Cross-Network Integration: Etherscan Strengthens Position with Solscan Acquisition

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  • Ethereum’s block explorer recently announced the acquisition and integration of Solscan, Solana’s explorer.
  • Etherscan is an Ethereum block explorer used to navigate through all the public data on its decentralized network.
  • Users often rely on Etherscan to explore any Etheruem-based wallet addresses alongside other ERC-20 tokens and NFTs (ERC-721 tokens).

The web3 industry has several elements that work together to develop the decentralized vision of the industry. The crypto industry has developed from the original crypto-coin Bitcoin and now is a thriving ecosystem ushering in a new financial system, DeFi. Today, the ecosystem has diverted from simply creating a decentralized currency to bridging the gap between web3 and traditional financial systems. 

For instance, various organizations have used the fundamental concept of Bitcoins and extended its applications. For instance, many blockchain developers have created various consensus mechanisms from the working of PoW. Ethereum, Bitcoin’s only competitor, is among the top exchanges worldwide and seeks not to compete with Bitcoin but to develop an ecosystem where the original cryptocurrency is. 

Since its founding, Ethereum has developed one of the largest blockchain ecosystems. Its vast network has created an ecosystem where developers have free creative reign to develop blockchain-based applications.

In recent news, Ethereum’s blockchain explorer, Etherscan, has purchased Solscan, Solana’s explore, as a form of collaborative merging, expanding both their data services across multiple blockchain networks.

What is Etherscan?

When Vitalik Buterin founded Ethereum, he clarified that he had no intentions of competing with Bitcoin. Instead, he built Ethereum to develop an ecosystem designed to develop and nurture the web3 industry. Over the years, Ethereum has expanded its reach throughout the web3 franchise, and today is one of the largest decentralized ecosystems. 

Its features, services, and tools cater to blockchain developers seeking to host their web3 creations. In fact, according to its official site, Ethereum has over 3,000 decentralized applications. Its easy-to-use tools and web3-friendly ecosystem have nurtured some of the greatest discoveries in web3. 

Unfortunately, it soon became clear, that Ethereum needed a tool to make work easier for those navigating its vast network. This resulted in the creation of Etherscan, an Ethereum block explorer used to navigate through all the public data on its decentralized network. Users often rely on Etherscan or Ethplorer to navigate Ethereum’s vast transaction data, wallet addresses, and smart contracts. The tool also enables Ethereum users to navigate the organization’s blockchain analytics and all Ethereum-based activity.

Also, Read Crypto Predictions 2024: Bitcoin’s Ascent, Ethereum’s Rally, and BNB’s Resilience.

Typically, Ethereum Block Explorer helps visualize data related to blockchain, similar to search engines like Google, Bing, or DuckDuckgo. Etherscan works in three principal parts, mainly retrieving Ethereum data in real-time, maintaining and organizing data records, and presenting near real-time data to users. Users often rely on Etherscan to explore any Etheruem-based wallet addresses alongside other  ERC-20 tokens and NFTs (ERC-721 tokens).

Etherscan-Solscan
Solscan is a popular block explorer in Solana; its vast features and services soon caught the interest of Ethereum.[Photo/Solscan.io]
It also showcases stats such as  Ether (ETH) price and market capitalization, average gas price, transaction speed, and network upgrades. In addition, Eterscan simplifies the complex nature of smart contracts. Generally, smart contracts hold huge data sets. Through Ethereum’s block explorer, one can easily find information on smart contracts to understand their functionality. It also contains guidelines for interacting with smart contracts, such as How to Read Smart Contract Data.

Etherscan seeks to expand via Solscan.

Ethereum’s block explorer recently announced the acquisition and integration of Solscan, Solana’s explorer. This strategic move is part of an ongoing effort to improve its reach across multiple networks and its performance in accessing blockchain data.

In addition, Etherscan has revealed it will leverage Solscan’s many features, which have more than 5 million active monthly users. This extends its reach, allowing Etherscan to access Solana’s detailed address, token, and transaction information, APIs, dashboards, and NFT metadata.

Matthew Stan, CEO of Etherscan, said, “The Solscan team has proven their expertise over the years by offering detailed insights and analytics. Their expertise in making blockchain data accessible and user-friendly also aligns perfectly with our mission at Etherscan.

With its recent acquisition, SOlscan will pave the way for Ethereum’s block explorers to achieve its vision of providing credibly natural and equitable access to blockchain data. These new milestones come amid Solana’s rise to glory, with SOL surpassing its $100 mark.

 According to some analysts, SOL could eventually surpass ether in market evaluation, given how its ecosystem has significantly diversified its reach. Aside from Bitcoin, Solana and Ethereum have caught the eye of the entire crypto community. According to Google Trends, both terms attained a popularity core of 56 to 50 in late December 2023. Many experts claim the acquisition was inevitable as Ethersan has ideally positioned itself to benefit from the anticipated Solana Wave.

The 2024 crypto market holds plenty of opportunity for most crypto-based organizations. Block explorers estimate an impending rise in traffic with many new trades entering the market. The merge will allow Solana and Ethereum to benefit from this new wave of crypto enthusiasts.

Also, Read 2023: Bitcoin and Ethereum outperform traditional assets.

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Ken Mutuku
Ken Mutuku
I am an enthusiastic writer who believes that facts, knowledge and opinions can be expressed vividly with just a few words. I think that all forms of writing achieve this; hence I have a wide area of expertise and interest, such as cryptocurrency, psychology and the human mind.