💡The Problem

The Obstacle: Significant challenges due to the lack of accessible critical on-chain metrics & the complexity of evaluating and identifying secure and reliable Blockchains, Protocols, DEXs, Contracts.

1. Critical Data Accessibility Challenges

A significant challenge in the blockchain & Web3 ecosystem is the lack of reliable on-chain metrics and data analytics tools such as APIs and other data access methods. Various necessary metrics, such as real-time market data, transaction histories, average token holdings, and Layer 1 & 2 protocol metrics, are just not available. This limitation affects millions of users, distorting on-chain data analysis and contributing to industry obscurity and questionable practices. Moreover, it restricts the potential for developing additional data analytic applications and products that can further the mass adoption of cryptocurrencies and Web3 economies.

1. Difficulty in choosing reliable protocols

https://www.cryptopolitan.com/crypto-rug-pulls-soar-exceeding-defi-hacks/

Choosing reliable and secure protocols is of crucial importance in the crypto space, especially with the rising number of rug pulls and scams. Conducting a detailed on-chain data analysis, code review, assessing smart contract risks, and prioritizing long-term security over short-term gains are essential steps to mitigate these risks. Some factors, such as the ones mentioned below, are crucial for evaluating protocols:

• Revenue Generation Model

• Longevity and Risk-Adjusted Growth

• Tokenomics

• User Adoption and Community Engagement

• Revenue Distribution Mechanisms

• Team

However, performing such due diligence is often challenging for users. Analyzing codes and assessing the trustworthiness of projects requires technical expertise and deep understanding of blockchain technology. Furthermore, the constant evolution and complexity of the crypto landscape makes it even more difficult for individuals without specialized knowledge to navigate, identify and select trustworthy protocols.