Try Quests to earn FLOWNEAR - 12. The Whales of NEAR
Prior to April 2022, a large number of wallets held between 10-100 $NEAR, but following that period, there was an increase in the number of wallets holding less than 10 $NEAR. This suggests that as the number of wallets holding smaller amounts of $NEAR increases, the number of whales, or those holding large amounts of $NEAR, decreases, and vice versa. It is evident that before April 2022, there were more whales compared to now, indicating that the NEAR blockchain is gradually becoming more decentralized
From the available data, it appears that the majority of wallets on the NEAR network hold less than 10 $NEAR, while there are approximately 2200 whales who hold over 10,000 $NEAR. An interesting observation is that the average and median balances of $NEAR held by wallets with over 10,000 $NEAR differ significantly, which is not the case for other groups of wallet holders.
Based on the available data, it appears that wallets holding less than 10 $NEAR have accounted for the majority of transactions on the NEAR blockchain, whereas whales have conducted the least number of transactions, likely due to their smaller numbers. Another interesting observation is that the wallets of whales are considerably older compared to those holding less than 10 $NEAR, which happen to be the newest wallets on the network
Since the start of 2022, there has been a significant increase in the number of wallets holding less than 10 $NEAR, while the number of whales has only increased slightly in comparison. Additionally, it is worth noting that whales with over 10,000 $NEAR have conducted the most number of transactions, with relatively short time intervals between them. On the other hand, wallets holding less than 10 $NEAR have the longest time intervals between their transactions.
There have been significant changes among the top whales of the NEAR network since the beginning of 2022, and I have excluded exchange or foundation wallets from my analysis. Moreover, it is interesting to note that the 20 biggest whales now hold considerably more $NEAR compared to their holdings at the start of 2022, especially the top 4 whales
Binance holds over 14 billion $NEAR, and upon comparing the top 20 exchanges, custodial wallets, and foundation wallets with ordinary whales, it appears that the former hold considerably more $NEAR. Additionally, a chart shows the top 20 staking pools of $NEAR, but the staking amounts of $NEAR are notably low.
The chart displays the $NEAR balances of the top whales over time, and it is evident that there are fluctuations in their holdings. On some days, they hold considerably higher amounts of $NEAR, while on other days their balances are far less compared to the previous days.These fluctuations in the holdings of the top $NEAR whales may indicate a variety of factors such as profit-taking, market sentiment, or a shift in their investment strategy.
The charts presented display the activities of the top $NEAR wallets on $NEAR decentralized exchanges (DEXs), and it is evident that the usage of whales on DEXs is gradually increasing over time. Most of these wallets are active on the DEXs for more than a day, or they have conducted more than one transaction on these platforms. This trend appears to be moving upward, indicating that whales are becoming more interested in participating in the $NEAR DEX ecosystem.
The chart illustrates the number of swaps conducted by the top 100 $NEAR whales and other users over time. It is evident that approximately half of the total swaps are attributed to the top 100 whales. Furthermore, it is noteworthy that whales account for a significant portion of the total USD volume of all swaps on the $NEAR network. This finding suggests that the top $NEAR whales have a considerable impact on the overall trading activity and market liquidity of the network. The data could provide insights into the behavior of large traders and their influence on the $NEAR market dynamics.
The data indicates that the top 1000 $NEAR wallets tend to maintain a steady average and median balance each month, whereas the top 20 wallets exhibit more significant fluctuations. Some months, these top 20 wallets show remarkably high average and median balances, while in other months, they have significantly less. Interestingly, the average and median balance of the top 20 wallets is significantly higher than that of the top 1000 wallets, excluding exchanges and custodial wallets. These findings suggest that the top 20 wallets, possibly belonging to influential individuals or entities, have a substantial impact on the overall wealth distribution of the $NEAR network and can significantly influence market dynamics. Further analysis of the transaction history and behavior of these wallets may provide valuable insights into their trading strategies and investment decisions.
This data shows that the number of wallets holding over 1M $NEAR increased significantly in September and October of 2020, but after that, the increase has been minimal. Additionally, the activity of the top 1000 wallets and other wallets in the NFT space of NEAR blockchain is depicted, and it is clear that there is minimal activity by whales in the NFT space. This suggests that whales are not heavily involved in the NFT market on NEAR.
The data displayed on these charts suggest that there might be a correlation between the activities of top 20 wallets and the price action of $NEAR token. When the amounts of $NEAR transferred from top 20 wallets to CEXs increase, it seems to result in a decrease in the price of $NEAR. However, this correlation is not very strong, and it is just an assumption that top 20 wallets have the ability to pump or dump $NEAR token. Additionally, another chart shows a slight correlation between the balance of top 20 wallets and the price of $NEAR. When the balance of top 20 wallets decreases, the price of $NEAR also seems to decrease. However, it is important to note that it is difficult to determine with certainty the exact reasons behind the price action of $NEAR, and the influence of whales on the market is just one of many factors that can affect the price of $NEAR.
The data reveals that the majority of the top 20 wallets tend to transfer their $NEAR tokens from their wallets to centralized exchanges (CEXs) rather than the opposite direction, indicating that these wallets are more inclined to sell their $NEAR tokens.
Introduction:
What Is NEAR Protocol? (NEAR)
NEAR Protocol is a software that aims to incentivize a network of computers to operate a platform for developers to create and launch decentralized applications.
Central to NEAR Protocol’s design is the concept of sharding, a process that aims to split the network’s infrastructure into several segments in order for computers, also known as nodes, to only have to handle a fraction of the network’s transactions.
By distributing segments of the blockchain, rather than the complete blockchain across network participants, sharding is expected to create a more efficient way to retrieve network data and scale the platform.
NEAR operates in a similar manner to other centralized data storage systems like Amazon Web Services (AWS) that serve as the base layer on which applications are built. But rather than being run by a single entity, NEAR is operated and maintained by a distributed network of computers.
Just as AWS allows developers to deploy code in the cloud without needing to create their own infrastructure, NEAR Protocol facilitates a similar architecture built around a network of computers and its native cryptocurrency, the NEAR token. [1]
Method:
The top 20 addresses by the amount of NEAR held were mostly exchanges, with a few notable exceptions.in this dashboard I excluded ustodial or exchange addresses or foundation addresses. These exceptions included some of the initial investors in the NEAR Protocol, as well as some early contributors to the ecosystem.
Some of the larger addresses were associated with prominent crypto investment firms, such as Pantera Capital and a16z Crypto. Other large addresses were associated with established blockchain projects like Polkadot and Cosmos, which have partnered with NEAR in the past.
It's worth noting that many large holders of NEAR tokens, including those with addresses not in the top 20, may engage in a range of behaviors, including holding, staking, trading, and using NEAR to participate in various decentralized applications and projects built on the NEAR Protocol. Some large holders may also be involved in governance and decision-making processes related to the future development of the NEAR ecosystem.
To answer the question, we have conducted an analysis of the top 20 wallets on the NEAR blockchain by amount of NEAR held, excluding any custodial or exchange addresses.
To obtain the relevant data, we first used blockchain explorers to identify the top 20 addresses by NEAR holdings, based on the latest available data. We then filtered out any known exchange or custodial wallets from our list of top wallets.
Using this approach, we were able to identify the top 20 wallets on the NEAR blockchain by amount of NEAR held. We found that these wallets hold a significant portion of the total NEAR token supply.
Upon examining the behaviors of these wallets, we observed that many of them engage in regular transactions with other wallets, especially with centralized exchanges. We also found that most of the top 20 wallets tend to transfer their NEAR tokens to centralized exchanges more often than they receive tokens from those exchanges. This indicates that these wallets tend to sell their NEAR tokens more frequently than they buy them.
Furthermore, we identified two wallets among the top 20 that are actively staking their NEAR tokens. These two wallets hold more than 5 million NEAR tokens each, which indicates that they have a significant interest in supporting the security and decentralization of the NEAR network.
Overall, our analysis of the top 20 wallets by NEAR holdings reveals some interesting behaviors and power players in the NEAR ecosystem. While the identities and motivations of these wallets remain largely unknown, our findings provide some insight into the activities of the largest holders of NEAR tokens.
In this dashboard I used 5 sections include:
1) $Near distribution:
1-Weekly Distribution of $NEAR holders based on balance
2-Normalized Weekly Distribution of $NEAR holders based on balance
3-Distribution of $NEAR holders based on balance
4-Median and Average $NEAR Balances
5-Near Users Grouped by Number of Transactions and $NEAR balance
6-Average and Median Age of NEAR Wallets(days) based on their $NEAR balance
7-Distribution of $NEAR holders (first day of 2022 VS current date)
8-Average and Median days between transactions by $NEAR distribution of Holders
2)$Near whales:
1-Balance of top 20 NEAR wallets at first 2022(excluding any custodial or exchange addresses)
2-Balance of top 20 NEAR wallets at current date(excluding any custodial or exchange addresses)3- \n 3-$Near balance of top 20 custodial or exchange addresses or foundation addresses
4-Top 20 $Near staking pools with most $NEAR
5-$NEAR balance of top whales(excluding custodial or exchange addresses)
3) Trends and correlations:
1-Top 1000 user(whales) growth based on $NEAR balance on NEAR DEXs
2-Cumulative Top 1000 user growth based on $NEAR balance on NEAR DEXs
3-Swap numbers of all Traders VS Top 100 whales
4-USD volume of all swappers VS Top 100 whales
5-Average and Median monthly $NEAR balance of top 1000 $NEAR holders
6-Average and Median monthly $NEAR balance of top 20 $NEAR whales
7-Number of $NEAR holders with more than 1M $NEAR (daily)
8-Cumulative number of all NFT interactors VS top 1000 $NEAR whales NFT interactors
4)Impact of Whales on $NEAR Price:
1-Cumulativenet amounts of $NEAR transferred (to and from) CEX by top 20 $NEAR holders VS $NEAR price
2-$NEAR balance of top 20 whales correlation with $NEAR price
3-Amount of $NEAR transferred to CEX VS to wallets in top 20 $NEAR holders
5)Stake and Unstake of top 20 whales:
1-Staking and Unstaking of top 20 whales over time
2-Which of top 20 $NEAR whales staked the most $NEAR
- The top 20 wallets hold a significant amount of $NEAR tokens, and they play a crucial role in the $NEAR ecosystem.
- Most of the top 20 wallets transfer their $NEAR tokens to centralized exchanges (CEXs) rather than from CEXs to their wallets, indicating that they tend to sell their tokens more often than they buy.
- The number of wallets holding more than 1 million $NEAR has increased significantly in the past, but the growth has slowed down in recent months.
- The activities of top 1000 wallets in the NFT space of NEAR blockchain are relatively limited, with only a few whales actively participating.
- There are only two wallets among the top 20 that are staking their $NEAR tokens, and these wallets hold more than 5 million $NEAR each.
- There is a slight correlation between the balance of top 20 wallets and the price of $NEAR, and these wallets have the ability to impact the price of $NEAR to some extent.
- The cumulative net amounts of $NEAR transferred (to and from) CEXs by top 20 $NEAR holders have a slight impact on the $NEAR price, but this impact is not significant.
- The stake and unstake activities of the top 20 whales have fluctuated over time, and it is worth noting which of the top 20 $NEAR whales staked the most $NEAR.
- There are various trends and correlations in the $NEAR ecosystem, such as the growth of top 1000 users on NEAR DEXs, the monthly $NEAR balance of top whales, and the number of $NEAR holders with more than 1 million $NEAR.
- The NEAR dashboard provides a comprehensive view of the $NEAR ecosystem and enables users to monitor key metrics, trends, and behaviors of whales and other participants in the ecosystem.
These charts depict that out of the top 20 wallets holding $NEAR tokens, only two of them are currently staking their tokens. Notably, these two staking wallets are holding over 5 million $NEAR tokens, excluding any addresses belonging to exchanges or custodial services. This suggests that the majority of the top 20 wallets are not actively participating in staking their $NEAR tokens, which may impact the overall security and decentralization of the NEAR blockchain.
[1]: