Token Transfer and DEX Volume - Bad Metric Case

[MSilb7]

On metrics to be cautious of - why raw token transfer volume (with stablecoin transfer volume as a subset) is a bad metric, and raw DEX volume may also be:

• A new DEX heavily inflated stablecoin transfer volumes (2nd time this has happened to my knowledge): https://x.com/artemis/status/1874526932479644035

• Blockworks is filtering this DEX out, identified that it has 0 fees, so people just wash on it: https://x.com/smyyguy/status/1873461468886454394

• For token transfers: It's tough to make a "better version," because there can be 0 cost to inflate it. It's arguably easier to fake than active addresses. I'd be against any metric to do with this.

• For DEXs: Maybe a better metric would be to just look at DEX fees, rather than DEX volume. I think Defillama has this.

Tag #1190