Try Quests to earn NEARNEAR - 12. The Whales of NEAR
1. Introduction
1.1. What Is a Crypto Whale?
A crypto whale is a wallet address that holds a significant amount of cryptocurrency. The community and investors watch crypto whales because they can significantly influence price movements. Whales can also create price volatility increases. Some of the publicly-known crypto holders with large amounts of cryptocurrency are Sam Bankman-Fried, Micheal Saylor, and Brian Armstrong.
1.2. What Is NEAR Protocol (NEAR)?
NEAR Protocol (NEAR) is a blockchain-based decentralized application platform to power the future open web and serves as a collective, a foundation, and a development platform. Users can create new coins, applications, and industries on this web without the need for a central authority to oversee the process. The platform executes apps that share a secure pool of resources; these applications use data and identities entirely controlled by users. Conventionally, centralized cloud servers run by tech giants host most applications. As a result, data becomes vulnerable to censorship, hacking, and manipulation. On the other hand, if the cloud that hosts these applications is managed by a global community that is open to everyone, the process becomes transparent. So, users can keep high-value assets such as money, identities, and digital assets on these platforms and use them safely without the need for an intermediary or platform interference.
References: investopedia Coinbase
Image Source: https://artprojectsforkids.org
3. Activities
3.1. Whales' Transactions & Fees
In the following charts the whales' number of transactions besides the paid amount of transaction fees are displayed. Since there is a significant difference between the number of transactions relating to different wallets, the y-axis in the bar chart has been shown in the logarithmic scale.
3.3. Platforms
In the table below, ten of the platforms, which have been mostly used by the whales, are displayed. The rows are ranked based on the number of transactions. The results are illustrated in the charts to depict the significant difference among them.
2. Methodoly
The top twenty Near holders' activities have been investigated in this report. To detect them a sql query has been conducted to find the users whose accounts have the highest difference between received and send amounts of transactions. Among the first users, several exchange cryptocurrency exchanges exist that have been excluded from the so-called "whales" we are looking for them. The whales' activities have been such as the number of transactions, the transaction fees being paid, the type of transactions, etc. have been thoroughly analyzed, majorly over a six-month period.
In the table on the right, you can see the wallets pertaining to these wallets and their balance, which is the received amount to their wallets minus the sent amount from theirs:
4. Daily Activities of Whales
4.1. Whales' Daily Transactions & Fees
In the following charts, the total daily number of transactions and the sum of transaction fees relating to the wallets are given. Both figures imply a gradual increase in the trades, particularly in the last few days of the interval, and there is a spike in the sum of transactions on February 14.
3.4. Whales Vs. Regular Users
The number of transactions and transaction fees have been investigated separately for both the whales and the non-whales users and the results are shown below. In order to illuminate the differences, the charts pertaining to each of them are also added.
Image Source: https://beincrypto.com
4.3. Daily Top Wallets Transactions
The following charts display the number of transactions and the transaction fees related to the top users for the past 6 months. It can be seen that there are just handful users who share the most portion of the market.
4.2. Types of Daily Transactions
In the following bar chart, the various types of daily transactions for the past six months are displayed. It is clear that "transfer" dominates the transactions with a substantial difference. "FunctionCall" ranks second for the most part and other types of transactions are negligible as compared to these two.
4.5. Success Vs. Fail
The following chart depicts the number of successful and failed transactions made by the whales. The total number of transactions has stable values for most of the time period, and there are just a few failed transactions in the whole interval.
4.4. Daily Number of Transactions & Transaction Fees in Different Platforms
The chart below displays the number of transactions done and transaction fees paid related to various platforms. The most noticeable surge appears on February 14th, 2023, for a particular platform, namely "token.v1.realisnetwork.near."
3.2. Whales' Transactions Types
In the chart on the right, the fractions of transactions pertaining to various types are displayed. Please note that in order to make the values more readable, they are displayed in the logarithmic scale and even though the difference between "Transfer" and "FunctionCall" might seem negligible in the charts, there is a substantial difference between them as the former has the just lest than 400k and latter is almost 25k. The transaction fees of each platform are also depicted in the following chart.