Blockchain networks process a ton of information. Millions of crypto users worldwide make transactions each day. With so much data, it’s hard for governments, regulators, and investors to track and analyze on-chain activity. That’s why they need the best blockchain analytics tools in the world to visualize and compare important network metrics.
Blockchain analytics tools are used to fight cyber-criminal activity, monitor compliance, analyze markets, and investigate blockchain activity. In this article, I’ll introduce you to the 8 best blockchain analytics tools the market has to offer.
1. Dune Analytics
Dune Analytics is a community-favorite blockchain analytics tool. It is a tool that enables users to extract blockchain data for free. Users can examine blockchain networks, DeFi protocols, and even NFT collections. Moreover, it helps you query data and analyze it through charts.
Dune Analytics captures the core idea of Web3: that data should be free for all. Users participate in a forum-like environment where they publish, share, and comment on data. The good thing about Dune is that anyone can access their data for free since it is shared by the community.
The tool currently offers data for Ethereum, Binance Smart Chain, and Gnosis Network. Dune Analytics is heavily DeFi-focused. Most users use it to examine decentralized exchanges, ledning protocols, OpenSea listings, and so on. Keep in mind that users can also browse data for L2 Ethereum solutions such as Optimism and Polygon.
Community-owned. Users themselves share data with each other. This allows it to be free for everyone.
Collects SQL-esque blockchain data and converts it into easily-read databases that users can easily query and analyze.
Ethereum-focused. Dune Analytics focuses more on DeFi protocols and NFT collections based on the Ethereum network. Users can also access data from BSC and L2 ETH solutions.
Dune Pro ($390 per month)
Chainalysis is more of a traditional blockchain analytics tool that focuses on providing compliance solutions to governments and regulators. It allows you to track transactions, visualize complex data, and perform risk analysis.
The main objective behind Chainalysis is to fight crime, bring transparency to the blockchain industry, and build trust. The tool enables governments, businesses, and banks to understand how investors and cypherpunks use cryptocurrency.
Chainalysis has transaction monitoring for all crypto assets. It is used by users from more than 70 countries and is relied upon by over 700 organizations. The tools deal with investigations and compliance. Besides traditional blockchains, it also monitors DeFi protocols and NFT collections.
Keep in mind that Chainalysis is more of an institutional tool. Although private individuals, like private investigators, may use their services, the tool is more suited for banks, businesses, and regulators.
Offers data on identities behind certain blockchain addresses
Track non compliant transactions coming from sanctioned addresses, darknet markets, scammers, etc.
Aside from tracking traditional blockchain networks, also monitors transactions on DeFi and NFT markets
Offers robust yet intuitive interface for tracking and visualizing blockchain data
Pricing depends on the user. You must contact the team to receive a quota.
CryptoQuant is yet another blockchain analytics tool driven by a lively community. The tool offers comprehensive data to users seeking to make data-based investing decisions. CryptoQuant supplies users with both on-chain and exchange data.
The tool easily collects data from various blockchain networks due to their transparency. For market data, the tool provides data by working with a number of spot and derivatives exchanges such as Binance, BitMEX, Bybit, and so on.
More than a million users worldwide use CryptoQuant for their investing needs. Users also have access to a number of on-chain and market indicators. You can analyze data for almost all popular cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Monero, Solana, Tether, etc.
Provides comprehensive data for hundreds of cryptocurrencies free of charge
Offers access to both on-chain and market data
Has several indicators that help with detecting bullish and bearish factors
Is cited by numerous crypto publishing platforms
Coinpath is an advanced crypto surveillance tool that tracks money on blockchain using APIs and a complex mathematical formula that shows on-chain cash flow. The tool can detect transaction flow, account balance, and clusters by utilizing advanced machine learning models and heuristics.
Coinpath uses a set of API endpoints that track money from point A to point B. The tool shows the flow of money on blockchains and allows investigators to track non compliant users. With Coinpath, you can view the origin of a transaction, transaction amount, the destination, and the entire path the transaction took.
Keep in mind that this is mainly a tool for financial institutions, banks, businesses, law firms, regulators, and exchanges. Coinpath is primarily used to fight terrorist financing, money laundering, and other criminal activities.
Tracks on-chain money flow via machine learning and complex mathematical formulas
Uses native APIs to track transactions and TX information
Provides banks, businesses, regulators, lawyers, and exchanges with visualized overview of criminal on-chain activity
Team ($249) Startup ($449)
CipherTrace is a crypto intelligence and blockchain analytics tool designed for exchanges, custody providers, governments, regulators, and banks. It provides leading AML compliance solutions to large financial institutions by covering more than 2,000 crypto assets.
The tool investigates financial crime, identifies money laundering, monitors risky payments, and tracks travel rule compliance. CipherTrace minimizes all risks of criminal activities related to cryptocurrency transfers. It also offers a robust range of blockchain forensic tools that monitors fraud and sanction evasion.
Keep in mind that this is yet again another tool offered primarily to regulators and crypto business owners aiming to stay legally compliant. CipherTrace offers no blockchain analytics tools for investors and traders.
Leverages both public and private blockchain data along with proprietary algorithms to to track criminal activity
Helps governments, regulators, exchanges, banks, and card issuers to monitor compliance
Trusted by numerous industry leaders, including Binance, Galaxy Digital, Rakuten, and CaseWare.
Subscriptions start at $16,000 per year
Coinfirm is a blockchain analytics firm that helps keep the decentralized ecosystem clean and safe since 2016. The firm was founded by former AML executives of the Royal Bank of Scotland. They are a leader in crypto compliance tools and offer analytics across numerous blockchain networks for businesses and regulators.
Coinfirm facilitates blockchain analytics, blockchain investigations, and entity due diligence. The tool covers the entire market and monitors more than 25,000 crypto entities. They have over 300 clients worldwide.
Enable clients to monitor compliance for all AML and FATF crypto laws
Facilitates live transaction tracking
Helps companies comply with FATF travel rules and monitor risk analysis
Must contact Coinfirm to receive a quote
Nansen is a crypto analytics tool that combines on-chain data and a rich wallet database to provide real-time crypto and NFT insights. More than 100,000 investors use Nansen to get a market edge and follow smart money.
WIth Nansen, you can monitor where funds move, discover new collections, projects, and tokens, as well as trace transactions. You can also receive custom alerts for big transactions done by important wallets. Additionally, you can track gas usage and price to find out which dApps have the most activity.
Combines rich wallet database and on-chain data to provide crypto and NFT insights
Investors can easily discover new trends and interesting market activities
Enables investing due-diligence with live wallet tracking
8. DeFi Llama
DeFI Llama is a tool that aggregates data within the decentralized finance (DeFi) sector and shows important market statistics via an intuitive dashboard. The tool allows you to monitor TVL and other important market metrics for some of the most popular DeFi protocols.
The tool tracks the following blockchains: Ethereum, BSC, Iron, Avalanche, Solana, Polygon, Arbitrum, and Optimism. DeFi Llama also allows you to monitor yield farming yields, analyze stablecoin market data, and keep track of individual blockchains.
DeFi Llama is the perfect solution for DeFi enthusiasts seeking to up the ante and make better financial decisions using accurate data. The data that the tool sources is managed by the community.
Monitor TVL and other market metrics via a user-friendly dashboard
Hunt down the best liquidity pools by sorting trading pairs according to APY and liquidity
Completely decentralized. Data connectors are maintained by the community. Changes are coordinated along with DeFi Llama developers.
What are Blockchain Analytics Tools?
Blockchain analytics tools are a type of tool that help you analyze blockchain networks and track transactions. Because blockchains are permissionless and transparent, you can find any on-chain transaction and analyze its contents.
There are many reasons for analyzing blockchain transactions. Maybe a well-known crypto fund has a public address. You might want to track their activity to buy the same cryptocurrencies they deem to be bullish.
Or perhaps someone scammed you and stole your precious crypto or NFT. You can report the address to the relevant authorities who will find out the hacker’s real life identity. A Crypto Twitter user going by the name of ZachXBT has tracked down hundreds of scammers over the past few years by using blockchain analytics tools.
Can the Best Blockchain Analytics Tools Help you Invest Better?
Some investors monitor on-chain activity to improve their investing performance. They track either the addresses of individuals (e.g. popular investors) or addresses of public funds, exchanges, etc.
Both cases rely on an important investing strategy: following smart money. We presume that most funds and exchanges know what they’re doing. If you spot a large inflow of cash into a new smart contract ecosystem, chances are that even more value will flow into the ecosystem. More money means a higher valuation, and thus a higher token price.
Or maybe you want to do the opposite and practice good risk management. You’ll track blockchain addresses to see which networks are losing steam. Maybe that new L2 project that everyone’s talking about is losing users and value day by day. That’s a good signal to bail out and sell your assets.
The best blockchain analytics tools can indeed help you invest better; but only if you know what you’re doing. I recommend analyzing on-chain data, but not relying on it too much. You should keep track of price action and narratives as well.
If you want to learn more about crypto investing tools, I recommend you to check out the following articles:
Marko is a crypto enthusiast who has been involved in the blockchain industry since 2018. When not charting, tweeting on CT, or researching Solana NFTs, he likes to read about psychology, InfoSec, and geopolitics.