Alpha Zone
My Reading List
Log in
DeFiGaming & MetaverseInfrastructureMarketsNFTs
What are Early GRAIL Participants Doing On-Chain?
Sandra Leow
Key Takeaways
6 min read
  • Early GRAIL Participants refer to addresses that received ≥ 30 GRAIL Tokens between 8 Dec ’22 and 6 Feb ’23.
  • 62.7% of Early GRAIL Participants have completely exited their GRAIL and xGRAIL positions. 11.5% are holding between 1-10 (4k -40k USD) and 10.5% are holding between 11-30 GRAIL (42k - 100k USD). Only 4.55% of the addresses are holding >100 tokens (>400k USD).
  • The main token holding from all the addresses from “Early Grail Participants” is GRAIL with 6.5m in total USD value collectively. Other than stables, the addresses are also holding a significant portion of RDNT, VELA, TROVE, PSI, ARC, WINR, and HAMI.
  • These addresses entered GRAIL before the hyperbolic run-up of 10-20x for its token and are therefore considered early adopters of newer protocols on Arbitrum. Therefore, these wallets could be worth following for anyone interested and participating in the Arbitrum ecosystem.


Camelot (GRAIL) is Arbitrum's native decentralized exchange (DEX). Its public sale was conducted on December 6th, and it raised over $3.8 million. The token became tradable on December 8th.

Although the public sale started slow, attention and hype quickly picked up within the Arbitrum ecosystem. The token experienced a parabolic run and increased by 10-20x within weeks. The addresses holding these tokens are likely early adopters of protocols within the Arbitrum ecosystem, signaling potential alpha. Furthermore, with the attention on the Arbitrum ecosystem due to the airdrop on March 23rd, most of the airdrop recipients will likely sell their tokens and rotate into other Arbitrum tokens. These addresses could be...