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- 1 Evaluating the on-chain activity has become essential to streamline the blockchain.
- 2 Through these tools, professionals can ensure that transactions are fast and secure.
- 3 The tools bring precision and perfection, and make everything up to the mark.
Analyzing the on-chain activity is essential for ensuring the flawless function of the blockchain. It helps in evaluating many aspects of the ledger in a systematic manner. These tools are highly useful for professionals like data scientists and analysts. Using them, the specialists get to assess the metrics with closeness. They get granular data with total precision on time.
That is why the usage of on-chain analytics tools has increased significantly. As a result, there are plenty of tools that make all this possible. Since the adoption of crypto is going rife, these tools are also getting prominent.
Tools That Make Data Analysis Easy And Efficient
With high functionality and cutting-edge features, these tools make everything better.
Dune Analytics
Using a relational database model, this platform performs an excellent job of indexing and organizing. It also lets the users create dashboards for NFTs and DeFi protocols. Moreover, they can make the dashboard public and dedicate it to the community. Being an open-source project, it also promotes discussions on social media. Its annual event DuneCon assesses the overview of the markets and its competitors.
Glassnode
With a litany of resources and tools, this platform shares real-time data feeds. It also delivers on-chain metrics and market analysis to track the performance of networks. With so many efficient features, it becomes a favorite of many industry players. On top of that, it focuses on demonstrating the on-chain data from Bitcoin and Ethereum. Users can access many other features by just paying an additional fee.
Nansen
It’s a data analytics platform that deploys all the savvy solutions. It utilizes natural language processing (NLP) machine learning and AI to attain total efficacy. It also helps in labeling portfolios and anticipating liquidity movement. The platform gives a trial period of a week as well. Due to so many powerful features, it becomes the go-to choice for every blockchain user.
Lunarcrush
It has emerged as a powerful tool for evaluating various activities from analyzing social media activity and aggregating engagement. The platform boasts of having social intelligence technology. In addition to that, it gauges the sentiment analysis and identifies trends too. If effectively used, this platform becomes the best way for social companies to analyze their performance.
DeFiLlama
DeFiLlama performs a distinct job of aggregating TVL (Total Value Locked) on DeFi programs. It comes with different dashboards that facilitate the job of handling so many things. It tackles yields, settlements, protocols, and monitoring. Furthermore, it lets the users check the best price, liquidity aggregator, and Proof-of-Reserves. It becomes a great choice for market analysts.
Conclusion
Using these tools, one can be sure about their blockchain’s efficacy. These tools come with a number of features that brings a lot of feasibility. Due to all these reasons, they become a perfect choice for blockchain professionals. For all the programs that work on Ethereum, these tools become a perfect application. They bring in all the analysis and give results that optimize the on-chain activity. These programs make blockchain rewarding for everyone.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
