Reports / Many wallets

Check the user number before you price the deal.

User counts and on-chain revenue drive valuations, and both are cheap to inflate. Give us the claims and the contracts or wallet list from the data room, and we will tell you what stands up - independently of the company selling.

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Scope
One target, signed report
Typical turnaround
5 working days
Delivered as
Written report + data file
Data-room verification ยท Project Atlas Illustrative
24-31k

meaningful independent users observed, against 80,000 claimed.Fee revenue reconciles to within 4% of the claim, but 58% of it comes from 12 wallets.

80,000
74,300
$2.02M
58%
3
-46%
The question

"They claim 80,000 users. Are they?"

Who asks for it
  • Acquirers and corporate development teams
  • Investors in later-stage rounds
  • M&A and transaction advisers
  • Lenders and boards wanting a second opinion
  • The seller's KPI claims
  • The contract list, or the wallet list behind the user figure
  • The questions you most need answered
  • Each claim tested: supported, overstated or not supported
  • Active users rebuilt from the chain, with a quality filter
  • Revenue concentration and related-party activity
  • Retention, and dependence on incentives
  • Questions to put to the seller
Inside the report

What you will actually read.

Every report opens with a plain-language conclusion and the numbers behind it, then works through the same sections each time, so reports are comparable.

  1. 00

    Conclusion

    One page. What we found, how confident we are, and the three things that matter most.

  2. 01

    Claims tested

    Every headline claim from the data room against what the blockchain shows.

  3. 02

    Active users, rebuilt

    Monthly actives reconstructed from contract interactions, then filtered for independent, economically meaningful users.

  4. 03

    Revenue concentration

    Who actually pays the fees, and how much comes from a handful of wallets.

  5. 04

    Retention and incentives

    Cohort retention, and what happened to activity when rewards stopped.

  6. 05

    Related-party activity

    Volume and fees generated by wallets linked to the team.

  7. 06

    Questions for the seller

    What to ask next, and what cannot be determined from chain data alone.

  8. 07

    Method and limits

    The data used, how each judgment was reached, and what on-chain analysis cannot show. Read our methodology.

Related

Often used alongside.

Acquirers and deal teamsIndependent verification of on-chain users and revenue for a transaction. Audit and advisory firmsA blockchain specialist for your transaction, forensic and audit engagement teams. Investors and fundsCheck the holders, the founder and the numbers before you invest. Token holder auditWho holds a token, how concentrated and connected they are, and whether they stayed. Airdrop list screeningClusters, quality tiers and a recommended exclusion list, before the snapshot is final.

Find out what the wallets say.

Tell us what you want audited and the decision it feeds into. You get a fixed quote and a delivery date before any work starts.

Request a quote Ask for a sample report