Synchrony: Aggregation & Analytics Features
With tremendous growth in technology, data has become one of the most valuable and irreplaceable components for any company to collect and analyze. Big Tech giants like Google, Amazon, and Facebook collect and aggregate multiple gigabytes of private information (data) on their users. The data harvested and extracted by these behemoths is used expressly to optimize their businesses for profitability and reach, and one can go as far as saying these titans are in the data business, and this data has become their currency. In terms of who reaps the benefits of this data extraction, it is quite one-sided, with the giants always winning out. When it comes to the blockchain space though, data lives in a different light; all blockchain (cryptocurrency) transaction data is publicly viewable, and cryptocurrency traders and investors can harness this data to a similar effect as Google and Facebook.
As a matter of fact, unlike traditional financial instruments, cryptocurrencies are the only asset class with complete transparency of trading and investment activity, affording the ability to analyze the public ledger to extract data; this is known as on-chain data analysis. Via collection and analysis of on-chain data, crypto traders and investors (retail and institutions alike) can gain insights into the overall market sentiment and behavior of users in the network.
With DeFi booming the last few years, the importance of on-chain analysis has become illuminated to many investors and traders. By utilizing on-chain analysis tools, market data can be more accurately and efficiently understood and applied. Yet, for a typical every-day retail investor, it is still challenging to navigate this data effectively. Synchrony takes this one step further by making it easy for every type of investor, from retail traders, crypto natives, newcomers, and institutional investors alike, to have access to in-depth analytics to help guide more formulated investment decisions.
In the crypto space, on-chain data is having a renaissance, proving how important it is to have access to potentially deep insights already available to the broad public. Because of this, it is important to have this information aggregated and readily available in a digestible format. Utilizing this data aggregation and analytics provides precious insight to make more profitable, sound investments or trades.
In short, on-chain data allows traders and enthusiasts to harness the wealth of information already publicly available to track the markets more effectively, and to make more accurate predictions to plan out their trade and investment strategies. The next section will discuss the benefits Synchrony provides to the entire ecosystem with its suite of aggregation and analytics tooling.
Synchrony On-Chain Data Analysis
Keeping track of your trades and wallets can seem overwhelming to many people, and trying to understand data analytics while doing-your-own-research (DYOR) can be one extra step too many. However, through Synchrony’s holistic suite of tools, users can research and transact with the entire Solana ecosystem from a single application. DYOR, trade, invest (and eventually socialize) all from one convenient location.
The Synchrony analytics and aggregation services provide users detailed insights into the on-chain activity of wallets, tokens, products, and protocols, allowing for anything from granular to broad-stroke insight.
Synchrony’s platform provides its users a birds-eye-view into all of Solana’s protocols, enabling a user to manage their portfolio, compare assets, backtest strategies and transact all from a single application. The depth of the analysis is up to the end user, it can be as broad or specific as they so choose; filtering capabilities allow users unique exploration into the Solana ecosystem, organized by protocols and instruments via a range of options such as but not limited to:
>Performance metrics with user-defined ranges (e.g. MTD, YTD, etc.):
Synchrony’s aggregation service is a synergistic value-add to the entire Solana ecosystem. Through our provision, we offer a platform for consolidation, enabling user cross-pollination and generating awareness for both established and burgeoning protocols. Furthermore, by simplifying user ecosystem experience, Synchrony will spur continued user adoption.
Synchrony’s suite of analytics services enables users to access granular levels of detail of on-chain behavior for any user in the ecosystem. Users can choose to simply enter a wallet address to retrieve data, such as trade history and performance, which is presented in a streamlined and palatable format, allowing for cross-comparisons of other wallets, tokens, and indexes.
Wallet analytics provides a resource which users can harness to make more informed decisions with respect to their own trading or investing strategies. These wallet analytics are also integral in driving some of Synchrony’s community-driven aspects, such as our leaderboard and gamification features.
A future goal of Synchrony’s analytics service is to provide analytics on an ecosystem-wide scope, allowing for macro level insight into an ecosystem’s participants’ behaviors and sentiments.
Intentionality is a core piece of Synchrony’s core principles, as such, the analytics tooling is highly configurable, providing a curated and tailored experience. This ensures a user only receives the data relevant to the types of opportunities they are interested in, effectively helping distinguish the “signals from the noise”.
Synchrony aims to provide a single source for all your DeFi needs on Solana. By providing our suite of aggregation and analytics services, Synchrony hopes to lower the barriers to entry into the ecosystem while also providing the crypto native with services long sought after. Anyone in the blockchain space can openly access on-chain data, but having the tools to properly sort and analyze that wealth of information may prove to be invaluable. Our aggregation and analytics features compliment our copy-trading and composable indexing capabilities, providing what we consider a complete set of investment and trading tools.
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