Analytics

Over the last few years, the decentralized projects developed on the Ethereum blockchain have grown exponentially, enriching the internal ecosystem which revolves around the smart contract protocol most loved by the community.

As a result, the necessity of having analytics platforms and tools to monitor the various activities related to the plethora of decentralized applications has become increasingly important.

Leveraging the transparency of all certified data related to what is today the industry’s leading blockchain, developers and other players in this ecosystem can facilitate not only the study of market trends and projects over time but also every single decision-making process.

From here on we will focus on what are currently the best and most used platforms for data analysis and study.

The first one is Etherscan, which allows having a clear general overview of everything that happens on the Ethereum blockchain, from the list and the total number of blocks and transactions, to the figures related to mining, such as difficulty and hashrate, all updated in real-time.

Additionally, it is possible to keep track of all ERC20 and ERC721 tokens, the newest as well as the best-performing ones at the moment, including their transactions.

Etherscan is a decentralized platform built entirely with smart contracts. More specifically, it allows searching using different keywords, such as the block number, the hash code of the transaction, an address or a specific token.

Dedicated to the community of dApps developers working on the Ethereum protocol there is an entire section related to APIs; through these, it is possible to invoke various types of data from the blockchain itself, such as the ETH balance of a user for example, and/or the possibility to validate contracts through APIs.

It is also possible to use different tracker services within the platform, thus keeping track of dApps, loans, network nodes, gas costs and the “ledger” of orders on the various DEXs.

In short, their core value is to provide fair access to blockchain information to anyone.

The next two analysis tools are related to two specific use cases: 0x Tracker and MakerScan, which is still in beta version, used to analyze and monitor the 0x protocol and Maker‘s DAO platform respectively.

0x Tracker has been monitoring 0x protocol activities since 2017. It provides users with access to information related to exchanges, allows to view different trends and aggregates the various news from the entire ecosystem. All this information is made available on the 0x Tracker website and through the use of public APIs linked to the protocol itself.

Every time an asset is exchanged through the 0x protocol, it is recorded in its permanent ledger. As a result, this event will contain complete information about the exchange, such as which assets were exchanged, which parties were involved and what the transaction fees were.

Their mission is to increase data transparency and the contribution from the community by injecting added value into the ecosystem.

MakerScan, developed by InstaDapp, analyzes all data related to the Maker platform. When opening the home page the first thing that appears will be a general interface that reports the most relevant data.

This interface will show the main details, such as the total number of open CDPs, which stands for Collateralized Debt Position, and their distribution over time, the total number of ETH deposited as collateral and the total value in DAI borrowed.

It is also possible to quickly check the most recent transactions related to the different types of activities carried out on CDPs.

Going into more detail, there are several leaderboards that show the most recent and important analyses in terms of size. Among these can be found, for example, the CDPs that are open in response to the demand for high debt compared to the average.

The following are the CDPs with the highest level of collateral deposited and, finally, the CDPs that currently have the highest liquidation risk, i.e. those that have almost reached the minimum liquidation rate threshold.

For example, by clicking on each of these categories, it is possible to view all the details relating to that specific asset.

In short, as can be well understood, the use of all these data analysis and monitoring platforms will grow over time in direct proportion to the growth of projects in decentralized finance. Each step will be crucial for the evolution of this ecosystem and data will be the most valuable element to take advantage of.