Introduction to Onchain Data and Data Analysis Platforms

5 min readApr 29, 2024

What is On-Chain Data? What are its Uses?

On-chain data refers to transaction records and related information stored on the blockchain. Unlike traditional financial markets, this data is transparent and tamper-proof on the blockchain, making it a reliable and secure source of information. It helps investors understand market trends, investor sentiment, and operations among major holders.

On-chain data analysis involves monitoring the flow of transactions on the blockchain to predict market trends and measure market sentiment. This is crucial for investors as it provides real-time insights into participant behavior, enabling them to make informed investment decisions more quickly. Through on-chain analysis platforms, investors can observe activities of different market participants, such as depositing assets into centralized exchanges or withdrawing to decentralized wallets, and the number of short and long-term holders.

In essence, on-chain data and its analysis are crucial for cryptocurrency investors. By monitoring transaction flows on the blockchain, investors can gain deeper insights into market conditions, thus making wiser investment decisions. To access this on-chain data, investors need to explore on-chain data platforms. Let’s discuss the advantages and disadvantages of various on-chain data platforms and who they are suitable for.

What are Some On-Chain Data Platforms?

DefiLlama

DefiLlama is a data analytics platform dedicated to integrating decentralized finance (DeFi) platforms across different blockchain networks. It’s the go-to platform for tracking Total Value Locked (TVL) and offers the following features:

DefiLlama aims to provide integrated DeFi data to offer users precise and comprehensive information from various blockchain networks and applications. It aggregates data from multiple protocols, sourcing from platforms like Uniswap.info and its subsidiary SushiSwap.vision.
As a TVL aggregator, DefiLlama effectively measures the total value of digital assets staked on platforms. TVL serves as an indicator of available liquidity in the DeFi space, reflecting the amount of assets locked in smart contracts.
DefiLlama utilizes open protocols and adapters to connect to various data sources and presents them in a single interface. Users can access reliable and up-to-date information about different blockchains and their related applications.
Besides TVL, DefiLlama also provides market value data and performance indicators for DeFi protocols. Users can compare the market value to TVL ratios of different protocols to assess their efficiency and profitability.
DefiLlama has its native token LLAMA, used to support community governance and participation.

Glassnode

Glassnode is a leading blockchain data and intelligence platform renowned for its comprehensive analysis of all BTC indicators. Its main features include:

Glassnode serves as an authoritative source for on-chain and financial indicators, offering a wide range of data and indicators including active addresses, transaction volume, SOPR, and NUPL.
Glassnode Academy provides free knowledge and educational resources, including detailed explanations of on-chain and financial indicators, aimed at educating early adopters and making on-chain data more accessible to mainstream society.
Glassnode’s data and insights are trusted by leading investors, hedge funds, banks, asset management companies, and cryptocurrency firms, providing high reliability.
Glassnode employs advanced technologies like data science and machine learning for analyzing on-chain data, helping investors make rational decisions in highly emotional and irrational markets.
Glassnode is not entirely free; they currently offer three pricing plans. To understand the differences in price and features, you can visit this website: Glassnode Pricing.

Nansen

Nansen is a leading blockchain analytics platform focused on providing rich on-chain activity data and offering a comprehensive view of the multi-chain world. It’s primarily used for monitoring the flow of funds among major holders and offers the following features:

Nansen emphasizes tagged crypto wallets, having tagged over 120 million wallets, providing the most comprehensive reports on the real-time status of cryptocurrencies.
Nansen currently supports 9 chains, including Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, Ronin, Celo, and Terra Classic. Continuously adding new blockchain networks is their goal, with the next focus on supporting Solana.
Nansen provides Smart Money labels and multiple data dashboards, allowing users to closely monitor the actions of smart money and discover new opportunities for in-depth research.
Nansen also offers various data, including multi-chain analysis, NFTs, DAOs, allowing users to gain a comprehensive understanding of different blockchain networks and the cryptocurrency domain.
Nansen Query: Nansen offers Nansen Query, focusing on providing unique datasets and comprehensive coverage for enterprise clients, along with powerful and efficient data analysis tools.
The recently launched Nansen 2 is a next-generation analytics platform driven by artificial intelligence technology, focusing on enriching on-chain activity and mapping the multi-chain world. It features smart search, signal recognition, and intelligent segmentation, allowing users to access on-chain data more quickly and intelligently.
Similar to Glassnode, Nansen is not entirely free; they currently offer three pricing plans. To understand the differences in price and features, you can visit this website: Nansen Pricing.

There are many other data analysis platforms that I haven’t introduced, including NFTgo for investors focusing on the NFT market, Token Terminal for traditional finance enthusiasts, Nanoly (for knowing DeFi deposit yields), and Staking Reward (for viewing PoS blockchain staking and node data). Additionally, Dune Analytics offers clear and understandable charts, while Ethereum block explorers like Etherscan and Ethernow are widely used for research and articles. Finally, CoinGecko, CoinMarketCap, and CoinGlass are well-known platforms for viewing cryptocurrency market prices.

Depending on individual needs, these resources are provided for you to research the interested field. The mentioned data platforms are widely used by users and should be secure and accurate (hopefully). They are personally used by me and my friends in the cryptocurrency circle. In the next issue, I will introduce essential on-chain data and indicator analysis. Stay tuned.