Solana on Base Volume Analysis

Comprehensive analysis of trading patterns for the bridged SOL token on Base Network

Token: 0x311935cd80b76769bf2ecc9d8ab7635b2139cf82
Network: Base (L2)
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Transactions Analyzed
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Wash Trading Volume
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Organic Volume
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Total Volume (USD)
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Volume Classification

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Pool volume excluded from wash/organic split (infrastructure)
Research Mode: Exclude Top Traders
Exclude Wash Traders
Exclude Organic Traders

Wash Trading

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Organic Trading

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Block Sync Status
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Latest block with transactions
Latest Base Block
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Current network block
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From token start (38,699,339)
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Transactions Fetched: -
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Top Wash Traders

    # Address Volume Balance %
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    Top Organic Traders

      # Address Volume Counterparties
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      Classification Methodology

      How we distinguish wash trading from organic volume

      Overview

      This analysis examines all ERC-20 transfer transactions for the SOL token on Base network starting from block 38,699,339 (token inception). Each address is classified as either "wash trading" or "organic" based on their trading patterns.

      Wash trading is identified by addresses that repeatedly buy and sell nearly equal amounts, resulting in minimal net position changes while generating significant volume. These addresses typically interact with very few counterparties (often just 1-3 DEX pools).

      Classification Criteria

      An address is classified as WASH TRADING if it meets ALL of the following:

      • Balance Ratio > 85%
        The ratio of sent to received volume must be greater than 85%. This indicates the address is buying and selling nearly equal amounts (e.g., sent 1000 SOL and received 950 SOL = 95% balance ratio).
      • Net Position < 15% of Average Volume
        The absolute difference between received and sent volume must be less than 15% of the average volume. This confirms minimal accumulation or distribution.
      • Fewer Than 10 Counterparties
        The address must interact with fewer than 10 unique counterparties. Legitimate routers and aggregators interact with hundreds of addresses, while wash traders typically use 1-3 DEX pools.
      • Total Volume > 100 SOL
        Minimum volume threshold to filter out dust and noise.

      Exclusions

      Addresses are classified as ORGANIC if they:

      • Have Many Counterparties (>50)
        Addresses interacting with 50+ counterparties are likely DEX routers, aggregators, or other infrastructure - not wash traders.
      • Have Significant Net Position
        Addresses that accumulate or distribute significant amounts (net position >15% of volume) are engaging in real buying/selling.
      • Have Imbalanced Buy/Sell Ratio
        Addresses where buy and sell volumes differ significantly (balance ratio <85%) are not round-tripping.

      Pool Volume Exclusion

      Important: The Aerodrome SOL/WETH pool (0xb30540172f1b37d1ee1d109e49f883e935e69219) is excluded from the wash/organic percentage calculation because:

      • It's Infrastructure, Not a Trader
        The pool is the counterparty for all swaps. When a wash trader sells, the pool "receives" that volume. Including pool volume would double-count and misrepresent the data.

      Aerodrome Reward Mechanism

      Understanding how volume farmers profit from Aerodrome's incentive structure is key to analyzing this behavior. Aerodrome Finance is a next-generation AMM on Base that uses the ve(3,3) tokenomics model.

      AERO is Aerodrome's native token. It can be locked into veAERO (vote-escrowed AERO) to participate in governance and earn protocol fees. veAERO holders vote on which pools receive AERO emissions each epoch.

      Liquidity Provider Revenue Streams

      1. Trading Fees (0.3%)

      Every swap through the pool pays a 0.3% fee to liquidity providers, split proportionally by their share of the pool. The SOL/WETH pool uses Slipstream (concentrated liquidity).

      Formula: Fee = Swap Volume × 0.003 × (Your Liquidity / Total Liquidity)
      2. AERO Emissions (Gauge Rewards)

      veAERO holders vote on which pools receive AERO emissions each week. LPs who stake their LP positions in the gauge (0xC6e211fF1D04A1728ab011406AD42EF529Cb3886) earn AERO tokens proportional to their staked liquidity.

      Claim: LPs must manually claim AERO rewards from the gauge contract
      3. veAERO (Vote-Escrowed AERO)

      Users can lock AERO into veAERO to gain voting power. veAERO holders:

      • Vote on which pools receive AERO emissions
      • Earn 100% of trading fees from pools they vote for
      • Receive bribes from protocols seeking votes
      4. Bribes (Voter Incentives)

      Protocols can offer bribes to veAERO voters to direct emissions to their pools. These are typically paid in the protocol's native token or stablecoins and go to voters, not LPs directly.

      How the Volume Farmer Exploits This

      The volume farmer uses a smart contract to repeatedly add and remove liquidity, exploiting the system in the following ways:

      1
      Add Concentrated Liquidity

      Deposits SOL + USDC into a narrow price range (Slipstream concentrated liquidity), maximizing capital efficiency.

      2
      Stake LP NFT in Gauge

      Immediately stakes the Slipstream Position NFT in the gauge to start accruing AERO emissions.

      3
      Remove Liquidity Quickly

      Withdraws liquidity shortly after, minimizing impermanent loss risk while generating SOL transfer "volume."

      4
      Repeat ~50,000 Times

      This process is automated and repeated thousands of times, inflating the token's apparent trading volume.

      Observed On-Chain Rewards

      USDC (Net)
      ~$3,979
      Trading fees captured
      AERO (Net)
      ~1.74
      From gauge staking
      Gas Spent
      ~$1,070
      ~107K txs × $0.01
      Est. Net Profit
      ~$2,900
      Conservative estimate

      Note: The relatively modest profit (~$2,900) compared to the massive volume (18.6M SOL) suggests the primary goal may be inflating volume metrics rather than pure profit extraction. This could be to make the token appear more actively traded than it actually is, potentially to attract real traders or boost rankings on analytics platforms.

      Proof: Volume Farming via LP Churning

      We have identified conclusive evidence of volume farming through liquidity manipulation. The top "wash trader" is actually a smart contract wallet that repeatedly adds and removes liquidity.

      The Mechanism (LP Churning)

      1. ADD LIQUIDITY: Contract sends SOL + USDC to the Aerodrome pool
      2. RECEIVE NFT: Gets Slipstream Position NFT representing LP position
      3. STAKE: Deposits NFT in gauge for AERO rewards
      4. REMOVE: Shortly after, removes liquidity (gets SOL + USDC back)
      5. REPEAT: This process repeats ~50,000 times
      6. RESULT: Net position ≈ 0, but massive "volume" generated
      Important Distinction:

      This is NOT traditional wash trading (fake trades between addresses). Instead, it's LP churning - repeatedly adding/removing liquidity to artificially inflate transfer volume while maintaining near-zero net exposure. The actual transaction initiator is 0xF28C66a9dFA53eeaF4b25d280B294C8835E10EA9, who controls the smart contract.

      Volume Farmer #1 (Smart Contract)

      Smart Contract Address

      0x7c460d504c1600fb8c030ff0d3b7e02bab268309 View on Basescan

      Actual Owner (Transaction Initiator)

      0xF28C66a9dFA53eeaF4b25d280B294C8835E10EA9 View on Basescan
      Add Liquidity Events
      48,373
      Remove Liquidity Events
      58,712
      Total SOL to Pool
      18,659,344 SOL
      Total SOL from Pool
      18,658,182 SOL
      Net Position
      -1,162 SOL
      Balance Ratio
      99.99%
      Unique Counterparties
      2 (only pool!)

      Transaction Evidence (Verified on Basescan)

      LP Churning Example Verified
      Actual Transaction Breakdown

      This transaction (user-provided evidence) shows the full LP churning flow:

      1. Initiator: 0xF28C66a9dFA53eeaF4b25d280B294C8835E10EA9 calls contract
      2. Contract sends: 84.72 SOL + 15,247 USDC to pool
      3. Mint NFT: Slipstream Position NFT #95817 minted to contract
      4. Stake: NFT deposited to gauge for AERO rewards
      ADD LIQUIDITY
      84.7211 SOL
      + 15,247.69 USDC
      Block 39,109,843
      REMOVE LIQUIDITY (Later)
      ~84.72 SOL
      + ~15,247 USDC
      Shortly after
      Result:
      Net position: ~0 SOL
      This is NOT a trade - it's adding liquidity to earn trading fees and AERO rewards, then removing it. The "volume" is generated by the SOL transfer to/from the pool, not actual buying/selling.
      Round-Trip Example #2 Verified
      SELL Transaction
      86.3533 SOL
      Block 39,110,148
      BUY Transaction
      86.3533 SOL
      Block 39,110,147
      Time difference: ~2 seconds (1 block) Amount difference: 0.0000 SOL

      Volume Farmer #2 (Smart Contract)

      This is the largest volume farmer - accounting for over 833,000 transactions and 29.5M SOL in combined LP churning volume. Like Farmer #1, this is a smart contract that repeatedly adds/removes liquidity.

      Smart Contract Address

      0xEcBE25D69f0Bc85C8Eb42AE9A3b9A212DCed96e6 View on Basescan

      Actual Owner (Transaction Initiator)

      0x4160f36bF377c0CF98d86397c5f1A3e3bF11C48F View on Basescan
      Add Liquidity Events
      416,567
      Remove Liquidity Events
      417,249
      Total SOL to Pool
      14,760,266 SOL
      Total SOL from Pool
      14,787,103 SOL
      Net Position
      +26,837 SOL
      Balance Ratio
      100.18%
      Unique Counterparties
      2 (only pool!)

      Transaction Evidence (Verified on Basescan)

      LP Churning Example - Remove Liquidity Verified
      Transaction Breakdown

      This transaction shows the remove liquidity flow for Farmer #2:

      1. Initiator: 0x4160f36bF377c0CF98d86397c5f1A3e3bF11C48F calls contract
      2. Gauge sends AERO: 0.079 AERO reward claimed
      3. Pool returns: 124.85 SOL ($17,060) + 2,770.28 USDC
      4. NFT transferred: Slipstream Position NFT moved from gauge
      REMOVE LIQUIDITY
      124.8469 SOL ($17,060.33)
      + 2,770.28 USDC
      + 0.079 AERO (gauge reward)
      Block 40,557,736
      Round-Trip Example #2 Verified
      SELL Transaction
      0.0081 SOL
      Block 39,919,927
      BUY Transaction
      0.0081 SOL
      Block 39,919,927
      Time difference: 0 seconds (same block!) Amount difference: 0.0000 SOL
      Note: This trader executes many transactions in the same block, indicating automated/bot trading with extremely high frequency.

      Conclusion

      Why This is Conclusive Proof of Volume Farming

      • Both addresses are smart contracts controlled by EOAs - indicating automated operations
      • They interact with only 2 counterparties (the pool and gauge) - no real trading activity
      • Add/remove liquidity amounts are nearly identical - no actual market exposure
      • Pattern repeats 940,000+ times - clearly automated LP churning
      • Net position change is 0.038% despite 66.9M SOL in volume
      • Both have a 99.99-100.18% balance ratio (adds ~= removes)
      • They receive AERO rewards from gauge staking during the brief holding period
      • All transactions verified on Basescan - click any link above to verify

      Combined Impact of Both Volume Farmers

      Combined LP Events
      940,901
      Combined Volume
      66.9M SOL
      Net Position Change
      +25,675 SOL
      Share of Total Volume
      87.8%

      These two addresses alone generated 66.9 million SOL in LP churning volume (87.8% of all transfers) with a net position change of only ~25,675 SOL (0.038% of volume).

      Data Source

      Transaction data is fetched from the Routescan API (Etherscan-compatible endpoint for Base network). Analysis starts from block 38,699,339 (first SOL token transaction) and continues to the current block.

      The target is approximately 2,352,771 transactions as shown on Basescan. This analysis is updated in real-time as more transactions are fetched.

      Token Contract: CrossChainERC20 (Minimal Proxy) - 9 decimals

      Wash Trading Addresses

      All addresses classified as wash trading based on their trading patterns

      Complete List (0 addresses)

        # Address & Label Volume (SOL) % of Total Balance % Counterparties
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        Organic Addresses

        All addresses classified as organic traders

        Complete List (0 addresses)

          # Address & Label Volume (SOL) % of Total Balance % Counterparties
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