No matter what the industry, it is always useful to have a metric assessing the quality of a project. In crypto, this tends to be quite difficult, given that so many projects are start-ups, based on projections, and must constantly adapt and switch gears in their strategy within a constantly evolving ecosystem. Well, we think this is all the more reason to get a third-party review of the key components of a company or project, so that we can keep assessing our strengths and weaknesses, and keep progressing.
Fundamental Crypto Asset Score (FCAS™) is a comparative metric which assesses the health of crypto projects. With ratings calculated from a 0–1000 point scale and corresponding letter grades.
FCAS™ evaluates the following variables to quantify a given platform’s health:
- User Activity: Represents the actual utility vs speculation of the project. Transactions, accounts and smart contracts are tracked and analysed
- Developer Behavior: Derived from an aggregation of 30 variables from online code repositories tracked by Flipside Crypto
- Market Maturity: Measures the volatility by modelling more than 40 different trading strategies and the ability to provide consistent return across different scenarios. This score comprises less than 5% of FCAS™
Zilliqa recently significantly up the rankings, receiving an “A”. At the time of writing this article, the cumulative score is 772 out of 1000, which can be broken down into:
- Developer behavior: 866
- User activity: 668
- Market maturity: 701
How did this happen? Our Head of Growth and Strategy, Kenneth Bok in fact, recently shared his insights on how we managed this swift improvement at the recently held “The Capital” by CoinMarketCap in Singapore.
Zilliqa hadn’t always been recognised as a top-quality crypto project across the three measured FCAS™ variables. In fact, around June 2019, Zilliqa was rated “C”, with an overall score of 589 out of 1000 points, scoring 855 for Developer behavior; 244 for User activity and 670 for Market maturity. When we got wind of this, we immediately began investigating this, especially why ‘user activity’ seemed to be an outlier in terms of score. A deep-dive revealed that this was happening due to the migration of activity from ERC-20 ZILs to mainnet ZILs, which had not been factored in by Flipside Crypto.
Our tech team took action immediately. We rapidly implemented Chainwalker for Zilliqa, a blockchain agnostic tool used for parsing by Flipside Crypto. As part of this, the team:
- Defined a schema for blockchain block and transaction, which describes the structure of the blocks and transactions.
- Wrote a parser to parse blockchain information.
- Dockerized the whole setup.
Recently, we were thrilled to be recognised by Flipside Crypto as one of the top 15 blockchain leaders in the market.
We will continue using the valuable tools and analytics Flipside Crypto has to offer, to keep building our capabilities, better understand our users and work towards a “Superb” ranking!
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