I just realized that many of you still don't fully understand what onchain is and why it’s important for developers or traders. Today, I will share some of my experiences about tracking data on the blockchain.

What is onchain? Simply put, it is all the information recorded directly on the blockchain — from transaction history, smart contract data, to asset metadata. Everything is verified and stored on the network, so you can completely trust its transparency and immutability.

But what is onchain that there are so many different metrics? I usually pay attention to five main indicators: the total number of transactions shows the network activity level, the number of active wallets reflects the actual user base, gas consumption helps evaluate cost efficiency, top wallets reveal the intentions of major actors, and TVL (total value locked) indicates the health of the DeFi ecosystem.

When I first started learning about what onchain is, I realized that tracking this data is not at all simple. Each blockchain has its own block explorer — Ethereum has Etherscan, Base has Basescan. But honestly, these tools provide data in a very technical format, hard for ordinary people to digest.

That’s why platforms like Dune Analytics and Glassnode were created to solve that problem. They offer more user-friendly interfaces, helping you better understand what’s happening on the chain.

Recently, I’ve been using Thirdweb to track smart contract data, and I’m really impressed with how it presents information. You can easily see unique wallet counts, total transactions, total events, and even analyze specific functions within the contract in detail.

For example, take FriendtechSharesV1. Just search for the contract on Thirdweb, and you’ll see all the important metrics immediately. Scroll down, and you can view detailed history of each metric, from the number of unique wallets since inception, total transactions, to onchain events emitted.

What I like most is the function analysis. It clearly shows which functions are used most often, user behavior patterns, and interaction trends. With event analysis, you can also explore the data payload related to each event emitted from the contract.

Overall, understanding what onchain is and knowing how to track this data is an essential skill if you want to deeply participate in Web3. Blockchain data contains a wealth of valuable information about network activity, market sentiment, and development trends. Whether you’re a developer, trader, or simply want to better understand decentralized applications, these tools will be very helpful.