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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Facebook's Libra Will 'Never Happen' Says JPMorgan CEO Jamie Dimon

Jamie Dimon, the CEO of one of the largest banks in the world, JP Morgan, has said Facebook’s proposed cryptocurrency Libra is a “neat idea” that will “never happen.”

The CEO of JPMorgan made his comments on the cryptocurrency during a conference by the Institute of International Finance in Washington, adding that we “already have stablecoins, so they’re not the first to do that.”

The Libra cryptocurrency is, according to Facebook, set to be backed by a basket of fiat currencies. The crypto’s backing would be of 50% the U.S. dollar and short-term U.S. Treasury bonds, 18% the euro, 11% the British pound, 14% the Japanese yen, and 7% the Singaporean dollar.

Dimon’s comments came shortly after some of the Libra Association’s initial members, including PayPal, Mastercard, Visa, and eBay, left the organization over the regulatory scrutiny they’ve been facing, as well as the currency’s potential to be used to launder money or finance terrorism.

David Marcus, the co-creator of the Libra cryptocurrency project, has revealed that instead of launching a “synthetic unit” the Libra Association could, instead, launch a “series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.” as it looks to work with regulators.

It’s worth noting JPMorgan became the first U.S. bank to launch its own cryptocurrency this year after it launched the USD-backed “JPM Coin.” Dimon himself is a well-known bitcoin critic who has in the past called the flagship cryptocurrency a fraud, even though he later on revealed he regretted the comment.

Featured image via Unsplash.