Analysis of ego multi-token transfer networks: a multilayer approach

Célestin Coquidé; Rémy Cazabet; Natkamon Tovanich

doi:10.1007/s41109-025-00712-z

Analysis of ego multi-token transfer networks: a multilayer approach

Célestin Coquidé
, Rémy Cazabet
, Natkamon Tovanich

Université de Lyon

Résultats de recherche: Contribution à un journal › Article › Revue par des pairs

Résumé

This study introduces the Multilayer Token Network (MLTN), a mathematical framework for analyzing Ethereum token transfers while capturing inter-token transformations crucial to Decentralized Finance (DeFi). Focusing on prominent fund accounts, we propose the PageRank-CheiRank Trade Balance (PCTB), an econometric measure inspired by balance sheet principles to quantify trade behavior over time. Applying MLTN to 2018–2024 transaction data, we reveal Alameda Research’s evolving trade strategies, fund interdependencies, and token-specific accumulation and distribution patterns, offering new insights into on-chain financial activities.

langue originale	Anglais
Numéro d'article	37
journal	Applied Network Science
Volume	10
Numéro de publication	1
Les DOIs	https://doi.org/10.1007/s41109-025-00712-z
état	Publié - 1 déc. 2025

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title = "Analysis of ego multi-token transfer networks: a multilayer approach",

abstract = "This study introduces the Multilayer Token Network (MLTN), a mathematical framework for analyzing Ethereum token transfers while capturing inter-token transformations crucial to Decentralized Finance (DeFi). Focusing on prominent fund accounts, we propose the PageRank-CheiRank Trade Balance (PCTB), an econometric measure inspired by balance sheet principles to quantify trade behavior over time. Applying MLTN to 2018–2024 transaction data, we reveal Alameda Research{\textquoteright}s evolving trade strategies, fund interdependencies, and token-specific accumulation and distribution patterns, offering new insights into on-chain financial activities.",

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AU - Coquidé, Célestin

AU - Cazabet, Rémy

AU - Tovanich, Natkamon

N1 - Publisher Copyright: © The Author(s) 2025.

PY - 2025/12/1

Y1 - 2025/12/1

N2 - This study introduces the Multilayer Token Network (MLTN), a mathematical framework for analyzing Ethereum token transfers while capturing inter-token transformations crucial to Decentralized Finance (DeFi). Focusing on prominent fund accounts, we propose the PageRank-CheiRank Trade Balance (PCTB), an econometric measure inspired by balance sheet principles to quantify trade behavior over time. Applying MLTN to 2018–2024 transaction data, we reveal Alameda Research’s evolving trade strategies, fund interdependencies, and token-specific accumulation and distribution patterns, offering new insights into on-chain financial activities.

AB - This study introduces the Multilayer Token Network (MLTN), a mathematical framework for analyzing Ethereum token transfers while capturing inter-token transformations crucial to Decentralized Finance (DeFi). Focusing on prominent fund accounts, we propose the PageRank-CheiRank Trade Balance (PCTB), an econometric measure inspired by balance sheet principles to quantify trade behavior over time. Applying MLTN to 2018–2024 transaction data, we reveal Alameda Research’s evolving trade strategies, fund interdependencies, and token-specific accumulation and distribution patterns, offering new insights into on-chain financial activities.

KW - Blockchain analytics

KW - Cryptocurrency network

KW - Ethereum

KW - Multilayer network

KW - PageRank centrality

KW - Token transfer network

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VL - 10

JO - Applied Network Science

JF - Applied Network Science

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ER -

Analysis of ego multi-token transfer networks: a multilayer approach

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