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Chainalysis Releases DeFi Transaction Tracking Tool

Analyst firm Chainalysis has announced the launch of a new tool for tracking transactions across decentralized finance protocols and multiple blockchains.

Tool got titled Storyline and is currently in beta. The company claims that this blockchain and Web3 analysis tool was created completely from scratch.

The software is designed to track and visualize smart contract transactions with a focus on non-fungible tokens (NFTs) and DeFi platforms. According to Chainalysis, the popularity and adoption of DeFi and NFT has grown significantly over the past year and the tool is a response to growing demand.

“Storyline can interpret smart contracts and automatically flag common transaction types such as NFT purchases or asset exchanges. The user will be able to quickly add additional related transactions based on the timeline, with the transaction displayed on each row and destination addresses in columns,” the company says.

If investigators need to see the full transaction history and impact profiles of individual wallets and services, they will need to use Storyline in conjunction with another tool called Reactor. The program tracks the connection of crypto assets with the real world in real time.

According to the developers, both tools can provide a comprehensive and intuitive timeline for the movement of cryptocurrencies in DeFi.

Earlier, Chainalysis analysts published a report according to which decentralized finance is becoming more popular with criminals due to the ability to exchange one type of cryptocurrency for another, which makes it much more difficult to trace funds.

Source: Bits

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