Onchain Data & Research Analyst

Muhammad
Rafi

Onchain data and research analyst focused on stablecoin adoption and protocol analytics across emerging markets — APAC, LATAM, and Africa.

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// About
Muhammad Rafi

The Data Must Flow

I'm an onchain data and research analyst based in Jakarta, specializing in protocol analytics and stablecoin ecosystems across emerging markets.

My work includes institutional-grade Dune Analytics dashboards covering stablecoin adoption in APAC, LATAM, and Africa, and protocol-level research that has been referenced by major L1s, L2s, and industry data networks.

Currently serving as the Southeast Asia Regional Researcher for Scroll DAO's Delegates Contribution Program (DCP 1), producing the State of Scroll regional report covering Malaysia and Indonesia.

// Emerging Market Stablecoins

Regional Stablecoin Map

Interactive dashboard coverage across APAC, LATAM, and Africa. Click a highlighted region to open the corresponding live dashboard.

Active Dashboard Coming Soon
// Featured Mentions

Featured & Cited By

Research, dashboards, and threads referenced by protocols, L1s, L2s, and industry data networks across the ecosystem.

REFERENCED BY  · Major L1s, L2s, data networks, and regional Web3 communities — including Polygon, Celo, Kaia, Lisk, IQ AI, and Our Network.
// Projects

Selected Projects

UniCarbon DEX Preview
Uniswap v4SolidityCarbon Credits
UniCarbon
A decentralized exchange for tokenized carbon credits, built on Uniswap v4 Hooks. Developed during the Uniswap Hook Incubator (Cohort 5).
View Project
Cosmic Ledgers Preview
BlockchainData Viz
Cosmic Ledgers
Cosmic Ledgers is a powerful Multi-VM portfolio tracker designed to provide comprehensive insights into crypto assets across various networks and protocols. This platform simplifies portfolio management while offering advanced features.
View Project
Cosmic Ledgers Preview
Dune AnalyticsSQLTemplate
Dune Echo Starter Template
Open-source starter template for Dune Analytics dashboards, designed to help analysts scaffold onchain research projects faster and maintain consistent structure across dashboards.
View Project
Cosmic Ledgers Preview
Web3DApp
U-Dunan
A decentralized application exploring improved user experience patterns and onchain interaction design for Web3 products.
View Project
// Featured Research

Featured Research

Dashboard
Emerging Markets Local Stablecoin
Dashboard tracking 41 local stablecoin protocols across 14 EVM ecosystems in APAC, LATAM, and Africa — representing approximately $934M in aggregate market capitalization.
View Dashboard
Article
The State of Local Stablecoins in Southeast Asia
In-depth analysis of stablecoin adoption patterns, liquidity depth, and ecosystem growth across Southeast Asia.
Read Article
Article
Thought Process behind Creating Near Protocol Overview Dashboard
A methodology for designing protocol dashboards that surface actionable insights — covering metric selection, data modeling, and visual hierarchy.
Read Article
Article
The Long Spoon of Indonesia’s Rupiah Stablecoin
An in-depth analysis of Indonesia’s emerging rupiah stablecoin ecosystem, using the “long spoon” parable as a framework to examine coordination challenges between regulators, developers, and private issuers.
Learn More
// Credentials & Experience

Credentials & Experience

Experience

Ongoing
SEA Regional Researcher
Scroll DAO · Delegates Contribution Program
2025 — 2026
Crypto Data & Research Analyst
Surf Query · Singapore
2023
B.S. Computer Science (Cum Laude)
Indonesia Computer University · GPA 3.52 / 4.0

Organizations

Research Contributor
OurNetwork
Developer Cohort 5
Uniswap Hook Incubator

Awards

2025
Top 3 Herd Eco Hackathon Winner
Crowdfunding Mini App on Farcaster
2021
Merit Award
Asia Pacific ICT Alliance (APICTA)
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