As someone in the Stabilizer community, I’ve been fascinated by how the protocol actually works under the hood. That’s why I’m excited to walk through the Dune Analytics dashboard that’s been tracking testnet activity in real-time.
Dashboard → USDZ Analytics Dashboard | Dune
Why This Matters: Seeing Beyond the Claims
In DeFi, it’s easy to make promises. It’s harder to prove them at scale. A dashboard changes that. Instead of taking anyone’s word for it, including ours as a community, you can watch the protocol behave in real-time. You see what’s actually happening, not what’s being claimed.
This isn’t just useful for testnet. These dashboards and queries become the foundation for mainnet monitoring. We’re building the transparency infrastructure now that will let anyone audit Stabilizer’s health post-launch.
The Overview: Snapshot of Protocol Health
The dashboard opens with two critical metrics: total USDZ supply and total holders. These tell you the scale of what’s happening. How much USDZ exists in circulation right now? How many unique wallets are participating? Together, they paint a picture of whether adoption is real or theoretical.
Reading the Data: What Each Chart Tells Us
Circulating Supply Over Time
This is the protocol’s pulse. Every day, this line updates with the total USDZ in circulation. Mint and burn transfers move this number. Watch it and you see protocol adoption unfolding: how many traders are using Stabilizer, how much USDZ they’re holding, how the system scales.
What’s interesting here isn’t just the number, but the shape. A smooth, growing line suggests healthy adoption.
Minted vs Burned Amount
This is where the magic happens. Every trade creates an imbalance between reserve assets. USDZ responds by minting when reserves are oversupplied and burning when they’re undersupplied to restore equilibrium at exactly 1:1 pricing. This chart visualizes that rebalancing work every single day.
The volatility you see here isn’t noise. It’s the protocol doing its job. High trading volume means more rebalancing work and higher bars on this chart. Low volume means calmer, flatter days. Over time, you start to feel the rhythm of the protocol.
Net Supply Change
While mints and burns happen constantly, what matters is the net effect. This chart shows the daily net change in USDZ supply. It’s the difference between what was minted and what was burned. A healthy protocol shows controlled, predictable net supply changes that scale with adoption. Erratic swings would suggest something is off.
New Holders Per Day
How many fresh wallets are receiving USDZ for the first time each day? This shows onboarding velocity. Is the protocol attracting new users every day, or has adoption plateaued? The pattern here tells you whether Stabilizer is growing or stalling (note that during Phase 1 Testnet, wallets are fixed to whitelist)
Holder Growth
The cumulative version of the above. This line moves only upward, showing total unique holders over time. It’s a never-decreasing metric because wallets that once held USDZ are counted even if they’ve since sold or transferred their holdings. Watch this line and you see whether the protocol is building a community of real participants.
Wallet Balance Distribution
How concentrated is USDZ adoption? This chart breaks down holders by wallet balance ranges. Are small traders scattered across thousands of wallets? Are large holders dominating? This distribution tells a story about whether the protocol is truly decentralized and accessible, or captured by a few large players.
For a testnet, this is still forming. For mainnet, this becomes a health metric worth monitoring continuously.
Beyond Testnet: Building for Mainnet Transparency
What’s elegant about building these dashboards now is reusability. The queries, the structure, the visualization logic all port directly to mainnet. We’re not just monitoring testnet. We’re building the transparency layer that Stabilizer will run on at launch.
Anyone can fork these queries, modify them, create competing dashboards. That’s the point. Real transparency means you’re never dependent on one source of truth.
Explore for Yourself
The dashboard is live and updating continuously. Dig into the raw data. Ask questions. Build your own queries. This is what building in the open actually means.
As someone following Stabilizer’s developments from a technical standpoint, I agree that this dashboard is a step forward for DeFi transparency.
