EtherDrops- is a Telegram bot which is used to track and notify about various on-chain activity events.
In this article we will talk you through various on-chain events which are taking place, followed by "why" and "how" is it important to follow them. We will then showcase EtherDrops application, as well as how it fits into this framework!
Without further ado, let`s dive in it!
What is on-chain events?
Literally, these are events taking place on chain. Put this simply, this is everything related to blockchain activity.
What can we do on a blockchain? We can:
- send transactions
- perform swaps on liquidity pools inc buy/sell tokens
- sign transactions
- pay for transactions
- create your own tokens
- mint tokens
- burn tokens
- create NFT collections and much more.
Each event is a piece of information. For example, a simple transaction from one wallet to another may not be tagged as "simple". This is because such a transaction may signal for a transaction activity of a whale/significant crypto influencer/exchange moving tokens from one place to another. From this perspective, this event may have a chain reaction for some other events. A potential pump/dump of this token, a specific interest or an insight connect. But this all comes after a thorough analysis and your own expectations.
Demand creates supply. For some, such a piece of info, or a notification, may be of a primary importance. Especially, if it is timely and accurate to a penny. But what can you do with it? Well, you can take a long/short position on that token, perform some activity with a view for a token drops and other. Either way, you act in your own interest based on this piece of info.
How to monitor on-chain events?
If you don`t want to complicate things, you can use Etherscan (say you wish to monitor the Ethereum network). Simple visual representation, though some manual work is needed.
But, if you think of it, Etherscan is just for the Ethereum network. What about the Tron network, Solana, Arbitrum and dozens of others? And, where do Etherscan get all the info from in the first place? That`s when we introduce the concept of a node.
A node is a point of intersection/connection within a data communication network. For blockchains it is very important. This is how we`re aware that a transaction took place, a swap happened etc.
You run your own node- you get on-chain event info yourself. That is the beauty of it. Although this may come with certain difficulties, especially if there`s been an unexpected update or your nodes are not sync and running late, missing all the recent transactions.
The case of EtherDrops
Given that there may be tons to networks to follow and a variety of events happening, is there a universal tool that could aggregate all this info in one place? The good news is yes, it is EtherDrops. The down side is that it monitors just the big six networks (Eth, FTM, BSC, Arbitrum, Avax, Polygon) and only a certain range of events. Namely wallet transactions, dex swaps, LP`s, NFT activity + prices, coins, gas prices.
For example, here is the most recent LP notification
This one has been used for illustration purposes, but you get the idea.
Or, a sudden price change and a swap notification-
Those notifications are not randomly generated. You specify your own requirements to tailor a notification. For example, alert me if a coin XYZ is up/down by 5%, or reaches $x level.
Alert me if there is a transaction from this wallet, but exclude certain contracts.
This is the purpose of EtherDrops. Moreover, it is based on Telegram. Your communication is done exclusively over there. Notifications are just like messages you`d normally receive from your friends or community.
One thing to remember, the tool is not a cure-all one. But still quite powerful and useful.
We hope this has been helpful! If, at least this has happened a single one of you, then we know the efforts have not been idle :)
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