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Description

The rise of tokenization in real-world assets has begun to reach farther and wider than ever before. Commodities have been a staple in the worldwide exchange of value since the beginning of time, and as technology evolves, the tokenization of commodities rises alongside. Amberdata’s digital commodities dashboard expands our coverage of real-world assets, alongside stablecoins, showing the creation and destruction of commodities on the Ethereum network, as well as user activity, prices, market capitalization, and velocity. Digital commodities coverage includes: Gold, Silver, and Platinum. Tokens covered include: PAXG, DGX, VNXAU, TXAG, TXAU, TXPT.

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Use Cases

Traders focus on digital commodity issuance on-chain to identify market liquidity and sentiment shifts. An influx of commodities might signal increased buying power, potentially leading to bullish market conditions. Conversely, a decrease could indicate bearish sentiment or reduced liquidity, influencing their short-term trading strategies to capitalize on price movements. Researchers are interested in commodity issuance as it offers insights into the broader blockchain ecosystem’s health and adoption rates. By analyzing issuance trends, they can deduce the level of trust in digital commodities and understand how different economic factors affect the blockchain space. Analysts pay attention to issuance on-chain to gauge investment trends and risk exposure in the cryptocurrency market. A growing supply of digital commodities can suggest an increasing interest in the crypto market or a hedge against inflation, while a decline may highlight risk aversion among investors. This information is crucial for making informed predictions and advising clients or organizations on portfolio strategies.

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Methodology

  • Issuance: Refers to the daily mints and burns of a token as recorded by the token contract.
  • Circulating Supply: Calculated as the cumulative sum of token issuance.
  • Market Capitalization (USD and EUR): Calculated by multiplying the circulating supply by the token price. For USD valuation, daily close prices from centralized spot trading are used primarily. If the token is not traded on centralized exchanges, the token price is derived via its daily close decentralized exchange price in WETH, which is then converted to USD.
  • Transfers: Includes the count, sum, and average of all transfers recorded on the token contract, encompassing mints and burns.
  • Senders & Receivers: Represents the distinct daily counts of input (sender) and output (receiver) addresses involved in token transfers.
  • Holders: The number of users holding a token balance greater than zero.