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Top 50 Fungible Tokens

Note: Documentation for these "Hedera Stats" are currently being developed.

Overview​

This metric highlights the most significant fungible tokens in the Hedera ecosystem. Rankings are based on market activity, volume, and token utility, aiming to balance accuracy with transparency.

Hedera Data Access

To access this Hedera network statistic (and others) via Hgraph's GraphQL & REST APIs, get started here.

Methodology​

Inclusion Criteria​

  1. Normalized Market Cap:

    • Calculated as the product of circulating supply and token price.
    • Prices sourced from DeFi platforms such as SaucerSwap and DeFi Llama.

  2. Normalized Volume:

    • Aggregated daily trading volume for each token across supported exchanges.

  3. Normalized Transactions:

    • Total transactions involving the token, including transfers, mints, and burns.

Normalization ensures that all values are scaled between 0 and 1 to make them comparable across fungible tokens.

Exclusion Criteria​

  • Tokens with inflated market caps due to low liquidity.

Ranking Formula​

Composite Score = (Normalized Market Cap * 0.4) + (Normalized Volume * 0.4) + (Normalized Transactions * 0.2)

Rationale:​

  1. Normalized Market Cap (40%): Reflects overall token value. Weighted lower to avoid overemphasis on tokens with inflated supply or speculative pricing.

  2. Normalized Volume (40%): Indicates liquidity and trading activity, ensuring active demand for the token. Equal weight with market cap emphasizes dynamic usage.

  3. Normalized Transactions (20%): Measures community engagement and utility. Weighted lower to mitigate spammy or artificially inflated activity.

Purpose:​

Balances long-term value (market cap) with real-time activity (volume, transactions) while minimizing manipulation. The formula ensures fair representation of impactful tokens in the Hedera ecosystem.

Data Sources​

  • Hedera Mirror Node data for token transactions.
  • Pricing data from SaucerSwap, DeFi Llama, and other DeFi platforms.

SQL Code​

This is the SQL code required to run these calculations.

WILL BE ADDED SOON

Dependencies​

  • Hedera mirror node