Foreword: You are stronger than you think
In the crypto world, the motto 'DYOR' (Do Your Own Research) is mentioned countless times, but for 90% of people, it feels more like an intimidating slogan. Faced with the inscrutable transaction hashes and wallet addresses on Etherscan, where do we start? How can we truly 'do our own research', rather than just wavering between different KOL's opinions?
The answer may be simpler than you think. Today, this is no longer a profound analysis report, but a practical guide tailored for you. Together, we will complete your first on-chain investigation step by step. We will use @Bubblemaps.io this powerful tool to learn how to extract valuable intelligence from the complex data like a professional detective.
Are you ready? Forget those complex terms and headache-inducing data tables. In 30 minutes, you will master a core skill that will put you ahead of 90% of participants in the Web3 world.
Step 1: Choose your 'subject of investigation'—everything starts with curiosity
A great investigation begins with a simple question. The source of this question could be a popular meme coin you saw recently on social media, a new project you discovered on CoinGecko, or even a 'wealth code' recommended by a friend.
Let's take a hypothetical new token called '$STAR' as an example.
Find its 'identity card': First, we need to find the contract address of this token. This is like its ID number, unique to it. You can find it on Etherscan, CoinGecko, or the project's official website.
Enter the 'investigation room': Once you have the contract address, you have multiple ways to access Bubblemaps' analysis interface:
The most direct way: Visit the Bubblemaps official website and paste the contract address into the search box.
The most convenient way: If you are using Etherscan or CoinGecko, you will be pleasantly surprised to find a Bubblemaps shortcut button usually prominently displayed on the token information page. Just click it, and you will be taken directly to the bubble chart interface for the $STAR token.
Congratulations, you have successfully entered the 'investigation room'; the first case file—the real-time holding distribution chart for $STAR—has been presented before you.
Step 2: Preliminary investigation—learn to read the 'crime scene'
When you see the bubble chart for the first time, you may find it a bit overwhelming, but don't worry, interpreting it follows very simple principles. It's like a detective's first inspection of a crime scene; we need to have a macro impression of the whole.
Healthy chart vs. Dangerous chart:
Signs of health (decentralization): You will see hundreds of bubbles of varying sizes evenly scattered across the canvas. There are almost no connecting lines between the largest bubbles (whales); they operate independently. This usually indicates that the token ownership is relatively decentralized, the community foundation is healthy, and the risk of manipulation by a few individuals is low.
Danger signals (centralization): In contrast, if what you see is a few massive 'bubble clusters' connected by the same color, occupying most of the screen area, then the alarm should sound immediately. This intuitively tells you that the vast majority of the token's supply is held by a few related parties.
Practical exercise: Now, look at the bubble chart for $STAR in front of you. Is it closer to a 'healthy' or 'dangerous' pattern? Note your first impression. This is your intuition as a detective, and it is very important.
Step 3: Identify key figures—recognize the 'whales' in the chart
In any story, key figures drive the development of the plot. In the on-chain world, these key figures are 'whales'—wallets that hold a large number of tokens.
In the Bubblemaps chart, they are the largest bubbles. Hover your mouse over these large bubbles, and you will see detailed information about this wallet.
Its exact address.
The number of tokens it holds and its percentage of the total supply.
The question you need to ask yourself is:
What percentage of tokens do the largest wallets collectively control? If the top ten wallets control more than 50% of the supply, this is a centralization signal that requires high vigilance.
Are there dense connecting lines between these whale wallets? If there are, this strongly suggests that they may be coordinating actions, or perhaps they are all part of the same person or team.
Practical exercise: Identify the top five holders of the $STAR token. Record their respective holding proportions. Do they have connections?
Step 4: Dig deeper—use 'time travel' to trace history
A person's past often hides their future motivations. The history of a token is the same. One of Bubblemaps' most powerful features—'time travel'—allows you to instantly journey back to the past to view the initial distribution of the token when it was born.
On the interface's timeline, drag the slider all the way to the left, to the moment when the token was just created. Now, you see the snapshot of holdings on the first day of the project's launch.
This is a key moment for uncovering the truth; you need to look for:
Traces of pre-sales and insider distributions: Under the narrative of 'fair launch', tokens should initially be distributed to a large number of independent addresses. However, if you see that a large number of tokens concentrated into a few wallets on the first day, it is likely the 'insider shares' of the team or early investors.
Patterns of early accumulation: Observe whether the largest wallets received tokens at the project's launch or gradually accumulated them through later trading. This can help you determine whether they are insiders of the project or external investors who entered later.
Practical exercise: Use the 'time travel' feature to view the bubble chart for the $STAR token on its first day of issuance. What amazing changes do you see compared to today's chart? Did you find evidence of early distribution being overly concentrated?
Step 5: Form your preliminary conclusion—transition from 'detective' to 'analyst'
Congratulations! Through the above four steps, you have completed a full basic on-chain investigation. You are no longer the novice who can only passively receive information; you now have the ability to independently verify information and form your own judgments.
Now, it's time to organize your clues and form a preliminary investigation memo:
Project Overview: $STAR Token.
Initial impression: Is the holding distribution centralized or decentralized?
Key role analysis: What is the holdings situation of the whales? Is there any connection between them?
Historical background investigation: Was the initial distribution of the token fair? Are there signs of early insider activities?
Comprehensive conclusion: Based on the above analysis, how risky do you think it is to invest in $STAR? Is this a project worth further time for research, or a potential scam to be avoided immediately?
Tip: Bubblemaps is an extremely powerful risk screening tool, but it is not omnipotent. Its analysis is limited to on-chain data. A complete DYOR also requires considering off-chain information such as project white papers, team backgrounds, and community activity levels. But there is no doubt that the on-chain investigation you have just completed is the most critical and hard-core step in the entire research process.
Conclusion: A new chapter in Web3
Today, you have unlocked not just the method of using a tool, but a completely new way of thinking. You have learned how to penetrate the noise of the market and reach the core of the data; you have learned how to speak with evidence rather than betting based on feelings.
This is just the beginning. As you become more skilled, you will discover how 'magic nodes' reveal hidden networks, and you will work alongside global 'on-chain detectives' through the 'intelligence platform', earning $BMT rewards through contributions. The world of Web3 is vast, and you have already obtained the most critical map.
#Bubblemaps $BMT
