; Transfer Count; Transfer Rate; Transfer Volume (Total); and Transfer Volume (Mean)

When some people replied to Rager's tweet to ask him to elaborate on what he had said about Chainlink, he answered:

Indeed, although the LINK price has gone down quite a bit since it reached its all-time high (ATH) on June 29, LINK remains the top performing cryptoasset of 2019, with its price having gone up over 693% this year.

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Deloitte Luxembourg to Trial Bitcoin Payments for Staff Lunches

Neil Dennis

Deloitte, one of the so-called "Big Four" audit and consulting firms is to allow its staff to pay for their lunch in bitcoin, the Luxembourg Times reported on Tuesday.

While the firm does not plan to allow clients to pay for its services in bitcoin in the near future, the company said it was pleased to allow the lunchtime trial for its staff to "assess this new technology" in the company canteen.

While it doesn't transact in bitcoin, Deloitte has been active in developing blockchain technology for its fund management business.

PwC to Accept Bitcoin

The Luxembourg branch of Big Four rival, PwC, announced in early September it would accept bitcoin payments from its clients from the beginning of October. 

PwC said in a press release it was making the move to acknowledge the needs of its clients and the increasing adoption of crypto in Luxembourg. It added:

Our role is to lead and it is only by being an active leader with exposure that we at PwC Luxembourg can understand the challenges inherent to the crypto world.


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