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BORIS JOHNSON TO RESIGN, U.K. MEDIA SAY, SENDING POUND MODESTLY HIGHER





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PRESS RELEASE




BEST FREE ON-CHAIN ANALYSIS TOOLS AIMED AT RETAIL USERS

Published: April 9, 2022 at 8:48 a.m. ET

  comments





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The MarketWatch News Department was not involved in the creation of this
content.

Apr 09, 2022 (Vehement Media via COMTEX) -- Faisalabad, Pakistan — The Crypto
and DeFi world is booming right now, with new projects popping up daily. Digital
assets from NFTs and Metaverse games, to tokens and coins, new trends emerge
every single day, making it impossible to track everything.

What is becoming increasingly crucial in finding the most exciting new projects,
is tracking what others are buying and selling, and making sure your digital
assets are real. As the NFT market grows, it gets more saturated with
counterfeit assets. Rug-pulls through fake marketing. This is where on-chain
analysis and digital asset discovery tools come in handy.


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On-chain analysis tools can offer crucial insights

Digital asset market is battling with scams and fakes, rug pulls are nothing new
in the industry. According to NFT marketplace Opensea, over 80% of items created
with their free listing tool were fake, consisting of counterfeit collections
and spam. Rug pulls strip DeFi users of billions of dollars – in 2021 alone, $10
billion was stolen, a whopping 81% increase compared to the previous year.

Even though blockchain data records are accessible to anyone in the world with
all essential information such as active wallet addresses, transaction history
and values, tracking, visualizing, analyzing, and understanding this real-time
on-chain data isn't as easy without on-chain analysis tools.



Which is why we are starting to see several different on-chain analytics tools
launched in the market. On-chain analysis tools gather transaction data from the
blockchain, and visualize it on simple dashboards which display key on-chain
metrics.

Combining this data on simple, easy-to-use, charts and dashboards makes
information finding and interpreting much easier. It allows both professional
traders as well as retail users to gather straightforward insights for strategic
and well-informed trading decisions.

What are on-chain analysis tools?

On-chain analysis platform workflow stages are data: inspection, identification,
clustering, modeling, and visualization. First stage is about gathering publicly
available data on blockchain, and then identifying the necessary and valuable
information. Then, on-chain analysis tools cluster and group this data, after
which various data modeling techniques are applied and the data is visualized on
charts, for some on simplified customizable dashboards.

Best on-chain analysis tools for retail users



As the popularity of NFTs and NFT collections, and Metaverse games is
increasing, on-chain data analysis platforms are becoming increasingly necessary
among retail users. The problem is that most of the current tools are targeted
towards professional traders, rather than individual users. Current
cryptocurrency and other digital asset data tools offer a broad spectrum of
capabilities.


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Most popular tools include Poocoin, Nansen AI, Etherscan, Coinmarketcap,
Coingecko, Dextools, Chainalysis and several others. Each comes with their own
pluses and minuses depending on the target user, whether they show cross-chain
data, focus solely on trading- related information, or what kind of subscription
models they offer.

Basic free subscription exists for most of them, however, important features
often come at premium prices. What is more, most of these on-chain analysis
tools are hard to understand and use, and often lack good user experience (UX)
and user interface (UI) quality.

However, some tools are better than others for specific functions, and come with
their own pros and cons depending on the target user. Below, we highlight some
of the best on-chain analysis tools aimed specifically at retail users that come
free of charge, and can offer good insights for daily trading decisions.

1. Poocoin

Poocoin app is a decentralized exchange that offers both trading and analysis
functions, a community-powered platform with little public information about its
founders and background, who remain anonymous. Poocoin facilitates trading of
low-cap coins on the Binance blockchain and has their own token, PooCoin
(POOCOIN).


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It has been deemed as the more controversial tool after introducing some
questionable tokens and coins in the past. Which is why users of Poocoin should
be aware of potential rug-pulls and do their research into each coin or token to
see if they are valuable or not.

But other than that, the tool itself is actually very real, and offers all the
necessary information and insights for individual traders including diverse
tools: charts, transaction, wallet, and yield-farm tracking, and its own DeFi
exchange. Besides most of the features, which are free, PooCoin offers a few
premium ones for coin holders, for example, tracking of other wallets and
disable ads.

Poocoin is aiming to rival leading DeFi exchanges like Uniswap and Pancakeswap,
on top of the trading function, they differentiate by offering analytics
interfaces, real-time data, and low-cap coins that other DEX's aren't offering.

Pros: free to use, targeted to retail users, own DeFi exchange, real-time data

Cons: bad UX/UI, potential rug-pulls, only Binance blockchain, ads

2. Etherscan

Etherscan is an analytics platform that allows users to access transaction
details about any pending or confirmed transactions and holder supply on
Ethereum blockchain. Etherscan is free to use and it isn't obligatory to
register to use the basic features.


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For example, users can see statistics including real-time market cap data of ETH
as well as charts with prices of the past two weeks, previous block and
transaction data, hash rate, and network difficulty, and search for data by
wallet address, hash, or tokens.

Etherscan is a centralized platform, and anyone can use it to analyze on-chain
metrics like gas fee fluctuations or transaction history. Users can utilize this
information to track their portfolio or check for any suspicious activity. It is
a more general tool which mostly shows the movement and flow of an asset.

Pros: free to use, clear and easy user interface, clear transactions
information, clean and ad-free sit, good blog about all Ethereum related topics

Cons: only data on Ethereum blockchain, not very beginner friendly

3. DEXterlab

DEXterlab is a free on-chain analysis and digital asset discovery tool, aimed at
both retail users as well as professional traders for discovering emerging
projects and new trends. DEXterlab tool isn't yet live, on their website they
say it will be launched very soon, however, the exact date is unconfirmed.


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What is known so far is that DEXterlab aims to provide real-time on-chain data
across multiple blockchains, where users can trade multiple digital assets, and
track both new and old projects from NFTs, NFT collections, Metaverse games, to
coins and tokens. All data is presented on an easy and understandable UX/UI
dashboard, all features are free of charge, and data dashboards can be
personalized.

A unique feature that isn't yet found in the other tools in the market, at least
on a free subscription, is the ability to follow major wallets and cluster them
to either major wallets (whales), regular users, bots, or DEX's, which would
give better insight into holders for make better-informed trading decisions, and
avoiding possible rug-pulls.

Pros: free of charge, real-time data across multiple chains, follow major
wallets function, trading, NFTs and Metaverse games data, beginner-friendly

Cons: yet to launch, not tested

Conclusion

All in all, it really comes down to the desired functionality and the aim you
want to use the tool for, some on-chain analysis tools have more specific
features – PooCoin tracks Binance Smart Chain (BSC) data and has more
trading-related features, whereas Etherscan provides on-chain data on Ethereum.


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Besides the listed tools, there are a variety of on-chain data platforms out
there, each with its pros and cons and unique functionalities. The value of
on-chain data presented in a simplified manner on charts and dashboards can
really help traders gather insights, and in turn make better decisions.

However, it is crucial to always do some further extra research into more
specific tools available to get unbiased insights, and use publicly available
information such as new articles in combination with analytical data points.

Contact Media

Name: Muhammad iman

Address: samanabad/fsd

Email: randfishkinrand@gmail.com



COMTEX_405464015/2748/2022-04-09T08:48:46

Is there a problem with this press release? Contact the source provider Comtex
at editorial@comtex.com. You can also contact MarketWatch Customer Service via
our Customer Center.



The MarketWatch News Department was not involved in the creation of this
content.


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