First data update — February 22
As we started to work on signull.io, we discovered how complex working with crypto data is, in reality. This blog will explain some basic methodology behind signull.io and (hopefully) will be published monthly. In case anything is unexplained or unclear, join our Discord.
Trivia
Signull started because we were missing a lot of things — new tokens, multi-time frame charts, alerts, personal watchlists, wallet analysis and more. Our primary aim is to get as much data (=tokens) as possible and everything as close to real-time as possible, so you can improve your analysis.
Methodology
As of February, we have data for around 14k active tokens. But for only 7k of them, we have charts data and they are displayed in our app. This is due to the system of how we fetch data from our data source described below.
We don’t load OHLC data per token [base] (e.g. BTC, ETH, XRP), but per market instead [base:quote] (e.g. BTC:USDT, SOL:ETH). We have selected the first few quote currencies as a pilot and plan to do this selection automatically later, based on the volume-price impact. Updates of Chart data are divided into two groups — the first 3k tokens by rank are updated every minute, the rest in the“best-effort” mode, which means every 5–8 minutes, for now.
Other market data (spot price, volume, market cap) are loaded independently and updated every minute. Based on this data, alerts are triggered. It is possible to get an alert for tokens with no Chart data, especially for tokens with low volumes and sometimes for tokens when the wrong market is selected. We plan to improve this, but this functionality means you should never miss an alert trigger just because the Chart data is incomplete.
Market cap is something that is missing for most of the tokens now, only ~8 % of tokens we display have a market cap. The way market cap is handled across the crypto data platforms is kinda different, but the formula is the same:
Market Cap = Price of the asset * Circulating supply of the asset
By different, I mean the “circulating supply” part, because some platforms verify this number with project devs, some platforms calculate this number based on some criteria and some just blindly use some numbers. We have decided to use the best practice — load this metric from verified sources (e.g. Coingecko, Coinmarketcap, Cryptorank), compare supply metrics to each other, evaluate and calculate market cap on our side.
Future
Our primary focus is on improving data quality, so we plan to increase the number of tokens and cover all tokens in Q2 2022. :)
We also plan to deploy our own system of calculating the market cap and increase it to as much as possible (right now we still do not know what is the limit and we should know this by the next update).
As I mentioned above, in case of any questions about our methodology or reasoning, join our Discord or just try our app :)
