Bounty Question

Who is holding the most FLOW? Build a list of rankings to help us find the address with the most FLOW tokens. Identify any trends or outliers you see in this collection of whales. Bonus points if you can identify the wallet holders.

Methodology

Regarding the FLOW token, if we look at the documents published for it by the Flow Blockchain (here), we can see several types of events for this token, which you can see below:

Tokens Initialized==: Event that is emitted when the contract gets created.

Tokens Withdrawn==: Event that is emitted when tokens get withdrawn from a Vault.

Tokens Deposited==: Event that is emitted when tokens get deposited to a Vault.

Tokens Minted==: Event that is emitted when new tokens gets minted.

Tokens Burned==: Event that is emitted when tokens get destroyed.

Minter Created==: Event that is emitted when a new minter resource gets created.

Burner Created==: Event that is emitted when a new burner Resource gets created.

The events related to the FLOW token in the flipside tables (table: flow.core.fact_events) and the number of lines related to each of these events can be seen in the opposite bar chart.

The incompleteness of the flow.core.fact_events table has caused the results obtained to be far from reality in the correctness of the balances of a number of addresses. Clearly, the negative balance of all 2168 addresses whose rank you can see above is caused by this defect in the tables. But this is not only about negative balances, and there are such cases in positive balances as well.

For example, let's take a look at the top 10 FLOW holder list:

What is Flow?

Imagine this: You launch a hugely successful decentralized application (dapp) on Ethereum, but your game is so popular, it renders the blockchain itself almost unusable.

Sound far fetched? That’s the story of CryptoKitties, a hugely viral trading game launched in 2017 that allowed users to buy, collect and breed digital cats.Frustrated with Ethereum, the developers behind CryptoKitties set out to solve the technology problems they encountered. In the process, they created a new blockchain designed specifically for applications like the ones that they had helped popularize.

The Flow playground, launched in 2020, allows developers to create and trade a particular type of digital asset called a non-fungible token (NFT). An NFT is like other crypto assets in how it can be bought, sold and exchanged over the internet without a middleman. However, there’s one crucial difference. With an NFT, every asset on the blockchain is unique, and it trades for its own specific price. (You can think of an NFT as a kind of digital trading card)

With Flow, the team behind CryptoKitties is seeking to create a new platform that allows these types of applications to attract a larger number of mainstream users. For more regular updates from the Flow team, you can bookmark the Flow blog, which includes tips and tutorials on the network and its evolving technology. -- [Image 1] / [Image 2] --

FLOW Token

The FLOW token (“FLOW”) is the native currency for the Flow network and the keystone for a new, inclusive, and borderless digital economy. If Flow is the digital infrastructure, FLOW token is the fuel that powers the network. FLOW is the currency required for the network and all the applications on top of it to function. FLOW is designed as a payment method as well as a long-term reserve asset for the entire Flow economy. The token is used by validators, developers, and users to participate in the FLOW network and earn rewards. It is also used for fees and to participate in future protocol governance.

Why Does FLOW Have Value?

The FLOW cryptocurrency is key to maintaining and operating the Flow blockchain. First and foremost, developers can incorporate FLOW in their dapps as the main currency used for payments, transactions and earning rewards. Developers can also create their own custom cryptocurrency on Flow if they wish. In order to become a node, users need to own and stake FLOW tokens, which also allows them to participate in the governance of the platform. Flow rewards these users with a combination of newly minted FLOW and a portion of the transaction fees.Importantly, since there are four different node types on Flow, the revenue assigned to each role is adjusted automatically based on the amount of FLOW staked by each cluster of nodes. Users who do not want to run a node can also delegate their stake to professional operators to participate in the network on their behalf.

Part II: FLOW Holders Overview

Although the obtained results show us accurate and correct results for many addresses, it does not show everything that is really there. The reason can be found in the incompleteness of the flow.core.fact_events table. In this table, some transactions are not present. While these transactions can be seen in the flow.core.fact_transactions table.

For example, here I show one of these incompleteness and the result of this incompleteness on my own results:

Part III : Wallet Explorer

In this part, by logging into Velocity, you can put your wallet address in the upper part of the dashboard (in the Wallet_Address box) and click on "Apply All Parameters" so that the data in this section will be shown based on your wallet:

In the first place, we see an address (0x8624b52f9ddcd04a) that holds more than 627.5m FLOW tokens, while the number of tokens held by this address is less than 19k today (second screenshot).

There is also "null" in the second place. Unfortunately, I did not understand what is meant by this null in transactions, but its presence in this rank is very interesting and it seems to have a significant role, which would be interesting if we knew what this role is? I put this overall result first, but then for the wallets explorer section, I removed these first two ranks and displayed these results again.

In the following,

I have first taken a brief look at the status of the FLOW token. (By checking parameters such as: price, number of transactions, number of events, number of users and amount of FLOW token in these transactions. I compared these parameters in two parts of deposit and withdrawal.)

Then, with the analysis done, I identified the FLOW token holders. I obtained the average balance of each wallet and determined the distribution of the amount of FLOWs of the wallets. Then the top holders, the average FLOW held in each month and the top holder of each month were also determined.

Finally, I created a small explorer, which allows you to check your balance status and wallet activity by searching your wallet address.

Part I: An Overview about Flow Token Status

The number of transactions in which the event has deposited and withdrawn are very close to each other.. (The number of transactions containing the withdrawal event is 20.4k more than the number of transactions containing the deposit event.)

Regarding the number of each of the events, the situation of closeness of the numbers is established. Here is the advantage with the deposit event. (The number of deposit events is about 130k more than the number of withdrawal events)

The daily charts of these two parameters for deposits and withdrawals are so close that their lines are completely overlapped in the chart.

The number of transactions containing the withdrawal event was more than the number of transactions containing the deposit event. The number of deposit events was more than the number of withdrawal events. Regarding the amount of FLOW in each of the events, it is also superior with harvest. (The volume of withdrawals is about 230m more than the volume of deposits.) Most of this difference occurred on December 16, 2020. On this day, the volume of withdrawals was 266 million more than the volume of deposits.

But it should be kept in mind that the incompleteness of the tables can change any of these ratios and shares of the above parameters. It is not clear how many of each of the events and transactions are subject to the incompleteness of the tables, but considering that a large part of the transactions are present in these results, then the current results of this analysis will probably not change widely.

There is a clear difference in the users section. Here, the number of users whose transactions had a deposit event is slightly more than three times the number of users whose transactions had a withdrawal event.

From the last months of 2020 to February 2022, the number of users who had a deposit event in their transactions had a clear advantage over the number of users whose transactions had a withdrawal event. But since then, things have changed a lot. For example, from May to the current date, there are several days when the number of users whose transactions had a withdrawal event reached more than 300k in one day. While in the over time, only one day can be observed that the number of users whose transactions had a deposit event has reached more than 300k. But the record of the largest number of users in one day is still held by Event Deposit, which was held on April 6, 2021, in the transactions of more than 835k users.

According to our analysis, there are about 5.77 million FLOW token holders.

It was mentioned above what the results of the defects of the tables have been and some of the consequences of these defects of the tables are very clear and impressive. The negative balance of a number of users was also one of the results of this flaw in the tables, so much so that if I calculated the average balance of the wallets for all holders, a negative number would be obtained (around -173), but to calculate the average balance of the wallet Holders, inevitably negative balances were removed and what we have here is the average FLOW balance in the wallets of the holders of this token. (those above have been positive)

In the balance distribution of each wallet, it can be seen that a very large part of FLOW token holders have a balance of less than 1 flow. (More than 5.74m holders) The number of holders who have more than 10k FLOW tokens is only 387 holders.

Among the top 100 holders, we can see the addresses of 7 exchanges, some of which are in the top 10.

0x6a7457b796dee457

In the months of February and August 2021 and April 2022, the following address, known as "reserve address", is the top holder of these months:

0x47fd53250cc3982f

The following address was the holder top in the months of April, May, July, September and October 2021 and May, June and August 2022:

0x8f77d48caf93fd93

0x5dc3fc329730c066

[Flow] - Who's Got The Flow?