The 7 Best Free Tools for Blockchain Analytics
The cryptocurrency market is notoriously complex and highly volatile, making it essential to have a mechanism to understand its behavior. To meet this need, blockchain analysis tools offer investors various calculations and statistics to decipher market patterns.
With these tools, investors can navigate the complex data that blockchain networks generate and make informed decisions. We have seven of the best free blockchain analytics tools to help you interpret data and make sound investment choices.
1. DeFi Lama
DeFi Llama is a top-level tool for analyzing decentralized finance (DeFi) projects. It offers aggregated data for various market statistics, allowing you to track the performance of a project. With the platform’s sorted list of trading pairs, you can easily find high performing liquidity pools. In addition, DeFi Llama’s user-friendly dashboard enables you to keep track of stakes, loans, lending, liquidity and other activities in DeFi.
The platform is known to provide accurate Total Value Locked (TVL) data for a protocol. TVL is one of the most important indicators for DeFi, as it shows the total amount of tokens inserted into a protocol. A higher TVL generally indicates that investors trust the project. You can also use the value to compare it to a token’s market value and check its price.
DeFi Llama is an open source platform with a decentralized system supported by a team of contributors who provide data analytics. The platform currently supports around 150 blockchains and 1500+ DeFi protocols.
2. Etherscan
If you are an Ethereum user, you might have heard of Etherscan. So, what is Etherscan and how does it work?
It is a specialized blockchain analysis tool designed for the Ethereum community. The search field, blockchain explorer and API simplify data tracking for Ethereum users. With Etherscan’s tool, you can easily check various calculations such as transaction volumes, addresses, gas prices and more.
However, the platform’s most prominent feature is its ability to verify smart contracts. With Etherscan, you can track any pending Ethereum transactions in real time. The platform’s search field allows you to enter the transaction ID or wallet address of the sender or recipient. When you start the search, Etherscan immediately displays the transaction history and other related details.
3. DappRadar
DappRadar is a free website that provides data related to decentralized apps, including DeFi, blockchain games, and NFTs. With access to over 10,000 different DApps in the crypto market, the platform covers DApps from around 50 protocols and offers an easy way to discover new innovative projects.
DappRadar introduces features like coin tracking, coin analysis, industry overview, the latest market reports and NFT collection tracking. In addition, the platform ranks DApps based on three metrics: Balance, Volume and Unique Active Wallets (UAW).
In addition to providing an explorer for decentralized apps, DappRadar offers several exclusive features. Using the platform, you can manage your wallets, participate in giveaways and airdrops, and exchange tokens between any of the supported blockchains.
4. Glass node
Glassnode is a powerful blockchain analytics tool that offers in-depth market research. The site’s market information includes unique wallet addresses, OTC firms, exchanges, miners and others. All crypto firms are listed on the Glassnode platform, where you can easily track their live data. In addition, each calculation has several other functions, allowing you to build a detailed analysis. The platform’s metrics library includes over 200 items and takes into account more than ten years of data to present accurate insights.
Furthermore, you can make your analysis more professional by using TradingView. Glassnode allows integration with TradingView charts, so you can get better insights.
5. Dune Analytics
Dune Analytics is a popular tool for analyzing cryptocurrency markets. This free platform provides insightful charts to help you track market trends. Dune Analytics offers a user-friendly platform where anyone can explore, create or share their market knowledge. Additionally, the technical analysis charts are easy to understand, making them useful even for those new to the world of cryptocurrency.
These visualized technical analysis charts can help you track short- and long-term trends and compare the performance of different networks. By providing you with valuable insight, they can help you make informed decisions.
One of the standout features of Dune Analytics is its ability to create custom charts and dashboards through SQL. You can easily create charts to suit your needs with human-readable SQL queries.
6. Messari
Messari is also recognized as one of the top-rated analytics tools in the chain. It enables users to track the performance of a trading pair across different exchanges on a single platform. It covers a wide range of decentralized applications such as DeFi, NFTs and Web3. The platform also has a customizable list of trading pairs, which allows users to generate data-rich charts.
Furthermore, Messari allows comparing different digital tokens and provides a variety of time metrics that enable users to evaluate cryptocurrencies over a given period of time. Additionally, it offers a way to manage a team’s resources efficiently.
7. CryptoSlam
CryptoSlam is a blockchain analysis tool designed to track and detect NFTs. It serves as an excellent platform for investors to explore newly launched NFT projects across over 15 blockchains.
Using CryptoSlam, users can find out which NFT projects are the best fit for their investment goals. The website provides valuable insight into the buying and selling behavior of top NFT traders, which can help investors create their own investment strategy in the NFT market.
Using Blockchain Analytics to Make Informed Decisions
Given the volatility and complexity of the emerging crypto market, investing in cryptocurrencies is challenging and complicated. So blockchain analysis is essential to monitor and understand crypto market operations. In addition, data insights are critical to improving investment decisions.
Fortunately, various tools are available to help investors learn about market trends so they can make more informed decisions about whether to buy, hold or sell. These tools provide a framework for understanding market patterns, ultimately helping investors achieve better profits. Therefore, integrating crypto analysis tools into your investment strategy can prove to be very useful.
