Introduction

We use Nansen’s labeling to get a better read on onchain macro trends related to liquidity flows for a typical retail user. We track flows from CEXs to our retail segment (defined using Nansen’s labeling/coverage) and we track a few metrics:

• Aggregated USD funding by chain
• Aggregated wallet counts by chain

We currently look at Ethereum, Base, Arbitrum, and Optimism. For those interested in how we defined our retail segment, we assumed the following:

• First incoming transfer from a CEX
• Not a smart contract
• Not belonging to a known entity
• The first interaction is with a smart contract within 3 days of funding
• Assumes retail is funded by CEXs, instead of using a bridge for funding.
• Funded by a CEX with less...