Analysis of ego multi-token transfer networks: a multilayer approach

Abstract

This study introduces the Multilayer Token Network (MLTN), a mathematical framework for analyzing Ethereum token transfers while capturing inter-token transformations crucial to Decentralized Finance (DeFi). Focusing on prominent fund accounts, we propose the PageRank-CheiRank Trade Balance (PCTB), an econometric measure inspired by balance sheet principles to quantify trade behavior over time. Applying MLTN to 2018–2024 transaction data, we reveal Alameda Research’s evolving trade strategies, fund interdependencies, and token-specific accumulation and distribution patterns, offering new insights into on-chain financial activities.