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Despite Flow’s Blockchain, Do Wrapped Flow Accounts Accumulate On Ethereum?

Kavitha
Source : Image

Bounty: Who is holding the most FLOW? Build a list of rankings to help us find the address with the most FLOW tokens. Identify any trends or outliers you see in this collection of whales. Bonus points if you can identify the wallet holders.

Introduction

Flow is designed for Web3 applications that need great user experience, whether NFTs, gaming, Metaverse, or even decentralized finance. Dapper Labs has launched one of the most popular NFT gaming collections ever named CryptoKitties, which choked the Ethereum blockchain. There is no need to A NFT project called Cryptokitties crippled the Ethereum blockchain during the first major public cryptocurrency hype in 2018. Dapper Labs, a Canadian company, built the cryptokitties project and realized the popularity of cryptokitties, so they focused on scaling and improving their blockchain related projects. However, Ethereum did not go so smoothly since their NFT projects were competing for scarce resources with the DeFi dapps. In response, they created a new blockchain called Flow.

Flow is a fast, decentralized, and developer-friendly blockchain designed for high transaction throughput for gaming networks, digital assets, and mobile apps that require millions of transactions. Flow’s blockchain architecture follows a totally different route than Ethereum, with a multi-role architecture built on top of a unique architecture that handles scalability without sharding. That means , we can say Flow blockchain was launched by Dapper Labs in response to Ethereum’s high gas fees and low transaction capabilities. Flow has a unique consensus process. Here we can see from the below diagram .

source: Image

Approach

The purpose of this dashboard is to analyze how $FLOW is distributed among holders and to see what wallets hold the most $FLOW and how it has changed over time. The top 20 Account holders are analysed here, and by providing rankings to the top addresses, we can discuss what kind of actions they are taking in the following sections. In addition, we discussed the top 20 wrapped Flow account holders on the Ethereum blockchain. In this analysis, I started as follows:

From the below tweet we can see , Mattel (@Mattel) is launching their NFT Marketplace on Flow, starting with the Hot Wheels Collection. May be by this new launch active accounts on Flow naturally followed a similar pattern to transactions as there was a record-breaking number for the number of monthly active $FLOW wallets.

From the below graphs we can see a active wallets and transaction in Flow blockchain for the past 6 months period. Total Active Users between June 1, 2022 to November 28, 2022 was 14.51M. Maximum Active Users of 605.54K was observed in November 25, 2022 and minimum Active Users of 9.87K was observed in November 13, 2022. Initially we can see a active user participation in the blockchain . Later from the graph we can see it has been reduced . But again, from Nov second week 2022 onwards we can see a continuous growth of active users on the flow blockchain. And also we can see a sudden changes of total Active Users in November 12, 2022 and November 9, 2022 is lower than normal and higher than normal in October 14, 2022 and November 7, 2022.

Comparing the Nov (20-26) 2022 week with the previous week, there is a clear increase in the active wallet percentage. It may have happened as a result of Hot Wheels’ new collection launch during that timeframe.

Flow Blockchain transactions on a daily basis for the past six months are shown in the graph below. A maximum of $2.32M was observed in transactions on November 25, 2022. It might be because of the Mattel is launching their NFT Marketplace on Flow, starting with the Hot Wheels Collection. From June 1, 2022 to November 28, 2022, the total Transactions increased by 9% to $735.13K.

Comparing the Nov (20-26) 2022 week with the previous week, there is a sudden increase in the number of transactions percentage. It may have happened as a result of Hot Wheels’ new collection launch during that timeframe.

Based on the graph below, we can see a trend of increasing failed transactions on Flow. A maximum of 48.55 failed transfers were observed on November 15, 2022, and a minimum of 0.95 failed transfers were observed on September 3, 2022.

As a result of the market volatility, we can see that the fees collected by users on a daily basis have been decreasing for the past 6 months.

We can see from this that the average fee per transaction has been reduced drastically. If we compare the gas fee with Ethereum, we can conclude that Dapper Labs has achieved its goal since Flow’s blockchain finally solves the issue of Ethereum’s high gas fees and low transaction capabilities.

Top 20 Account Holders

In the below graph, we can see a list of the top 20 account holders in Flow blockchain. Based on the top 20 wallets and their total balance across all wallets, we can see that the balance is 412.24M. There were two top wallets that contributed 38.8% of the total balance, and four top wallets that contributed 59.69%. In this example, the lowest total Balance is 2.89M (0x9cb6a8f3d0d6a568) and the highest is 99.82M (0x8f77d48caf93fd93).

In the following picture, we can see what the top 20 account holders are doing on the Flow blockchain. Here is a graph showing the top 20 account holders and their actions on the blockchain over time. According to the below graph, the majority of the top 20 account holders transfer tokens. From all top 20 account holders, we can see a total of 307.58K transactions. There are 3 Actions, but Action Token Transfers is the most significant contributor (98.47%) to the total Transactions. The lowest number of Transactions is 1 (0x51d9a80d3cb94ff7) and the highest number is 76.51K (0x21dc51d454d46f49). Among the total Transactions, the lowest is 3 (Bridge Transactions) and the highest is 302.88K (Token Transfers). 15 Account holders have relatively even Transactions for all Actions with a variation of 0%

There are 3 Actions, but Action Token Transfers is the most significant contributor (98.47%) to the total Transactions. 15 Account holders have relatively even Transactions for all Actions with a variation of 0%

According to the top 20 wrapped Flow account holders, the total Balance is $2.99M. Uniswap: Pool Names contributed 35.43% and Top 2 Names contributed 53.79% to total Balance. The top 2 wrapped account holders accounted for 40.71% of the total balance and the top 3 wrapped account holders accounted for 57.02%. Among the top 20 wallets, the lowest is 12.22K (0x39ad1f0c72cefc97d193ed7501f6edbae30a198d) and the highest is 1.06M (uniswap: pool). In total, the lowest Balance is 12.22K (0x39ad1f0c72cefc97d193ed7501f6edbae30a198d) and the highest Balance is 669.06K (0x7316b2515940a8573e34f45900e82763ad34a34a). The total balance for all Wrapped Account Holders for 18 Names is relatively even with 0% variation.

Observations

Reference Query

1.
 with flow_daily_price AS (
   select 
   	date_trunc(day, timestamp) as date,
   	avg(price_usd) as flow_price
   FROM flow.core.fact_prices
   WHERE token = 'Flow'
   and timestamp >= CURRENT_DATE -{{days}}
   GROUP BY date
),
flow_data as (
  select 
    	to_date(block_timestamp) as date,
  		count(distinct proposer) as flow_active_wallets, 
  		avg(0.00001 * flow_price) as flow_avg_fee,
  		sum(0.00001 * flow_price) as flow_total_fee,
     	count(distinct case when tx_succeeded  then tx_id end) as flow_success_txns,
    	count(distinct case when tx_succeeded = false  then tx_id end) as flow_failed_txns,
    	flow_success_txns + flow_failed_txns as flow_total_txns,
    	flow_failed_txns / flow_total_txns * 100 as flow_failex_txn_perc
  from flow.core.fact_events
  INNER JOIN flow.core.fact_transactions  using (tx_id)
  INNER JOIN flow_daily_price ON date = to_date(block_timestamp) 
  where block_timestamp >= CURRENT_DATE -{{days}}
  group by 1
)

select * from flow_data
------------
2.
WITH balances as (
	SELECT 
  		wallet,
  		sum(amount) as balance
  	FROM (

        SELECT 
          	event_data:to as wallet,
          	event_data:amount as amount
        FROM flow.core.fact_events
        WHERE tx_succeeded
          AND event_data:to IS NOT NULL
          AND event_data:amount IS NOT NULL 
          AND event_contract = 'A.1654653399040a61.FlowToken'  
          and event_type = 'TokensDeposited'  
        UNION 
        SELECT 
          	event_data:from as wallet,
          	-1 * event_data:amount as amount
        FROM flow.core.fact_events
        WHERE tx_succeeded
          AND event_data:from IS NOT NULL
          AND event_data:amount IS NOT NULL 
          AND event_contract = 'A.1654653399040a61.FlowToken'  
          and event_type In ('TokensWithdrawn', 'MoveToken') 
	)
  WHERE (wallet is not  null OR wallet !='null')
  GROUP BY wallet
  QUALIFY row_number() over (order by balance desc )<=21
)
SELECT * FROM balances
WHERE wallet is not null or wallet !='null'
ORDER BY balance desc 
---------
3. 
WITH balances as (
	SELECT 
  		wallet,
  		sum(amount) as balance
  	FROM (

        SELECT 
          	event_data:to as wallet,
          	event_data:amount as amount
        FROM flow.core.fact_events
        WHERE tx_succeeded
          AND event_data:to IS NOT NULL
          AND event_data:amount IS NOT NULL 
          AND event_contract = 'A.1654653399040a61.FlowToken'  
          and event_type = 'TokensDeposited'  
        UNION 
        SELECT 
          	event_data:from as wallet,
          	-1 * event_data:amount as amount
        FROM flow.core.fact_events
        WHERE tx_succeeded
          AND event_data:from IS NOT NULL
          AND event_data:amount IS NOT NULL 
          AND event_contract = 'A.1654653399040a61.FlowToken'  
          and event_type In ('TokensWithdrawn', 'MoveToken') 
	)
  WHERE (wallet is not  null OR wallet !='null')
  GROUP BY wallet
  QUALIFY row_number() over (order by balance desc )<=21
),
top_wallets as (
	SELECT * FROM balances
	WHERE wallet is not null or wallet !='null'
  	ORDER BY balance desc
),
bridge_txns as (
  
	select 
  		flow_wallet_address as wallet, 
  		'Bride Transaction' as action,
  		count(tx_id) as txns
	FROM flow.core.ez_bridge_transactions
	WHERE FLOW_WALLET_ADDRESS IN (SELECT wallet from top_wallets)
  	GROUP BY wallet 
),
dex_txns as (
  
	select 
  		TRADER as wallet, 
  		'DEX Swap' as action,
  		count(tx_id) as txns
	FROM flow.core.ez_swaps
	WHERE TRADER IN (SELECT wallet from top_wallets)
  	GROUP BY wallet 
),
token_transfers as (
  
	select 
  		SENDER as wallet, 
  		'Token Transfers' as action,
  		count(tx_id) as txns
	FROM flow.core.ez_token_transfers
	WHERE SENDER IN (SELECT wallet from top_wallets)
  	GROUP BY wallet 
),
staking as (
  
	select 
  		DELEGATOR as wallet, 
  		'Staking Actions' as action,
  		count(tx_id) as txns
	FROM  flow.core.ez_staking_actions
	WHERE DELEGATOR IN (SELECT wallet from top_wallets)
  	GROUP BY wallet 
)
SELECT  * FROM staking
UNION 
SELECT  * FROM token_transfers
UNION 
SELECT * FROM dex_txns
UNION 
SELECT * FROM bridge_txns

------------

4. 

with balances as (
	select 
		USER_ADDRESS as wallet,
  		CURRENT_BAL as balance,
  		COALESCE(ctr.name, lbl.address_name, USER_ADDRESS) as name
	from ethereum.core.ez_current_balances bal 
  	LEFT JOIN ethereum.core.dim_contracts ctr ON bal.user_address = ctr.address 
  	LEFT JOIN ethereum.core.dim_labels lbl ON lbl.address = bal.user_address
	WHERE contract_address = lower('0x5c147e74D63B1D31AA3Fd78Eb229B65161983B2b')
  	qualify row_number() over(order by current_bal desc) <= 20
)
SELECT * FROM balances
WHERE wallet is not null or wallet !='null'
ORDER BY balance desc
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