PARSIQ Use Cases:
In addition to the developments and upgrade’s we’ve already announced this year, PARSIQ’s got a lot in store for 2023. We never tire of BUIDLing to make the work of Web3 adoption easier for everyone.
Today, we’re proud to introduce you to a helpful feature built into our Tsunami API, allowing users to GET WALLET TRANSACTIONS.
What is the GET WALLET TRANSACTIONS endpoint?
Essentially, this end point is a tool allowing developers to quickly and efficiently gather all the transaction data associated with individual wallets. In other words, it instantly provides the on-chain activity of any wallet — what the user received, what they sent, with which contracts they interacted, and so on.
Though this may sound like a simple tool, it provides a much needed, easy data solution to platforms providing wallets for their users, portfolio trackers, and other types of analytics. Such platforms need to get this data from somewhere. It could, for example, be collected manually from a site like Etherscan. But that is far from efficient — and is not a realistic solution at all — for a platform dealing with multiple wallets in real time. That’s because the data needs to arrive quickly and reliably! This is exactly what we provide.
With the GET WALLET TRANSACTIONS endpoint, we’ve made it simple to build wallet analytics monitoring right into the backend of a platform. That way, platforms can provide their users with a quick and reliable look at all of the information they need and expect. Rather than requiring developers to create and maintain their own in-house solution — which takes away from their valuable time — PARSIQ provides the data with our GET WALLET TRANSACTIONS endpoint (along with other endpoints, found here!).
Use Cases
The GET WALLET TRANSACTION endpoint is a valuable source of data for any platform that relies on information relating to users’ wallets. DeFi portfolio management platforms and wallet providers are excellent examples. Platforms such as these are dealing with a lot of data on the back end. For instance, a portfolio management platform is not usually only keeping track of funds, but also provides analytics services that help users maximize returns or coordinate DeFi trading strategies. In order to provide a seamless experience for users on the front end, these platforms have to have instant and reliable access to the activity of a large number of users’ wallets. With the Tsunami API’s endpoints, coordinating all of this data becomes a simple matter of plug-and-play for developers.
The use cases extend beyond wallet and portfolio as well! For instance, Tsunami’s endpoints can be utilized as the basis for things like pattern analysis and trend forecasting. With it, developers have all the data they need to turn simple portfolio tracking into a platform that includes invaluable features, such risk-exposure analysis and possible investment recommendations based on a wallet’s history. The inclusion of features like these are what transform a good platform into something great.
Finally, the Tsunami API is also perfectly positioned to help support the steady and exciting rise of AI-based platforms. When it comes to its potential for AI use, the GET WALLET TRANSACTIONS endpoint could be used for similar purposes as described above, with the addition of automatically turning that data into something even more powerful!
For example, PARSIQ’s endpoints could be used for predictive analytics. Say a platform wants to forecast market trends or predict user behaviors. With the reliable data provided by the Tsunami API, developers could map possible futures of transaction volumes, frequencies, or destinations. It could also be used by developers to better inform themselves of their users’ behaviors.
On the one hand, the data associated with users’ wallets provides insights into user preferences, allowing devs to find ways of improving user experience or coming up with personalized services based on their users’ behaviors. On the other hand, this endpoint could be used as a mode of anomaly detection. AI algorithms can use the data provided by PARSIQ endpoints to identify irregular activity (such as unusually large transactions or one’s to suspicious addresses). Data such as this would be valuable when creating systems of fraud detection, risk assessment, or security monitoring.
Want to Give the Tsunami API’s Endpoints a Try?
In conjunction with the speed of our Tsunami API, GET WALLET TRANSACTIONS makes it possible to quickly process the data related to any address at any point in time, even wallets with a massive amount of transaction data.
In addition to being fast and efficient, our endpoint provides this data with reliability you can trust in. If the data being fed into, e.g., a wallet provider or portfolio tracker is somehow faulty or inconsistent, then the integrity of the entire platform itself becomes suspect. With PARSIQ, developers rest assured in their access to accurate and up-to-date on-chain data, enabling them to create seamless experiences for their users.
