Zooming in on the top wallets with the highest number of transactions

  '0xf38f1a8e0dab6a8df95a29135796ae39137b9cee',
  '0x0681f11412c27035f694d7bd6691bf03fb413ff3',
  '0xcbfe6a67319d85b0ad56fd4d7d6d13c26e141904'

• If we zoom in into these 3 wallets with the highest number of transactions, each one has 320K transactions in the past 180 days.
• All of these transactions came in the month of Oct, 2022 surprisingly.
• And high majority of these transactions were actually failed transactions.
  • Looking at one of the transactions
  • It is actually a transaction to the (AMB Rinkeby Bridge), and all of them are similar and got reverted.

Transaction Metrics

• In the past 180 days, we have seen 12.5 successful and 5.6M failed transactions, i.e 68.7% succeeded and 31.3% failed.
  • Oct 3, 2022 saw 63% of the transactions failing, the other week that saw such high number of failing transactions was May 2, 2022 which saw 81% transactions failed.
  • All other days saw about 10-25% failures per week.
• The week of May 9, 2022 saw an unusual spike in the amount of gas used with numbers as high as 160K $USD in a single week.
• Oct 3, 2022 saw huge spike in the number of active users, but that did not really co-relate to a very high rise in the number of transactions.

Swap Metrics

• In the past 180 days, swap metrics have been quite consistent there is no anomaly in these numbers.
• The week of May 2, 2022 saw the highest number of swappers in the past 180 days with 2.5K
• The week of June 13, 2022 saw the highest number of swap transactions with 106K

Overview

What is Gnosis Chain ?

• In 2021, the xDAI and GnosisDAO communities voted to combine their ecosystems and create the Gnosis Chain, which is an Ethereum forerunner-companion that addresses scaling issues through solid engineering.
• Gnosis Chain is the associated execution-layer EVM chain for stable transactions. It uses the xDai token and includes a wide-ranging group of projects and users. xDai was the first Ethereum sidechain solution that had a US dollar-pegged stable coin as a native token that was used for transactions and fees.[1]

Methodology

• We first look at how the number of wallets have grown over the past 180 days.
• Then we look at various transaction metrics, namely number of failed vs passed, transaction frequency and number of active users.
• We also look at the various swap metrics to see if there were a lot of swaps going on in the recent times.
• Lastly we look at the Top 10 wallets with the most number of transactions and narrow down on the Top 3 wallets which look suspicious.
• One of the queries uses this SQL Query as the base query.

Overall Metrics

• The week of October 3, 2022 has seen a huge spike in the number of new users joining.
• This week alone saw 56K new users join which is about 30% of the total users in the past 6 months.
• These are crazy numbers, in total 190K new users have joined Gnosis.

Conclusion

'0xf38f1a8e0dab6a8df95a29135796ae39137b9cee',
  '0x0681f11412c27035f694d7bd6691bf03fb413ff3',
  '0xcbfe6a67319d85b0ad56fd4d7d6d13c26e141904'

• These 3 wallets are the reason for the unusual activity., each one has 320K transactions in the past 180 days, all of these transactions came in the month of Oct, 2022 surprisingly.
• And high majority of these transactions were actually failed transactions.
  • Looking at one of the transactions
  • It is actually a transaction to the (AMB Rinkeby Bridge), and all of them are similar and got reverted.
• It seems like these wallets were trying to spam attack the AMB Rinkeby Bridge bridge.