A panel discussion at a Web3 conference features experts from Massari, Allium, and Dune analyzing on-chain metrics beyond vanity stats like TVL and active wallets. They emphasize use cases, repeatability, revenue, and contextual insights, with specific praise for Stellar's low TVL but high activity, composable RWAs with Centrifuge, and stablecoin volumes. The conversation critiques misleading metrics and explores AI's role in data analysis.
Panelists Matt from Massari, Michelle from Allium, and Arno from Dune discuss meaningful on-chain activity, advocating for metrics like repeatable active users, app chain revenue, and stablecoin transfer volumes over vanity metrics such as TVL, market cap, and active wallets which can be gamed by bots or incentives. Stellar is highlighted positively for its tremendous activity despite low TVL, forward-thinking low-latency network, and innovative composable RWAs like U.S. Treasuries with Centrifuge that enable money market usage. They stress the importance of tagging actions, filtering noise, and providing contextual insights to distinguish real adoption from farming or BD deals. Institutions prioritize durable use cases, large settlements, and sophisticated analysis separating incentivized from organic activity. The panel critiques dashboard over-reliance on 'number go up' without insights and discusses AI opportunities for natural language querying, real-time insights, and data preparation, though current LLMs struggle with accurate on-chain understanding.
