Blockchain analytics company, Chainanalysis, has unveiled a new tech tool to help in monitoring transactions and tokens in different DeFi protocols and blockchains.
Chainanalysis released the beta version of one of its latest tools, Storyline. Referred to as a web3-native blockchain analysis tool, Storyline is designed to help track smart contracts-related transactions on DeFi platforms and non-fungible tokens (NFTs). This is in line with the growing popularity and importance of DeFi and NFTs.
The Complexity of the Blockchain-Related Transactions
Chainanalysis blockchain gives analysis and yearly reports on crypto-related crime and related trends. The fast evolving landscape has seen NFTs and DeFi become crucial cogs in the new ecosystem. Now, Chainanalysis estimates that the two sectors account for over 50% of the global crypto-related transactions.
One downside of this is the rising number of crypto-related crimes. In 2021 alone, the amount processed by DeFi saw a rise in funds from illicit addresses while hackers intensified their targets on these platforms to try and steal funds.
Chainanalysis estimates that DeFi protocols account for about 97% of the USD 1.68 billion worth of cryptos stolen in 2022. The company also indicated that a significant percentage of DeFi hacks were done by a group of cybercriminals from North Korea.
The main challenge faced by exchanges and DeFi protocols is that these platforms are pretty complex because of automation via smart contracts in different multiple blockchains. For example, DeFi protocols allow chain-hopping, where users are able to exchange cryptos in a single transaction. Buying NFTs also factors in different parts, including smart contracts across multiple marketplaces.
Storyline Allows the Creation of a Pathway Using a Transaction Hash
Storyline will allow users to develop their own stories of transaction pathways commencing with a transaction hash. From there, a timeline will be easy to create using notable interactions and transactions of tokens.
Another automated feature allows the program to easily interpret smart contracts, as well as label common transaction categories, such as token swaps and NFT acquisitions. Users are able to add relevant addresses and transactions on different blockchains to monitor specific tokens and transactions.