I just realized that many people do not fully understand what onchain is and why it is important for those who want to analyze crypto projects in depth. Today, I will share the knowledge I have accumulated.

First, what is onchain? It is all data recorded directly on the blockchain — from transaction history, smart contract data, to metadata of assets. The beauty of blockchain is that everything is verified and stored immutably, so you can trust the transparency of this data.

But onchain data is very extensive, so the question is: which numbers are truly important? I see a few metrics that everyone should monitor.

The total number of transactions on the network indicates the current level of activity. If this number spikes or drops sharply, it could signal that something is changing within the network. Unique wallets are also very meaningful because they show how many people are actually interacting with the blockchain. The number of active wallets reflects the community’s vitality and the growth potential of the ecosystem.

Gas consumption is another metric I often check. It helps understand the operational costs of the network and the efficiency of transactions. Additionally, top wallets are noteworthy because they often belong to major players, organizations, or early adopters who recognized the project’s potential. By tracking them, you can anticipate significant market movements. And if you’re interested in DeFi, TVL (Total Value Locked) is a number you can’t ignore because it shows the actual scale of protocols.

The question is: how to effectively track all these numbers? Each blockchain has its own scanner — Ethereum has Etherscan, Base has Basescan. But these tools often display raw data, which can be hard to digest for regular users. That’s why platforms like Dune Analytics and Glassnode were created — they transform raw onchain data into more understandable charts and analyses.

Recently, I discovered that Thirdweb offers a different approach. Instead of navigating through multiple tools, Thirdweb focuses on helping you monitor onchain data of specific smart contracts and applications. You can deploy a new contract or import an existing one, and Thirdweb will automatically provide detailed analytical metrics.

So, what is onchain in this context? It is a dynamic data source that Thirdweb helps you tap into. On this platform, you can see the number of unique wallets interacting with the contract, total transactions, total events triggered. There’s also an analytical section that allows you to examine how each function of the contract is used.

For example, I use FriendtechSharesV1 to illustrate. When searching for this contract on Thirdweb, you can immediately see the number of unique wallets since launch, the total transaction history, and all onchain events. The event analysis section also lets you explore details about the types of events triggered, periodic activation patterns, and related payload data. This is very useful if you want to understand user behavior and how the system operates.

Ultimately, onchain data is the key to gaining deep insights into networks, smart contracts, and decentralized applications. It provides valuable information about internal activity and overall market sentiment. Whether you are a developer, trader, or startup founder, mastering how to utilize onchain data will help you make better decisions.