Cryptocurrency Investment Insights - Valuable Treasures for Digital Asset Holders
Blockchain Explorers: Your Guide to Deciphering Blockchain Data
Blockchain explorers serve as the Google of blockchain, allowing users to examine and analyze the data stored on blockchain networks. These explorers are available as web-based platforms and mobile applications, enabling users to search for and retrieve information related to a particular blockchain. The functionality of a block explorer is similar to a Google search, where users can input phrases or keywords to obtain data.
Transparent Record of Transactions
Blockchains like Bitcoin and Ether maintain a public ledger where all transactions are recorded. Unlike traditional search engines, explorers display real-time information about transactions, including pending transactions, in addition to processed or rejected ones. Additional details, such as transaction fees, the block number where the transaction is added, and the sender and receiver’s addresses, are also provided.
Invaluable Tool for Crypto and NFT Investors
Block explorers can help track transactions, but they also offer implications for proactive analysis. For instance, investors can leverage explorers to capitalize on market trends by studying data from a particular blockchain and timing their buy/sell orders accordingly. Law enforcement agencies use such data to investigate criminal activities.
Competition Leads to User-Friendly Tools
Competition in the market has led to a variety of blockchain analytics tools, with developers aiming to create user-friendly tools by utilizing APIs and dashboard summaries to present highlights and lowlights of a network at a given time. The following block explorers are some of the most popular options available currently:
1. Etherscan
Etherscan is a browser-based platform dedicated to viewing and analyzing all data stored on the Ethereum blockchain. Users can search for information by address, transaction hash, block number, token name, or other criteria. In addition, Etherscan provides additional resources such as an ETH unit converter, a label word cloud, a 'Verify Contract' tool, and more. Other networks, like Ethereum’s layer 2 solutions, have their specialized blockchain search programs, such as Arbitrum's Arbiscan, Optimism's The Optimistic Ethereum Explorer, Polygon's Polygon PoS Chain Explorer, Axie Infinity’s The Ronin Block Explorer, and ZkSync’s zkScan.
2. Dune Analytics
Dune Analytics is a research platform that organizes Ethereum data using SQL queries. Advanced users can create custom dashboards to track specific projects or topics, while non-technical users can browse through the platform’s public dashboards to analyze data. For example, a Dune user recently created a dashboard to track information about "The Idols," an NFT project targeting stale ETH (stETH) in Lido.
3. Footprint Analytics
Footprint Analytics is a service similar to Dune Analytics, but with a nicer interface and more flexible visualization options. This service converts raw tables into visually appealing on-chain data without the need for writing SQL. Footprint monitors several exchanges, offering users insights into token accumulation or selling activities and portfolio profitability.
4. Token Terminal
Token Terminal is an analytics platform that tracks financial data from blockchains and DApps. It provides access to standardized metrics for users to easily assess and compare the performance of different blockchains and decentralized applications. Token Terminal ranks gainers and losers on a weekly basis to help users track trends.
5. Nansen
Nansen uses the Ethereum ETL project to convert blockchain data into easily digestible dashboards. Nansen also employs a wallet labeling system that facilitates tracing transaction flows. The platform’s premium plans offer users access to custom panels, such as Hot Contracts, NFT God Mode, Smart Token Holdings, and more. Nansen offers a free trial and public dashboards for exploration.
6. Context
Context is a platform for tracking NFT activity in real-time. Users can create pre-set categories, such as CryptoPunk holders, FWB members, or well-known crypto-artists, to monitor minting or creative activities. Additionally, users can connect their wallets to personalize their feed by following specific accounts.
7. Dove Metrics
Dove Metrics provides a database of various cryptocurrency funding rounds, helping users discover and track projects at their earliest stages. The platform contains three main tables: Recent Fundraising Rounds, Active Fund Portfolios, and Full Database.
8. Vestlab
VestLab is an analytical service offering information on tokenomics, metrics, timing of upcoming token listings, and vesting. The platform provides details on deals on launchpads such as Coinlist, Tokensoft, and others. It is a valuable resource for users looking to gain insights into a project’s allocations and token splits across different rounds.
As the importance of the crypto-economy grows, the ability to analyze data within the network will become increasingly crucial. Whether for investors, analysts, or developers, mastering these skills and tools will give individuals an advantage in the ever-evolving blockchain sphere.
- Block explorers, like Etherscan, Dune Analytics, Footprint Analytics, Token Terminal, Nansen, Context, Dove Metrics, and Vestlab, are invaluable tools for cryptocurrency and NFT investors as they enable tracking of transactions, proactive analysis, and capitalization on market trends by studying data from a particular blockchain and timing their buy/sell orders accordingly.
- As competition in the blockchain analytics market increases, developers aim to create user-friendly tools such as APIs, dashboards, and visualization options to help investors and analysts decipher blockchain data, leverage technology, and make informed decisions in the dynamic arena of investing and finance.