On-chain data analysis: Do early Ethereum participants still own ETH after a thousand-fold rise?
Original title: On-Chain Data Analysis: Do Ethereum's early Participants Still own ETH after a thousand-fold Rally?
Original source: Nansen
This report aims to investigate the External Account (EOA) on-chain behavior of Ethereum ICO participants with on-chain data to help answer the following questions:
Who is the most loyal Ethereum Holder, has not sold
Who is currently the most active whale player on the chain?
What are the main Web3 protocols currently used by ETH ICO participant wallets?
Who are the most popular cross-chain Bridges among ETH ICO participants?
How many ETH did participants in the ETH ICO pledge on the ETH 2.0 beacon chain?
Are these wallets currently bullish over time as their Eth balances suggest?
Core Views
The balance of ETH tokens held in the wallet addresses of early Ethereum ICO participants has been declining, mainly as a result of transfers to other external accounts (EOAs) or CEX exchanges.
By setting the screening criteria, the wallet address of an ICO participant whose on-chain transaction volume is greater than $250,000, there are only five wallets that meet this criteria. This could mean that many of these wallets are either dormant and not very active, or that Eth tokens have been spread across several different wallet addresses.
Direct deposit of beacon chain ETH 2.0 pledges from ETH ICO participants' wallets has increased this year, but represents only a small fraction of the total ETH token balance received by ETH ICO.
The cross-chain Bridges that interact with the wallet addresses of ETH ICO participants the most include: Polygon, ZKsync, Optimism, Arbitrum, Wormhole, Multichain, Hop protocol, xDAI omnibridge, and dYdX L2 perp bridge.
The largest token balance held by ETH ICO participants' wallets is mainly ETH coins, while the other tokens include MKR, USDC, OMG, ENJ, VERI, RPL, WBTC, DAI, xDATA, RARI, WETH, MANA, LINK and NMR.
The top Web3 protocols interacting with the first 100 ETH IC participant wallets include the ETH2 beacon Chain, Balancer, Aave, Convex, Bancor.
Most ETH ICO participants transfer most of their ETH tokens to exchanges and other unmarked wallet addresses, which is decentralized, resulting in difficulty in tracking and high confusion of wallet addresses.
以太坊 ICO 参与者的定义，以及为什么要调查他们？
ETH ICO participants are the OG addresses for receiving ETH tokens from Ethereum Genesis.
In this report, we limited the address range of ETH ICO participants to EOA (non-entity) in order to quickly look at the Ethereum OG and see if they are optimistic about the future of Ethereum, active, and recent active wallets in general.
The purpose of this report is to better understand the current crypto world through the perspective of OG since the creation of ETH. This may add some color to the trends observed in this report related to tokens, protocols, and general on-chain activity.
ETH Overview of Wallet (EOA) Balances of ICO Participants
Over time, are the wallet addresses of ETH ICO participants uniformly optimistic about the future of ETH? The wallet balance of ETH ICO participants has steadily declined since 2020, with ETH balances falling 64 percent from 4.11 million ETH to 2.59 million ETH from January 2020 to November 2022. Despite the downward trend in ETH balances, there are other factors that may be contributing to this decline - multi-hop ETH transfers from other EOAs, deposits to exchanges, and deployment of ETH as collateral to specific DeFi applications. Given that most of the large whales and early stage investors have multiplied their investments many times, this has led to heavy selling at ETH. Since the beginning of 2022, more than 41% of ETH pre-mined supply (totaling more than 10 million ETH) has been sent to exchanges.
ETH ICO participant Top ETH balance wallet
The following are the wallet addresses of the top 10 ETH ICO participants with the highest balance:
For the purposes of this analysis, ETH ICO recipient Wallets were further filtered using Traces Activity in 2022. The subtransactions that occur "internally" are called Trace and include the following functions:
(Call) :Used to call smart contract functions specified by parameters in data fields and/or transfer ether tokens from one account to another.
Create:Used to create smart contracts and then send ether tokens to new smart contracts.
To commit Suicide:It is used by the owner of the smart contract to terminate the smart contract. When the contract is terminated, the transfer of Ether is initiated to obtain a refund. In addition, terminating smart contracts frees up blockchain memory, which could have an impact on the value transferred.
The Traces campaign acts as a proxy for the wallet campaign and filters the 2022 Traces campaign into the data set to find potential ETH ICO participants who are still active in 2022.
The following list shows the top 10 ETH ICO participants EOA wallets with recent Traces events in 2022:
ETH A popular protocol for ICO participant wallet (EOA) interaction
Summary Overview
The figure below shows a summary view of the agreement balances held by EOA wallets of the top 100 ETH ICO recipients with the highest ETH balances for recent activity in 2022.
ETH2.0 constitutes the largest balance currently held in the wallets of ETH ICO participants and has been active in 2022. The total ETH pledged in ETH2.0 is currently $4.05 million. A total of $257 million is held in a number of different token balances in this market segment, consisting mainly of ETH, followed by the other tokens shown above.
Top 100 ETHICO participant EOA wallets Top 100 ETHICO participant EOA wallets Top 5 protocols currently used ETH2,
Balancer, Aave V2, and the Convex. This section explores in depth how the ETH ICO receiver's wallet interacts with each protocol.
These are the wallets participating in the ETH2.0 pledge, with a total value of $4.05 million:
These are the wallets on Balancer and the mine pools they use, totaling $559,000: ETH ICO participants held positions of 238K in the Balancer WBTC + WETH + USDC pool and 225K in the BAL + WETH pool.
These are the wallets on Aave and the mining pools they used, totaling $497,000:
ETH ICO Participant USDC on Aave with WBTC and WETH as collateral
ETH ICO participants have a small residual borrowing position in Aave and WETH, mainly in Yearn Finance and STE CRV.
These are the wallets on the Convex and the mining pools they used, worth a total of $289,000:
ETH ICO Participant Mining at the Convex "s CVXFXSFXS - F pools with $207K.
ETH ICO participants hold only a small stake in the Convex's CVXCRV pool, but still have $132,000 in Yearn Finance's STECRV.
Tip: Use alerts on the Nansen chain to track these addresses.
What about those dormant ETH ICO whales?
The first five wallet balance addresses above have approximately 100% ETH holdings, which, coupled with the wallets being dormant, may indicate that the original owner may not have access to these wallets.
To delve deeper into high-signal wallets, the analysis examines the original counterparty EOA of "ETH ICO participants." This allows us to gain insight into other early OGS in the space that may be relevant to ICO participants. From the analysis, we conclude that ETH ICO counterparty wallets mainly hold tokens in the following protocols, of which $1.1 billion holds tokens, mainly ETH:
ETH ICO Counterparties of Counterparties Wallets mainly use the following protocols, of which $2.2 billion is held in tokens, mainly ETH:
The balance of Eth in the wallets of exchanges and ETH ICO participants.
As previously mentioned, ETH ICO participants' ETH holdings have been gradually declining. This trend was amplified in late April 2022, when we observed a decline of about 9% in ETH holdings from late April to late June.
On the other hand, we saw more volatility in ETH balances on exchanges, especially in mid-September 2022 when ETH balances spiked as traders unwinding their long spot ETH trades after receiving ETH PoW airdrops as part of the Ethereum merger event.
It seems that even the Ethereum merger will have little impact on the ETH balance of ETH ICO recipients. Next, the report will delve into all ETH ICO recipients considered active addresses (more than 1 transaction in 2022).
The top 20 ETH ICO addresses for at least 1 on-chain transaction in 2022
An overview of the
We've noticed some common activities in these wallets that are worth highlighting.
Use Argent wallet to store their ETH through multiple addresses.
Some addresses began to reduce their ETH positions in January 2022 and June 2022. (although only a small percentage of their total ETH holdings)
Borrow DAI on Oasis of MakerDao with ETH as collateral.
Pledge 32ETH lots to run multiple validators.
It is worth noting that one of the addresses uses cBridge to bridge to the Celer network. Active EOA Eth ICO participants traded more than $250,000 in the past quarter.
An overview of the
Most ETH ICO participant wallets are inactive. However, recently active are:
ETH ICO Recipient 1 is particularly active, bridging over Rainbow bridge on NEAR and Arbitrum, and actively participating in the LP pool using protocols such as Aave, Sushi and Ribbon finance.
ETH ICO Recipient 2:42.eth is relatively active in stETH liquidity pledge and has been steadily increasing the ETH balance pledged this year.
ETH ICO Recipient 3: bpeters.ethis is an NFT collector who had a lot of money transferred to DAI-USDC LP and is still holding Cryptopunk NFT.
ETH ICO Recipient 4 is an active Tornado cash user. ETH ICO recipient 5 appears to have a bullish view on Chainlink and holds $420,000 worth of LINK tokens. He also recently bridged the Avax Bridge.
Use the cross-chain bridge for ETH ICO participants
The Polygon bridge has the most interactions with the ETH ICO receiver's wallet, This was followed by ZKsync, Optimism, Arbitrum, Wormhole, Multichain, Hop Protocol, xDAI omnibridge and dYdX L2 perp Bridge. ETH ICO recipients are mostly bullish on bridge-based EVM, but more importantly, the trend to minimize bridging using trust with Layer 2 continues.
Benchmark trading activity of ETH ICO participants against the wider market.
As can be seen from the chart, there has been an unusual surge in trading activity among ETH ICO recipients, but this has not been reflected in the broader market.
However, upon further analysis, we noticed that the majority of outgoing transactions recorded during these spikes were attributed to a specific wallet that involved transferring/packaging large quantities of Etheria NFT (Etheria was the first true NFT project in history, Deployed in October 2015 and demonstrated at DEVCON 1). In addition to this, we observed that one of the addresses sold ETH near the bottom of the market on June 16, 2022.
conclusion
Nansen data shows that a large proportion of ETH ICO participant addresses are inactive for a long period of time. The report survey indicated that most ETH ICO participants confused their wallets and activities through many counterparties, trading/hedging exchanges, and some were unable to access their wallets due to their dormant status. Several ETH OG's remain bullish on ETH and the entire L2 landscape and DeFi. This is indicated by their respective ETH balances, cross-chain bridge activity and protocol participation, although overall activity in the ETH ICO participant segment remains low.
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