Nansen Integrates Solana Analytics Technology
17 Oct, 2024 ● Coin news
Savvy traders, blockchain investigators, and memecoin enthusiasts focused on the Solana ecosystem will soon have access to in-depth analysis tools provided by Nansen.
Nansen, a blockchain analytics platform known for its Web3 wallet labeling and data analysis capabilities, has officially introduced support for the Solana blockchain.
This new feature offers advanced tools to track wallet movements, monitor token balances, and explore Solana’s expanding decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.
Cointelegraph had an exclusive conversation with Nansen co-founder Alex Svanevik ahead of the release, which will be available to Nansen users.
Svanevik explained the significance of this development:
“The TL;DR is we’re adding Solana to Nansen. It’s been a long time coming, but we finally got there. We spent an insane amount of time to get this to production.”
With this addition, Nansen users will gain access to sophisticated token and wallet analytics:
“You’re going to be able to see what are the addresses that are actually making the most money that have the highest profit-and-loss, what are the addresses that you might want to follow and potentially copy trade,” Svanevik said.
Nansen’s Ethereum Virtual Machine (EVM) analytics tools have been available for several years, offering a range of features for tracking tokens, wallets, and traders.
For instance, the platform allows users to monitor wallets such as that of Ethereum co-founder Vitalik Buterin.
Launched in early 2020, Solana was quickly dubbed a potential "Ethereum killer."
In a previous exclusive interview with Cointelegraph, Solana co-founder Anatoly Yakovenko emphasized that Solana was designed for high-throughput, low-latency blockchain applications.
Technically, Solana differs significantly from Ethereum, making detailed data analytics challenging.
Svanevik noted that integrating Solana into Nansen took over a year due to these differences:
“Solana is a completely different chain under the hood and it's actually super difficult to integrate because of the data volume and the differences with EVMs.”
He explained that Solana’s data formats and structure are entirely distinct from Ethereum-based chains, so Nansen couldn’t simply apply the same technology used for Ethereum integrations:
“The second reason is it just has an insane amount of data volume. Solana is a highly used chain and it has really high throughput. Activity has just been exploding on Solana over the last few years, which means that it generates tons of data,” Svanevik said.
Nansen’s CEO also highlighted the challenge of providing analytics in a low-latency environment, which required extensive query optimization.
The goal was to ensure Nansen’s Solana analytics cover the full history of on-chain activity, rather than just offering snapshots of specific time periods.
The launch of Nansen’s Solana integration comes at a pivotal moment.
Memecoins have been a major trend in 2024, with hundreds of millions of dollars invested in speculative, community-driven tokens and projects.
When asked whether Solana analytics could help speculative investors capitalize on memecoin gains, Svanevik pointed out that these tools could provide an advantage in what has largely been a sentiment-driven market:
“Memecoins, let’s be honest, they don’t have any fundamentals, there’s no white paper to be read. There’s nothing to understand about the actual coins. The only thing you need to care about is what people are doing with these coins onchain.”
Svanevik added that users could track which addresses are buying specific tokens, potentially helping investors avoid risky tokens and identify others with higher return potential.
Sources:
https://cointelegraph.com/news/nansen-integrates-solana-analytics-eyeing-memecoin-alpha
