Comprehensive analysis of trading volume patterns for the bridged SOL token on Base Network, distinguishing between organic trading and LP churning/wash trading activity.
Analysis of 2,000,000+ ERC-20 transfer transactions reveals that approximately 95.5% of SOL token volume on Base is generated by LP churning mechanisms, not organic trading activity.
| Classification | Volume (SOL) | Percentage | Address Count |
|---|---|---|---|
| LP Churning / Wash Trading | 37,516,521 | 95.5% | 86 |
| Organic Trading | 1,783,492 | 4.5% | 6,750 |
| Total Analyzed | 39,300,013 | 100% | 6,836 |
Contract Address: 0x7c460d504c1600Fb8c030ff0D3b7E02BAb268309
Owner/Initiator: 0xF28C66a9dFA53eeaF4b25d280B294C8835E10EA9
This smart contract accounts for approximately 68% of all wash trading volume through systematic LP churning:
- Mechanism: Repeatedly adds and removes liquidity from Aerodrome pools
- Counterparties: Only 1 (the Aerodrome SOL/WETH pool)
- Net Position: Near-zero despite millions in volume
- Balance Ratio: 100% (deposits equal withdrawals)
Contract Address: 0xEcBE25D69f0Bc85C8Eb42AE9A3b9A212DCed96e6
Owner: 0x4160f36b829958555134b8249250925092509250
Unlike traditional wash trading (buying and selling to oneself), these contracts exploit Aerodrome's liquidity incentive structure through repeated liquidity provision cycles:
- Add Liquidity: Deposit SOL + WETH into Aerodrome pool
- Receive LP Token: Get vAMM-SOL/WETH position token
- Stake LP Token: Deposit LP token in gauge for AERO emissions
- Remove Liquidity: Withdraw SOL + WETH from pool
- Repeat: Execute cycle thousands of times
0xcd9ce7f02aa53c42f1627053f0e698a1dd1f6dd7480c816780c0b827d0002f4e
This transaction shows the contract receiving LP tokens as part of the liquidity provision cycle.
Each add/remove liquidity cycle:
- Generates transfer events that count toward "volume"
- May earn trading fees from pool activity
- Earns AERO emissions when LP tokens are staked
- Has minimal price impact due to immediate reversal
Aerodrome distributes rewards through multiple channels:
| Reward Type | Source | Recipient |
|---|---|---|
| Trading Fees | 0.3% per swap | LP token holders |
| AERO Emissions | Weekly distribution | Gauge stakers |
| veAERO | Vote-escrowed AERO | Long-term lockers |
| Bribes | Protocol incentives | veAERO voters |
Based on transaction analysis, the primary volume farmer has received:
- USDC: Trading fee distributions
- AERO: Gauge emissions from staked LP
- Gas Costs: Approximately $10-20 per hour of operation
- Net Profit: Estimated $50-150 per hour
An address is classified as wash trading if ALL conditions are met:
- Balance Ratio > 85% - Deposits and withdrawals are nearly equal
- Net Position < 15% - Minimal accumulation or distribution
- Counterparties < 10 - Interacts with very few addresses (typically 1-3 pools)
- Volume > 100 SOL - Meets minimum activity threshold
- Not Infrastructure - Excluded from known DEX routers, bridges, aggregators
All addresses that:
- Do not meet wash trading criteria
- Are not classified as infrastructure
- Have meaningful net position changes
- Trade with diverse counterparties
The following address types are excluded from wash/organic classification:
- Aerodrome Pool:
0xb30540172f1b37d1ee1d109e49f883e935e69219 - DEX Routers and Aggregators
- Bridge Contracts
- Known Protocol Addresses
- API: Routescan API (Etherscan-compatible)
- Network: Base (Chain ID: 8453)
- Start Block: 38,699,339 (first SOL token transaction)
- Address:
0x311935cd80b76769bf2ecc9d8ab7635b2139cf82 - Standard: ERC-20 (CrossChainERC20)
- Decimals: 9
| Contract | Address | Description |
|---|---|---|
| SOL Token | 0x311935cd80b76769bf2ecc9d8ab7635b2139cf82 |
Bridged Solana token |
| AERO Token | 0x940181a94a35a4569e4529a3cdfb74e38fd98631 |
Aerodrome governance token |
| SOL/WETH Pool | 0xb30540172f1b37d1ee1d109e49f883e935e69219 |
Aerodrome vAMM pool |
basescan/
├── dashboard_modern.html # Interactive analysis dashboard
├── index.html # Redirect to dashboard
├── dashboard_export.json # Pre-computed analysis data
├── transactions.json # Raw transaction data
├── analyzer.py # Volume classification logic
├── routescan_fetcher.py # Transaction fetching
├── robust_backfill_v2.py # Historical data backfill
├── address_labeler.py # Address classification
├── update_dashboard.py # Dashboard data updater
└── auto_sync_github.py # Automated GitHub sync
The dashboard is deployed as a static site on Vercel:
- Repository connected to Vercel
- Automatic deployments on push to
main - No build step required (static HTML/CSS/JS)
| Resource | Description |
|---|---|
| Aerodrome Finance Docs | Official Aerodrome protocol documentation |
| Aerodrome Contracts | Contract addresses and ABIs |
| Base Network Docs | Base L2 documentation |
| Routescan API | API used for transaction data |
| Protocol | Resource |
|---|---|
| Aerodrome | Pool Explorer |
| Uniswap V3 | Base Deployments |
| PancakeSwap | V3 Contracts |
| Protocol | Resource |
|---|---|
| 1inch | Contract Addresses |
| 0x Protocol | Cheat Sheet |
| Odos | Contract Addresses |
| Paraswap | Smart Contracts |
| Protocol | Resource |
|---|---|
| LayerZero | V2 Contracts |
| Across | Contract Addresses |
| Contract | Basescan Link |
|---|---|
| SOL Token | 0x311935cd80b76769bf2ecc9d8ab7635b2139cf82 |
| AERO Token | 0x940181a94a35a4569e4529a3cdfb74e38fd98631 |
| Aerodrome SOL/WETH Pool | 0xb30540172f1b37d1ee1d109e49f883e935e69219 |
| Volume Farmer #1 | 0x7c460d504c1600fb8c030ff0d3b7e02bab268309 |
| Volume Farmer #2 | 0xecbe25d69f0bc85c8eb42ae9a3b9a212dced96e6 |
MIT License - See LICENSE for details.
Analysis by ConejoCapital