In part two of Cryptonites’ interview with LunarCrush’s Joe Vezzani and Jon Farjo, the founder of the social analytics platform discusses what it means to provide value to the community.
Speaking to Cryptonites’ Alex Fazel, Vezzani said LunarCrush’s value lies in its ability to provide users with an overlooked and underutilized metric. Other analytics platforms require users to hunt for metrics themselves, and both Vezzani and Farjo believe they are of limited usefulness to users.
Vezzani explained that there are three main metrics users should look at when researching a project, with social volume being the most important one. LunarCrush identifies social volume by capturing every time a social post mentions a particular coin and identifies trends over time.
LunarCrush also captures social engagement within the posts it analyzes, looking at the number of comments and conversations occurring within each social post. In addition to that, the platform also analyzes the number of social contributors. Vezzani explained that in addition to being a way to weed out bots and spam, looking at the number of contributors also shows the overall size of the coin’s community.
All of these metrics are combined with the market activity of a particular token to form what the platform calls Altrank.
Vezzani says Altrank is a very useful tool in identifying fast-growing and promising projects. LunarCrush was one of the first platforms to notice the growth of the Avalanche community before AVAX prices started to react.
To complement its existing tools, LunarCrush is building an all-new DeFi product suite called LunarFi. According to Farjo, these products are the company’s drive to provide value to the community that isn’t locked into the platform.
The first DeFi product launched by LunarCrush was native LUNR token staking. LunarCrush users can earn the platform’s native tokens through participation to unlock various tiers and features of the platform. If a user decides to spend the value he earns on LunarCrush elsewhere, he can easily withdraw tokens from the platform, Farjo explained.