Solana News Today: Blockchain Explorers Empower On-Chain Due Diligence in Crypto Space

Blockchain explorers such as SolScan, BaseScan, and Etherscan are essential tools for users seeking to conduct on-chain research (DYOR) in the cryptocurrency space. These platforms allow users to track transactions, inspect token movements, and verify smart contract data across different blockchain networks, including Solana, Ethereum, and Base L2. By providing transparent and immutable records of on-chain activity, they empower investors and analysts to make informed decisions without relying solely on project claims [1].

To trace wallet transactions, users can input a transaction hash or wallet address into the explorer’s search bar. For instance, SolScan provides detailed transaction data including the signature, block number, timestamp, status, fees, and the addresses involved. Similarly, Etherscan and BaseScan offer comparable insights, showing sender and recipient addresses, value sent, gas usage, and the outcome of the transaction. These platforms also allow users to examine a wallet’s full transaction history, offering a clear view of in- and outflows [1].

Tracking token transfers and contract interactions is another key feature of these explorers. On SolScan, users can access tabs for SOL Transfers, SPL Transfers, and DeFi activities, while Etherscan and BaseScan provide ERC-20 and ERC-721 token transfer tabs. Smart contract details are also accessible on these platforms, with Etherscan and BaseScan offering verified source code and read/write functions through their Contract tabs. SolScan, while less user-friendly for code reading, still provides program details for Solana contracts. Token analytics pages on these explorers help users assess ownership distribution and activity levels, highlighting potential risks or red flags [1].

Investigating developer and team wallets is a critical step in due diligence. On EVM chains such as Ethereum and Base, explorers record the address that deployed a smart contract. This information is typically found under the Contract Creator field on Etherscan and BaseScan. By tracing these addresses, users can identify developer wallets and analyze their transaction histories. SolScan also offers insights into token distribution, showing top holders as a percentage of the supply. Labels such as “Founder” or “Coinbase” may be attached to known addresses, further assisting in identification [1].

Combining the use of these explorers allows users to build a comprehensive picture of a project’s activity. By tracing transactions, inspecting contracts, and analyzing token distributions, users can uncover potential risks, such as large token dumps or suspicious wallet behaviors. A real-world example includes verifying a project’s token sale by checking the contract creator and holder distribution across chains. This on-chain transparency is a key advantage of blockchain technology and enables users to detect scams or misleading claims [1].

Blockchain explorers are public, censorship-resistant, and consistent across platforms, offering a uniform interface with search bars, detailed result pages, and filters. While they are not investment advice, they provide a robust foundation for users to verify on-chain data and make informed decisions. Analysts and investors are increasingly relying on these tools to enhance their research capabilities in the fast-evolving crypto landscape [1].

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[1] https://nulltx.com/how-to-use-blockchain-explorers-like-solscan-basescan-and-etherscan-for-dyor/