In his response to DeFiance Capital founder Arthur_0x, ZachXBT highlighted how on-chain transaction tracking can be improved in L1s other than Ethereum by separating block explorers into different levels.

In his statement on this matter, he described most non-Ethereum block explorers as “acceptable” but noted that the majority of them required a “complete revamp.”

While ZachXBT rated tools like Blockchair, Mempool, and WalletExplorer for Bitcoin as “acceptable,” he described them as “good block explorers” for transaction tracking. However, he expressed that most other block explorers require more comprehensive improvement.

When the community asked ZachXBT if it would create a “multi-chain block explorer,” ZachXBT stated that the idea was “nice in theory,” but that many chains were “not worth working on” from a profitability standpoint.

This suggests that the crypto community is not sufficiently encouraging of existing products and therefore dedicated tools or data solutions may be more suitable.

ZachXBT stated that specialized tools and data solutions may be more meaningful for compliance teams and units fighting illegal activities. “It’s just the kind of analytics company I’m thinking of creating, compliance teams, units that combat illegal activity, etc. “There will be specific tools and data for this,” he said.

He stated that the crypto community currently has too many claims for products and therefore emphasized that these products are difficult to create.

Other block explorers ZachXBT evaluated include Ethereum Virtual Machine (EVM) compatible chains, Solana’s Solscan, and Ripple’s Bithomp. EVM-compatible chains and Solscan received a slightly more positive evaluation, as they were “able to filter at least most information.”

However, it was stated that this situation “could be better” for Tron, while Ripple’s Bithomp was evaluated as “providing good attribution for services and exchange.”

These evaluations reveal how critical the quality of block explorers is for data transparency and transaction tracking in the crypto ecosystem. Block explorers are important tools for users to track transactions, provide transparency, and increase security.

Therefore, the shortcomings and improvement needs highlighted by ZachXBT are critical to the overall efficiency and reliability of the crypto industry.

Addressing these gaps in the quality of block explorers can make the crypto ecosystem more reliable and user-friendly.

These improvements can provide more reliable and effective tools for both individual investors and institutional users, thus contributing to a more robust and transparent functioning of the overall crypto market.