Why and how should you use them?
The blockchain industry has seen significant growth in recent years, and on-chain tools have become increasingly important for developers and traders alike. These tools are designed to provide users with a better understanding of blockchain data and enable them to make better decisions. In this article, we will introduce the top 5 on-chain tools that have proven to be the most useful and reliable.
On-chain tools have become an essential part of the blockchain industry, enabling users to gain insights into market trends and make more informed decisions. The following 4 on-chain tools introduced in this article have proven to be among the most useful and reliable. Whether you are a trader or a developer, the following tools will undoubtedly prove to be valuable additions to your blockchain toolbox.
#1. Blockchain Explorers
Blockchain.com and Etherscan are two of the most popular blockchain explorers; the former supports multiple blockchains and the latter is for Ethereum, covering the top two cryptocurrencies by market capitalization as of writing. These explorers allow users to monitor their crypto wallets, track transaction status, and check the current network statistics, such as average transaction fees and transaction throughput.
The platform provides real-time updates on the network and enables users to search and filter transactions based on various criteria such as sender, recipient, and transaction id (hash). They also feature rich APIs that allow developers to build their own applications on top of blockchains.
Nansen is a blockchain analytics platform that provides users with analyzed Ethereum transaction data. Nansen tracks Ethereum wallets and identifies the most active and influential users on the network. This enables users to gain insights into market trends and make better investment decisions.
Nansen features a range of tools for on-chain activity analysis, for instance, they allow users to track the flow of assets between different influencers, investment institutions, exchanges, etc. enabling users to identify market movements and trends.
Dune Analytics is a data analytics platform that provides users with real-time insights into Ethereum data. Dune Analytics enables users to create their own custom dashboards and visualizations, allowing them to monitor trends and analyze market movements in real-time.
The platform also provides users with the ability to explore and analyze the activities of decentralized applications (Dapps), allowing them to better comprehend the stats and trends of these Dapps. Dune Analytics is known for its user-friendly interface and powerful analytical tools, making it a popular choice among Ethereum developers and traders.
Chainalysis is a blockchain analytics platform that provides users with insights into blockchain data. Adopted by major institutions and law enforcement units across the world, the platform specialized in compliance and risk management, as well as suspicious transaction detection and tracking. The platform also provides users with the ability to create custom reports and visualizations, enabling them to gain a deeper understanding of blockchain data.
With the continued growth of the blockchain industry, we can expect to see even more innovative on-chain tools emerge in the future, enabling users to gain deeper insights into blockchain data and make better decisions. Therefore, being able to efficiently utilize these tools can be a huge boost for your crypto journey.
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