How Analysts Attribute DEX Trade Origins Using On-Chain Data in Dune SQL
A technical excerpt from 'The DeFi Data Quick-Start' explains the challenge of tracing the origin of decentralized exchange trades on platforms like Dune Analytics. Every trade recorded in the dex.trades table captures chain, venue, token, and amount data, but omits which frontend or application initiated the transaction. This gap matters significantly because incentive programs and market-share claims depend on knowing whether a trade came from a human using a wallet app or an automated bot. Analysts use a method called attribution, which involves examining call data tags, router addresses, and transaction structure to infer trade origins indirectly. Some protocols like 0x and 1inch embed identifying markers in transaction data, making attribution possible through SQL joins on transaction hashes.
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