TLDR

• Ethereum is the most used chain
• The data shows a growing number of users on the Arbitrum and Optimism ecosystem
• There was an increase in ETH staking, most likely in preparation for the highly anticipated Ethereum Merge event
• There was a large proportion of stablecoin holdings
• The main protocol deposits are centered around blue-chip protocols like Curve, Convex, Frax, Balancer, etc.

Introduction

This report aims to do a deep-dive into the Top 25 Wallets on DeBank. The goal of the report is to analyze the behavior and activities of the top wallets to find new farms / tokens / protocols. DeBank is currently the only platform with a Web3 Social Ranking feature, hence, we referenced DeBank’s ranking to obtain the Top 25 wallets. We also utilized Nansen’s wallet profiler feature and Apeboard to cross-reference our findings.

Methodology

To begin the report, we came up with the following criteria for data collection:

1. The first step is to identify wallet addresses based on Debank’s social ranking.
   • The calculation process of the "Web3 Social Ranking" is based on public data and rules to ensure users' sovereignty.
   • Each address will be evaluated with a “Social Score” which is composed of two parts: “Basic Score” and “Weighted Score”.

### Step 1: Computation of the Basic Score
#### Basic Score factors:
- ETH balance, 
- Effective DeBank followers (A valid "Follower" must have at least $1000 balance), 
- Ethereum NFT
- NFT amount
- DeFi (participated [protocols](https://debank.com/protocol)(balance>1000$), participated amount)
    - Address age
    - Profile integrity (only counts for DeBank-supported NFT & DeFi protocols)

#### User scope: Any user that meets any of the below requirements will be evaluated with a score: 
- Participated in at least one DeFi protocol
- Has at least one NFT 
- Has at least 1 “Following or Follower” on DeBank / bound with at least one social medium account on DeBank

Step 2: Computation of the “Social Score

• Weighted Score: In addition to the “Basic Score”, “Weighted Score” is also an important component that affects a user’s ranking. It represents a user’s social influence; if two users have the same “Basic Score”. The higher the weighted score of the wallet, the higher the wallet ranks.
• User ranking: “Basic Score” and “Weighted Score” are added up as the final “Social Score” (100 points). All users are ranked by the “Social Score”.
• Displayed users: Only the top 100k users on the "Web3 Social Ranking" will be displayed.

2. Next, we want to identify the percentage of their assets on each individual chain in relation to their whole portfolio (e.g: 50% on Ethereum, 20% on Arbitrum, 30% on BSC).

3. We will cross-check main asset holdings and protocol deposits on Nansen’s Wallet Profiler tool, Apeboard, and Debank. Note that the links below will be directed to Apeboard and Nansen’s WP for each address mentioned below.

4. Lastly, we want to observe the general investment behaviors based on their overall on-chain activities.

Note that we are planning to post a follow-up report which will touch on the specific farms and protocols with step-by-step instructions on how to leverage the opportunities mentioned in this report.

Top Wallets

Ethereum (0xbdfa4f4492dd7b7cf211209c4791af8d52bf5c50)

Wallet Size: $21.6mm Debank Followers: 23k Smart Money on Nansen? No

Chain breakdown:

• 46% on Ethereum (~$10mm)
• 44% on Avalanche (~$9mm)
• 5% on Arbitrum (~$1mm)
• 3% on BSC (~$589k)
• 2% on Fantom (~$348k)

Wallet Holdings: $804k

• VOLT (~$331k)
• BIT (~$46k)
• SHIB (~$45k)
• BNB (~$40k)
• & more

Protocol Deposits:

• Yeti Finance

  • $3.5mm -- Farming YUSD, USDC, USDT, YETI -- Supplied WBTC.e and USDC -- Borrowed YUSD

• Vector Finance

  • $3.5mm -- Farming USDC, USDT.e, WBTC.e, YUSD, USDt + WAVAX, WAVAX, zJoe, xPTP, VTX, USDC -- Locked VTX until 2022/09/13

• Convex

  • $2.3mm -- Staking USDT + WBTC + ETH, ETH + CVX, Silo + FRAX, FXS + cvxFXS, ETH + CRV, cvxCRV -- Locked CVX until 2022/ 08/ 11

• Aave v3

  • $1.9mm -- Supplied WAVAX, WBTC.e, WETH.e, LINK.e, AAVE.e, USDt -- Borrowed USDC

• Aave v2

  • $1.1mm -- Supplied LINK, WBTC, REN, UNI, SNX, CRV, SUSHI, ETH -- Borrowed USDC

• Liquity

  • $873k -- Farming LUSD -- Supplied ETH -- Borrowed LUSD

• Maple Finance - $805k -- Farming USDC

Key highlights:

• This wallet initially had 20% of its overall wallet portfolio in Fantom. This has been reduced to 2%.
• This wallet is primarily on Ethereum and Avalanche.

PennilessWassie (0x9c5083dd4838e120dbeac44c052179692aa5dac5)

Wallet Size: $17.3mm Debank Followers: 21k Smart Money on Nansen? Yes

Chain breakdown:

• 96% on Ethereum (~$16.7mm)
• 2% on Arbitrum (~$410k)
• 1% on Optimism (~$224k)

Wallet Holdings: $83k

• sUSD
• ETH

Protocol Deposits:

• Frax - $7mm -- Farming FXS + Frax -- Locked FXS until 2026/04/30

• Convex - $4.7mm -- Locked CVX until 2022/06/30 -- Staked PUSd + DAI + USD + USDT

• Liquity - $3mm -- Supplied ETH -- Borrowed LUSD -- Farming LUSD -- Staked LQTY

• Curve - $1.5mm -- Locked CRV until 2026/05/28

Key highlights:

• Primarily in ETH (~$16.7mm)
• Mostly farming in blue-chip protocols like Curve, Convex, Frax
• Largest position in Frax (farming FXS + Frax)

YFIMaxi (0x50664ede715e131f584d3e7eaabd7818bb20a068)

Wallet Size: $4.6mm Debank Followers: 17k Smart Money on Nansen? Yes

Chain breakdown:

• 86% on Ethereum (~$3.9mm)
• 7% on Harmony (~303k)
• 2% on DFK (~$93.6k)
• 2% on Polygon (~$87k)
• 2% on Avalanche (~$92k)
• 2% on Arbitrum (~$70k)

Wallet Holdings: $2mm

• LDO (~$994k)
• ETH (~$271k)
• 1USDC (~$248k)
• FRAX (~$215k)
• & more

Protocol Deposits:

• Across V2 - $487k -- LP ETH (400 ETH)

• Balancer V2 - $455.9k -- Farming LDO + ETH

• Fixedforex - $356.3k -- Locked KP3R until 2025/07/17

• Curve - $127k -- Locked CRV until 2024/09/12 -- Vesting CRV -- LP DAI + USDC + USDT + TUSD, DAI + USDC + USDT + BUSD

Key highlights:

• Primarily on ETH
• Has a substantial of their wallet portfolio in Harmony (7%)
• Mostly ETH staking and has a big position of LDO in wallet holdings

Vitalik (0xc1e42f862d202b4a0ed552c1145735ee088f6ccf)

Wallet Size: $1.1mm Debank Followers: 16k Smart Money on Nansen? No

Chain breakdown:

• 84% on Ethereum (~$973k)
• 13% on Arbitrum (~$154k)
• 2% on Optimism (~$28k)

Wallet Holdings: $47k

• LDO (~$31k)
• & more

Protocol Deposits:

• LIDO - $649k -- Staked wstETH and stETH

• Inverse Finance - $144k -- Supplied WBTC, ETH, SUSHI, YFI -- Borrowed ETH

• GMX - $71k -- Staked GLP, esGMX

Key highlights:

• Primarily on the Ethereum ecosystem
• Has a substantial of their wallet portfolio in Arbitrum (13%), specifically farming GLP and esGMX on GMX
• Largest wallet holding in LDO and staked wstETH and stETH

Miyazaki (0xdb9d281c3d29baa9587f5dac99dd982156913913)

Wallet Size: $2.7mm Debank Followers: 6k Smart Money on Nansen? No

Chain breakdown:

• 56% on Polygon (~$1.5mm)
• 33% on Fantom (~$902k)
• 9% on Cronos (~$234k)
• 2% on Ethereum (~$48k)
• 1% on Metis (~$19k)

Wallet Holdings: $76k

• ETH (~$42.8k)
• QI (~$15k)

Protocol Deposits:

• Giddy (on Polygon)- $750k -- Farming DAI

• QiDAO (on Polygon) - $700k -- Locked QI until 2026/03/17

• Beefy Finance (on Fantom)- $616k -- Farming beFTM, BIFI

• SpookySwap (Fantom)- $207k -- Farming WFTM + beFTM

Key highlights:

• Primarily on the Polygon and Fantom ecosystem

• Locked a large position (~$700k) of QI in QIDAO until 2026/03/17

• SoldmanGachs (0xa4c8d9e4ec5f2831701a81389465498b83f9457d)

Wallet Size: $397k Debank Followers: 9014 Smart Money on Nansen? No

Chain breakdown:

• 49% on Ethereum (~$196k)
• 46% on Arbitrum (~$183k)
• 3% on Polygon (~$12k)

Wallet Holdings:$63k

• ETH (~$55k)
• & more

Protocol Deposits:

• TreasureDAO - $165k -- Staked MAGIC

• Aave v2 - $127k -- Supplied ETH -- Borrowed FRAX and USDC

• Magic Dragon DAO - $15k -- Staked MAGIC

Key highlights:

• Primarily on the Ethereum and Abritrum ecosystem
• Highly active in the TreasureDAO ecosystem (staking MAGIC on several platforms)

Blurr (0xef764bac8a438e7e498c2e5fccf0f174c3e3f8db)

Wallet Size: $13mm Debank Followers: 9340 Smart Money on Nansen? Yes

Chain breakdown:

• 97% on Ethereum (~$12mm)
• 2% on Fantom (~$235k)
• 1% on Metis (~$100k)

Wallet Holdings:$1mm

• USDI (~$704k)
• WFTM (~$222k)
• Metis (~$100k)
• NDX, UNI, SOCKS
• & more

Protocol Deposits:

• Euler - $7.2mm -- Supplied wstETH and DAI -- Borrowed ETH and WBTC

• Aave V2 - $3.7mm -- Supplied DAI, UST(Wormhole), stETH -- Staked AAVE

• Angle Protocol - $316k -- Farming agEUR + ANGLE -- Locked ANGLE until 2026/04/16

• Gnosis - $315k -- Locked GNO until 2023/02/16

Key highlights:

• Primarily on the Ethereum ecosystem

Everyday Whale(0x26fcbd3afebbe28d0a8684f790c48368d21665b5)

Wallet Size: $13mm Debank Followers: 4634 Smart Money on Nansen? No

Chain breakdown:

• 92% on Ethereum (~$12.4mm)
• 4% on Polygon (~$487k)
• 2% on BSC (~$234k)
• 2% on Fantom (~$226k)

Wallet Holdings:$1.2mm

WBTC on Ethereum, Polygon, Arbitrum, and Optimism MKR & more

Protocol Deposits:

• MakerDAO - $5mm -- Supplied wstETH -- Borrowed DAI

• BadgerDAO - $3mm -- Earning yield on ibBTC + renBTC + WBTC + sBTC, BADGER, CVX

• Uniswap v3 - $1.7mm -- WBTC + USDC -- rETH + ETH -- ETH + CRV -- CVX + ETH -- 1INCH + ETH -- LDO + ETH -- LQTY + ETH -- & more

• Babylon Finance - $432k -- Staked ETH and BABL

• Aave AMM - $340k -- Supplied ETH, UNI, YFI, LINK -- Borrowed USDT

• Ellipsis (on BNB) - $234k -- Farming BTCB + renBTC -- Locked EPX

• Curve (on Fantom) -$216k -- Farming BTC + renBTC

• Curve (on Polygon) - $215k -- LP WBTC + renBTC

• Balancer V2 (on Polygon) - $215k -- LP WBTC + renBTC

• Balancer V2 - $214k -- LP WBTC + renBTC + sBTC

Key highlights:

• Primarily on the Ethereum ecosystem
• Main asset is WBTC
• Mainly farming BTC-backed assets, ETH, and stables

BoredApe(0x188c30e9a6527f5f0c3f7fe59b72ac7253c62f28)

Wallet Size: $4mm Debank Followers: 10429 Smart Money on Nansen? Yes

Chain breakdown:

• 89% on Ethereum (~$3.8mm)
• 5% on Arbitrum (~$224k)
• 3% on Avalanche (~$132k)
• 3% on Optimism (~$112k)

Wallet Holdings:$4mm

• USDC ($3.2mm)
• ETH ($311k)
• APE ($83k)
• PAXG
• & more

Protocol Deposits:

• GMX (on Arbitrum) - $128k -- Staked GLP, GMX, esGMX

• Aave V3 (on Avalanche) - $90k -- Supplied WAVAX

• Uniswap V3 (on Optimism) - $58k -- LP WETH + USDC

• GMX (on Avalanche) - $41k -- Staked GLP, GMX, esGMX

Key highlights:

• Mostly holding & farming stables
• Significant portion of their portfolio in stables holding (USDC and ETH ~4mm)

Analytico (0xa0f75491720835b36edc92d06ddc468d201e9b73)

Wallet Size: $103.4mm Debank Followers: 4400 Smart Money on Nansen? Yes

Note that this wallet is also an Airdrop Pro wallet with over $23mm in Airdrops (not including recent L2 + APE airdrops).

Chain breakdown:

• 100% on Ethereum (~$103mm)

Wallet Holdings:$31mm

• USDC - $10mm
• ETH
• rETH
• WETH
• WBTC
• SWISE
• KP3R
• & more

Protocol Deposits:

• Maple Finance - $20.5mm -- Farming USDC and ETH

• Aave V2 - $17.7mm -- Supplied USDC and ETH -- Borrowed sUSD -- Staked AAVE

• Convex - $15.2mm -- Staked ETH + stETH, CRV + cvxCRV, cvxCRV -- Locked CVX until 2022/10/06

• Ankr - $4.6mm -- Staked ankrETH

• Alchemix V2 - $3.4mm -- Staked aIUSD

• Saddle Finance - $3.1mm -- Farming sUSD + DAI + USDC + USDT

• Uniswap V3 - $2.8mm -- LP ETH + sETH2, rETH2 + sETH2

• RAILGUN - $2.7mm
  -- Staked RAIL

• Armor - $876k -- Farming arNXM + ETH, ETH + ARMOR

Key highlights:

• 100% on the Ethereum ecosystem
• Main wallet holdings are stables, ETH and WBTC - a large portion of their portfolio is in spot holdings.
• Mostly farming stables on blue-chip protocols Airdrop Pro & Private Sale Investor wallet (Nansen Smart Money tags)

Beaker(0x69bab6810fa99475854bca0a3dd72ae6a0728ece)

Wallet Size: $657k Debank Followers: 12k
Smart Money on Nansen? Yes

Chain breakdown:

• 80% on Ethereum (~$525k)
• 16% on Avalanche (~$102k)
• 2% on Polygon (~$12k)
• 2% on Arbitrum (~$15k)

Wallet Holdings: $51k

• oSQTH
• DAI
• & more

Protocol Deposits:

• Aave V2 - $366k -- Supplied ETH, stETH, WBTC, UNI, MKR, Aave, etc. -- Borrowed FRAX, GUSD, ETH, BUSD, FEI, WBTC

• Rari Capital - $69k -- Supplied APE, ETH -- Borrowed USD, APE

• Aave V3 - $67k -- Supplied WETH.e, WAVAX, WBTC.e, USDC -- Borrowed USDt, USDC, WBTC.e, WETH.e

Key highlights:

• Primarily on the Ethereum and Avalanche ecosystem
• Majority of assets are in lending platforms

_ETH(0x108a8b7200d044bbbe95bef6f671baec5473e05f)

Wallet Size: $2.6mm Debank Followers: 11k
Smart Money on Nansen? Yes

Chain breakdown:

• 78% on Ethereum (~$2mm)
• 11% on BSC (~$285k)
• 10% on Avalanche (~277k)

Wallet Holdings: $306k

• ALPACA
• DOG
• SPICE
• TRU
• EPX
• & more

Protocol Deposits:

• Sushiswap - $1mm
  -- Staked xSUSHI

• OlympusDAO - $351k -- Staked OHM

• Trader Joe - $266k -- Staked JOE -- LP WAVAX + FORT

• Balancer V2 - $251k -- Locked BAL + ETH until 2022/10/06

• Alchemix - $203k -- Farming tALCX -- Supplied DAI -- Borrowed aIUSD

• PancakeSwap - $120k -- Earning yield on Cake

Key highlights:

• This wallet is mainly on the Ethereum ecosystem, with 11% on BSC and 10% on Avalanche.
• Half of their portfolio is on Suhiswap (~$1mm), staking xSUSHI
• Legendary NFT Collector (Nansen Label)

Bitcoin (0x09d4083ffd20d21acb9118465ad7c52ac8b548f7)

Wallet Size: $1mm Debank Followers: 9k Smart Money on Nansen? No

Chain breakdown:

• 94% on Ethereum (~$1mm)
• 5% on Arbitrum (~$50k)
• 1% on Fantom (~$19k)

Wallet Holdings: $399k

• ETH
• RDPX
• & more

Protocol Deposits:

• Convex - $560k -- Locked CVX until 2022/06/30 -- Staked FXS + cvxFXS

• Fixedforex - $47k -- Locked KP3R until 2026/01/08

• LooksRare - $32k -- Earning yield on LOOKS -- Staked LOOKS

• Dopex - $24k -- Farming DPX

Key highlights:

• Primarily on the Ethereum & Arbitrum ecosystem
• Mostly spot holding ETH
• Locked most of their assets on Convex, Fixedforex, and Liquid Driver

Fewture (0x1d5e65a087ebc3d03a294412e46ce5d6882969f4)

Wallet Size: $1mm Debank Followers: 10k Smart Money on Nansen? Yes

Chain breakdown:

• 79% on Ethereum (~$861k)
• 21% on Optimism (~$231k)

Wallet Holdings: $41k

• ETH
• AGLD
• OP
• & more

Protocol Deposits:

• Curve - $366k -- Locked CRV until 2026/06/11 -- LP DAI + USDC + USDT

• Convex - $300k -- Staked CRV + cvxCRV -- Locked CVX until 2022/10/06

• SharedStake - $160k -- Staked ETH

• Synthetix - $135k -- Supplied SNX -- Borrowed sUSD

• Curve (on Optimism) - $87k -- Farming sUSD + DAI + USDC + USDT

Key highlights:

• Primarily on the Ethereum & Optimism ecosystem
• Main holding is ETH, also staking it on SharedStake - presumably for the merge
• LP-ing and farming stables on Curve (mainnet and Optimism)

KaijuKing779 (0xa1efa0adecb7f5691605899d13285928ae025844)

Wallet Size: $1mm Debank Followers: 7.5k Smart Money on Nansen? No

Chain breakdown:

• 54% on Ethereum (~$577k)
• 11% on Avalanche (~$112k)
• 10% on Fantom (~$107k)
• 8% on BSC (~$90k)
• 8% on Polygon (~$86k)
• 7% on Arbitrum (~$71k)
• 1% on Gnosis Chain (~$11k)

Wallet Holdings: $276k

• fUSDT
• USDC
• MATIC
• FTM
• ETH
• & more

Protocol Deposits:

• Aave V2 - $192k -- Supplied USDC + ETH -- Borrowed KNC, ENJ, MANA -- Staked AAVE

• Aave V1 - $49k -- Supplied USDC -- Borrowed YFI

• Alpha Homora V2 (on Avalanche) -- Leveraged Farming WAVAX + DAI.e, USDC.e + WAVAX, WAVAX + USDT.e

• Alpha Homora V2 - $47k -- Leveraged Farming on USDC + ETH, ETH + USDT

• Frax Finance - $46k -- Farming FXS + FRAX

• Uniswap V3 - $41k -- LP ETH + ZRX, ETH + ENS

• Beefy (on BSC) - $41k -- Earning yield on BAT + WBNB, TWT + WBNB

• SushiSwap - $36k -- Farming YGG + ETH, NFTX + ETH, RARE + ETH

• NFTX - $36k -- Farming SBLAND + ETH, WIZARD + ETH

• Beefy - $34k -- Earning yield on MAGIC + WETH, WETH + USDC, WETH + MIM

• Bancor V3 - $26k -- Deposited ENJ and AMP -- Staked BNT

Key highlights:

• Diversified on 7 chains, mostly farming and earning yield on different protocols
• Mainly spot holding stables and large-cap tokens Primarily farming ETH

Unnamed (0xa7888f85bd76deef3bd03d4dbcf57765a49883b3)

Wallet Size: $8.3mm Debank Followers: 1996 Smart Money on Nansen? No

Chain breakdown:

• 80% on Ethereum (~$6mm)
• 11% on Optimism (~$921k)
• 8% on Cronos (~$702k)

Wallet Holdings: $2.3mm

• USDC
• ETH
• sUSD
• SDT
• BURROW
• UST (Wormhole)

Protocol Deposits:

• Aave V2 - $3mm -- Supplied USDC -- Borrowed CRV, SNX, BAL, CVX

• StakeDAO - $1.5mm -- Farming CRV -- Locked SDT until 2026/06/11

• MM.Finance (on Cronos) - $636k -- Farming WCRO + MUSD, MUSD + MMF, WCRO + USDT

• Synthetix (on Optimism) - $559k -- Supplied SNX -- Borrowed sUSD

• 1inch - $76k -- Governance

Key highlights:

• Primarily on the Ethereum ecosystem.
• Mainly in stables and blue-chip protocols like Aave V2, Synthetix

Phurry (0xe70981f2aeb601a12001465c7a5e52aa76adcbec)

Wallet Size: $2.5mm Debank Followers: 2872 Smart Money on Nansen? No

Chain breakdown:

• 56% on Polygon (~$1mm)
• 26% on Fantom (~$661k)
• 15% on Ethereum (~$374k)
• 2% on Arbitrum (~$50k)
• 1% on Avalanche (~26k)

Wallet Holdings: $298k

• USDC
• WFTM
• ETH
• WETH

Protocol Deposits:

• Giddy (on Polygon) - $674k -- Farming WETH, WMATIC, DAI, AAVE, SUSHI

• QiDao (on Polygon) - $603k -- Locked QI until 2026/05/10

• Beefy (on Fantom) - $500k -- Earning yield on BIFI, BTC + ETH, beFTM, BOO, WFTM + BEETS, WFTM + MULTI, binSPIRIT -- Farming beFTM

• StakeDAO - $168k -- Farming ETH + sETH -- Locked SDT

• Beefy (on Polygon) - $161k -- Earning yield on beQI, BIFI, QUICK, WMATIC + QI

• QiDAO (on Fantom) - $63k -- Supplied BTC -- Borrowed miMATIC -- Farming WFTM + QI

• Beefy (on Arbitrum) - $44k -- Earning yield on BIFI

• Beefy (on Avalanche) - $26k -- Earning yield on QI + WAVAX

Key highlights:

• Mainly on the Polygon and Ethereum ecosystem
• Primarily farming and earning yield on Beefy Finance and QiDao

BILLL (0xf70c1cb0a9833ba9613f054db71ab3eaf45060b6)

Wallet Size: $43.8mm Debank Followers: 3280 Smart Money on Nansen? No

Chain breakdown:

• 95% on Ethereum (~$41mm)
• 5% on Avalanche (~$2mm)
• 15% on Ethereum (~$374k)
• 2% on Arbitrum (~$50k)
• 1% on Avalanche (~26k)

Wallet Holdings: $31.9k

• USDC
• ETH
• WBTC
• WETH

Protocol Deposits:

• Convex - $8mm -- Staked FRAX + FPI, ETH + sETH, CRV + cvxCRV -- Locked CVX until 2022/ 09/15

• Platypus (on Avalanche) - $2.1mm -- Farming WBTC.e

• Maker - $1.1m -- Supplied USDC and DAI -- Borrowed DAI

• Concentrator - $221k -- Farming CRV + cvxCRV -- Locked cvxCRV

• Uniswap V3 - $164k -- LP ETH + sETH2

Key highlights:

• Mainly spot holding USDC and ETH (~$17mm and $8mm respectively)
• Biggest position is in Convex (~$8.1mm) staked in various pools

Gekko (0xb72ed8401892466ea8af528c1af1d0524bc5e105)

Wallet Size: $709k Debank Followers: 5496 Smart Money on Nansen? Yes

Chain breakdown:

• 38% on Ethereum (~$271k)
• 36% on Optimism (~$254k)
• 8% on Polygon (~$53k)
• 9% on Avalanche (~$60.7k)
• 10% on Aurora (~$68k)

Wallet Holdings: $167k

• ETH
• LINK
• UNI
• BADGER
• & more

Protocol Deposits:

• Uniswap V3 (on Optimism) - $249k -- LP USDC + DAI

• Trisolaris (on Aurora) - $67k -- Farming NEAR + WETH, AURORA + NEAR, AURORA + TRI -- LP PULP + PLY

• Vector (on Avalanche) - $53k -- Farming WETH.e + WAVAX

• Aavegotchi (on Polygon) - $45k -- Farming GHST-WETH

• BadgerDAO - $45k -- Earning yield on ibBTC + renBTC + WBTC + sBTC

• Aave V2 - $36k -- Staked AAVE

Drift (0x066188948681d38f88441a80e3823dd41155211c)

Wallet Size: $3.3mm Debank Followers: 3968 Smart Money on Nansen? No

Chain breakdown:

• 43% on Fantom (~$1.4mm)
• 29% on Polygon (~$975k)
• 26% on Ethereum (~$887k)
• 2% on Metis (~$84k)

Wallet Holdings: $1.7mm

• BTC
• WETH
• BIFI
• USDC
• WBTC
• QI

Protocol Deposits:

• QiDAO (on Polygon) - $644k -- Locked QI

• Beefy (on Fantom) - $391k -- Earning yield on beFTM and BIFI

• Giddy (on Polygon) - $294k -- Farming WETH, USDC + GDDY, GDDY

• Abracadabra - $119k -- Staked sSPELL

• Agora Defi - $83k -- Supplied Metis

Key highlights:

• This wallet is largely diversified across various chains, but primarily has their holdings on Fantom (~$1.4mm) with $391k deposited on Beefy Finance, earning yield on beFTM and BIFI
• Large wallet holding of $1.7mm (relative to their overall portfolio), mainly spot holding BTC, WETH, BIFI, and USDC

Ngmi (0x7532a9e3e9475337c8a907428e35932a20959fdf)

Wallet Size: $764k Debank Followers: 5285 Smart Money on Nansen? Yes

Chain breakdown:

• 68% on Ethereum (~$520k)
• 31% on Arbitrum (~$234k)
• 1% on Avalanche (~$5107)

Wallet Holdings: $355k

• USDC
• DAI
• FXS
• ETH
• FDT

Protocol Deposits:

• GMX (on Arbitrum) - $177k -- Staked GLP and esGMX

• Convex - $89k -- Staked FXS + cvxFXS, cvxCRV, CVX

• Redacted Cartel - $59k -- Staked BTRFLY

• Dopex (on Arbitrum) - $31k -- Farming RDPX + WETH

• JonesDAO (on Arbitrum) - $22k -- Farming JONES + WETH, JONES

Key highlights:

• This wallet is primarily on the Ethereum and Arbitrum ecosystem
• Mainly spot holding USDC, DAI, FXS, and ETH
• Largest staked position on GMX in Arbitrum

Alameda Research(0x84d34f4f83a87596cd3fb6887cff8f17bf5a7b83)

Wallet Size: $47.7mm Debank Followers: 16.4k Smart Money on Nansen? Yes

Chain breakdown:

• 51% on Avalanche ($24mm)
• 49% on Ethereum ($23mm)

Wallet Holdings: $24mm

• USDC - $10mm
• USDT - $8mm
• USDT.E - $5mm

Protocol Deposits:

• Echidna (on Avalanche) - $9.1mm -- Staked USDt -- Farming PTP + ecdPTP

• Uniswap V3 - $8.8mm -- LP FTX + ETH

• SushiSwap - $4.8mm -- Staked xSUSHI

Key highlights:

• Exclusively on the Ethereum and Avalanche ecosystem
• 100% in stables for spot holdings ($24mm) which is equivalent to half of their portfolio

Mark (0xac1b80e06f970879bfb8f2b92b59442593f332b6)

Wallet Size: $1.8mm Debank Followers: 3209 Smart Money on Nansen? No

Chain breakdown:

• 86% on Fantom ($1.6mm)
• 9% on BSC ($164k)
• 4% on Ethereum ($74k)

Wallet Holdings: $1mm

• fUSDT
• BUSD
• USDT
• BNB
• BBTC
• USDC
• ETH

Protocol Deposits:

• Tomb Finance (on Fantom) - $812k -- Farming USDC, BTC, ETH

• Uniswap V3 - $21k -- LP USDC + ENS

Key highlights:

• Primarily on the Fantom ecosystem ($1.6mm) and 86% of overall portfolio
• Mostly holding stables on Fantom and BSC, and farming stables + large caps on Tomb Finance ($812k)

Elonmusk (0x79c4213a328e3b4f1d87b4953c14759399db25e2)

Wallet Size: $745k Debank Followers: 7284 Smart Money on Nansen? Yes

Chain breakdown:

• 34% on Gnosis Chain ($255k)
• 22% on Optimism ($167k)
• 21% on Ethereum ($156k)
• 17% on Polygon ($129k)
• 5% on Arbitrum ($36k)

Wallet Holdings: 16k

• SWISE
• sETH (on OP)
• WETH
• ETH (on OP)
• & more

Protocol Deposits:

• Hop Protocol (on Gnosis) - $255k -- Farming USDC + hUSDC, USDT + hUSDT, WETH + hETH, WXDAI + hDAI

• Hop Protocol (on Optimism) - $139k -- LP WETH + hETH and DAI + hDAI

• Aave V3 (on Polygon) - $105k -- Supplied WETH, USDC -- Borrowed USDC

• Notional - $58k -- Farming ETH + DAI + USDC

• Instadapp Lite - $47k -- Earning yield on ETH

• Hop Protocol (on Polygon) - $23k -- Farming WETH + hETH and WMATIC + hMATIC

• Aave V3 (on Arbitrum) - $20k -- Supplied WETH -- Borrowed USDC

• Lyra (on Optimism) - $18k -- LP sUSD

• Uniswap V3 - $16k -- LP ETH + BUNNY, SWISE + sETH2

• Indexed - $16k -- Staked USDT, WBTC, AAVE -- Farming CC10 + ETH

• Hop Protocol (on Arbitrum) - $13k -- LP WETH + hETH

Key highlights:

• Diversified across various chains, however, main position is in Hop Protocol (on Gnosis) farming stables

• This wallet is mainly farming for stables and large cap tokens on Hop Protocol on Gnosis, Optimism, Polygon, and Arbitrum

  Vfat (0x87616fa850c87a78f307878f32d808dad8f4d401)

Wallet Size: $775k Debank Followers: 5633
Smart Money on Nansen? Yes

Chain breakdown:

• 60% on Ethereum - $466k
• 12% on Arbitrum - $93k
• 7% on Fantom - $51k
• 6% on Gnosis Chain - $49k
• 3% on Polygon - $22k
• 1% on Moonriver - $10k
• 1% on Harmony - $6k
• 1% on Optimism - $11k
• 1% on Avalanche - $9k

Wallet Holdings: 192k

• USDC
• IOTX
• ETH
• HND
• OP

Protocol Deposits:

• Frax Finance - $309k -- Farming aIUSD + FEI + FRAX + LUSD and FRAX + ETH

• Dopex (on Arbitrum) - $85k -- Farming DPX + WETH

• Aladdin - $55k -- Staked ALD

• Eth2 - $36k -- Staked ETH

• FloorDAO - $26k -- Staked FLOOR

• ZoomSwap (on IoTeX) - $19k -- Farming MCN + WIOTX and ZM

• Hundred Finance (on Fantom)- $17k -- Locked HND until 2026/04/012

• Beethoven X (on Fantom)- $14k -- Farming WFTM + BEETS, WFTM + BELUGA, WFTM + CRE8R -- Staked fBEETS

Key highlights:

• Primarily on the Ethereum ecosystem (60% of overall portfolio) with protocol deposits diversified across various chains
• Mostly farming stables and staking ETH

General Observations Based on Top Wallet Activities

Ethereum is the most used chain

Most of the wallets that we’ve analyzed had the majority (>80%) of their assets on Ethereum. Some of the outliers were wallets that were generally more diversified in terms of chain breakdown.

A growing number of users on the Arbitrum and Optimism ecosystem

Out of the 25 wallets, 14 wallets have >5% of their portfolio on Arbitrum, while 7 wallets have >1% of their portfolio on Optimism. Generally, the wallets that are diversified on Arbitrum trend towards the top few wallets on the social rankings with a portfolio size of >$1mm.

A rise in Stablecoins holding

Most wallets are still looking to de-risk their positions and prefer to either hold spot or farm stables. The most common stablecoins we’ve seen in most portfolios are USDC, USDT, FRAX. For example, Wallet 22 has a portfolio size of $47mm and has half of their position in USDC spot.

An increase in ETH Staking

Due to the speculative nature of the Ethereum merge in the coming months, most wallets are also stacking up on ETH. A few wallets are staking ETH and receiving stETH on Lido, while others are buying stETH at a current 5% discount rate in the hopes of swapping it 1:1 for ETH post-merge.

Farming activities are less prevalent, but still active on Fantom

Notable wallets like Top 1: Ethereum (0xbdfa4f4492dd7b7cf211209c4791af8d52bf5c50) have decreased their exposure to the Fantom ecosystem as of recently. This wallet initially had 20% of their overall wallet portfolio in Fantom. This has been reduced to 2% at the time of writing. Although farming activities on Fantom are less significant among the top 25 holders, there are still a few recurring farms that have been mentioned throughout the report.

Main protocol deposits for wallets that are primarily yield farming on the Fantom ecosystem include Beefy Finance, SpookySwap ,Tomb Finance, and QiDAO. On Beefy Finance, wallets are mostly farming beFTM and BIFI. Similarly on SpookySwap, wallets are farming WFTM + beFTM. On Tomb Finance, however, wallets are mostly farming stables, BTC, and ETH.