When I first encountered Bubblemaps, I thought it was just a 'fun' visualization tool. It wasn't until last month when it revealed that the Rugproof Launchpad was controlled by 162 wallets that I realized its value. This case directly caused the so-called 'anti-scam platform' to fail, proving that Bubblemaps is not just a flashy trick.
1. Mechanism: How is the bubble chart made?
The principle of Bubblemaps is not mysterious, but the implementation details have their challenges. It aggregates transfer data from the blockchain, extracting the flow of funds between wallets, and then uses clustering algorithms to create bubble clusters. To put it simply: the closer the relationship between two parties, the more the bubbles cluster together; those with less financial flow remain on the outskirts.
This process solves a key problem: data scattered → information centralized. The blockchain explorer can track every transaction, but ordinary people cannot deduce 'this is a group of people' from thousands of transactions. Bubblemaps compresses this complex network relationship into a single image, making risks visible at a glance.
2. Cases: Not just Rugproof
The exposure of Rugproof was indeed sensational, but Bubblemaps had actually captured similar cases before. For instance, some Meme projects had whitepapers that sounded grand, but the token distribution chart showed that 80% of the circulating volume was concentrated in just a dozen addresses, and these addresses had extremely frequent transfers between them. As a result, not long after, the project collapsed, leaving investors with substantial losses.
These cases illustrate that the bubble chart can provide warnings before crashes; while not absolute, it can significantly raise awareness.
Tools also have limitations. For example, some funds may concentrate assets in a batch of custodial wallets for compliance reasons, which might result in 'false positives' when viewed through a bubble chart, necessitating secondary interpretation. Thus, Bubblemaps provides intelligence, not a verdict.
3. Investment value and community-driven
At the end of July, Bubblemaps launched a 150,000 BMT creator reward program to encourage community users to write on-chain analysis and reports. This indicates that it is not satisfied with just being a tool but aims to expand its influence through 'crowdsourced intelligence.'
From an investment logic perspective, this is quite clever:
The tool itself may have limited scalability relying on data fees and partnerships;
But if everyone in the community can produce intelligence, Bubblemaps could transform into a hybrid of 'on-chain Glassnode + community Twitter.'
4. BMT token logic
The main function of BMT is governance and incentives. Currently, holders can earn rewards by participating in community activities, and in the future, it may be linked to more functions, such as unlocking analysis modules, discounts on data API calls, DAO voting rights, etc.
In terms of token performance, BMT's circulating market cap is approximately $80 million, with a 24-hour trading volume ranging between $5 million and $8 million. Recently, prices have adjusted, but combined with creator activities, trading activity has bounced back. In the long run, whether the token's value can stabilize will depend on whether Bubblemaps can evolve from a 'toy' to an 'industry standard.'
5. Risks and boundaries
Limited data dimensions: It can only reveal on-chain relationships; off-chain transactions (OTC, large protocol hedges) are not visible;
High interpretation threshold: Ordinary people may not read the charts well and need secondary explanations; otherwise, they are easily misled.
Abuse risk: Overinterpretation may mistake normal concentration for a scam, leading to collateral damage.
6. Outlook
Personally, I believe Bubblemaps has two future directions:
1. Retail tools: Allow ordinary investors to quickly assess the health of token distribution;
2. Industry interface: Connect with exchanges and auditing organizations, becoming the standard for transparency disclosure.
If it remains at the retail level, its influence is limited; however, if it can enter exchange risk control or even be actively used by project parties, the value ceiling could be significantly raised.
The core value of Bubblemaps lies not in how flashy the visuals are, but in turning complex relationships into intuitive evidence. Whether it can become a true industry standard still requires time. However, the Rugproof case has already proven that scams are harder to hide in its presence.
👉 Interactive question: If exchanges must provide a Bubblemaps distribution chart when launching new tokens, would you consider this 'excessive' or 'essential'?
@Bubblemaps.io #Bubblemaps $BMT
