Welcome to the newsletter from the Chainbeat team! The web 3.0 ecosystem is growing rapidly. Our goal with this newsletter is to provide insights and highlights on new and interesting projects that are building the decentralized future of tomorrow.
We are excited to announce the launch of the next evolution of Chainbeat which we are calling Chainbeat v2. In today’s newsletter, we will delve into some of the new features and metrics that make up this new release.
This week’s featured project: Chainbeat v2.0
At Chainbeat, we believe in the process of continuous learning - we learn from our customers, the market, the various protocols that we work with every day. We learn so that we can evolve ourselves to the changing ecosystem, be insightful to our customers and add value to the ecosystem. We launched Chainbeat last year with support for Ethereum and with our next evolution we became multi-platform with the launch of our support for RSK, xDAI & PoA. And now we are taking our next step with the launch of Chainbeat v2.0. You can check out the latest release here.
What is Chainbeat v2.0?
Unlike the previous versions, in this release, we focus on feature refinement and introducing new metrics for the platforms that we support. The business of blockchain has become increasingly similar to running any internet or SaaS business. The metrics that convey the health of the ecosystem are increasingly becoming similar to understanding the health of any business. Questions like these below are now very much relevant to the blockchain apps and protocols:
“How many new users have we added last month?”,
“Are people coming back to use the protocol?“,
“What does the retention of users look like?”,
“Which feature is the most popular in the DApp?”
Chainbeat v2.0 is focused on providing new metrics and enhancing existing features to answer these types of questions. In addition to focusing on transaction metrics, starting today we are introducing new metrics that focus on users(new, retention, active), enhanced token metrics (daily ins & outs, detailed transactions) & market metrics(pricing, volume). But the one feature that we are very excited about is the brand new Chainbeat Overview.
One of the most common new features requests that we get from our users is regarding the possibility of quickly getting a health check on how a certain protocol, DApp or wallet is doing. We could do it currently with Chainbeat but it's time-consuming. So instead of going through all the individual metrics could we have a collective overview that would show all the key metrics of the underlying smart contract on one page?
This inspired us to create the brand new Chainbeat Overview feature.
The Overview on a high level focuses on three key aspects of the underlying smart contract (or wallet) address:
System Activity - What is happening in the smart contract?
User Activity - Who and how are they interacting with the smart contract?
Token Activity - How are the underlying economics of the smart contract functioning?
Each activity has certain metrics that delves into the details of the underlying smart contract over the pre-selected timeframe. This timeframe is auto-selected based on the overall activity of the smart contract. If a certain metric needs further investigation, all one has to do is click on it and they will be directed to the actual reports page to further drill down into the details, including selecting the metrics information over the lifetime of the contract.
We are working on further enhancements in the next version of the Overview like comparison trends over timelines, live feed and so on. If you have a specific feature or an issue that you would like to see please do contact us.
Another new feature with this release is the new user metrics. With this feature now you can measure user adoption, growth, and retention for your smart contract.
A few highlights with examples:
Here is an example user growth chart over the lifetime of the smart contract - with existing users in blue and new users added in red.
Here is an example user retention chart over the lifetime of the smart contract, with just one time users in red and users that have interacted more than once with the smart contract in blue with the interaction period shown on the y-axis and the count of users on the x-axis.
The overall user adoption can be seen in this chart along with the top, max, min and average users per day.
Chainbeat v2.0 is a fresh take on revealing brand new insights and metrics for all the new and existing blockchain projects. Obviously, we have only covered certain key highlights from this release in this post but there is so much more including new market data like pricing and token volumes that provide new insights when you pair with existing metrics. All these changes are available now and you can check it out by logging in to https://chainbeat.io or signing up for a new account at https://chainbeat.io/users/sign_up.