AUTHOR=De Collibus Francesco Maria , Campajola Carlo , Caldarelli Guido , Tessone Claudio J. 

TITLE=Patterns and centralisation in Ethereum-based token transaction networks

JOURNAL=Frontiers in Physics

VOLUME=Volume 12 - 2024

YEAR=2024

URL=https://www.frontiersin.org/journals/physics/articles/10.3389/fphy.2024.1305167

DOI=10.3389/fphy.2024.1305167

ISSN=2296-424X

ABSTRACT=We explore patterns, regularities, and correlations in the evolving landscape of Ethereum-based tokens, both ERC-20 (fungible) and ERC-721 (non-fungible) to understand the factors contributing to the rise in certain tokens over others. By applying network science methodologies, minimum spanning trees, econometric autoregressive–moving-average (ARMA) models, and the study of accumulation processes, we are able to highlight a rising centralisation process. Not only do “rich” tokens get richer, but past transactions also emerge as more reliable predictors of new transactions. Our findings are validated across different samples of tokens.