| name | onchain-analytics-guide |
| description | Guide to on-chain analytics — wallet tracking, whale watching, TVL analysis, DEX volume, token flow analysis, and governance activity. Use when helping users analyze on-chain data, track wallets, evaluate protocols, or identify trends. |
| metadata | {"openclaw":{"emoji":"🔍"}} |
On-Chain Analytics Guide
On-chain data is transparent and immutable. This guide teaches AI agents how to leverage it for better DeFi decisions.
Key On-Chain Metrics
Protocol Health
| Metric | What It Tells You | Where to Find |
|---|
| TVL (Total Value Locked) | Protocol adoption and trust | DeFi Llama |
| TVL Trend (30d) | Growing or shrinking? | DeFi Llama |
| Unique Users (DAU) | Real adoption vs bot activity | Dune Analytics |
| Revenue | Sustainable or dependent on emissions? | Token Terminal |
| Protocol-owned Liquidity | Resilience to mercenary capital | On-chain |
Token Metrics
| Metric | What It Tells You | Source |
|---|
| Holder Count | Distribution breadth | Etherscan/Arbiscan |
| Top Holders % | Concentration risk | Etherscan |
| Transfer Volume | Real usage activity | Block explorer |
| Exchange Inflow/Outflow | Sell pressure vs accumulation | Glassnode, Nansen |
DeFi-Specific
| Metric | What It Tells You |
|---|
| Utilization Rate | Lending demand (Aave/Compound) |
| Borrow APY vs Supply APY | Market's cost of leverage |
| Liquidation Volume | Market stress indicator |
| DEX Volume | Trading activity and fee generation |
Wallet Tracking
Why Track Wallets
- Whale watching: Large holders' moves signal confidence/concern
- Smart money: Track known profitable addresses
- Protocol treasuries: Monitor how teams spend funds
- Governance: Track voting power concentration
How to Track
| Tool | Features | Cost |
|---|
| Etherscan/Arbiscan | Basic transaction history, token holdings | Free |
| Arkham Intelligence | Wallet labeling, entity identification | Free tier + paid |
| Nansen | Smart money tracking, portfolio analysis | Paid |
| DeBank | Multi-chain portfolio view | Free |
| Zapper | DeFi position tracking | Free |
What to Look For
Bullish Signals:
- Whales accumulating (moving tokens off exchanges)
- Increasing staking/locking (e.g., SPA → veSPA in Sperax)
- Protocol treasury diversifying into productive assets
- Growing number of unique holders
Bearish Signals:
- Large exchange inflows (potential sell pressure)
- Insider wallets unlocking and transferring
- Decreasing TVL despite stable token price
- Team wallet selling
Dune Analytics Queries
Dune lets you write SQL queries against on-chain data. Useful queries:
Protocol TVL Over Time
SELECT date_trunc('day', block_time) as day,
SUM(amount_usd) as tvl
FROM protocol_deposits
WHERE protocol = 'sperax'
GROUP BY 1
ORDER BY 1
Daily Active Users
SELECT date_trunc('day', block_time) as day,
COUNT(DISTINCT sender) as unique_users
FROM transactions
WHERE to = '0x...'
GROUP BY 1
ORDER BY 1
Top Token Holders
SELECT address,
balance,
balance * 100.0 / total_supply as pct_supply
FROM token_balances
WHERE token = '0x...'
ORDER BY balance DESC
LIMIT 20
DeFi Llama
DeFi Llama is the standard for TVL and yield data:
Key Pages
| Page | URL | Use For |
|---|
| TVL Rankings | defillama.com | Compare protocol adoption |
| Chain TVL | defillama.com/chains | Compare L1/L2 ecosystems |
| Yields | defillama.com/yields | Find best yield opportunities |
| Stablecoins | defillama.com/stablecoins | Track stablecoin market |
API Examples
# Top protocols by TVL
GET https://api.llama.fi/protocols
# Historical TVL for a protocol
GET https://api.llama.fi/protocol/{slug}
# Yield pools
GET https://yields.llama.fi/pools
Analysis Frameworks
Protocol Evaluation
- TVL: Is it growing? (Healthy = steady growth)
- Revenue: Does the protocol earn real fees?
- Users: DAU trend (bots vs real users)
- Token price vs TVL: P/TVL ratio (similar to P/E in tradfi)
- Governance activity: Are holders engaged?
Token Evaluation
- Supply schedule: Inflation rate, unlock events
- Distribution: Top 10 holders % (concentrated?)
- Staking ratio: What % is locked/staked?
- Exchange balance: Decreasing = bullish
- Value accrual: Does the protocol direct value to token holders?
Example — SPA (Sperax):
- Value accrual: 30% of USDs yield + 100% fees → buyback-and-burn
- Staking: Lock SPA → veSPA for governance + weekly rewards
- Burns: Continuous supply reduction via buyback-and-burn
Agent Tips
- Always cross-reference — use 2+ data sources for important decisions
- Context matters — TVL dropping 10% during a market crash is normal, during a bull run is concerning
- Check time frames — 24h data is noisy, 30d/90d trends are more reliable
- Whale tracking is reactive — by the time you see a whale move, the market may have priced it in
- DeFi Llama is your best friend — free, reliable, comprehensive
Links
