Gnosis Unusual Activities

    There’s been some unusual activity with Gnosis as pointed out by our community. Time to figure out exactly what’s going on.

    Loading...

    Question

    There’s been some unusual activity with Gnosis as pointed out by our community. Time to figure out exactly what’s going on.

    Take a deep dive into recent activity on Gnosis, especially recent rapid rises in the number of active users, transactions, and more. Make any hypothesis you can about what is driving this activity. 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?

    Introduction

    What Is Gnosis (GNO)?

    Gnosis is an open-source, decentralized prediction market built on the Ethereum blockchain. Users are able to create markets where they can speculate on any event or arbitrary outcome. 

    By using the Ethereum Protocol, Gnosis is able to guarantee a secure and transparent ecosystem. The Gnosis protocol aims to shift the paradigm by providing the world’s most efficient forecasting tool and setting a global standard for prediction markets.

    Method and Analysis

    • In this dashboard we will use this table: gnosis.core.fact transactions.
    • Is some steps we will review state of Gnosis for last fw days:
    • Tx, New users and active users count
    • relation between tx count and new users count.
    • Gas fee on Gnosis
    • Relation between active users and new users.
    • xDai transfer vs other tokens
    • Finding wallet that make this unusual activities on Gnosis.
    • Actions that happened more every day on Gnosis
    • Which coin on which platform, bridged more into Gnosis?
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    Based on above charts, 0x37efe9b31830653039edc3b212a6e1b882cd46b4 make this unusual activities on Gnosis. On these two days, around 99.8% of all Tx has transactions with this address.

    query credit

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    db_img

    Gnosis network is popular among users because lowest fee, but look at the right chat, increased and reached almost to 112!

    Up right chart, we can see two significant spike.

    on 27,28th Sep that new users came to Gnosis but they didn’t create an spike on Tx chart too, but on 5th Oct, new users make a spike on Tx chart and it goes high and fell down a day after that.

    Up left, there is no unusual behavior on Tx count chart and cumulative chart has continuous behavior.

    query credit, query credit

    We had see left chart before in compare to Tx chart.

    on Donuts chart we can see total users since last 2 month.

    New users are almost 1/3 of total users.

    We can Combine both left and right chart and say that most of these new users joined on those spike days; on 27,28th Sep and 5th Oct.

    query credit

    Almost all new users has Transactions with 0x37efe9b31830653039edc3b212a6e1b882cd46b4, around 87.3% of total users that is equal to 54k users.

    query credit

    and last chart prove that which wallet is our target. 96% of total active users had transactions with *0x37efe9b31830653039edc3b212a6e1b882cd46b4

    query credit

    • xDai is the native token of Gnosis network, so we want to see ratio of this token in compare to the others.

      \

    • Almost all days(last 2 month), xDai transferred less than all the other tokens, but on 5th Oct, only xDai was 5x more than all the other tokens, it is huge! for next days it was back to normal.

    • In total, for last 2 month ago, xDai transferred almost 1/3 of all.

    query credit

    Users like to do what on each day? as we can see on above chart, deposit, withdrawal and transferred are the most actions on this blockchain.

    On right chart, we can see which coins are bridged into Gnosis, all coins bridged with Hopprotocol and xDai is the most coin with 61% that bridged for last two month, $ETH and $USDC are sitting on the next positions. query credit, query credit

    • xDai transferred almost 35k with 0x562a9171c251777766285e877c80e7f4cc02d165 on 4,5th Oct.

    • and other tokens transferred around 22k with 0xcbfe6a67319d85b0ad56fd4d7d6d13c26e141904 on 4,5th Oct.

      query credit

    Conclusion

    • on 5th Oct, new users make a spike on Tx chart and it goes high and fell down a day after that.
    • Most of new users joined on spike days; on 27,28th Sep and 5th Oct.
    • Almost all days(last 2 month), xDai transferred less than all the other tokens, but on 5th Oct, only xDai was 5x more than all the other tokens
    • In total, for last 2 month ago, xDai transferred almost 1/3 of all.
    • 0x37efe9b31830653039edc3b212a6e1b882cd46b4 make this unusual activities on Gnosis. on 4,5th Oct, around 99.8% of all “Tx”, “New Users”, “Active Users” have transactions that was related to with this address.
    • Deposit, withdrawal and transferred are the most actions on this blockchain.
    • All coins bridged with Hopprotocol and xDai is the most coin with 61% that bridged for last two month, $ETH and $USDC are sitting on the next positions.

    References:

    crypto.news

    All analysis belongs to myself and didn’t copy from somewhere

    query sources mentioned beside each chart.

    Contact:

    Twitter

    Keyhan Haeri

    Datacenter Hardware Engineer

    Email: keyhan.haeri@outlook.com

    Discord: keyhan_hr#2172

    Loading...