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Flotapponnier merged 2 commits into from
Aug 13, 2026
Merged

fix(207): inflow-only filter for fee detection #1921

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89b94e5
fix(207): align abstract/FAQ with tx_id methodology, fix Fomo wallet
Flotapponnier Aug 13, 2026
3115d3d
fix(207): add inflow-only filter, mirrors bench 203 fee detection
Flotapponnier Aug 13, 2026
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17 changes: 9 additions & 8 deletions benchmarks/solana-unique-traders.yml
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Original file line numberDiff line numberDiff line change
Expand Up@@ -30,13 +30,14 @@ seo_intro: |

abstract: |
The harness wraps the Dune Analytics API. A single saved query counts distinct
fee_payer addresses in solana.transactions that touched each platform's known fee
wallet addresses in the rolling 24-hour window, joined from solana.account_activity
for efficiency. All platforms including pump.fun use the same fee wallet attribution
approach against solana.account_activity (standard Dune tier). The harness re-executes
the query every hour, polls for completion, then updates the Prometheus gauge
solana_platform_unique_traders_24h per platform. Between executions it serves the
latest cached result every 15 minutes.
tx_id values from solana.account_activity where the fee wallet address received
a native SOL inflow (post_balance > pre_balance) or a USDC/WSOL token inflow
(post_token_balance > pre_token_balance via token_balance_owner) in the rolling
24-hour window. All platforms use the same inflow-only attribution against
solana.account_activity (standard Dune tier, no trace API required). The harness
re-executes the query every hour, polls for completion, then updates the Prometheus
gauge solana_platform_unique_traders_24h per platform. Between executions it serves
the latest cached result every 15 minutes.

methodology:
- "Source: Dune Analytics (dune.com). Query updated hourly, results fetched every 15 min."
Expand All@@ -62,7 +63,7 @@ prometheus:

faq:
- q: "What does unique daily traders measure?"
a: "Unique daily traders counts the number of distinct wallet addresses (fee_payer in Solana transactions) that executed at least one trade through a platform in the rolling 24-hour window. It measures user breadth, not volume or frequency. A wallet that trades 1000 times counts as 1 unique trader."
a: "Unique daily traders counts the number of distinct fee-touching transactions (tx_id) in solana.account_activity where a platform fee wallet received SOL or USDC/WSOL in the rolling 24-hour window. It is a proxy for user breadth: the actual unique-wallet count is typically 3-10x lower since active traders execute multiple transactions per day. A wallet that trades 1000 times generates up to 1000 counted transactions."
- q: "Why does pump.fun have so many more unique traders than GMGN?"
a: "pump.fun is the default entry point for new Solana users and meme coin traders. Its bonding curve launch mechanic triggers massive multi-wallet bot activity as snipers race to buy newly created tokens. GMGN serves a more deliberate, power-trader segment that skews toward fewer unique wallets but larger position sizes."
- q: "Is this apple-to-apple between pump.fun and the others?"
Expand Down
44 changes: 32 additions & 12 deletions harnesses/solana-unique-traders/cmd/script/dune.go
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Expand Up@@ -9,12 +9,12 @@ import (
"time"
)

// querySQL counts unique fee-touching transactions per Solana trading platform.
// Source: solana.account_activity filtered to known fee wallet addresses.
// Count distinct tx_ids per platform as a proxy for daily active traders.
// pump_fun_solana.trades (Dune Spellbook) is unavailable on our API tier.
// Since pump.fun cut bonding-curve trading fees to 0% on 2026-08-07,
// its count reflects only transactions generating graduation/creator fees.
// querySQL counts unique fee-generating transactions per Solana trading platform.
// Mirrors bench 203: only rows where the fee wallet actually received SOL
// (post_balance > pre_balance) or USDC/WSOL tokens (token_balance_owner match,
// post > pre). Avoids counting txs where fee wallet addresses appear as
// program IDs or read-only accounts without any balance change.
// Fomo uses R4rN... (owner wallet) for token_balance_owner matching.
const querySQL = `
WITH fee_wallets AS (
SELECT address, platform FROM (VALUES
Expand DownExpand Up@@ -56,7 +56,7 @@ WITH fee_wallets AS (
('Hbj6XdxX6eV4nfbYTseysibp4zZJtVRRPn2J3BhGRuK9','axiom'),
('846ah7iBSu9ApuCyEhA5xpnjHHX7d4QJKetWLbwzmJZ8','axiom'),
('5BqYhuD4q1YD3DMAYkc1FeTu9vqQVYYdfBAmkZjamyZg','axiom'),
('HrTf9CzXR1dRH4Sof5QrpmGWwpwAf3qZzwCsEjQpXcSq','fomo'),
('R4rNJHaffSUotNmqSKNEfDcJE8A7zJUkaoM5Jkd7cYX','fomo'),
('9yMwSPk9mrXSN7yDHUuZurAh1sjbJsfpUqjZ7SvVtdco','trojan'),
('92Med3qeK7duC5iiYsHX38H2f2twJfRsSx93oNrza2VH','trojan'),
('2jwHNxavSoMZMEDbT1eV9PcPt5dDcayCqM6MkgaPpmWQ','trojan'),
Expand All@@ -67,12 +67,32 @@ WITH fee_wallets AS (
('MaestroUL88UBnZr3wfoN7hqmNWFi3ZYCGqZoJJHE36','maestro'),
('FRMxAnZgkW58zbYcE7Bxqsg99VWpJh6sMP5xLzAWNabN','maestro')
) AS t(address, platform)
),
fee_activity AS (
SELECT fw.platform, a.tx_id
FROM solana.account_activity a
JOIN fee_wallets fw ON a.address = fw.address
WHERE a.block_time >= NOW() - INTERVAL '1' DAY
AND a.token_mint_address IS NULL
AND a.post_balance > a.pre_balance
UNION
SELECT fw.platform, a.tx_id
FROM solana.account_activity a
JOIN fee_wallets fw ON a.token_balance_owner = fw.address
WHERE a.block_time >= NOW() - INTERVAL '1' DAY
AND a.token_mint_address = 'EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v'
AND a.post_token_balance > a.pre_token_balance
UNION
SELECT fw.platform, a.tx_id
FROM solana.account_activity a
JOIN fee_wallets fw ON a.token_balance_owner = fw.address
WHERE a.block_time >= NOW() - INTERVAL '1' DAY
AND a.token_mint_address = 'So11111111111111111111111111111111111111112'
AND a.post_token_balance > a.pre_token_balance
)
SELECT fw.platform, COUNT(DISTINCT a.tx_id) AS unique_traders_24h
FROM solana.account_activity a
JOIN fee_wallets fw ON a.address = fw.address
WHERE a.block_time >= NOW() - INTERVAL '1' DAY
GROUP BY fw.platform
SELECT platform, COUNT(DISTINCT tx_id) AS unique_traders_24h
FROM fee_activity
GROUP BY platform
ORDER BY unique_traders_24h DESC
`

Expand Down
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