Mapping the exchanges, one tracer at a time
A unique native token deposited to an exchange behaves like a tagged banknote: it cannot commingle the way ada does, so it can be followed hop by hop from a deposit address into the exchange’s internal wallets. Each depositor reports which exchange they used; that self-report is the only off-chain input. The map starts as reconstructed unidentified clusters (shape only); a tracer that lands in one lights it up, and independent agreement names it. How we keep the data honest →
Last updated 2026-07-24 16:55 UTC
An exchange label is an inference from voluntary deposits, on-chain footprint only, not a confirmed entity. Reaching an address shows contact and sweep behaviour, not custody of any named party’s funds. What this proves, and what it doesn’t → · LLM and data-query guide →