Ethplorer’s Aleksandr Vat Says Ethereum’s Altseason Already Happened
According to Vat, this changes the picture of Ethereum wealth, liquidity, and risk. It also leads to one of Ethplorers more provocative conclusions: altseason may have already happened, but in balance sheets rather than price charts. Ethereums Rich List Has Changed BeInCrypto: At the conference, you discussed the new Ethereum ranking with the community. What is the Aggregated Ethereum Rich List, and why did Ethplorer build it? Aleksandr Vat: Ethplorer rebuilt the Ethereum rich list by ranking addresses not only by ETH, but by total USD value. That includes ETH, ERC-20 tokens, and stablecoins. The Aggregated Ranking of Ethereum addresses is based on totalBalanceUsd, unlike traditional rankings, which are sorted by ethBalanceUsd. The goal was simple. ETH-only rankings no longer show real economic power on Ethereum. BeInCrypto: What was fundamentally wrong with traditional ETH-based rankings? Aleksandr Vat: ETH-only rankings ignore most of the capital. Today, around 66% of value sits outside ETH, mostly in tokens and stablecoins. That means ETH-based lists give a distorted view of who controls liquidity and risk. BeInCrypto: What was the biggest insight when you first rebuilt the ranking? Aleksandr Vat: The biggest change was that the entire hierarchy changed. The same top 10,000 addresses hold almost three times more capital when tokens are