Deep Dive into On-Chain Data: Insights into the Hidden Value of Future Web3

With the development of the Web3 industry, the number of public chains has seen explosive growth. The wealth effect accumulated on-chain, especially the explosive increase in on-chain interactions driven by hot industry topics, has brought about a massive amount of on-chain data. This data constructs an on-chain world that is behaviorally transparent but relatively isolated from the physical world. Industry participants collect and organize this on-chain data to explore and utilize it, forming their own exclusive insights.

On the evening of September 26, 2024, OKG Research hosted an online Space sharing event titled "Decrypting Hidden Treasures: The Often Overlooked Value of On-Chain Data." The event invited Selina, the product manager from OKLink Browser, YZ, Co-founder of Roam, special guest on-chain analyst Ai Yi, ChainCatcher Loners, and host Samuel, a senior analyst from OKChain. The discussion covered various perspectives from different industries, including on-chain data products, DApp builders, analysts, VCs, and media, to deconstruct the world of on-chain data.

Regarding current industry on-chain data, YZ mentioned the distinction between transaction data and application data. From the perspective of DePIN applications, project teams need to consider on-chain data related to applications, which often involves a real user screening process. Given the openness and expansiveness required in the current Web3 landscape, DApp applications do not typically come with strict KYC processes; otherwise, excessive user friction would hinder the development of applications at this stage. Therefore, it is particularly important to filter out participants involved in the construction of the DePIN network from the vast amount of application data. YZ also pointed out that when promoting user growth, project teams should clarify real users more effectively by combining on-chain and off-chain data to ensure their participation rights, which is significant for the ongoing expansion and strengthening of subsequent ecological applications.

From the perspective of on-chain analysts, Ai Yi believes that the completely open and transparent ledger system brought by blockchain technology makes all on-chain interactions more traceable. By tracking the past behaviors of "smart money" addresses, especially some independently emerging characteristic data, important information is often hidden, allowing for insightful judgments that align with one's expectations. She also noted that as the on-chain indicator system becomes increasingly complex, establishing a system that meets one's own needs is something every participant should seriously consider, representing a silent on-chain game.

Loners discussed the methods of capturing on-chain data from both media and VC perspectives. Combined with timely major events, on-chain data often serves as an important means of interpreting events, clearly showcasing key time nodes and participants in on-chain circulation. From the VC perspective, on-chain data, especially abnormal application data, can reveal current industry hotspots to some extent, thus uncovering market alpha opportunities. This has been repeatedly validated during the DeFi Summer and NFT boom. Various on-chain data product tools are also important means of observing the industry.

Selina, the product manager of OKLink Browser, pointed out that the OKLink Browser has currently integrated 52 public chains. In addition to covering the basic indicators of public chains mentioned by other guests, it has launched features aimed at ToC users, such as gas tracker, large transaction alerts, on-chain major event special pages, and Alpha Signal. Users can combine the relevant product functions they need to obtain clearer on-chain address data in their monitoring. To ensure timely alerts, the OKLink Browser also covers more reminder methods through email, TG Bot, Webhook, etc. In terms of security, users can check their risk authorizations by connecting their wallets to enhance account security. For developers, services such as Open API, contract verification, and bytecode decompilation have also been launched to improve development efficiency.

According to the views of the OKChain Research Institute, on-chain data is currently at an important moment of moving towards the next explosion. Previously invited by Bloomberg to participate as a keynote speaker at the 2024 Alternative Asset Investment Summit, discussions with Bloomberg product experts revealed that traditional finance has also undergone a process from fragmented data classification to integration, which is the reason behind Bloomberg's globally renowned data services. Currently, the OKLink Browser is also adopting a similar integration approach for on-chain data, relying on its technological accumulation to gather more underlying public chain information, gradually subdividing it into tracks and project fields, providing diverse, accurate, and easily readable on-chain data services for a wide range of Web3 participants.

Looking ahead to the future development of on-chain data, we also observe a pressing need for a more readable presentation format for Web3 on-chain data. Even based on more in-depth specialized content, users should be able to obtain the required on-chain data information through clear and explicit dashboard information. The integration of on-chain data is driven by the trend; the data generated by DApps should not be limited to specific chains, nor should it be confined to on-chain alone. Instead, it should break down the barriers between the real physical world and the Web3 on-chain world through a combination of on-chain and off-chain, allowing blockchain technology to better serve people's daily lives. Ultimately, acquiring data is a means to guide the further development of the industry. What we look forward to more is the positive changes brought to people's lives through industry innovations generated by data.