Nansen integrates Solana Analytics, Totes memecoin alpha
Many traders, blockchain sleuths and memecoin enthusiasts with an eye on the Solana ecosystem will soon have access to deep analytics tools launched by Nansen.
Web3, a blockchain analytics platform known for its wallet identification and data analysis tools, has officially launched support for the Solana blockchain.
🤔Why is it so hard to do onchain analysis for @solana?
According to @nansen_ai CEO @ASvanevik TL;DR
Solana is a large-scale blockchain, and it has “crazy amounts of data”.
This week I met with the founder of Nansen, who shared the two… pic.twitter.com/XSQ9ZcQkjU
— Gareth Jenkinson (@gazza_jenks) October 17, 2024
The new offering provides advanced tools for tracking wallet activity, managing token balances, and exploring Solana's growing decentralized finance (DeFi) and intangible token (NFT) ecosystems. Cointelegraph spoke exclusively to Nansen founder Alex Svanevik ahead of the release, which is available to Nansen users.
Svanevik told Cointelegraph:
“TL;DR We are adding Solana to Nanson. It's been a long time coming, but we're finally there. We spent a lot of time getting this to production.
As Svanevik explained, Nansen users can access token and wallet analytics at a sophisticated level.
“You can see what are the addresses that are really making a lot of money and what are the addresses that have the highest profit and loss, what are the addresses that you want to follow and copy business from,” Svanević said. he said.
Solana's analysis is “extremely difficult.”
Nansen's Ethereum Virtual Machine (EVM) blockchain analytics tools have been around for a few years and offer a variety of tools for tracking tokens, wallets, and traders. Wondering where Vitalik Buterin sends tokens? Nanson marked that wallet.
In the year The arrival of Solana in early 2020, Layer-1 has been called the “Ethereum killer”. Solana co-founder Anatoly Yakovenko said in an exclusive interview with Cointelegraph that the protocol has a distinct raison d'etre focused on high-speed, low-latency blockchain usage.
Related: Man vs. Machine: Nansen Analytics Names Global Wallets Slow
Technically, Solana is very different from Ethereum. This means that deep data analysis is useless, which is why it took Nansen more than a year to refine the new combination, according to Svanevik:
“Solana is a completely different chain under the hood and it's extremely difficult to integrate because of the volume of data and the differences with EVM.”
As Svanević explained, Solana is not an EVM, so its data formats and taxonomy are completely different from Ethereum-based chains. As a result, Nansen couldn't just implement the same technology to integrate the data as it does with Ethereum's Layer-2 protocol:
“The second reason is just the insane amount of data. Solana is a heavily leveraged chain and has a really high volume of production. Activity has been exploding on Solana in the last few years, which means it generates a lot of data,” Svanevik said.
Related: The Solana Genesis Story: Anatoly Yakovenko's vision for a high-performance blockchain
The Nansen CEO added that the challenge has been serving analytics at low latency, which requires more time to process queries. Part of this effort was to ensure that Nansen's Solana analysis provides a comprehensive history of onchain activity, not just snapshots of specific time frames.
Memecoin ability?
The launch of the Nansen Solana merger comes at an exciting time. Memecoins was launched in 2015. By 2024, hundreds of millions of dollars in mostly speculative, community-initiated tokens and projects are the main theme.
When asked if the integration of Solana Analytics will have a significant impact on the ability of speculative investors to increase memecoin profits, Svanevik said that these tools could give an edge to what is a largely sentiment-based activity:
“Memecoins, to be honest, have no basis, no white paper to read. Nothing helps about the actual coins. The only thing you need to think about is what people are doing with these coins on the chain.
Svanević added that users will be able to see which addresses have bought certain tokens, allowing investors to avoid certain tokens and find others that could potentially yield bigger returns.
Magazine: Memecoins: Betraying Crypto Ideas… Or Its True Purpose?
