In the blog, we will explain how onchain data works, which onchain metrics are most important, and how to track & view onchain analytics for any app or smart contract.
What is onchain data?
Onchain data refers to all the information recorded and stored directly on the blockchain. It includes transaction records, smart contract data, metadata of onchain assets, and more. All activities are verified and recorded on the network, offering transparency and immutability inherent to blockchain technology.
What are the most important onchain metrics?
Let's delve into some of the top onchain data metrics to gain a comprehensive understanding:
1. Total transactions
The total number of transactions conducted on a blockchain metric provides an overview of the network's activity level. Observing trends in total transactions can reveal the health of the network, providing insights into its growth, or even identifying issues in the event of sudden activity drops.
2. Active wallets
The count of wallets that have interacted with the blockchain within a specific timeframe indicates user engagement and the network's user base. Monitoring active wallets reveals critical information about user engagement, the network's vibrancy, and the potential for a burgeoning ecosystem.
3. Gas spent
Measuring the gas spent on transactions provides valuable insights into the efficiency and cost-effectiveness of blockchain operations. It helps users understand the network's performance and the expenses associated with executing smart contracts and transactions.
4. Top wallet holders
This metric provides insight into the largest stakeholders within the network. Often, these top wallets belong to early adopters, institutions, or influential market players. By tracking their activities and asset holdings, we can anticipate significant market movements and gauge the intentions of these prominent actors.
5. TVL (Total Value Locked)
TVL represents the total cryptocurrency assets locked within a decentralized finance (DeFi) protocol. It showcases the scale and popularity of DeFi applications and is a critical indicator of the DeFi ecosystem's health.
How do you track onchain data?
The quest for understanding onchain data leads us to a vital question: How can we efficiently track and analyze this data?
Each blockchain network has its own dedicated data scanner, a tool designed to provide insights into the transactions, activities, and data stored on that particular blockchain.
For example, Ethereum has Etherscan.
Similarly, layer 2 solutions, such as Base, have their own dedicated scanners like Basescan.
However, while these blockchain-specific scanners serve their purpose well, they often present data in a raw, technical format that can be challenging for the average user to interpret and leverage.
These platforms offer enhanced visualization, analytics, and user-friendly interfaces that allow users to better comprehend the wealth of data available on blockchains.
thirdweb: your gateway to comprehensive onchain data analysis
thirdweb offers a comprehensive solution that simplifies onchain data tracking for applications and smart contracts.
Whether you're a developer, a trader, or a business owner looking to make use of blockchain tech, thirdweb provides a user-friendly, one-stop destination for your data analytics needs.
With thirdweb, you can deploy new smart contracts effortlessly, and once they're live, they will automatically generate onchain data. If you already have existing smart contracts, thirdweb allows you to import them with ease, granting immediate access to comprehensive data tracking for your smart contracts.
Key onchain analytics metrics
On thirdweb, users can access a range of essential onchain analytics metrics, including:
- Unique wallets: Get a clear picture of how many unique wallets have interacted with a specific smart contract.
- Total transactions: Monitor the overall transaction activity associated with your smart contract.
- Total events: Gain an understanding of the various events and actions performed within your smart contract.
- Function breakdown: Explore this feature to examine the distribution of calls to each write function from transactions.
Let's explore the real-world scenario of a smart contract, "FriendtechSharesV1."
Through Thirdweb, you can easily search for this contract and access an array of onchain analytics, just as you would for any smart contract associated with your application of choice.
Here is a step-by-step guide to tracking onchain data of Friend.tech:
- Once you hit “Enter,” you can see data like unique wallets, total transactions, and total events.
- If you scroll down, you will find a complete history for each of these data points. Here is the number of unique wallets on Friend.tech since its inception.
- Here are total number of transactions on Friend.tech:
- Here are the number of onchain events on friend.tech:
- thirdweb also features a “function breakdown” section for analysts looking for additional information on a protocol. For example, for Friend.tech, this feature provides a detailed breakdown and analysis of the specific functions and operations within the smart contract related to buying and selling shares.
- Furthermore, thirdweb's 'event breakdown' feature provides a comprehensive analysis of events emitted by a specific contract. Here are three key points about this feature:
- Event emission analysis: Event breakdown allows users to examine the types of events triggered by the contract and the data they broadcast on the blockchain.
- Event trigger patterns: Users can identify recurring event trigger patterns, aiding in understanding user interactions, system behavior, and external influences on the contract.
- Data payload exploration: The feature allows analysts to explore the data payloads associated with emitted events.
Blockchain data holds the key to unlocking hidden insights about networks, smart contracts, and decentralized applications. It provides valuable information for understanding their inner workings and overall sentiment.
thirdweb also aims to simplify onchain data tracking for blockchain-based applications.
And if you want to start tracking projects on a blockchain, get started with thirdweb's analytical tools — they're free!