1️⃣ LDO (Lido Finance)
Key Investors:
- Paradigm: 70M LDO (7% of supply)
- Dragonfly Capital: 27M LDO (2.7%)
- Certus One: 10M LDO
- Wintermute: 8M LDO
- Defiance Capital: 7M LDO
- Cobie: 4.8M LDO
- Kain Warwick: 4M LDO
- Alex Svanevik: 3.5M LDO
Token Unlocks:
- Paradigm's 100M LDO unlocks May 2023
- Dragonfly gets additional 10M LDO August 2023
👉 Discover Lido staking opportunities
2️⃣ GMX
Whale Watch:
- Arthur Hayes: 205K GMX ($15.5M)
- Whale #1: 196K GMX
- Whale #2: 147K GMX (+$10M ETH on Aave)
- Whale #3: 87K GMX
- 'Mewtwooo': 55.5K GMX (+$5M GNS)
- Tano: 10K GMX
Pro Tip: Tracking becomes complex as staked GMX balances aren't reflected in Nansen. Debank provides clearer visibility.
3️⃣ RPL (Rocket Pool)
Major Holders:
- Patricio Worthalter (POAP founder): 613K RPL ($32M)
- 1kx: 534K RPL ($27.9M)
- Blockchain Capital: 121K RPL
- LayerX Capital: 38K RPL
These top 3 whales hold 6% of total supply. Patricio began accumulating in 2018, while 1kx entered in August 2021 at $17/RPL.
4️⃣ FXS (Frax Finance)
Notable Positions:
- fraximaxi.eth: 6.58M FXS ($75M)
- fraxcetacean.eth: 1.9M FXS ($21.6M)
- Tetranode: 1.01M FXS (locks until 2027)
- Dragonfly Capital: 648K FXS
- Arthur Hayes: 105K FXS
Dragonfly receives monthly FXS distributions from a "private round allocation" address.
5️⃣ CRV (Curve Finance)
Concentration Alert:
- Founder wallets #2-4: 396M CRV ($467M)
- Michael Egorov: 340M CRV ($401M)
- Genesis Trading: 2.8M CRV
- Tetranode: 2M CRV
Most founder-held CRV is either locked as veCRV or subject to linear vesting schedules.
6️⃣ DYDX (dYdX)
Exchange Whales:
- Wintermute: 6.5M DYDX ($20M)
- Amber Group: 2.85M DYDX
- Hashkey: 2.2M DYDX
- CMS: 1.76M DYDX
CMS received all DYDX at $15 in September 2021 and has largely held since.
👉 Explore perpetual trading platforms
7️⃣ SNX (Synthetix)
Foundation Holdings:
- Kain Warwick: 12.9M SNX ($33.8M)
- Jump Trading: 2.4M SNX
- Genesis Trading: 407K SNX
- a16z: 374K SNX
- Tetranode: 104K SNX
8️⃣ MATIC (Polygon)
Ecosystem Backers:
- Republic Capital: 24.5M MATIC ($37M)
- Blockchain Capital: 17.7M MATIC ($27M)
- Jump Trading: 17.3M MATIC
- Dragonfly: 8.3M MATIC
Dragonfly accumulated at $0.70 in July 2022.
FAQ Section
Q: How do I track whale wallets?
A: Use Debank + Etherscan alerts for comprehensive monitoring beyond Nansen's limitations.
Q: When do most VC tokens unlock?
A: Typically 12-36 months post-investment, with May-August 2023 being a key unlock period.
Q: Which protocol has the most concentrated holdings?
A: Curve Finance shows extreme concentration, with top 5 wallets controlling >90% of circulating CRV.
Q: Are whale holdings always bullish?
A: Not necessarily - some whales like Patricio (RPL) systematically take profits during rallies.
Q: What's the safest way to follow smart money?
A: Focus on wallets with multi-year holding periods (like 1kx's RPL) rather than short-term traders.
Q: Which protocol has the most retail-friendly distribution?
A: GMX shows relatively decentralized holdings compared to others in this analysis.