Lol, the on-chain address profile labels have become more and more mysterious. They keep calling them things like “suspected XXX whale,” “trading bots,” “arbitrage addresses,” out of nowhere. I’ve been staring at them for a long time—some labels are indeed accurate, but some… how should I put it—they feel like an AI-improvised script.

For example, a few days ago I saw an address that got labeled “market maker” because it interacts with a certain DEX frequently. When I checked the on-chain records, it turned out to just be a big player doing batch position swaps and trading swings—nothing more.

Now with people staking these projects getting even hotter, with shared security and stacked yields, it’s become even more lively. I’ve seen someone say the “matryoshka/doll” setup will blow up sooner or later. But I think if address profiling could actually uncover who’s really running the show behind these strategies—and who’s the one passively getting stuck holding the bag—that would be truly magical. The problem is that clustering algorithms sometimes mix retail and institutions together, which is basically blind overfitting.

Anyway, I’m still sticking to old methods: looking at timing gaps in fund flows and changes in gas is more reliable than relying on labels.

But then again, the “cat stepping on the keyboard” is way more entertaining than those labels. That’s it for now—I’m off to deal with it.