Chainalysis presents its Web3-based blockchain analysis tool : Blog
Chainalysis has introduced its new Web3 native blockchain analysis tool called Chainalysis Storyline, aimed at visualizing smart contract extensions, according to a Chainalysis blog post.
According to the blog, decentralized finance (DeFi) and NFTs are two of the fastest growing areas of cryptocurrency, with almost half of crypto transactions involving a DeFi entity or NFT or related types of smart contracts. . Information from the blog indicated that during 2021 hackers mainly targeted DeFi protocols to steal cryptocurrency. DeFi protocols accounted for a growing share of all funds stolen from cryptocurrency platforms since the start of 2020, and lost the majority in 2021. On May 1, 2022, DeFi protocols accounted for 97% of the 1.68 billion cryptocurrency dollars stolen in 2022.
Much of the cryptocurrency stolen from DeFi protocols has gone to North Korea-based hacking groups, especially in 2022. The Chainalysis scenario will seek to simplify the multi-chain world of DeFi by allowing users to understand Web3 era blockchains. The Chainalysis Reactor cross-chain chart will help with the complexity, but tracking funds across blockchain-based destinations is time-consuming. DeFi transactions involve smart contracts which add to the complexity of their blockchain network.
Data from the report indicates that the Chainalysis Storyline Stool will provide a view into the movement of funds and the address of transactions across blockchains, and allow investigators to focus on transactions and funds that would be important to them. Its interface will allow users to focus on related transactions, assets and wallets. Storyline interprets smart contracts and automatically tags common transactions such as an NFT purchase or asset swap.
The Storyline tool will allow users to use the Chainalysis Reactor to view transaction histories and exposure profiles for individual portfolios and services related to their investigations. The two tools will be used to work in conjunction to give users a timeline of cryptocurrency flows in a DeFi environment, until the funds reach an end destination or a compliant service.
(With ideas from the Chainalysis blog)