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Home Crypto News & Analysis On-Chain Data & Metrics

How to use Etherscan and other Blockchain Explorers

by Dr. Jane Chen
November 26, 2024
in On-Chain Data & Metrics
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How to use Etherscan and other Blockchain Explorers
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Many people confuse the anonymity crypto offers with transactions that are private. But the majority of blockchains rely on public ledgers to operate, showing every transaction and a wealth of data surrounding those transactions to anyone who knows how to look.

Because of this transparency, every transfer of cryptocurrency is open to the scrutiny of public observers. But raw blockchain data is a mess that needs to be sorted into a more readable and useful output. Fortunately, free websites called blockchain explorers search through this data and turn it into a sprawling map of the cryptocurrency market. These large public databases allow you to search for a wallet or smart contract and trace any transfers it has made.

One of the most popular blockchain explorers is called Etherscan. It was created to track the Ethereum blockchain, but similar websites exist for other chains, such as BNB Chain’s BscScan, Blockchain.com for Bitcoin or Solscan for Solana. We will focus on Etherscan in this guide, but you can apply much of the learning to the other blockchain explorers.

How to get started with Etherscan

Etherscan is a popular blockchain explorer for Ethereum (ETH). It’s handy for tracking funds and it’s pretty powerful too; it even lets you interact with smart contracts directly from its website. You can track the entirety of the Ethereum blockchain here, including ERC-20 tokens and ERC-721 non-fungible tokens (NFTs). Let’s start with what you can see on the cover.

Etherscan Front Page (etherscan.io)

The bottom left column of the screenshot above displays all the latest blocks – groups of transactions that a blockchain validator has processed all at once. You can see how much ETH they earned for validating the transaction, how long it took, and the block number (also known as the block height). The lower right column displays information about individual transactions included in the latest blocks. It details who sent what to whom, how much was sent and when.

Of course, these columns only display the latest data. Dig deeper into Etherscan and you can see all transactions from every wallet and smart contract. Clicking on the latest transaction hash reveals more information about that transaction.

Etherscan Latest Transaction (etherscan.io)

Etherscan Latest Transaction (etherscan.io)

This includes how many confirmations it has received – how many times validators have approved the transaction on the blockchain. You can also see the “gas price” – how much it cost, in ETH’s smallest denomination, the Gwei, to send the funds between wallets. Although all Ethereum addresses start with “0x”, some wallets are tagged, which identifies who owns the wallet. You can click on the label to see what other smart contracts or data are linked to that address. For example, these are all accounts claimed by NFT marketplace OpenSea.

See also: How to check your Ethereum transaction

You can also directly interact with smart contracts on Etherscan and check the code. The following screenshot is of the smart contract code for Loot, a once popular NFT project.

Exploit smart contract (etherscan.io)

Exploit smart contract (etherscan.io)

You can see the total supply of the NFT collection, how many people hold a token from the collection, and the number of people who have traded the NFT. You can also see the code for the smart contract, and even interact with it by clicking “write contract”.

Loot write contract page (etherscan.io)

Loot write contract page (etherscan.io)

On this page you have claimed Loot NFTs once. They are all long gone; the collection sold out in minutes during the summer of 2021.

Many crypto sites offer a nicer front-end site that makes it easy to interact with smart contracts, for example Uniswap. But while those sites make it easier, the permissionless nature of smart contracts means you can access them from anywhere, including Etherscan. So, instead of exchanging tokens on Uniswap.org, you can do it on Etherscan instead.

(etherscan.io)

(etherscan.io)

Etherscan also allows for the tagging of certain wallets – which is very useful when you need to track the money. For example, it is possible to trace the wallet that drained balances from FTX accounts shortly after the exchange went bankrupt. You usually cannot see transfers from exchanges, which largely do not process transactions on blockchains, but rather on internal matching engines. It’s cheaper for exchanges to avoid the blockchain because they don’t have to pay gas fees. That said, you can see interesting information about exchanges, such as how much ETH crypto exchange Kraken holds in one of its wallets.

Other Blockchain Explorers and Tools

Although this guide has focused on Etherscan, other sites function much the same. Indeed, Etherscan has several system websites through its Explorer-as-a-Service (EaaS) product, which Etherscan uses to replicate the website on other blockchains compatible with the Ethereum Virtual Machine. For example, its sister site, BscScan, looks almost identical:

BscScan (bscscan.com)

BscScan (bscscan.com)

Other explorers offer more customized analyses. Nansen is an advanced (and paid) scouting site that allows you to track advanced crypto market statistics. Others, like Chainalayis, offer powerful tools to track the flow of money across multiple wallets. Again, unlike blockchain explorers like Etherscan, its tools are not free; indeed, law enforcement in the US forks over millions of dollars to access its services, which help government agencies track down criminals.

Read more: What is Crypto On-Chain Analysis and how do you use it?

Disclaimer for Uncirculars, with a Touch of Personality:

While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.

No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.

And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.

Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!

UnCirculars – Cutting through the noise, delivering unbiased crypto news

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Dr. Jane Chen

Dr. Jane Chen

Armed with a PhD in cryptography and years of research, Dr. Chen dives deep into the technical intricacies of blockchain. Her insightful analyses of white papers and on-chain data provide a unique understanding of the technology's potential and limitations.

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