A blockchain explorer is an essential online tool for navigating distributed ledgers. It allows users to search for specific transactions, view wallet addresses, check network status, and analyze real-time on-chain data. These platforms act as search engines for blockchain activity, providing transparency and critical insights into various networks.
For anyone interacting with cryptocurrencies, from developers to traders, understanding how to use a blockchain explorer is a fundamental skill. It enables you to verify transactions, audit smart contracts, and gauge the overall health and security of a network.
Why Are Blockchain Explorers Important?
Blockchain explorers provide a window into the otherwise opaque world of decentralized networks. Their importance spans several key areas:
- Transaction Verification: Users can confirm the status of a sent or received payment, checking its confirmations and ensuring it was processed correctly.
- Network Health: Metrics like hash rate, transaction volume, and active addresses offer a snapshot of a blockchain's usage and security.
- Address Monitoring: Track the balance and transaction history of any public wallet address.
- Smart Contract Auditing: Developers and users can inspect smart contract code and review its interaction history.
- Market Research: On-chain data, such as large token movements, can provide valuable insights for investment and trading decisions.
Key Metrics Provided by Blockchain Explorers
Blockchain explorers display a wealth of data. Here’s a breakdown of some of the most common and important metrics you will encounter.
Market Capitalization
Market cap represents the total value of a network's circulating supply. It is calculated by multiplying the current price of a token by its total circulating supply. This metric is a common benchmark for comparing the relative size of different crypto assets.
Block Height
The block height indicates the number of blocks validated on the chain since its inception. It is a fundamental measure of the blockchain's length and growth over time.
Total Transaction Count
This is the cumulative number of all transactions ever processed on the network. A high and growing transaction count typically signifies a healthy and active ecosystem.
Transaction Fees (Gas Fees)
Most blockchains require a fee to process transactions. Explorers show the current recommended fees, which can fluctuate based on network congestion. Users can pay higher fees to have their transactions prioritized.
- BTC/KB: Bitcoin fees are often denoted per kilobyte of transaction data.
- Gwei/Mwei: Ethereum and EVM-compatible chains use Gwei, a denomination of ETH, to denote gas prices.
Circulating Supply
This refers to the number of coins or tokens that have been issued and are publicly available in the market. It excludes any tokens that are locked, reserved, or not yet released.
Transactions Per Second (TPS)
TPS measures the number of transactions a network can process in a single second. It is a core metric for evaluating a blockchain's scalability and throughput capacity.
Total Value Locked (TVL)
Commonly used in DeFi (Decentralized Finance), TVL represents the total amount of assets currently staked or deposited in a protocol or across an entire blockchain. It is a key indicator of ecosystem growth and user trust.
A Guide to Major Blockchain Networks
The blockchain ecosystem is vast, comprising numerous networks, each with unique features. Below is an overview of some prominent mainnets and their typical metrics.
Leading Layer 1 Blockchains
These are foundational, independent blockchains that validate and finalize their own transactions.
- Bitcoin (BTC): The original cryptocurrency, prized as a secure store of value. Key metrics include its high market cap, block height, and upcoming halving events that reduce mining rewards.
- Ethereum (ETH): A programmable blockchain that pioneered smart contracts and decentralized applications. Its key metrics include gas fees, ETH staked, and a vast array of tokens.
- Solana (SOL): Known for its high speed and low costs, boasting a high TPS. It uses a unique proof-of-history consensus mechanism alongside proof-of-stake.
- BNB Chain: Originally created by a major exchange, it supports a massive ecosystem of dApps and offers high throughput.
Scaling Solutions and Layer 2 Networks
These networks are built on top of Layer 1 blockchains to improve their scalability and reduce fees.
- Arbitrum One & OP Mainnet: These are leading "Optimistic Rollups" that batch transactions on their own chain before submitting proof to Ethereum, significantly reducing costs and congestion.
- Polygon zkEVM & zkSync Era: These networks use "Zero-Knowledge Rollups," a technology that provides cryptographic proof of valid transactions to the main chain, offering enhanced scalability and privacy.
- Base: An emerging Layer 2 solution that has rapidly grown its user base and TVL, leveraging the security of Ethereum.
Other Prominent Networks
The ecosystem includes many other specialized and growing chains.
- TON & Sui: Newer, high-performance blockchains designed for mass adoption and scalable applications.
- Avalanche-C & Fantom: EVM-compatible chains known for their fast finality and robust DeFi ecosystems.
- Dogecoin (DOGE) & Litecoin (LTC): Early cryptocurrencies that evolved from Bitcoin, focusing on efficient and fast payments.
👉 Explore real-time on-chain data for these networks
Frequently Asked Questions
What is the difference between a mainnet and a testnet?
A mainnet is the live, operational blockchain where transactions with real economic value occur. A testnet is a separate, parallel network used by developers to test applications and smart contracts without using real funds, allowing for safe experimentation and debugging.
How do I find a specific transaction?
Every transaction has a unique identifier called a transaction hash (txhash). You can copy and paste this long string of letters and numbers into the search bar of a blockchain explorer to pull up all its details, including status, block number, sender/receiver addresses, and value transferred.
Why would my transaction be pending?
A transaction can remain pending due to low gas fees offered during times of high network congestion, a sudden spike in activity, or an error in the transaction construction. The network prioritizes transactions with higher fees.
What does 'circulating supply' mean and why is it important?
Circulating supply is the number of coins publicly available and circulating in the market. It is a crucial figure for calculating market capitalization and understanding the actual available supply of an asset, which can influence its price.
Are blockchain explorers completely anonymous?
While transactions do not contain personal information like names, they are pseudonymous. All transaction data between public addresses is permanently visible and traceable by anyone. If an address is linked to a real-world identity, its entire history can be analyzed.
How can I use an explorer to research a project?
You can use an explorer to research a project’s tokenomics by looking at token distribution, check the adoption by monitoring daily active addresses and transaction volume, and audit a project’s smart contracts to verify their code and security.