Blockchain technology is primarily based on the principle of transparency, as all transactions, token movements, and smart contract interactions are publicly recorded. Unlike traditional banking and financial systems that keep their transactions private, blockchain networks allow anyone to see, verify, and monitor practically everything happening on the network in real time.
A blockchain explorer, which is a search engine that enables users to find their transaction histories, wallet balances, and interactions with contracts, is one of the most essential tools for blockchain networks. The most popular blockchain explorer for the Solana blockchain is SolScan.
Whether you are a trader, investor, developer, or casual blockchain user, you want to know the essential data on-chain, and SolScan offers this. We will explain everything about SolScan, from tracking transactions and analyzing tokens and wallets to exploring Solana’s DeFi and NFT ecosystems.
What is SolScan?
SolScan has functionalities analogous to Etherscan for the Ethereum network and BscScan for the Binance Smart Chain. Similar to a search engine, it can be used to query blockchain data, including transaction histories, balances of wallet addresses, and other information on tokens and DeFi activities.
Key Functions of SolScan:
Transaction Tracking: Get information about Solana transactions, including sender and receiver data, transaction fees, timestamps, and confirmation status.
Wallet Monitoring: View wallet balance, historical transactions, tokens, and staked assets.
Token Page: Track Solana-based token information like its total supply, market statistics, and token holder distribution.
Smart Contract Queries: Explore interactions and execution history of a smart contract.
NFT & DeFi Tracking: View NFT ownership, DeFi staking, liquidity pools, and yield farming for Solana.
SolScan is officially free to use and has a very intuitive UI that is easy to navigate for both new and advanced users of the blockchain.
Why Use SolScan?
SolScan is one of the most essential tools for all users of the Solana blockchain. Some of the most common reasons that users depend on SolScan include:
- Transaction Transparency: SolScan is a publicly accessible ledger where users can verify transactions in real time. This transparency prevents fraud and ensures that transactions are secure and verifiable.
- Investment Research: SolScan provides useful insights into the following for both traders and investors:
- Token Movements: Monitor the distribution and trading of tokens.
- Whale activity: Look up the supply of the SOL tokens the big players have. The term “whale” is used to refer to wallets with high amounts of SOL.
- Liquidity pools: Check volume and liquidity on DEX and DeFi protocols.
Wallet Security & Monitoring: You can manage your wallet balances and past transactions through SolScan in order to keep track of your funds and ensure they are safe.
Smart Contract Analysis: In short, SolScan offers a high-level overview of smart contracts on Solana while making it easy for developers to analyze specific details, like function calls and transaction logs, to debug applications, and verify contract interactions.
NFT and DeFi Insights: SolScan employs customized dashboards to monitor NFT ownership, transfers, DeFi staking, and liquidity pools.
Key Features of SolScan
Transaction Tracking:
SolScan analyzes all transactions on the Solana blockchain. Whether you send SOL, swap tokens, or use smart contracts, the transactions are all stored on SolScan. Users can search for a transaction ID (TXID) to receive detailed transaction information.
Key Details in Transaction Tracking:
Confirmation Status:
- The transactions on Solana are confirmed one by one.
- From SolScan, a user can check if a transaction is either pending, confirmed, or failed.
- If a transaction is pending, it means that the transaction is waiting to be confirmed by the network.
- Both processes confirm a successful transaction.
- Insufficient gas fees, network congestion, or errors in the smart contract can cause failed transactions.
Transaction Fees (Gas Fees):
- Solana transactions need a minor gas fee (settled in SOL) to be processed.
- The fee pays for these validators to confirm transactions.
- Transaction fees on SolScan show the exact SOL spent.
- Transaction fee comparison is supported for network users to save on transaction costs.
Timestamp:
- Every single transaction has a timestamp reflecting the exact date and time of execution.
- This is critical to verify payments, investments, or logging for delayed functionality.
Sender and Receiver Details:
- SolScan lets users check who sent and received SOL in a transaction.
- Wallet addresses can be clicked to see more information about their owner’s asset portfolio transactions and interactions.
Transaction Hash (TXID):
- Each transaction is assigned a unique identifier known as a TXID.
- This identifier can be copied and shared to verify transactions, contest errors, or recover the lost payment.
- A TXID is essential to confirm a transaction on decentralized exchanges (DEXs) and DeFi platforms.
Wallet Monitoring:
Simply by entering a wallet address, users can view the entire history of all Solana transactions and balances, as well as token holdings. From monitoring your wallet to analyzing whale movements, SolScan gives you all the required information.
Wallet Monitoring Features:
Current Balance:
- SolScan shows the total SOL balance in a wallet.
- You will also be able to view tokens that are not SOL (SPL tokens) in the wallet.
- However, the balance is updated in real time as transactions are confirmed.
Transaction History:
- You can map your wallet on-chain on SolScan, which also shows you all the transaction details.
- Users can follow incoming and outgoing transfers with date, amount, and counterparties.
- Filters enable users to drill down and learn more about transaction types (staking, NFT buys, DEX swaps, etc.).
Token Holdings:
- At the same time, you can host assets on Solana in the form of SPL tokens.
- SolScan Lists list all the tokens in a wallet, with details including:
- Token name and symbol,
- Quantity of tokens owned,
- Current market value.
It is useful for portfolio tracking and investment analysis.
DeFi and Staking Data:
- Users can see if a wallet has ever staked SOL or participated in DeFi liquidity pools.
- SolScan shows:
- Staking rewards earned,
- Contributions to liquidity pools on DEXes,
- Yield farming positions.
- Investors may need this information to track their DeFI earnings or staking rewards.
To sum up, SolScan is a robust blockchain explorer designed to provide real-time insights into transactions, wallets, tokens, smart contracts, NFTs, and DeFi positions. Whether you are a trader, investor, developer, or blockchain enthusiast, SolScan provides everything you need to track, analyze, and verify activities on the Solana network.
This guide explores each of these aspects and shows how users can make informed decisions, avoid pitfalls, increase security, and reap the benefits of their experience within the Solana ecosystem.
Conclusion
KoinX is an end-to-end portfolio tracker and tax report builder for cryptocurrency. KoinX connects with more than 300 exchanges and wallets, allowing seamless importing of your transaction history to perform precise tax calculations. Users can sync all their wallets in KoinX and take care of all their crypto activities in one go.
KoinX makes it simple to keep track of your Solana investments and stay tax compliant. Import your Solana transaction data and enjoy unified portfolio tracking and hassle-free tax reporting. Visit KoinX to get started.
