A new report from blockchain analytics firm Flip Side reveals that a very small group of blockchain users is responsible for most of the value transferred across 24 major networks.

The company tracked over 400 million addresses and found that wallets with high interaction rates - or what it calls 'high-quality users' - consistently transfer the largest amounts of money. These users make up only a tiny percentage of the total addresses, but they are responsible for the majority of transaction volume.

Flip Side added: 'The vast majority of addresses on each blockchain fall within the low-value range, with only a tiny percentage reaching medium or high-value levels.'

Transaction volume versus user ratings for the second quarter of 2025

The blockchain analytics firm - backed by $50 million in funding from Republic Capital, Galaxy, and Dapper Labs, among others - uses a rating system from 0 to 15 to classify wallets based on 'a renewed activity period of 90 days in key interaction areas.'

Most wallets are classified in the 'low-value' category with scores ranging from 0 to 3. However, users scoring 8 or higher - which is a tiny fraction in most chains - tend to demonstrate strong and consistent transfer behavior, according to the report.

Flip Side indicates that the higher the wallet rating, the more value it typically transfers, and this pattern appears across all blockchains studied, including $ETH , $SOL , Arbitrum, Aptos, and Base.

Quality is more important than quantity

The report reveals that even wallets with average ratings - between 4 and 7 - tend to contribute a significantly larger volume than the group with lower ratings. When comparing the number of high-quality users scoring 4 points or more with the total volume of transferred transactions, the difference is clear, as almost all chains show that this group accounts for most of the activity.

Flip Side indicates that the main contributors to value in blockchain systems are 'high-quality users' who engage deeply, conduct regular transactions, and contribute effectively to the network.

Unique users versus user score distribution

The company added that this quality-focused mindset 'could prove to be a crucial differentiating factor' in an increasingly competitive blockchain environment.

Other studies have also revealed that even when examining specific tokens, centralization persists among a few wallets. For example, a 2023 analysis by Bitquery found that the top 10 USDT holders control about 24% of its supply, while the top 10 USDC holders own over 12%, although it is unclear what percentage of this belongs to centralized trading platforms.

In 2025, these numbers increased. According to data from Into The Block, whales now hold 61% of the USDT supply, while 56% of USDC is also concentrated in large wallets, indicating increased centralization despite the expansion of use.

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