- Solscan is a Solana block explorer (blockchain explorer) that enables investors to view transactions, explore wallets, find important data, and better understand other key metrics of the Solana ecosystem.
- One of Solscan’s most useful features is its NFT dashboard, which provide information regarding the transaction history and ownership history of any Solana NFT.
- Users can also use Solscan’s whale tracking feature to identify promising projects by checking out the whale’s holdings and transaction history.
One of the best things about blockchain is transparency of information. This sounds contradictory at first, given that the cryptocurrency industry is unregulated (as of now, at least) and there is no official standard for financial reporting–in addition to the fact that founders can hide behind pseudonyms.
However, much of what happens on a blockchain can actually be viewed, and in real time no less. For example, bitcoin transaction volumes as well as the number of transactions, dates and times can be observed from BlockCypher, while the same can be viewed for the Ethereum blockchain on its official block explorer, Etherscan.
For the Solana ecosystem, there is Solscan.
What is Solscan?
Solscan (short for Solana scan) is a blockchain explorer and analysis tool for the Solana ecosystem. Solscan is the Solana equivalent of Ethereum’s Etherscan. It allows users to view the activity and data of any transaction, block, project, NFT, token, or wallet on the Solana network. Think of Solscan as the Google of Solana, a search engine that allows users to search and find data such as transaction history and crypto holdings of a particular Solana wallet, specific details of each block on the Solana network, as well as any Solana network-wide data. Users can then utilize this information to help them make better investment decisions. This transparency is one of cryptocurrency’s biggest selling points.
Is Solscan the Same as Solana Explorer?
Solana Explorer is the official blockchain explorer of Solana blockchain, and is developed and operated directly by the Solana team. Both Solscan and Solan Explorer offer the same primary function of data analytics and visualisation for the Solana ecosystem. However, Solscan has many more features than Solana Explorer such as DeFi and NFT data dashboards. Furthermore, the analytics that Solscan provides is both more detailed and easier to understand than that offered by Solana Explorer. Overall, Solscan offers greater functionality, more information, and easier usage compared to Solana Explorer.
How Does Solscan Work as a Solana Block Explorer?
Solscan offers a variety of features for users. These features include:
Solscan Analytics is a dashboard that displays information and real-time data regarding the overall Solana network and ecosystem. The dashboard displays data such as Daily Active Wallets, Daily New Token Accounts, Daily New NFTs, Transactions Per Second (TPS), and much more. Much of this information is displayed in well-designed charts that make the data simple and digestible. This data dashboard is also customizable and allows users to filter the data by certain time frames and periods such as weekly charts and monthly charts.
The Solscan homepage also displays high-level network usage data, such as total SOL supply, total SOL staked, and total transactions. Such analytics will enable users to better understand the health, growth and activity of the Solana network.
Solscan Analytics Dashboard (Source: Solscan)
Another unique feature of Solscan is its DeFi Dashboard. The DeFi dashboard displays important data regarding the seven most prominent Solana DeFi projects Raydium (RAY), Orca (ORCA), Sereum (SRM), Aldrin (RIN), Step (STEP), Whirlpool, and Lifinity (LFNTY). For each of these DeFi projects, Solscan provides data on the total value locked (TVL), total 24-hour volume, and total 24-hour transactions. Solscan also displays information regarding the various trading pairs of each DeFi project. This is a very helpful feature for users hoping to invest in or learn more about the various DeFi projects built on Solana.
Solscan DeFi Dashboard For Raydium (Source: Solscan)
Solscan also has an NFT dashboard that displays transaction details for all of Solana’s NFTs and collections. Users can view the transaction history and ownership history of any Solana NFT. Users can also view any Solana NFT collection and see each collection’s total NFTs, floor price, volume, and transaction history. The NFT dashboard also has a live updated list of all recent NFT transactions and new NFTs minted.
By having access to this information, including important data such as an NFT transaction history, users will be able to make better investment decisions and be more likely to avoid potential scams in the NFT market.
Overview Of An NFT (Source: Solscan)
Tracking crypto “whales”
A recent trend within crypto is to follow the movements and trades of the industry’s wealthiest and biggest holders – aka “whales”. Solscan can help investors do just that. A user can find the wallet address of a major whale, and then view the whale’s holdings and transaction history. Such transparency is unheard of in traditional finance.
A user could potentially look through the whale’s holdings and find interesting projects that caught the whale’s attention and learn more about it before investing. Users could also try and use the whale’s transaction history to gauge when is a good time to buy or sell crypto.
An important point to note, however, is that tracking crypto whales is not a formal investment strategy and is a risky strategy to undertake. Social media is replete with stories of people who attempt to follow whales’ trading patterns but fail to make a profit. Instead, tracking crypto whales is simply a starting point for users, and should only form one small component of a user’s investment strategy and decision-making.
Crypto Holdings & Wallet Overview of A Crypto Whale (Source: Solscan)
Solscan is a Solana-focused blockchain explorer that allows users to find key data and information regarding Solana transactions, NFTs, DeFi projects, and the overall Solana network. While such information can be invaluable in helping users make informed investment decisions, it should still be taken with a pinch of salt, especially given the recent debacle of two brothers who inflated Solana’s $10.5 billion TVL by $7.5 billion–in an attempt to make their own Saber Protocol look popular and well-adopted.