Whale Wallet Analysis - BASED

Whale Wallet Analysis - BASED

By D3F1 | DeFi Box | 27 Aug 2020


Hello guys, I am back with another Whale Wallet Analysis article - this time for $BASED. I have previously conducted a similar analysis for AMPL, LINK, and Synthetix and today will continue this series for $BASED.

The $BASED rich list is accessible on the Etherscan page for anyone to see. It should not be confused with the old $BASED address (I won’t list it), which migrated recently.

Following is a list of hand-picked $BASED whales that I found - I hope you find it interesting;

#1 Whale 

Rich List: 3rd 
Wallet Address: link
BASED Holdings: 5146/ $622K USD
Total BASED Supply: 5.1461% 

Other notable DeFi Holdings: 

- 512K Yearn Curve: ~ $548K USD - Started farming yCRV at the start of August. After experimenting a little, the whale re-entered in the last week of August.
- 10.5K $aZRX: ~ $7K USD - Lending ZRX on Aave to earn interest. It started on August 20th, 2020.
- 16K $aBAT: ~ $5.8K USD - Lending BAT on Aave to earn interest. It began on August 20th, 2020.

Whale #1 is a large scale Yield Farmer as he holds $500 on the yCRV pool to farm $YFI. In addition to this, the whale is lending a small volume of $ZRX and $BAT through Aave to earn interest.

#2 Whale 

Rich List: 4th 
Wallet Address: link
BASED Holdings: 3624/ $438.5K USD
Total BASED Supply: 3.6244% 

Other notable DeFi Holdings: 

- 322K $SNX: ~ $1.9M USD - Started to invest in SNX in June 2020 through 1inch.exchange and Kyber. Since the whale started, he has added to his SNX holdings every week.
- 22K $sUSD: ~ $21.8K USD - Started to invest in sUSD at the end of June 2020.

Whale #2 has a vast holding in the DeFi protocol Synthetix. He is holding the majority of these holdings in the $SNX protocol token itself but has used some of these to mint $sUSD, a stablecoin from Synthetix.

#3 Whale 

Rich List: 8th 
Wallet Address: link
BASED Holdings: 1790/ $216.5K USD
Total BASED Supply: 1.79% 

Other notable DeFi Holdings: 

- 295K $sUSD: ~ $290.9K USD - Started to buy Synthetix USD around August 20th.
- 9.5 $ETH: ~ $3.6K USD - A small amount of ETH to cover GAS fees.
-127K $STONK: ~ $1.2K USD - Invested into a coin called STONK August 20th.

Along with holding quite a large $BASED holding, Whale #3 also invested in the sUSD stablecoin toward the end of August. Interestingly, he also invested in a relatively unknown project called $STONK, a Balancer traded fund, on the same day. Also, I can see he owns a bag of $YAMv2, indicating his interest in the $YAM fiasco.

#4 Whale 

Rich List: 9th 
Wallet Address: link
BASED Holdings: 1551/ $187.6K USD
Total BASED Supply: 1.5512% 

Other notable DeFi Holdings: 

- 40.9K $cETH: ~ $315K USD - Lent this ETH to Compound on August 19th, 2020.

Whale #4 holds a large bag of $cETH. This is a token that is provided to users who lend their Ethereum tokens to the Compound lending platform to earn interest. On top of this, Whale #4 owns a sizable amount of $BASED.

#5 Whale 

Rich List: 11th 
Wallet Address: link
BASED Holdings: 915/ $110.7K USD
Total BASED Supply: 0.9150% 

Other notable DeFi Holdings: 

- 770 $aETH: ~ $296K USD - Lent ETH to Aave in August 2020 while taking little bits out here and there.
- 17K $aSNX: ~ $102.9K USD - Lent SNX to Aave at the same time.
- 2K $BAL: ~ $48.5K USD - Bought Balancer in June 2020.

Whale #5 is taking advantage of the interest gained by lending cryptocurrency to Aave as he holds over $400K in assets lent to the platform. Additionally, the whale also owns a relatively large bag of $BASED and a smaller bag of $BAL

#6 Whale 

Rich List: 12th 
Wallet Address: link
BASED Holdings: 909.9/ $109.9K USD
Total BASED Supply: 0.91% 

Other notable DeFi Holdings: 

- 10.2M $aLEND: ~ $7M USD - Whale #6 is lending the Aave governance token, $LEND, to the Aave platform. He started as far back as May 2020 and continued recently in August 2020.
- 467.7K $SNX: ~ $2.8M USD - Started to buy SNX in May 2020 and has purchased each month since. The majority come from Rewards from providing liquidity.
- 55.7K $NXM: ~ $2.6M USD - Bought a significant amount of Nexus Mutual in early August 2020.
- 167 $YFI: ~ $2.23M USD - Started to farm $YFI in July 2020 and has earned rewards since.
- 92.7K $TKN: ~ $91K USD - Bought the Monolith token in June 2020.

Whale #6 is the first large scale whale on this list, with over $10 million in cryptocurrency holdings. The majority of his holdings are in LEND, which he lent to the Aave platform to earn interest. On top of this, he owns a large holding in the SNX protocol as well as the Nexus insurance token. Additionally, Whale #6 is a farmer and has amassed over $2.2 million in YFI.

He also has holdings in other projects such as Monolith, sUSD, and DAI.

#7 Whale 

Rich List: 15th 
Wallet Address: link
BASED Holdings: 809/ $97.88K USD
Total BASED Supply: 0.8091% 

Other notable DeFi Holdings: 

- 24.28KK $aLINK: ~ $345K USD - Started to lend Chainlink to Aave in February 2020. Since then, he has continuously added additional LINK to earn interest and has taken little bits out here and there.

Whale #7 has the majority of his holdings in Chainlink, which he has lent out to Aave to earn interest. His $BASED holdings are relatively small compared with $LINK holdings.

#8 Whale 

Rich List: 18th 
Wallet Address: link
BASED Holdings: 555/ $67.1K USD
Total BASED Supply: 0.5554% 

Other notable DeFi Holdings: 

- 1.8K $YFL: ~ $203K USD - Started to farm YFL (YFLink) governance token in early August 2020. This is his largest holding. Surprisingly, he does not own any LINK outright.
- 550K $AUC: ~ $127K USD - Bought the Auctus token in June 2020 on Uniswap. He took some out through 1inch and Balancer in August 2020.
- 450K $AKRO: ~ $14.9K USD - Bought Akropolis in June 2020 and has slowly started to remove some funds from there in July and August.
- 51K $JRT: ~ $7.6K USD - Bought into the Jarvis Network in July 2020.

Whale #8 is mostly concentrated on the YFLink governance token that is farmed through Yearn Finance pools. In addition to this, he owns quite a substantial holding in Auctus token, a decentralized dApp building platform for financial software. He also owns smaller holdings in Akropolis, a DAO platform, Jarvis Network, BitcoinSoV, and Rarible. 

#9 Whale 

Rich List: 21st 
Wallet Address: link
BASED Holdings: 456.7/ $55.2K USD
Total BASED Supply: 0.4567% 

Other notable DeFi Holdings: 

- 480.6K $HAKKA: ~ $54.2K USD - Started to invest in HAKKA through Uniswap during late-August 2020.
- 51.59 $ETH: ~ $19.9K USD - The largest ETH holding so far on this list.
- 4.8K $sBTC: ~ $4.1K USD - Invested into Soft Btc, an ERC-20 version of BTC, in August 2020.

Whale #9 has an exciting portfolio in the sense that he is split equally between $BASED and an unknown project called $HAKKA. On top of this, Whale #9 owns a sizable amount of Ethereum, although not whale level holdings, it is the larges ETH stash on this list.

#10 Whale 

Rich List: 24th 
Wallet Address: link
BASED Holdings: 424.6/ $51.3K USD
Total BASED Supply: 0.4247% 

Other notable DeFi Holdings: 

- 7.9K $SBREE: ~ $106K USD - Started to incest in CoinBreeder DAO in August and has slowly removed some funding.
- 64.1K $SBTC: ~ $55.6K USD - Starting purchasing Soft Bitcoin in August 2020.
- 31.9K $sUSD: ~ $31.6K USD - Bought the Synthetix stablecoin in August 2020.
- 10.4K $USDT: ~ $10.4K USD - Bought Tether as early as Feb 2020 and continued purchasing in August 2020.

Whale #10 has a substantial holding in SBREE (Coin Breeder DAO), a relatively unknown project ranked in the 250th position designed to act as a sandbox for blockchain researchers, developers, and DEFI Yield Farmers. In addition to this, Whale #10 also owns Soft Bitcoin and a bunch of Stablecoins.

Conclusion

The $BASED whale list is quite impressive in the sense that there are not too many large scale whales here with millions of US Dollars in their wallets (except for #Whale 6 who is a giant whale). 

I also found it quite interesting that the majority of these whales barely own any Ethereum that a whale would find substantial. Most of them own less than $6,000 in ETH, which is nothing in Whale terms. 

Furthermore, lots of these Whales have lent their funds to platforms like Compound and Aave to earn interest - something that should be expected in today’s DeFi realm.

Lastly, some of these Whales hold relatively unknown projects, in quite large amounts. For example, SBREE, Monolith, HAKKA, and AUC are pretty quiet projects still ready to explode. 

 


D3F1
D3F1

Yet another defi fan


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