Blockchain analytics agency Chainalysis has launched a brand new software to trace transactions throughout Decentralized Finance protocols and a number of blockchains.

Chainalysis launched a beta model of its Storyline software program on Could 18. Touted as a “Web3-native blockchain evaluation software,” Storyline goals to trace and visualize sensible contract transactions with a give attention to nonfungible tokens (NFTs) and DeFi platforms. That is consistent with the growing popularity and prevalence of NFTs and DeFi within the cryptocurrency house over the previous 12 months.

Chainalysis supplies blockchain evaluation and annual stories on cryptocurrency crime developments and different analytics. The ever-changing panorama has seen DeFi and NFTs turn into essential cogs within the ecosystem, with Chainalysis estimating the 2 sectors account for greater than half of world cryptocurrency transactions.

An unlucky draw back of this evolution is the rising quantity of cryptocurrency-based crimes making use of the industry-changing protocols. 2021 noticed DeFi protocols course of an rising quantity of worth from illicit addresses whereas hackers additionally started to focus on these platforms in efforts to use and steal funds.

The quantity can’t be understated both, with the Chainalysis estimating that DeFi protocols account for 97% of the $1.68 billion value of cryptocurrency stolen in 2022. The agency additionally famous {that a} main share of DeFi hacks had been carried out by North Korean hacking teams final 12 months.

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The problem for cryptocurrency exchanges, DeFi protocols and investigators is monitoring illicit transactions by way of DeFi protocols. The character of those platforms is advanced, with automated sensible contracts creating advanced transactions, typically throughout a number of blockchains.

A key operate of DeFi protocols is the flexibility to ‘chain-hop’, giving customers the flexibility to alternate or transfer cryptocurrencies in a single transaction. The method of buying an NFT additionally entails quite a lot of shifting components, together with totally different sensible contracts throughout totally different marketplaces.

Storyline will allow customers to construct their very own ‘story’ of a transaction pathway beginning with a transaction hash. From there, a timeline could be constructed with notable transactions and interactions of tokens.

An automatic characteristic permits the software program to interpret sensible contracts and label frequent transaction sorts like NFT acquisitions or token swaps. Customers can add associated transactions and related addresses throughout blockchains which can assist monitor particular addresses, tokens and transactions.