As blockchain adoption continues to grow, cryptocurrencies like Solana are becoming integral to global financial ecosystems. With transactions per second (TPS) currently surpassing expectations (currently averaging 4k TPS), Solana has solidified itself as one of the fastest and most scalable blockchain currently in the market. So, it has become a herding ground for both developers and traders.
However, with this growth comes the need for transparency, accountability, and thorough auditing of crypto transactions. Whether for compliance, financial reporting, or fraud detection, auditing Solana’s data presents both opportunities and challenges.
In this article, we’ll explore why crypto audits matter, the key data points required for auditing Solana trades, and efficient methods to export cryptocurrency data for comprehensive audits.
Auditing cryptocurrency transactions is essential for several reasons:
Compared to traditional financial data, auditing crypto transactions comes with unique hurdles:
For a successful audit, auditors must focus on the following Solana trade data:
Solana is renowned for its high throughput, low fees, and fast confirmation times. These features make it ideal for real-time trading but add complexity to the auditing process due to the sheer volume of data generated.
Streaming via subscription and WebSocket APIs is one of the most effective ways to access real-time Solana data.
Below is a wallet we’ll be working with through this tutorial article:
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Let’s take this Binance: Hot Wallet on Solana Blockchain and you’re required to perform auditing and reconciliatory work on the wallet. You’ve also been given access to the company’s on-chain transaction record.
Use this below Bitquery API to get the Balance of this Address and reconcile the values with any Solana Explorer, test it here on Bitquery IDE.
You can also use Bitquery Solana Trades API for reconciliation and comparing of number of trades.
For organizations handling large volumes of blockchain data, Kafka streams offer a scalable, event-driven solution.
For large-scale or retrospective audits, exporting historical data is critical.
Auditing Solana trade data is both challenging and rewarding. By leveraging efficient methods such as subscription APIs, Kafka streams, and data dumps, auditors can ensure thorough compliance, fraud detection, and financial reporting.
Choose the right tools and methods based on your specific auditing needs, and always stay updated with the latest blockchain developments to ensure accuracy and efficiency.
By following these strategies, you can tackle the complexities of auditing Solana trade data and maintain transparency in the fast-evolving world of cryptocurrencies.
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