Blockchain analytics company Chainalysis has released a new tool to track transactions across DeFi protocols and multiple blockchains. It will help to solve cryptocurrency-based crimes.
Chainalysis launched a beta version of its software called Storyline **on May 18th. Described as a “Web3-native blockchain analysis tool,” Storyline aims to track and visualize smart contract transactions with a focus on NFTs and DeFi platforms.
Chainalysis is a company that provides blockchain analysis and annual reports on cryptocurrency. According to Chainalysis, DeFi and NFT transactions make more than a half of all cryptocurrency transactions. However, this evolution has a downside: an increasing amount of cryptocurrency-based crimes making use of the industry-changing protocols.
DeFi protocols has been processing an increasing amount of value from illicit addresses, while there has also been a boom in hackers’ activity, who attempt to target these platforms in order to exploit and steal funds.
Nowadays, the most important challenge for cryptocurrency exchanges, DeFi protocols and investigators is tracking illicit transactions via DeFi protocols. These platforms have a complex nature, with automated smart contracts creating complex transactions across multiple blockchains.
DeFi protocols give the ability to chain-hop, allowing to exchange or move cryptocurrencies in a single transaction. The process of purchasing an NFT also involves a number of moving parts, including different smart contracts across various marketplaces.
With Storyline, a user сan hop across multiple chains. The easy-to-use interface allows you to focus on the transactions, assets and related wallets one is interested in. Just a few clicks — and you’ve built a timeline of the most important interactions that clearly illustrate the movement of tokens.
Best of all, Storyline supports all tokens and blockchains, so investigators can trace funds uninhibited regardless of any chain-hopping that takes place. This is a great leap forward in solving cryptocurrency-based crimes.
Storyline is currently available in a limited beta. To get early access, you can complete the form, and they will get in touch with you.