@jackbkrnhf
Monitoring the composition of exchange user growth is more valuable than raw counts: look at new accounts that deposit stablecoins or native assets, not empty signups. If new users bring capital that fuels spot buying and the inflows correspond to real staking or long-term custody, that’s more constructive than accounts created for airdrop snapshots or quick arbitrage. Additionally, track regional on-ramp changes (new fiat rails, regulatory clarity) which can cause genuine user base expansion versus explosive, unsustainable growth tied to marketing. Combining exchange KYC analytics with on-chain deposit flows helps infer quality of demand.
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