Chainalysis released DeFi and NFT transaction analysis tool
Storyline allows building a timeline of interactions for specific tokens or addresses
20.05.2022 - 07:15
438
3 min
0
What’s new? Blockchain analytics company Chainalysis has released a web-based tool to track and visualize transactions in blockchain networks. Storyline reviews smart contracts that support decentralized finance (DeFi) and non-fungible tokens (NFTs). According to Chainalysis, these are two of blockchain’s most criminalized industries, with DeFi protocols already losing more than $1,68 billion to cybercriminals in 2022. The tool is in beta testing.
Chainalysis’ Storyline announcement
How will the new tool work? Storyline decrypts and visualizes complex transaction chains in NFT and DeFi protocols. According to the developers, they already had a tool called Reactor that analyzed common transactions in blockchains, but it could not decrypt more complex algorithms.
The main difficulty in tracking DeFi and NFT transactions is that the protocols allow switching between different types of cryptocurrencies within a single transaction and can include multiple smart contracts. Thus, when performing a token transfer, a large number of participants are involved, each of whom needs to be analyzed.
With Storyline, a timeline of interactions can be built that displays the movement of specific tokens.
“Storyline is able to interpret smart contracts and will automatically label common types of transactions like an NFT purchase or an asset swap. A user can quickly add additional related transactions in a timeline-based format with a transaction shown in each row and destination addresses — including those on new blockchains — as columns,” the company’s blog says.
What is known about Chainalysis? It is a software and services developer for government agencies, exchanges, financial institutions, and cybersecurity companies. Chainalysis’ solutions help to investigate and solve crimes in the field of cryptocurrencies.
Investors valued the company at $8,6 billion in the May funding round. Also in March, Chainalysis released a tool to track sanctioned wallets. The developers claim that the new tools are completely free and compatible with many programming languages.
What happened before? Seven major blockchain companies, including Binance.US, Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs, and Civic, teamed up to create a crypto scam reporting tool, Chainabuse. With the free service, users would be able to report potential scams and have real-time discussions. Chainabuse was officially launched on May 18.
Useful material?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024