What Is Solscan And How To Use It? Solscan Complete Guide

Solscan is a block explorer that is specifically about functions, developed as a tool for extracting information from the Solana blockchain-mainly transaction information, activity related to tokens, and even some wallet balances in some cases. It is a multi-functional explorer in the blockchain, similar in function to other blockchain explorers but Solana-specific. This guide will be discussing the core features and benefits of Solscan and the practical utilisation of Solscan to its users, beginner to veteran.

What is Solscan?

Solscan is a powerful blockchain explorer on the Solana network, built with a very high point of user-friendliness. It's a decentralised data-exploring tool that allows the users to track, analyse, and verify everything happening within the Solana network, ranging from token transactions, interactions with the different programs in the network, and even statistics on network performance, and many more. The intuitive interface together with deep access to on-chain data has really placed it prominently in the eyes of developers, investors, and newly introduced people to the blockchain.

Key Features of Solscan

Knowing the primary features of Solscan would help users avail all the utility possible from this tool. Some key functionalities include the following:

It tracks all transactions on the Solana chain, and therefore it is able to provide, for users, basic information about each transaction - time, amount, sender, and receiver among others.

Token Analytics: Solscan provides an extensive set of information on token activity, including supply and distribution as well as transfers.

Wallet Information: Users can view information regarding any Solana wallet, whether balance or the transaction history and assets held in the wallet.

Program Explorer: Solscan offers functionalities where one can search and view the deployed programs or smart contracts in Solana, hence following the activity of a decentralised application easily.

Blockchain Statistics of Solana: Solscan gives an overview of the total state of the Solana network, which might include block confirmations, validator status, and throughput.

How to Use Solscan and Gain Access

Getting started with Solscan is easy. Follow these steps to explore Solscan’s interface and begin your analysis.

Step 1: Url of the website of Solscan To start with Solscan, you are required to get to the website of Solscan. One need not sign up or set up as it opens from a browser.

Step 2: Home Page Exploration

The home page on Solscan gives an idea of network activity in real-time, latest blocks, and transactions. So, in a way, this page helps to derive a snapshot for gaining instant functionality of the Solana network.

Step 3: Search Features 

It provides a beneficial feature on its search bar, from which users can extract specific information. Any user can input any transaction ID, wallet address, or even a program address, and then token symbols are searched upon in the search bar, and corresponding information to them is fetched. Solscan will fetch all relevant information for them through that, and then through which users can quickly gain insights into whatever interest occurs for them.

How to Track Transactions on Solscan? 

1. Find Your Transaction ID: Each of these transactions has a unique ID also known as signature, so copy the ID you want to search for,

2. Paste Transaction ID: Now paste the transaction ID in the Search area of Solscan. Now, Solscan will give you the full information about the transaction in minute details.

3. Break Down the Information: Once you enter your transaction ID, it's possible to get information about both parties involved in the transaction, value, transaction fees, and block confirmations. The info is read to confirm that a transaction has indeed taken place on Solana's network.

Solscan Wallet Address Search

The website allows users to search wallets within the Solana blockchain, to track personal transactions or as part of due diligence.

Search by Wallet Address: Enter the wallet address you want to research in the search bar on Solscan.

Show Wallet Info: Solscan depicts the balance, transaction history, and assets that are being held. This is especially useful for monitoring how the funds flow through multiple accounts and how the wallet works.

Analyze Assets: Solscan goes beyond just a balance view; it offers access to any tokens stored in a wallet, including one-off custom tokens pertaining to dApps across the Solana network.

Solscan vs Solana Explorer

Solscan and Solana Explorer are both blockchain explorers for the Solana network but with different strengths:

Interface: The interface is designed to be accessible. It's much more convenient for a fresh user to come through and explore. Solana Explorer tends to provide very granular technical data.

Features: Solscan provides some unique functionalities like token analytics and program monitoring that will prove helpful to users interested in decentralised applications.

Performance: Solscan provides faster load times and easier navigation with a search. Most people feel it's adequate for basic to intermediate-level analysis work.

How to Check Solana Wallet Balance on Solscan?

To check a wallet balance on Solscan, do this:

Input Wallet Address: The Solana wallet address can be input in the search bar.

Balance Information: Then, Solscan will float the total balance of the wallet above the wallet page with token balances and recent transactions.

Verify Transactions: Scrolling down shows the user the most recent transactions output from the wallet, giving a level of clarity into recent movements of funds.

Use Solscan to Research Tokens on the Solana Platform

The tool is very useful in tracking token activities as it does so in-depth based on supply and movements.

Search for a Token: Type in the name or symbol in the search bar

Token Metrics: The token page will show up with these core metrics: total supply, holder distribution, and recent transactions. It makes sure that users are aware of how their tokens are performing and will liquidate those.

Check Recent Transfers: The token explorer of Solscan shows recent transfers to enable users to track active wallets and transaction volumes with the token.

Best Practices in Using Solscan for Blockchain Analysis

To derive maximum benefit from Solscan, you have to consider the following practices:

Monitor Daily Transactions: Active users should be traced on recent transactions to ensure money is safe and activities expected.

Wallet Analysis for Due Diligence: It enables a check of wallet histories and balances to figure out who one can trust and/or avoid fraudulent activities.

Program Exploration with Transparency: This follows through to enable tracking of decentralised application activity so your transactions are being performed according to the expected behaviour.

Token Insights in Investment Decisions: Here you understand the token stability from details shown by metrics related to how it's owned and its activity in the market.

Solscan Advanced Tools Solana Blockchain Analysis 

Token Swaps and Liquidity Pools: Solscan provides the data of token swap transactions and liquidity pools, making users know what exactly is going on in decentralised finance. 

Event Logs: It helps its users obtain event logs for different programs and transactions, which means it will allow the developer a closer look at the interactions of smart contracts.

Network Metrics: Solscan provides real-time network performance metrics like transaction speeds and network congestion, and all this is important in understanding the present state of the Solana network.

Conclusion 

Solscan is an interface for monitoring transactions, analysing tokens, and keeping track of wallet activity on the Solana blockchain.Utilizing Solscan's functionalities enables any user to get insight into blockchain activity through monitoring individual wallets or observing token movements. Want a straightforward way to buy your way into digital assets on Solana? You can now buy or sell 50+ assets with "Ramp". Though managing payments internationally can be challenging, "Payouts" allows international payments to be made with a click of a button. For those wanting people to pay you from anywhere around the globe, "Collection" lets you collect such amounts in real time across borders.

FAQ

Q1. What is solscan, and what can be done with it? 

Ans. It's a blockchain explorer for the Solana network. You could use it to track transactions, view balances in wallets, check activities within tokens, and analyse interactions with smart contracts. Useful for anyone who wants to gain insights into activity within the Solana network, checks specific transactions, or monitors asset flows going in and out of wallets.

Q2. How do I check the balance in my Solana wallet on Solscan? 

Ans. View a wallet balance by inserting the wallet address into the Solscan search bar. Solscan then displays total balance, recent transaction history, and a breakout of assets held within that wallet. This is an excellent way to track assets and activity in a wallet based on Solana.

Q3. What does Solscan have in difference with the Solana Explorer?

Ans. Indeed, in regards to transaction tracking and showing wallet information, they are quiet on the same page. But Solscan has an easier-to-use interface, plus other functionalities like token analytics and program monitoring. It would be very helpful especially to beginners and to those who need more insights into the activity of tokens and smart contracts.

Q4. Can one track specific token transactions on Solscan? 

Ans. Yes, Solscan enables one to see everything that has been occurring with regards to specific tokens; therefore one can input a token name or symbol in the search bar to, say, find out the metrics such as total supply, recent transfers, holder distribution, and transaction history for the token.

Q5. How do I find transaction information using Solscan? 

Ans. From the search bar of Solscan, you can input the transaction ID or signature. Solscan then gives you a full report on the sender's and receiver's addresses, amount of the transfer, paid fee, and transaction status so you can easily verify and track any transaction on the Solana network.