Users will frequently transfer their capital to other places with high returns , Yes 42% Of people in 24 Quit within hours .

Original title :《DeFi The way of life Nansen analysis : Mining farms opened by vampire attacks , Capital stickiness is poor
writing :Ling Young Loon,Nanse analysts
compile : Screen

MasterChef.sol May be DeFi One of the most forked contracts in the world . Branching refers to copying the code base , Most of its functions remain unchanged . The developer may change the name of one or two variables , But the architecture of the contract and its interface are basically the same . The advantage of this is : Developers can easily achieve their expected results , That is to issue token reward , And contracts may be safer , Because it has been used on Ethereum for a while .

MasterChef.sol, The first is the Sushiswap stay 2020 Years from Uniswap savage 「 Blood sucking 」 Deployed in a liquidity event , The way is by $SUSHI Motivate users to put assets (LP Tokens, ) Locked in it . Until today, , It's still a popular way for new projects to attract capital deposits . When ERC20 Token transfer in , The native platform token will be issued to users after they withdraw money .


In this article , We treat all Masterchef The contract makes a summary analysis , See if you can gather any insights about yield farming activities on the blockchain . Let's take one that contains 「Chef」 The contract database of the word . There are almost 400 A contract like this -- Let's sort by the number of calls to these contracts .

Nansen: imitation SushiSwap Whether the blood sucking attack of can retain users' funds ?

It is expected that ,Sushiswap Of Masterchef Contracts lead in the number of contract calls . In this study , We will only focus on those that are at least called 500 Second contract . We get this contract data set , Token transactions in and out of contracts represent deposits and withdrawals of tokens . Here's the flow of money to new farm contracts , So I didn't put Sushiswap Of MasterChef The contract includes . So we have about 28 individual 「Chef」 Bifurcation .

Yes 2 A hypothesis :

  1. Any token entered into such a contract is considered a deposit
  2. Any token removed from the contract is considered a withdrawal .

By checking the token in and the token out masterchef The timing of the contract , Got about 40,000 A sample size of farm entrances and exits . These are made up of 33882 From a unique address . Through some analysis , We can find a time between a user entering and exiting the farm , And the time between the farm being deployed and the funds first entering the pool .


How sticky are the funds deposited in these contracts ? Um. , not big . The vast majority of farmers seem to be at the head of the farm 5 Quit in a few days , Half of the farmers never stay more than 15 God . However ,13% Their address still keeps their money in these contracts .

Nansen: imitation SushiSwap Whether the blood sucking attack of can retain users' funds ?

The heat map below , It presents the relationship between when users enter the farm and the duration of income farming activities in a visual way . It turns out that , When users enter the farm , There doesn't seem to be a clear relationship between time spent on the farm and users . The data column on the far right represents the number of users who have not yet left the farm .

Nansen: imitation SushiSwap Whether the blood sucking attack of can retain users' funds ?

Here's a more interesting statistic . On the day of the farm's start-up, the income farmers who enter the farm , There are up to 42% Of people in 24 Quit within hours . about 16% Of people in 48 Leave within hours , And on the third day , Among these users are 70% I'll drop out of the contract . That's because the reward release rate (APR) It usually goes down block by block , And as more users enter the farm , The reward will be diluted over time . stay DeFi in , Capital is really mercenary , Users will use their capital in other high-yielding places , Never fall behind !

Smart income farmers

Can you find the addresses that have always entered the income farm ahead of time ? There seem to be a few . There are about 11 The first address was after the farm was launched 5 At least in a few days 6 individual Chef contract . This list is uploaded in the form of highlights to here . If you want to use Nansen The wallet analyzer further digs , You can set up smart alerts , Remind you of the actions taken at these addresses .

Happy Alpha hunting with Nansen!

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