What this is
A working version of the growth scoreboard the role asks for: follow every new wallet from its first trade to repeat trading and the fees it pays, split by what it traded, how it arrived and who referred it. Everything is computed in your browser from public, keyless sources. Nothing is stored.
How each number is built
- New traders. Arbitrum public RPC,
eth_getLogson the Gains diamond0xFF16…f169forTradeStoredwith trade index 0, which marks a wallet's first trade on that chain. The event also carries the pair, leverage, direction, collateral and order type. - Repeat and fees. Gains' public trade-history API, 50 wallets per call. D7 and D30 repeat mean the wallet opened another trade between 24 hours and 7 (or 30) days after its first. Trades in the same session do not count. Fees are the trading fees on trades opened in the first 30 days, in USD. Wallets younger than 7 or 30 days are left out of the matching rate.
- Attribution. Gains' public referral API, one lookup per wallet, plus the front-end source tags on the first trade.
- Who funded the wallets. For about 90 sampled new wallets, the first native-USDC transfer received in the ~29 days before the first trade (Arbitrum logs). Senders seen 3+ times are traced in reverse. A sender that funded 20+ new traders here, where they make up 20%+ of all it funded, is treated as one operator, and its wallets are separated from acquisition rates (toggle to include them).
- Cross-check. Daily first trades counted here are compared with the daily change in Gains' own
total_usersfigure from its stats API. - Audit. The Wallets tab lists every wallet with Arbiscan links to its first trade, and exports the full cohort as CSV.
- Revenue and rivals. DefiLlama fees and revenue. The baseline line is the $267,350 monthly figure locked in the June 2026 "Make Gains Great Again" proposal.
Limits
- Arbitrum only for the cohort: it carries most Gains activity, and keyless log access on Base and Polygon is too thin for 30-day ranges. The Live 72h tab covers all three.
- "New" means new on Arbitrum. A wallet that traded on Base first still counts here.
- Steps 1 to 3 of the funnel (source, visit, wallet connect) need app analytics, which are private.
- Older trades lack front-end tags, so the source split is reliable only for recent weeks.
- Fees exclude borrowing and funding fees and trader losses paid to the vault.
- The funder trace reads native USDC only and works from a sample, so it finds large operators and misses small ones.
Built by
Edward Tay. Homework page: gains.edwardtay.com.