CYCLOPS LABSFIELD GUIDE · CHAPTER 04 · FUNDINGFILE Nº F04

Following the money in

Every wallet got its first ETH from somewhere. Following that trail back is how wallets that never trade with each other turn out to share a source.

FUNDING

Chapter 4.

Every wallet got its first ETH from somewhere. Following that trail back is how wallets that never trade with each other turn out to share a source.

Hop by hop to a hub

The funding trail follows first-funding transactions back, one hop at a time, until it reaches a hub: an exchange, a bridge or a router. Hubs end the trail because everyone uses them. A labelled hub never links two wallets.

Below the hub, a shared funder links wallets. When that link ties a wallet to the token’s creator, the wallet counts as linked to the creator, and the share of supply those wallets hold is reported. 3% or more is flagged; 10% or more weighs more.

Many wallets, one source

Sybil wallets are wallets funded alike by one source or airdropped in bulk. When they make up 25% or more of the wallets checked, the method flags it. The list of wallets and the funding transactions are in the scan.

Testing a link

Open the funding transaction in the block explorer. Check the amount, the time and whether the funder sent to many other wallets. A funder that sent to hundreds of unrelated wallets is more likely a service than a person; the scan’s labels improve as these are found and recorded.

TERMS IN THIS CHAPTER Funder. The address a wallet first received ETH from. · Hub. An exchange, bridge or router that funds many unrelated wallets. Funding through a hub never links wallets on its own. · Funding trail. The chain of first-funding transactions behind a wallet, followed back hop by hop until it reaches a hub. · Sybil wallets. Wallets funded alike by one source or airdropped in bulk.