Stableflow
- BaseMainnet
- USDCNative
Methodology
How Stableflow turns raw USDC transfers into the entity flows you see across the app.
- Network
- Basemainnet
- Asset
- USDCnative
- Timezone
- UTC
Exchange · one entity
The 500 moved between the exchange's own addresses is not counted.
1Label addresses
Known addresses are grouped into entities, like an exchange or a lending protocol.
2Count what crosses
Only USDC entering or leaving an entity counts. Moves inside it don't.
3Net it out
Net flow is inflow minus outflow. Entity rankings sort by it.
Included
- Native USDC on Base mainnet
- Every USDC transfer since indexing began
- Mints and burns, as supply changes
- Bridge activity from Circle CCTP and Across events
- Labelled protocols, bridges and issuers. See entities
Not included
- USDbC, the older bridged USDC
- Other chains and other stablecoins
- Blocks before the indexer's start
- Why a transfer happened
- Who is behind an unidentified address
- Volume
- USDC moved on Base, counting each transaction once.
- 4.41BUSDC
- Inflow
- USDC entering an entity from outside it.
- 500USDC
- Outflow
- USDC leaving an entity for outside it.
- 300USDC
- Net flow
- Inflow minus outflow. Green when more came in, orange when more left.
- +2.24M−1.93M
- Large transfer
- One transfer of 10,000 USDC or more.
- 25.0KUSDC
- Whale
- One transfer of 1,000,000 USDC or more. Describes the transfer, not the wallet's wealth.
- 2.40MUSDC
- Unidentified
- No label is known for the address yet.
- Unidentified
- Bridge flow
- USDC moving to or from another chain, confirmed from bridge protocol events.
- Bridge
- Mint and burn
- USDC created or destroyed via the zero address. Tracked as supply.
- 0x0000...0000
Why don't entity flows add up to total volume?
Each entity is measured at its own boundary. A transfer between two entities is outflow for one and inflow for the other, and moves inside an entity count for neither. Volume counts each transaction once, so adding up entity totals won't recreate it.
How are swaps with several hops counted?
A routed swap emits one transfer per hop, so the same USDC shows up more than once. Volume adds up each address's positive net change in the transaction, which counts that USDC once.
How do addresses get labelled?
- 1Label the address
- 2Group it into an entity
- 3Count what crosses
Each known address gets an entity, a role, a confidence level and a source. Addresses of the same entity share one boundary, and only transfers crossing it change that entity's flows. An identity label on its own adds nothing to inflow or outflow.
Browse entities and their labelsWhat does Unidentified mean?
No label is known for the address yet. It could be a person, a contract or a service with many users, so read it as unknown rather than as a kind of wallet.
How are bridge flows detected?
From the bridge protocol's own events, such as Circle CCTP messages or Across deposits and fills, not from a transfer to a bridge address. The supported protocols don't cover every cross-chain route.
Where do mints and burns show up?
A transfer from the zero address is a mint, and one to the zero address is a burn. Both appear in Transfers and are tracked as supply changes, separately from entity flows.
How fresh and complete is the data?
Transfers stream in live. The latest numbers can shift briefly while the indexer catches up or a block is reorganized. History starts at the block the indexer was set to begin from, not at Base's first block.
Can a transfer tell me if it was a deposit, a swap or a repayment?
No. A transfer only shows USDC moving between two addresses. Stableflow labels who is involved, not why the USDC moved.
Per-protocol edge cases are in the full attribution strategy, which also lists work that isn't live yet. Read it as plain text