#链上数据洞察 ### **Core value and characteristics of on-chain data**

1. **Transparency and immutability**

The public ledger feature of blockchain makes all transaction data traceable and immutable. For example, each transaction of Ethereum contains detailed information such as the sending and receiving addresses, amount, and Gas fees, which users can directly query through browsers such as Etherscan.

2. **Data richness and complexity**

On-chain data not only includes transaction records (such as token transfers and DEX transactions), but also covers smart contract codes, address behavior graphs, asset flow paths, etc., providing a multi-dimensional perspective for analyzing user behavior and market trends.

3. **Decentralization and privacy paradox**

Although the address is anonymous, the capital movement of large households, institutions or specific strategies can still be identified through cluster analysis and tag systems (such as Nansen's "smart money" tracking), forming a unique on-chain gaming ecology.