What is Solscan and How To Use It?

Introduction

Transparency is one of the cornerstones of blockchain, and many platforms uphold this concept. These platforms, also known as blockchain explorers, allow users to track activities on public blockchains, making them visible to everyone on the internet. Due to the evolving nature of blockchain technology, numerous projects are building on the decentralized network, as well as validating several transactions. Therefore, users need intuitive and meticulous tools to access them.

Solscan is a user-friendly and information-rich platform that allows blockchain users to search for any information on the Solana blockchain. The tool is very powerful and is trusted by large entities like Alameda Research and Solana Ventures. This article explores everything you need to know about Solscan and how to use it.

An Overview of Solana

First conceptualized in 2017 by Anatoly Yakovenko, Solana is an open infrastructure for building scalable applications. It is a public blockchain with smart contract capabilities used for creating blockchains that are scalable, secure, and decentralized. Solana adopts revolutionary innovations like Proof of History (PoH) and Delegated Proof-of-Stake (DPoS), making it very successful and highly scalable, with a capacity to handle 50,000 transactions per second at low fees.

Source: CoinMarketCap

Because of its striking resemblance to Ethereum, Solana is often called an “Ethereum killer.” Solana is very popular within the crypto space and is now the favorite protocol for building dApps and NFTs. It is currently ranked 4th cryptocurrency based on its market capitalization of US$49 billion and total value locked (TVL) of US$1.88 billion. Because of the sustainability and rapid growth of the entire ecosystem, many investors, projects, and crypto holders are trooping onto Solana. This opens a demand for a platform that can reveal all the transactions and activities on the blockchain network, a need that Solscan addresses.

What is Solscan?

Solscan is a web-based platform designed to provide users with a comprehensive view of all activities on the Solana blockchain. Developed by the Solana Foundation—a not-for-profit organization that develops open-source blockchain protocols for decentralized applications—Solscan allows users to view transactions, accounts, blocks, and tokens on the Solana blockchain. In addition to these, it also features an exhaustive dashboard that gives real-time data on DeFi protocols, NFTs, and other valuable metrics.

Solscan is an open-source project that translates the complex activities on the Solana network into human-readable forms. It offers a range of features allowing users to access critical information like contract codes, event logs, token holders, transaction details, fund balances, and many more.

Additionally, Solscan can identify security vulnerabilities in smart contract activities on Solana. Because the platform provides real-time coverage, users can monitor their activities, leading to added layers of scrutiny and security. Whether you are a crypto holder, investor, developer, or crypto enthusiast, anyone can enjoy Solscan as a valuable tool for their Solana exploration needs.

Features

Solscan has numerous features that are valuable to users. Here are the most notable ones:

• Transaction tracking: Users can track transaction details such as sender, recipient, amount, and transaction time on Solscan.
• Token tracking: Users can also explore tokens on the Solana network via Solscan. Information about tokens, like the total supply and the amount of tokens held by each address, can be discovered on the platform.
• Address tracking: All addresses on Solana can also be explored on Solscan. This includes transaction history and other data associated with the address.
• Validator information: Solscan also allows users to view information about validators, like their total number, current uptime, and many more.
• Staking information: Staking information, such as the current staking yield and total staked amount, is publicly visible on Solscan.

Why Solscan?

If you frequently carry out transactions on the Solana network or other blockchain networks, an understanding of blockchain explorers like Solscan will be valuable to you. Because it is transparent and publicly available, Solscan makes it easy for anyone to know what is happening on Solana. Here are the reasons you should consider using Solscan:

• Free to use: Solscan is free to use, and anyone on the internet can access the platform without having an account. Although users may need to open an account to get a personalized experience, the platform’s features are open to everyone.
• Clarity: In addition to having a simple layout, Solscan gives clarity to all transactions happening on Solana. It allows users to easily track tokens and crypto transactions and get clarification on the operations of projects hosted on the blockchain.
• Features packed: The platform has everything users need to evaluate the Solana network, from analytics to token pages. The platform also has DeFi and NFT dashboards loaded with helpful project information.

Advantages of Solscan

Solscan has numerous features that set it aside as a superior blockchain explorer. Here are the pros of using the platform:

• Competitive tracking tool: Solscan allows users to track specific activities of wallet addresses regularly. This helps to track the wallets of profitable traders, allowing DeFi users to gain a competitive edge. Furthermore, users can check the status of their transactions on Solana to see if the payment has been successful and deposited into the recipient’s wallet.
• Powerful analytics: Thanks to constant synchronization with the Solana blockchain, Solscan provides a detailed and real-time analysis of all activities on the Solana protocol. This gives useful information about the state of the network and its current traction.
• Ease of use: Because Solscan resembles Etherscan, Ethereum’s official blockchain explorer, it is easy to use. It also features many ergonomic functionalities that are understandable to everyone, including those with low technical knowledge. The platform’s rich homepage allows users to find all information about Solana at a glance, increasing accessibility to crucial details.
• Great learning experience: Solscan allows users to explore the Solana network and learn more about the blockchain. It showcases all projects operating on Solana and gives an in-depth breakdown of the real-time state of the blockchain.
• Security audits: The platform can help users check the safety of a wallet without logging or having an account on Solscan.

Disadvantages of Solscan

Despite its numerous advantages, some setbacks should also be noted:

• Complicated for beginners: Although the platform is generally easy to use, it is still complicated for beginners. Some technical terms and functionalities may only be understandable to beginners if they learn more about them. Beginners need more time to learn how to navigate the web-based platform.
• Only for the Solana blockchain: Solscan, like other blockchain explorers, only has information about activities on the Solana network. One needs to find their respective blockchain explorer to access information about other blockchain protocols. This process may be stressful and time-consuming because users typically interact with more than one blockchain protocol.

How Does it Work?

Source: Pintu

If you have ever done any transaction on Solana, the details will be on Solscan. The platform works by scanning all activities on the Solana network and publishing it on the web interface in real time. Using the search bar, users can enter a query and wait for a few seconds to see every detail about it.

Source: Solscan

After receiving the query, Solscan follows the steps outlined below to give exhaustive information about it:

1) Solscan nodes scan through the Solana blockchain to extract data in real-time.

2) The extracted data is sent to Solscan’s database, where it is organized into a simplified and searchable format.

3) Using Solscan’s web page, users can input a query into the search engine.

4) Solscan converts the query into a machine-readable format.

5) The information is then transmitted to the backend server where the query is analyzed, and the result is converted back into human-readable format.

6) The information is then relayed to the user interface, where it is presented in an easy-to-understand format.

How to Use the Tool

Solscan is a relatively simple tool with a rich directory of features that allows users to explore everything about the Solana blockchain. To get started, go to the platform’s official website at solscan.io.

Here is a breakdown of how users can navigate every feature on the Solscan ecosystem:

Using Solscan to Track Transactions

The most commonly used feature on Solscan is the transaction search function. Every transaction processed on Solana has a unique identity signature that users can enter into the search bar. This identity signature is a string of alphanumeric characters that can be found in your smart contract.

To track transactions, enter the unique identity signature into Solscan’s search bar on the homepage:

Source: Solscan

After searching the transaction ID, you will see an interface showing the transaction overview, SOL balance change, and token balance change. This shows all the information about the transaction, including timestamp, fee, signer, and many more.

Source: Solscan

Using Solscan to Track Address Activity

To identify the smart contract activities on a wallet, looking up such address activities via Solscan has proven valuable.

Paste the wallet address into Solscan’s search bar and press Enter to get started. You will receive detailed information about the wallet:

Source: Solscan

Using Solscan to Track Tokens

You can also track tokens on Solscan. To get started, enter the token name or contract address into the search bar and press Enter.

This is an example of an exploration of the WOJAK token:

Source: Solscan

After selecting WOJAK from the drop-down options, a web page containing detailed information about the token will appear.

Source: Solscan

To obtain more accurate results, you can get the valid token address on CoinMarketCap or via the token’s official website.

Using Solscan to Track NFTs

Because Solana has a fully-fledged NFT marketplace, numerous NFTs can be explored on Solscan. Click on the NFT tab on the Solscan homepage to explore NFTs or search for a preferred one using the search bar.

Source: Solscan

You can click on a particular NFT to obtain detailed information such as addresses, royalties, current supply, etc.

Source: Solscan

Using Solscan to Search DeFi Dashboards

Solscan also has a DeFi tab on its homepage that features the numerous decentralized exchanges on the Solana blockchain. You can explore the available ones via the drop-down menu on the DeFi tab.

Source: Solscan

Analyzing the Solana Blockchain Using Solscan

The platform also contains the Analytics feature that allows users to explore the real-time state of the Solana blockchain, such as Solana active accounts, transactions per second (TPS), stablecoin dashboard, and fee tracker.

Source: Solscan

After hovering on the Analytics tab, you can click on the Solana Network to explore Solana analytics like transactions per second, number of blocks created, number of active accounts, active wallets, tokens, and many more.

Source: Solscan

Solscan Alternatives

Although Solscan is very popular in the Solana community, it is not the only blockchain explorer available for Solana. For instance, Solana has an official explorer that can be used for a similar purpose as Solscan.

In addition, there are other Solana blockchain explorers like Solanascan and Blockchain. These other explorers have a different layout, and if you are already used to Solscan, you may need time to familiarize yourself with them. Solscan’s advantage is its similarity to EtherScan, so if you have been using EtherScan, transitioning to Solscan will be seamless.

Why You Need a Solscan Account

Although you can get most of Solscan’s functionalities without opening an account, creating an account may take your Solana exploration to the next level. Here are the reasons you may consider opening an account:

• Personalized experience: When you obtain an account, you can personalize your experience by saving your favorite addresses, contracts, and transactions for easy access. You can also bookmark your activities for easy access in the future.

Source: Solscan

• Enhanced security: With a Solscan account, you can add another layer of security to your Solana transactions through a two-factor authentication setup.
• Real-time monitoring: You can access your favorite addresses, tokens, and NFTs with a Solscan account without having to search them all over again.
• Detailed analytics: You can gain insight into the performance of your Solana-based transactions and assets thanks to Solscan’s exhaustive interface.

Recent Developments

There have been many groundbreaking developments from Solscan, notably the acquisition by Etherscan, creating a consolidated entity that provides credibly neutral and equitable access to blockchain data.

The acquisition, termed “collaborative merging,” is a positive step by both platforms to innovate and expand on their existing services. Announced on January 3, 2024, Etherscan emphasized the merged teams’ focus on improving access to blockchain data.

Source: Etherscan’s X Account

Commenting on the acquisition, the CEO of Etherscan, Matthew Tan, noted that: “the Solscan team has proven their expertise over the years by offering detailed insights and analytics. Their expertise in making blockchain data accessible and user-friendly also aligns perfectly with our mission at Etherscan.”

Conclusion

Whether you want to investigate a transaction made via the Solana network, inspect the latest NFT, or check the authenticity of the wallet address of a new project, Solana blockchain explorers are a must-have. Solscan has emerged as one of the most used explorers within the Solana ecosystem because of the various features that set it apart. Consequently, a detailed understanding of its layout and functionalities is important to seamlessly navigate the ever-evolving Solana ecosystem. By offering transparent insights into wallet activities, a user-friendly interface, and real-time monitoring, Solscan has become an essential resource for Solana enthusiasts.