Top Ledger

TL;DR: Top Ledger is a data and analytics company built specifically for Solana. It extracts, decodes and indexes on-chain data, then sells access to it through a SQL analytics platform, no-code wallet analytics, DeFi position APIs, real-time feeds and bulk historical datasets.

What Top Ledger does

Most general-purpose blockchain explorers show raw transactions. Top Ledger handles the step after that: turning Solana program instructions into structured tables that analysts, growth teams and institutions can query without running their own indexing pipeline. The company's website calls it a Solana blockchain data and analytics consultancy that handles "auto-scaling, replication of workloads, rollup aggregations and custom data decoding" so customers can run fast SQL queries without managing that infrastructure.

The product works on Solana and the wider SVM ecosystem only. That narrow focus sets it apart from multichain analytics vendors, and it is reflected in how deep the decoding goes. Its documentation describes the platform as built for web3 data teams, institutions and market intelligence platforms.

Products

SQL analytics platform. The main product lets users write Trino SQL against decoded Solana data. Its visualization suite supports several chart types, alerts, CSV exports and shareable dashboards. Teams can embed widgets into their own sites through React components. Top Ledger publishes public dashboards for [[PROJECT:282]] (Metaplex), [[PROJECT:235]] (Helium) including Helium Mobile subscribers, [[PROJECT:287]] (Raydium), Flash Trade, Sonic, Token-2022, and ecosystem-wide views of DEX, NFT and liquid staking activity (dashboards page). When SolanaFloor covered the platform in May 2023, it highlighted built-in APIs, alerts, scheduled reports and the option to join on-chain data with a team's private off-chain databases.

Smart tables and decoded program data. The docs list curated "smart tables" alongside the base block, transaction and account-activity tables. These include DEX trades on Solana going back to February 2021, NFT and compressed NFT secondary sales, and decoded liquid staking transactions. Instruction-level decoded datasets cover programs including Metaplex (Token Metadata, Candy Machine, Auction House), [[PROJECT:238]] (Drift V2), Orca Whirlpools, Saber, Switchboard, [[PROJECT:234]] (Squads), Sharky, Flash, the SPL stake pool program and Helium (docs index).

Wallet Behaviour Analytics. This no-code tool indexes each Solana wallet's activity across DEXs, NFTs, DePIN, LST protocols and perpetuals. Teams can filter wallets, segment users by activity, profile token holdings and study trading patterns. Top Ledger pitches it as a way to build user personas and shape products around them.

Top Ledger APIs. These APIs return wallet-level DeFi positions (lending, perps, vaults, LP positions, staking and PnL) across more than 20 protocols. The site names [[PROJECT:303]] (Kamino), Drift, Jupiter, Raydium, Orca and Meteora among them. Data is delivered over REST, WebSocket, Kafka or in MCP-native form. In mid-2026 the team marketed the APIs to Solana Mobile dApp builders as a way to show users "holdings, lending, staking, LPs, yield, perps & DEX PnL" in one call (X).

Real-time feeds and historical data. Top Ledger streams DEX pool states, LP and perpetual positions, swaps and DePIN activity. It also sells raw and decoded data for every block and program-specific instruction since genesis, delivered as Parquet files. A research offering packages this data with custom schemas for AI training, academic work and simulation, and can be deployed into a client's private cloud.

AI features. The website lists "Top Ledger AI" as coming soon, plus a tokenized-asset and stablecoin intelligence product that it says is "built and maintained by an AI agent." A Microsoft case study says Top Ledger used Azure OpenAI Service to build a natural-language interface. The interface turns plain-English questions about Solana data into optimized SQL and suggests visualizations. Microsoft credits it with 40% faster query creation.

Infrastructure

In a July 2025 case study, The Graph described how Top Ledger swapped its custom RPC and Geyser ingestion stack for Substreams. That older stack had cost $10,000–12,000 a month, taken one to two weeks to backfill a new program, and needed two full-time engineers to maintain. According to the case study, after the switch infrastructure costs fell 60–65%, historical backfills ran five to six times faster, and end-to-end latency dropped from 3–5+ seconds to 1–2 seconds. The same piece says Top Ledger covers more than 40 DEX programs plus SPL transfers. It also says trading firms and Telegram trading bots use the platform for wallet performance tracking, PnL calculation and token launch analytics.

Clients and team

Top Ledger lists the Metaplex Foundation, Helium Foundation, Solana Foundation, Squads Labs and Drift Protocol as clients and partners. In July 2026 it announced that it had been added to the Solana data provider directory at solana.com/data.

The business is registered in India as Donna Analytics Pvt Ltd. The Graph names Nitin Shukla as CEO, and Microsoft names Deepak Khatri as a co-founder. No outside funding figures are published on Top Ledger's own site.

Place in the Solana ecosystem

Top Ledger sits in Solana's data infrastructure layer. It supplies decoded datasets and dashboards that protocols use to report their own metrics, and wallet and position data that apps and trading tools build on. The company also posts regular research threads on its X account. Recent threads have covered stablecoin supply and holder distribution, tokenized stocks, wrapped BTC on Solana, and network compute-unit usage. These threads show the kind of cross-protocol analysis its datasets support.