How to Analyze Users and Token Flows in Dune: A Practical Guide

How to Analyze Users and Token Flows in Dune: A Practical Guide

In the blockchain era, analyzing users and token flows has become an essential skill for on-chain analysts. This how-to guide focuses on how to leverage Dune to explore and better understand the TON ecosystem. By delving into on-chain data analysis, you’ll learn how to identify real users and analyze transaction volume.

Who Will Benefit from This Guide?

This article is designed to:

• On-chain analysts
• Experienced Dune Users
• Founders and researchers
• Dashboard Builders
• Anyone looking for an in-depth understanding of the dynamics of the TON ecosystem

Steps to Analyze Users and Token Flows

In this post, you’ll learn how to:

1. Analyze authentic users.
2. Calculate the TVL using balance tables.
3. Calculate dollar volume flowing through addresses.
4. Track Telegram star volumes.
5. Analyze both on-chain and estimated off-chain NFT trading volumes.

1. Identification of Real Users

Filtering out non-relevant accounts is the critical first step in analyzing broad address data. A systematic methodology for ensuring data quality is provided here:

Filtering Methodology:

• Wallet Interfaces: Filter by wallet interfaces to identify real users.
• Delete Masterchain Wallets: Exclude addresses that primarily serve staking or network infrastructure.
• Delete Custodial Wallets: Exclude more than 8 million addresses belonging to exchanges and payment services.
• Remove Sybil Addresses: Exclude wallets created to exploit airdrops.
• Delete Organizational Portfolios: Exclude addresses from larger entities.

2. Calculation of TVL and Balances

Dune offers two main tables for analyzing token balances :

• ton.balances_history: Records every change in user balances.
• ton.latest_balances: Contains the current TON and Jetton balances for each user.

For analysis of current balances, see ton.latest_balances filter by relevant addresses and multiply by the most recent token prices.

3. Volume Calculation, Inflow, Outflow and Netflow

The TON blockchain supports three main methods for transferring equivalent value:

• Native TON transfers.
• Jetton token transfers.
• NFT transfers.

For a complete analysis of token transfers, it is necessary to combine the data from ton.messages and ton.jetton_events.

4. Calculating NFT On-Chain and Off-Chain Trading Volumes

On-chain NFT trading, including Telegram gifts and usernames, is stored on ton.nft_items. To convert to dollars, multiply by the corresponding daily TON prices. However, off-chain markets require more detailed analysis:

Estimating the volume of the off-chain NFT market assuming that users deposit and withdraw TON from internal balances provides a solid basis for analysis.

This guide is designed to provide a high level of on-chain analytics in the TON ecosystem and how to improve your analytics skills using the Dune platform. Stay tuned for additional guides for more advanced analysis.