What's Going On With Gnosis?

    Introduction

    • In This analysis, You will read about Gnosis's recent unusual activities in October. I looked into recent activity on Gnosis, especially recent rapid rises in the number of active users, transactions, and more. We want to know if Is there a new dapp that launched? Is there some incentive program going on? Or is the spike in users/txns due to some Sybil attack?

    Analyzed by Hess - Reading Time Almost 7 Min.

    Method

    • In order to find the right way, I created a funnel and examined charts step by step. First, with the Min function, I extracted new users in the last 90 days. I found unusual activities between October 5 and October 7. So, I Filtered my chart’s date between Oct 4 and Oct 8 to see what happened at that time. Also, I extracted wallets with a high number of transactions to find their next destination. To find all mentioned data, I used the Fact Transactions table.
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    A Summary of the Most Important Findings

    • On October 5, More than 50K new users recorded their first transactions. This Number of users is ATH for Gnosis in the last 90 days. These users made 363K transactions in one day while the average number of transactions is 60-70K per day.
    • Gnosis experienced 15K transactions per minute at that time while their average number of transactions per hour is 2-3K.
    • Nearly 80-85% of transactions failed between October 5 and 7.
    • I found three unusual wallets that were created in 2020. They made more than 300K transactions on those days. Most of the transactions are sent to Rinkby platform. However, Most of them failed.
    • I found other unusual activities by new users. They made more than 50K transactions on this address 0x37efe9b31830653039edc3b212a6e1b882cd46b4. I couldn’t find any data about this address related to dapps.
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    Full Analysis

    New Users and Transactions

    • Gnosis had almost 200-400 new users each day. On October 5, an unusual number of wallets made at least one transaction on Gnosis. About 54K new users were recorded on that day. Also, The total number of transactions from 60-80K daily increased to 200-300K from October 5 until October 7. These numbers show unusual activities on Gnosis. Let’s find what happened on those days.

    Conclusion

    • I can conclude from this analysis that Gnosis experienced unusual activities between October 4 and October 8. There were two types of activities during that time. A bigger one based on transactions was Attack. Three old users tried to attack Gnosis with a huge number of transactions. The smaller one was for new users about the new Platform. I couldn’t find the platform but Based on Olimpino's tweet, I think it was for Spark airdrop.
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    Average Transactions

    • We already know that there were unusual activities between October 5 and October 7. Based on the total number of transactions per Hour/Minute/Second increased significantly on those days. The number of transactions per hour increased from 2-3K to 10-15K. The number of transactions per minute increased from 40-50 to 200-250 transactions. Also, The total number of transactions per second increased from 1 to 2-4. I can see 300-400% growth in one day.

    Transactions between October 4 and October 8

    • Based on Hourly transactions on those days, In four hours, nearly 50K new users made their first transactions on Gnosis. After four hours, The hourly number of new users decreased to the normal days. Also, The total number of transactions increased by almost 10 hours.
    • The average success rate on Gnosis is above 90%. But I drew an hourly chart between October 4 and October 8. As you can see the success rate dropped significantly. The fail rate increased to 70-80% and the success rate decreased to 20-30%. This chart proves that most of the unusual transactions failed.
    • I mentioned on Method that I follow the Gnosis transactions and users like a Funnel to find what happened on Gnosis. At this stage, I counted the number of transactions per user between October 4 and October 8. I found 5 addresses that had more than 15K transactions in four days. Three of them were suspicious. These users had more than 300K transactions. Let’s see if those addresses attacked on Gnosis or if there were something else.

    > # Our 3 suspicious wallets created in 2020. Remember that we had an unusual new users on Gnosis too.

    • Based on the below chart, Definitely those suspicious addresses had unusual activities between October 4 and October 8. They had more than 4K transactions hourly. Most suspicious address transactions failed.
    • We don’t have complete DIM labels on Gnosis tables. So I counted the top platform based on transactions and find its name on Google. The top platform was Rinkeby. Suspicious addresses made those unusual transactions on Rikenby.
    • On the other side, New users had unusual activities between October 5 and October 7 too. I cleared part of the unusual activities in the previous charts. But a part of them remained. I found these new users had interacted with this address0x37efe9b31830653039edc3b212a6e1b882cd46b4. I couldn’t find the label for that address but there were rumours these activities were for Olimpino's tweet. ( Crypto and Airdrop influencer) about $SPARK Airdrop. I can not confirm that.

    THANK YOU FOR READING!

    ALL CODES AND CONTETNS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :spiral_calendar: Analyze Date: 2022/OCT/17