The on-chain data combines all sorts of activities that users perform on public blockchains. On-chain metrics can help turn transaction information into valuable crypto market insights to serve as a basis for further analysis.
What Types of Activity Can You Track On-Chain?
You can inspect the on-chain activity for cryptocurrencies, smart contracts, and NFTs. The different aspects of the on-chain activity that you can track include the following:
Transaction data & history (state of transactions, associated fees, block data, etc.)
Another asset- or platform-specific data (mining difficulty, open interest in the futures market, smart money movement, real-time NFT sales data, etc.)
On-chain activity metrics can reveal more about a particular market's depth, health, and growth. However, to be able to track such information, the blockchain has to be public.
Tools For Tracking On-Chain Activity
The tools for tracking on-chain activity can be divided into two groups - multi-market (e.g., Blockchain.com, Glassnode, CryptoQuant, and Dune) and asset-specific (e.g., Etherscan, Polygonscan, and Tronscan).
Using Etherscan to Track On-Chain Activity
Let’s take Etherscan, for example, since it is the go-to tool for on-chain analysis of the Ethereum ecosystem. You can use it to track Ether transactions and wallet balances, review smart contracts, view or even mint NFTs, and more.
Broad Market View
The homepage overviews the latest developments in the Ethereum ecosystem, including Ether’s price, market cap, transaction volume, block data, and more.
However, you can dive deeper to explore wallet- or token-specific data.
Etherscan works similarly to a search engine. It indexes all transactions taking place on the Ethereum blockchain. All the information is public for anyone to review by simply entering a wallet or a token address in the search bar.
Etherscan then lists the transaction history associated with the search, and other relevant information (e.g., wallet address of the originator and recipient, block data, transaction date, value, and transaction fee), as shown in the example below.
If you want to explore the details of a particular transaction, simply click on its hash.
Smart Contract Creation & Analysis
You can also use Etherscan to inspect token contracts or even create one (note that you will need to connect a wallet for this).
Etherscan is a good source for double-checking whether a particular wallet address or a contract has been used for malicious purposes.
How to View On-Chain Wallet Activity and Transaction History in the Nexo Wallet?
The Nexo Wallet makes it easy to dive into on-chain activity analysis for the different assets in your portfolio and the transactions made through the wallet’s interface.
To do that, log into your Nexo Wallet and navigate to the “Transactions” tab on the left.
You will see the history and the details of your transactions (e.g., the wallet addresses of the originator and the recipient, gas fee, date, asset, and state of the transaction). You can also review information about the Identity and the signer.
Apart from the transaction data summary, a quick link will take you to the blockchain explorer for the particular asset (Polygonscan, in this case). You can review the complete information for the specific transaction, your wallet, or the entire asset ecosystem (similar to Etherscan’s example above).
The “Transactions” tab of the Nexo Wallet reminds you that you can take advantage of transaction batching. This process combines multiple transactions into a single on-chain transaction to optimize costs. Sending transactions together instead of one by one drastically reduces the average cost per transaction.