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Nansen is planning on releasing Solano's alpha trading addresses by the first half of next year.
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Crypto wallet analytics firm Nansen will start screening Solana's alpha trading addresses early next year.
The software company will cover the Solana blockchain in the first quarter of next year, according to project leaders at the Solana conference in Lisbon, Portugal on Tuesday. Nansen does business by turning hard-coded transparency of blockchain technology into potential trading signals for its clients. He uses a mix of public intelligence and heuristics to "label" addresses associated with hedge funds, banks, venture capitalists, and large investors — so to speak, "smart money" so others can follow suit.
Alexander Kayol, Head of Institutional Sales at Nansen, said that Nansen customers want Solana coverage. The network's decentralized finance (DeFi) ecosystem is worth more than $15 billion and has 1.2 million active addresses per month - all a potential goldmine for traders who know how to read it.
“This is for the merchants,” said Kayol. "You're worried about OK, where do hot contracts come from? Where does the income come from?” But getting this information about Solana was not that easy for Nansen. Solana uses an overlapping consensus mechanism with others from different Nansen Networks. It also doesn't work well with Ethereum smart blockchain contracts. Fantom, Polygon, and Binance Smart Chain do this because they are compatible with the Ethereum virtual machine (EVM), the Ethereum compute engine.
"That's why it took us time to charge the Solana: because it's a different technology," says Kayol. Kayol said that support for Arbitrum, Avalanche, Celo and Optimism, all of which are blockchain EVMs, is also in the works.
