Ethereum’s ecosystem is undoubtedly the strongest one among altcoins. The ERC20 protocol that the network brought forward allowed developers to create a landslide of other projects and take advantage of Ethereum’s blockchain.
The more the industry matures, the more this ecosystem changes. There’s an obvious tendency that only relevant projects with useful technology stand the test of time. Of course, this doesn’t mean that there aren’t other trading opportunities, allowing users to turn a quick profit.
Regardless of whatever the case may be, keeping proper track of your altcoin portfolio is essential. Ethplorer brings a convenient way of doing so while also providing you with important network metrics in one single access point.
What is Ethplorer?
Ethplorer is a platform that provides token information and analytics for cryptocurrency investors, traders, brokers, and hedge funds.
It provides plenty of capabilities. You can get easy access to Ethereum-based tokens as well as charts and in-depth transaction history that’s based on a token address. This should help users take advantage and improve their decision-making process.
Ethplorer’s Watching Service
The watching service is a real-time notification system that will alert the user when there are inbound or outbound transactions that are related to a certain address or a smart contract. There’s a lot of flexibility and depth to this tool that make it among the first such services that are offered for free.
It comes with a rather high message limit of up to 1,000 Telegram and 500 email notifications per day. This is particularly appropriate for those users who are already tracking contracts and addresses but don’t want to spend more money on transcription costs.
Setting it up is quite easy. Once you land on the Ethplorer page, you can paste the contract or the address that you wish to track directly in the search bar. After that, you can click the “Watch” button and select where you want to receive the notifications – either in your email or on Telegram.
Alternatively, you can also navigate to your profile page, select the “My addresses/txs” tab and you will be able to see the “add address” link. Once you click it, you can add any token or address to your list of monitoring.
Why Use the Watching Service?
One of the benefits of the Watching Service is that it caters to both retail investors and institutions. Let’s have a look.
When it comes to smaller investors or even day traders, they can take advantage of the service to monitor the inflows and outflows of a certain smart contract – this can help them make an investment decision.
On another note – you can also monitor popular ERC20 addresses of well-known traders and investors and copy their setups. You can monitor influencer account activity, monitor airdrops, and whatnot.
When it comes to institutions, the Watching Service can be used to track capital injections in different protocols that they are considering for investment.
Other Ethplorer Services
In this dynamic market environment, keeping a close look at your portfolio is particularly important. This is even more true for altcoins because their prices can fluctuate viciously.
With this in mind, Ethplorer has come up with an easy and interesting way to keep track of the Ethereum-based assets you hold.
In a single page dashboard, you will be able to check plenty of variables. This is how it looks like:
Note that this is a sample provided by Ethplorer. As you can see, there are important metrics that you will have readily available.
The top chart summarizes your portfolio’s value in USD terms and it’s a very convenient visual representation of whether it grows or declines.
Below that, you will see all the information you need about the selected address. There’s a compounded ETH balance value, as well as the overall amount of ETH you’ve sent and received. Right beside that, you can check all the various altcoins that the address holds as well as their current USD value. Further below, you will see all the transfers related to the address you’ve input.
This is just another one of the interesting features that Ethplorer delivers. Users are able to input the contract address of the token they want to analyze and receive valuable information about it that is otherwise challenging to get.
First, they will be able to look at a comprehensive chart visualizing its real-time USD value. In addition, they would also be able to see how many transactions are related to that address. Perhaps most important is the other section which displays information about the project itself. You will be able to find data about what the token aims to achieve, as well as the official domains and contacts of the project.
Ethplorer seems like a convenient one-stop-shop for people with serious exposition to Ethereum-based altcoins. It’s likely to become even more relevant as the space matures and the industry moves forward, seeing more and more projects going in. This will be especially true when Ethereum 2.0 comes on.
The solution is very easy to use, it requires no prior knowledge in blockchain-based technology or coding and it also offers a very convenient way of keeping track and doing research.