As the Web3 industry develops, the number of public chains is experiencing explosive growth, and the wealth effect accumulated on the chain, especially the explosive growth of on-chain interaction behavior led by industry hot topics, has brought a huge amount of on-chain data. These data construct a behaviorally transparent but relatively isolated on-chain world from the physical world. Industry participants explore and use these on-chain data to form their own exclusive insights.
On the evening of September 28, 2024, OKG Research hosted an online Space sharing event titled "Decrypting Hidden Treasures: Overlooked Value of On-Chain Data." The event invited Selina, the product manager from OKLink Browser, Roam Co-founder YZ, special on-chain analyst Ai姨, ChainCatcher Loners, and the host, Samuel, a senior analyst at OKCloud Chain. It covered different industry perspectives such as on-chain data products, DApp Builders, analysts, VCs, and media, to deconstruct the on-chain data world together.
Regarding the current industry on-chain data, YZ mentioned the difference between transaction data and application data. From the perspective of the DePIN application, the project party needs to consider the on-chain data of the application, which is often a process of screening real users. Due to the openness and expansiveness required by current Web3, DApp applications do not usually come with strict KYC processes. Otherwise, high user friction will hinder the development of applications at the current stage. Therefore, it is particularly important to screen out participants in the construction of the DePIN network from a large amount of application data. At the same time, YZ also pointed out that when promoting user growth, project parties should also more fully clarify the real users through the combination of on-chain data and off-chain data to safeguard their participation rights. This is of great significance for the continuous expansion and growth of subsequent ecological applications.
From the perspective of on-chain analysts, Ai姨 believes that the completely open and transparent ledger system brought by blockchain technology makes all on-chain interaction behaviors more traceable. By tracking the past behaviors of "smart money" addresses, especially some independently appearing characteristic data, often hides important information with subtle effects, thereby making judgments that meet self-expectations. She also pointed out that with the increasingly complex on-chain indicator system, establishing a system that meets one's own needs is a part that every participant should seriously consider, and it is also a silent on-chain game.
Loners discussed the capture of on-chain data from the perspectives of media and VCs. Combining with the timeliness of major events, on-chain data is often an important way to interpret events, clearly showing the key time nodes and participants in on-chain circulation. From the perspective of VCs, on-chain data, especially abnormal application data, can to a certain extent reveal the current industry hotspots, thereby discovering market alpha opportunities. This has been repeatedly verified in the DeFi Summer and NFT booms. Various on-chain data products are also important tools for observing the industry.
Selina, the product manager of OKLink Browser, pointed out that OKLink Browser has currently connected to 52 public chains. In addition to covering the basic indicators of public chains mentioned by other guests, it has also launched special features for ToC-end users, such as gas tracker, large fund movements, on-chain major event special pages, Alpha Signal, etc. Users can combine their own needs to use relevant product features to obtain on-chain address data in a clearer manner. At the same time, to ensure timely reminders, OKLink Browser also covers more reminder methods through email, TG Bot, Webhook, etc. In terms of security, users can improve account security by connecting their wallets to view their risk authorizations. For developers, it has also launched services such as Open API, contract verification, bytecode decompilation, and other functions to improve development efficiency.
From the perspective of OKCloud Chain Research Institute, it is believed that the current on-chain data is at an important moment towards the next explosion. Previously, as a keynote speaker invited by Bloomberg to participate in the 2024 Alternative Asset Investment Summit, we found in the dialogue with Bloomberg product experts that traditional finance has also gone through the process from scattered data classification to integration, which is also the reason for the birth of Bloomberg's globally renowned data services. Currently, OKLink Browser also has a similar integration method in terms of on-chain data, relying on its own technological accumulation to gather more underlying public chain information, and then gradually subdividing it into tracks and project fields, providing more diverse, accurate, and readable on-chain data services for the vast Web3 participants.
As for the vision for the future development of on-chain data, it is observed that a more readable form of Web3 on-chain data presentation is urgently needed. Even for more in-depth specialized content, users should be able to obtain the required on-chain data information through clear and explicit dashboard information. On-chain data integration is the driving trend. The data information generated by DApps should not be limited to specific chains or only on-chain, but should break through the barriers between the real physical world and the Web3 on-chain world through the combination of on-chain and off-chain, allowing blockchain technology to better serve people's daily lives. Ultimately, obtaining data is a means to guide the further development of the industry, and what we are looking forward to more is the positive changes brought to people's lives through industry innovation generated by data.
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