As a seasoned analyst with years of experience in the crypto space, I must say that the latest development from Nansen is nothing short of exciting. The fact that they are now offering advanced analytics tools for the Solana ecosystem is a game-changer, especially for those who have been yearning to tap into the intricacies of this high-throughput blockchain.
Adventurous investors, detective-like blockchain experts, and meme coin fans keeping a watchful eye on the Solana network will soon have access to comprehensive analysis tools thanks to Nansen’s upcoming launch.
The popular blockchain analysis platform, recognized for its Web3 wallet tagging and data processing capabilities, has now begun supporting the Solana blockchain.
🤔Why is onchain analysis for Solana so challenging?
In essence, as per Nansen’s CEO @ASvanevik, Solana is a blockchain that handles high transaction volumes, resulting in an enormous amount of data.
This week, I had a chat with one of Nansen’s co-founders who elaborated on the two primary reasons…
— Gareth Jenkinson (@gazza_jenks) October 17, 2024
As an analyst, I’m excited to share that our latest offering equips us with sophisticated instruments for tracing wallet activities, keeping tabs on token holdings, and diving into Solana’s rapidly expanding DeFi and NFT landscapes. In an exclusive interview with CryptoMoon, Nansen co-founder Alex Svanevik shed light on this upcoming release, which will soon be accessible to Nansen users.
Svanevik told CryptoMoon:
“The TL;DR is we’re adding Solana to Nansen. It’s been a long time coming, but we finally got there. We spent an insane amount of time to get this to production.”
According to Svanevik’s explanation, Nansen users can expect advanced-level access to token and wallet analytical tools.
As an analyst, I can help you identify the addresses with the highest profitability based on their Profit-and-Loss statements. These are the addresses you may want to monitor closely and perhaps consider replicating their trades.
Solana analytics is “super difficult”
For several years, Nansen’s Ethereum Virtual Machine (EVM) blockchain analysis tools have been available, offering a range of features to monitor tokens, wallets, and traders. Ever curious about where Vitalik Buterin might be transferring his tokens? Nansen has that specific wallet identified for you.
At the start of 2020, Solana emerged and was often referred to as a possible replacement for Ethereum. In an earlier interview with CryptoMoon, Solana’s co-founder Anatoly Yakovenko explained that their protocol has a unique purpose centered around providing high-speed transactions and minimal delay for blockchain applications.
On a technical standpoint, Solana significantly deviates from Ethereum, making it quite a challenge to deliver comprehensive data analysis. This is the reason behind Nansen spending a full year perfecting their new integration, as stated by Svanevik.
“Solana is a completely different chain under the hood and it’s actually super difficult to integrate because of the data volume and the differences with EVMs.”
Svanevik pointed out that since Solana operates independently of EVM, its data structures and classification systems are uniquely distinct from those used in Ethereum-associated blockchains. This difference means that Nansen can’t simply utilize the same technology to incorporate its data as they would when working with an Ethereum layer-2 system.
As a crypto investor, I’ve found one compelling reason for my interest in Solana lies in its immense data volume. This blockchain is extensively utilized and boasts an impressive throughput rate. Over the past few years, the activity on Solana has skyrocketed, leading to an explosion of data generation. According to Svanevik, this surge in activity is a testament to Solana’s popularity and potential for growth.
In simpler terms, Nansen’s CEO noted that providing real-time analytics has been a difficult task, as it necessitated extensive time to optimize queries. However, they have focused on ensuring that Nansen’s Solana analytics offer the complete chronology of on-chain activity, not just brief overviews of particular time periods.
Memecoin mastery?
At a particularly intriguing moment, Nansen is set to roll out its Solana integration. In the year 2024, memecoins have been dominating the scene, attracting hundreds of millions of dollars in investments, primarily into tokens and initiatives that are largely speculative and community-driven.
When queried about the potential influence of incorporating Solana analytics on the capacity of speculative investors to intensify memecoin profits, Svanevik stated that such analytical tools might provide an advantage to a trend predominantly fueled by sentiments.
To put it simply, memecoins lack traditional foundations; you won’t find a comprehensive whitepaper detailing their purpose or function. Instead, these digital currencies are more about the actions taken by users on the blockchain itself. Essentially, understanding memecoins is less about technical specifics and more about observing the behavior of people interacting with them online.
Svanevik mentioned that users will be able to view the addresses associated with the purchase of particular tokens, giving investors the opportunity to steer clear of some tokens and discover others that might offer higher returns.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Top gainers and losers
- UXLINK PREDICTION. UXLINK cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
- FEG PREDICTION. FEG cryptocurrency
2024-10-17 12:59