If you invest in cryptocurrencies there’s a new tool worth your consideration. OnChainFX is a web-based crypto-asset tracker that was “built by crypto-traders for crypto-traders.” At first glance OnChainFX is similar to existing sites like CoinMarketCap.com and Coin Gecko. Let’s get to what makes them unique. A great place to start is to get the OnChainFX team’s perspective.
A tool for cryptocurrency investors and traders
From a dozen sequential tweets OnChainFX outlined what drove their development:
Hi! We’re OnChainFX, tracking cryptoassets with new approaches, metrics, & tools that matter to crypto investors.
First, we think it’s misleading to compare cryptoassets based on current market cap when supply curves of coins/tokens are so different. So we compare assets based on the fully-diluted supply. We do this by calculating the expected supply of every asset on Jan 1st 2050. This is the Y2050 supply, & the implied network-value (market-cap) based on that is our default way to compare assets. We feel Y2050 implied market cap is a good quick way to compare how the market is valuing assets longterm relative to one another. eg; ZEC ranks 16th today by current market cap, but 6th by Y2050 mcap due to the fact that only 11% of eventual supply has been issued. Hopefully the Y2050 implied market cap figure will allow investors to make better comparisons and better decisions.
More than market cap clarity
The focus on features for investors don’t stop there. OnChainFX’s tweets continued to say:
We also provide some basic (for now) tools to allow investors to look at and compare the metrics that are important to them. For example, some investors may care how old a coin is, but others may not. You can add “age” to your view. We also allow filtering/screening based on a number of metrics from asset capitalization & age to consensus type & trade volume.
Finally, we’re building tools to let you store & share different views..lots of features in the works. If you have an idea, let us know! We are OnChainFX – built BY longtime crypto investors FOR crypto investors. We’re building the product we wished we had years ago.
Future functionality for traders
The original string of tweets was met with a combination of encouragement and questions. The response to some of the questions provides a sense of what’s next for OnChainFX:
- API – When asked if an API will be available, the response was that one will come in time. The focus today is on the core functionality of the product.
- Support for Additional Tokens – As of today there are 43 tokens listed. New tokens will be added over time. What’s making that process take time is accurately computing 2050 data.
View OnChainFX’s original tweet
To read OnChainFX’s entire 12-part tweet stream click the first tweet in the series below.
1/ Hi! We're OnChainFX, tracking cryptoassets with new approaches, metrics, & tools that matter to crypto investors. https://t.co/nh4R5qG8SJ
— OnChainFX (@onchainfx) October 9, 2017
Early advocacy: cryptocurrency investor Naval Ravikant
Just about the best advocacy OnChainFX could hope to get would be from cryptocurrency investor and advocate Naval Ravikant. And, OnChainFX got it. Whether it’s from association or purely admiration from afar is unknown.
Finally, a crypto market cap list sorted by fully-diluted supply. Instantly replacing other crypto trackers for me. https://t.co/7k2T5yHWKp
— Naval Ravikant (@naval) October 9, 2017
Off to a great start
While OnChainFX has a unique approach that has caught the attention of traders, there’s still plenty to do. It won’t take long for a serious trader to note the absence of commonplace features like charts and lesser-known tokens. But, those aren’t difficult additions. What really stands out about OnChainFX is the strong ground they’re starting out from.
We have no doubt that there’s more good things to come. You can give OnChainFX a spin at OnChainFX.com.