There is no doubt that web3 metrics are invaluable, yet they remain inconsistent and potentially misleading.
This is the crux of the web3 metrics utility problem — and a blocker to aspects of web3 innovation. Having clearly defined metrics definitions is critical to each ecosystem’s community of developers, token holders, and investors. Otherwise, how will communities know if they’re making progress in the right direction? Or if what they’re building is relying on accurate statistics? What if they’re being unintentionally misled? The problem is exacerbated when analyzing metrics across different blockchains and ecosystems.
But don’t fret, we’re on it! We created web3metrics.com to surface and compare metrics, while defining what each of those metrics actually signal. Although the problem exists across all blockchain ecosystems, we started with the Polkadot ecosystem because truth over trust is at its core and such an ecosystem will value having the most clear and defined metrics. The ecosystem has a proven record of being methodical, open, and collaborative.
Still, in some cases the values vary quite drastically — see the active addresses metric on Moonbeam in the image above. There are logical reasons the values differ and it’s only through exposing the definitions and logic that we can understand which definition of a metric is appropriate for a particular use case. Through collaboration we will be able to hone in on the definitions that make the most sense and offer the most well defined and accurate metrics of any ecosystem. The current definitions are lacking in breadth and depth. Our hope is that by exposing the variance in metrics we can come together as a community and create better definitions. Click on a provider in any chart to get a high level definition.
Adding more providers of metrics can also bring additional clarity. In the example below, one source of unique addresses seems far off, but when compared to Moonscan the metric is very aligned. This is where we need your input. The utility increases with more metrics, data providers, and the number of parachains. What should we add next?
Are there any particular parachains you think would benefit? Any metrics you’ve been struggling with? Any sources you find are awesome and should be added? Let us know in this forum or join the conversation on Telegram. This project will only continue if there is enough interest and collaboration. Web3metrics.com is in open Alpha and we’d like nothing more than to hear from you, we need feedback on this format before putting in the work to add more metrics, providers, and parachains.