DEX Screener is a rather new website that offers advanced charting, market cap rankings, and other advanced trading tools for a variety of blockchains. With the ability to sort different tokens by volume, price change, liquidity and market cap, there is a plethora information at your disposal. Let’s explore DEX Screener and explain what everything means with the Cronos chain in mind.
Navigate to DEX Screener
Step One: Go to https://dexscreener.com/
Step Two: On the left, find the Cronos blockchain, and click on it. This will bring up https://dexscreener.com/cronos where all Cronos relevant information lives.
Cronos DEX Screener Breakdown
All DEXES: Located at the very top of the page, Cronos DEXs are listed.
A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXs fulfill one of crypto’s core possibilities: fostering financial transactions that aren’t officiated by banks, brokers, or any other intermediary. Many popular DEXs, like Uniswap and Sushiwap, run on the Ethereum blockchain.
Coinbase
There are many DEXs on Cronos. However, it’s still early. Which project(s) will take the lead?
Latest Block | 1H TXNS | 1H VOLUME : Located near the top. Time can be viewed at the 5min, 1 hour, 6 hour, and 24 hour intervals using the dropdown toward the center.
- What do you mean by block?
- Blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks that are then linked together via cryptography.
- As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
- Source: https://www.investopedia.com/terms/b/blockchain.asp
For example, at the time of this article, Cronos is on its 310k block in the chain. With only being launched three weeks ago, this makes sense. When you look at BSC, it’s on its 13M block since it’s been around longer.
- TXNS: This stands for transactions. There were 580 transaction during this hour.
- VOLUME: This refers to how much $ was traded during that hour, in this case, $610K was traded on the Cronos blockchain.
TOKEN: Located first in the table, token refers to the name of the Cronos token. Tokens are listed from highest to lowest by number of transactions in the last (5 min, 1 hr, 6 hr, 24 hr). In this case, VVS/WCRO is leading with 211 transactions.
- Why are some tokens repeated and paired with different tokens?
In order to trade on a DEX, cryptocurrencies need to be exchanged during a trade. They call this a trading pair separated by a dash or slash. For example, BTC/ETH indicates a pair. A person can buy BTC with ETH or sell BTC to get ETH. So in this case, a person can buy VVS with WCRO or sell VVS and get WCRO.
Obviously WCRO isn’t the only way to buy VVS which can be with #2 VVS/USDC and #7 VVS/USDT. The same policy applies. Allowing investors to purchase a token with more than one cryptocurrency is very powerful and allows for more transactions.
PRICE: This refers to the current price of the token. There will be fluctuations as the market impact prices.
TXNS: This referes to the number of transactions within the last (5min, 1 hr, 6 hr, 24hr)
VOLUME: This refers to how much of that token ($) was traded within that time frame.
Price Change Columns (5M, 1H, 6H, 24H) refers the change in price over that specified period of time. Green indicates an increase, while Red indicates a decrease. Now 5M might not be as reliable as 24H if you’re looking at the overall performance of the token. However, it can indicate stability and aid in investing decisions.
You are able to sort each time column by highest to lowest and vice versa. This will update the table and will likely show different tokens in the lead. Whether this helps you make financial decisions, is up to you.
LIQUIDITY: This refers to how much value a token pairing has in cash. If all tokens, in that pairing, were sold for return what would that be worth. Over time token can increase or decrease their liquidity due to markets, external factors like burning, surge of investors, promotions, you name it. Projects strive to increase their liquidity.
MCAP: This refers to the total value of the cryptocurrency regardless of pairing. For example, if you sort MCAP from highest to lowest, you will see all VVS pairings in the top three spots. All market cap values are the same or close to the same because that VVS token holds that value.
If you scroll down further you’ll see some variation with CRONA, but it’s still near that same value of $66M.
The point is, whether it be VVS or CRONA or ELK, the token will hold a market cap value.
Breakdown Recap
Overall, DEX Screener is a very powerful tool to find information about tokens on Cronos. A simple, but effective UI, allows for pertinent financial information to be gathered by even the most novice crypto investor. Of course, always do your own research and verify that the information portrayed at the time is correct. Sometimes there’s bugs or flukes, so just stay alert.
I hope this How To guide was useful for you. No one really breaks down what charts like this mean to DeFi beginners. The Cronicle understands and is here to help. Please reach out to us or DEX Screener if you have any questions.