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Nansen: The elusive whale and Smart Money

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According to Nansen, Alameda paid $10,095 for 18,054 GRTs from Uniswap at 14:19 Beijing time on July 18.

Writing: 0 x26

Defi is no doubt responsible for the 56% increase in Ethereum addresses from 84 million to 131 million between 2019 and 2020, but have you ever thought about what it means to aggregate, categorize, and tag nearly 40% of the most active Ethereum addresses on the chain?

Nansen tagged and analyzed more than 50 million addresses and activities on the Ethereum chain. Compared to Dune Analytics and GlassNode, Nansen is more micro and single pointing, and partly involves macro data. It's worth noting that, compared to Dune's potentially slow update, Nansen says its website has only a 4-minute delay in data. Users will also be able to add their own addresses, add labels, and there are even plans for tracking Mempool data. (Unlike the other two tools mentioned above, Nansen is fully paid for.)

For example, I set Ethereum's zero address to the private tag "Blockbeats."

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Nansen intuitively lists all features and introductory videos on the home page, and of course, as a paid app, the account expiration date is at the bottom. Most of these features are described below. Below each feature, the content or conclusion of the analysis will be presented, including but not limited toOn-chain data aggregation for Sushi tokens, interactive contract data for the US $300 million "whales" 0x_B1, Jump Trading - Serum and Smart Money on the chain, etc.

Token God Mode

This module takes Sushi as an example to explain the recent changes in the Sushi token's on-chain data.

Token overview module, where you can understand the distribution of holders on the chain of Sushi, as well as the positions held on different trading platforms and the summary of inflows and outflows. As you can see, Sushi ownership on centralized trading platforms has been declining.

The maximum amount of money transferred on the chain in 7 days, where users can find whales in the deep sea of DEFI. The biggest recent data on on-chain transfers came from Alameda Research.

Changes in the wallet balance on the chain. Users can sort by number of changes, and they can also sort by time and balance.

The following data shows a summary of the timing of Sushi tokens and the percentage of token transfers. This data shows that 79% of Sushi tokens are still in addresses that have held Sushi tokens for 90 to 365 days, and there is little willingness to sell Sushi early holders (possibly related to liquid trading pools and centralized trading platforms).The number of Ethereum addresses holding Sushi tokens is also growing. Users can use this data to consider the overall allocation of tokens. (Rhythm note, combined with the transfer data above and the LP analysis of Sushiswap below, can we get an in-depth understanding of the distribution of Sushi holders?)

Wallet Profiler

$314 million whale: 0 xb1adceddb2941033a090dd166a462fe1c2029484 (Twitter:@0x_b1)

Take the well-known Defi whale 0x_B1 as an example, data show that its trading peak was Monday; At 17:00 Beijing time, there was no operation for as long as 5 months. At 22:00, it was the most active, with a total of 1156 transactions.Based on the simple calculation of the time of work and rest, 0x_b1 is approximately in time zone 4 west. On-chain activity at 0x_b1 started in August 2020 and peaked at on-chain transactions in November.

Combined with on-chain wallet analytics tools like Zapper, it's possible to get a full picture of the account, which is valued at around $310 million, not just the total value of its assets, but alsoAll trading practices and habits. Through Nansen and wallet analysis tool, all user address activity becomes more three-dimensional.

The figure below shows the number of 0x_b1 wallets in and out of Ethereum, sorted by different DEFI protocols. By comparing the difference in numbers, you can see which platforms and tokens Big Whale is betting on/using/holding, for example,Uniswap transfers the most Ethereum, while Compound transfers the most, it can be inferred that the user is a big loan Compound;The number of net Ethereum inflows into Alpha reached 80,000.

The following is the data for the contract interaction with 0x_b1. It is worth noting that Dodo ranks fourth in the list of the number of contract interactions, behind Uniswap and Sushiswap, except for the full zero address (which might mean that 0x_b1 is using tokens like CHI to offset its high GAS bill).

Wallet Proiler for Token address details

Jump Trading and SRM

Jump Trading, the world's top market making and asset management high-frequency Trading firm, has been in operation since 1999 and is also known for its intense secrecy. The firm is active in the crypto market, providing liquidity to trading platforms, and in 2018 provided liquidity to Robinhood's crypto division. Its sister company, Jump Capital, is an active investor in the crypto market and has previously backed companies such as BitGo, Bitnomial, Bitso, Curve and Serum.

The SRM held by Jump Trading is taken as an example for analysis and presentation below.

Jump has held SRM since the end of August 2020 (the beginning of the project's launch) and the balance of SRM held at this address has declined at a relatively slow rate over the following period of time.

The following shows a summary of the outflow and outflow of SRM tokens from this address. The 45 million SRM tokens have left 12 million, with a large amount going to Binance.

As of press time, small deposit transfers are still being made to Binance from this address.

Stablecoin Master is a complete set of data on the Stablecoin chain

The bulk of on-chain activity is still $100- $10,000

This section shows the total stablecoin amount (including specific categories) of each major centralized and decentralized exchange and the change of the last 7 days. The daily stablecoin transfer volume, number of times and number of people on the chain, in order to fully display the heat and activity of the market. For example, more than $10 billion has been transferred on the stablecoin chain every day recently, according to data. Similar to the token analysis module, the stablecoin module also has statistical data such as large transfer amount and contract interaction amount, which will not be described here.

The following figure shows the classification and ranking according to the amount of on-chain stablecoin transfers since December, 2017. The amount increases from the bottom to the top. As you can see, despite the DEFI outbreak, the majority of stablecoin on-chain activity is still around $100- $10,000. With the increase in GAS rates,On-chain stablecoin transfers below $100 are being squeezed out of space.

Comparison of Token Overlap

SUSHI and UNI

It can be seen that 20% of the addresses that hold Sushi tokens hold Uni, while only 4.11% of the users who hold Uni hold Sushi, far outnumber Shushi in terms of addresses that hold Uni. By contrast,Uni's long tail is more pronounced, while Suishiswap has room for further growth and user adoption.

The two token holding addresses are overlapped and expressed in the horizontal and vertical axes. Unlike the Label address of most plates, this part of address is visible to users.

It is Smart Money

Whales on the chain gather together

This is the most innovative section of Nansen. Nansen aggregates the addresses of a large number of VCs, quantitative teams, project founders, community celebrities and high net worth users, and classifies them as Smart Money. Similar to the well-known business departments in stocks -- Galaxy Securities Shaoxing Road, or Yongan Futures in commodity futures and other hot Money companies with a good record, perhaps Nansen's Smart Money can represent the prescient users who decide the direction of the crypto market just like the above hot Money and futures companies. Some of the better known are Paradigm, A16Z, Alameda, Polychain, Placeholder, Three Arrows, KR1, 1KX, and Vitalik, as well as a large number of heavily funded Dex users with 916 addresses.

Nansen compared the stablecoins in these addresses to the value of other crypto assets to show what Smart Money is saying about market expectations. For example, after December 10, 2020, the value of the stablecoin in the hands of Smart Money has dropped rapidly. This is most likely due to the fact that they are buying crypto assets in the market, but it cannot be ruled out that the relative decline in the value of the stablecoin is due to the rise in the price of some crypto assets.

Hot Project Analysis

LP analysis of SushiSwap

Nansen has a similar project summary feature.

In the case of Sushiswap, Nansen aggregated all the important LPs and analyzed their transfers. The Nansen team previously published a report on Sushiswap calledSushiswap Data Full Analysis: Whales and Thieves in Sushi Tavern", users can also refer to this section to learn more about Sushiswap's "interesting" data and the professional approach to using the platform from the Nansen team.

conclusion

There is no doubt that Nansen is a "powerful tool" for data analysis on the Ethereum chain, not only for the analysis of a certain generation of coins, but also for the overall analysis of the wallet address and the individual analysis of the tokens in the wallet. Even with the help of stable currency data and smart money, Nansen has fresh and original insights into the whole market.

Although Nansen plays an important role in Defi and I learned a lot from using Nansen, it should be noted that as a premium product, Nansen is probably priced out of the reach of most users, starting at $149 per month for the standard version. At the same time, most non-institutional and non-heavy users may not be interested in short-term token tracking.

Defi has a market capitalization of $31 billion and Ethereum has a market capitalization of $140 billion, but the entire crypto world has more than trillions of dollars in assets, and there's a lot of on-chain data that can't be analyzed by Nansen, which is also a big limitation. In addition, Nansen's tracking capabilities could also be eclipsed if tokens converge on centralized trading platforms. After all, transferring assets on a chain to an exchange is as hard to track as a hacker breaking DAI or ETH into Tornado Cash. But with Aave and Synthetix among the top 20 companies by market capitalization, there's reason to believe that DeFi's future is still promising, and that Nansen, with its focus on on-chain analytics, will continue to provide professional and reliable data support for deep users.

Just like the flash loan, a tool is just a tool. In the face of the endless possibilities of blockchain, it is more important that users can get the valuable data and conclusions they want through this software.