Introduction
This dashboard delivers a comprehensive behavioral analysis of both DEX Traders and Liquidity Providers within the Avalanche ecosystem. Using the Flipside Intelligence Driven Growth (IDG) methodology, I employed a structured, data-driven approach to unpack user journeys, engagement patterns, platform usage, and liquidity contribution across key DEX platforms on Avalanche over the past 12 months (May 2024 β April 2025).
User Segmentation Framework
I adopted a value-based tiering model to categorize users and liquidity providers into seven distinct wallet tiers based on activity and volume:
Whales (Top 1%) β Highest contributors to trading and liquidity volume
Sharks (1β5%) β Large regular traders and LPs
Dolphins (5β10%) β Mid-level consistent actors
Fish (10β20%), Octopus (20β40%) β Moderate and regular users
Crabs (40β60%), Shrimp (Bottom 40%) β Small or occasional users
This segmentation was applied consistently across both Traders and LPs, enabling a unified framework for cross-analysis of behavioral patterns and tier-specific performance across trading and liquidity provision.
Analytical Value & Insights
This dashboard offers actionable insights for growth teams, DEX operators, ecosystem foundations, and data analysts by highlighting:
Engagement & Behavior: Tracks volume, action frequency, retention, and cohort trends across user tiers
Liquidity Dynamics: Measures LP-specific metrics including pool participation, average volume per LP, and DEX-specific behaviors
Retention & Churn: Quantifies how well users and LPs are retained over time, including cohort retention and reactivation success
Growth Opportunities: Identifies underperforming tiers and provides tier-specific incentive strategies to drive activation and retention
Strategic Insights
This analysis reveals that top-tier users (Whales/Sharks), while fewer, drive the majority of volume and exhibit strong retention. In contrast, low-tier users (Crab/Shrimp) comprise the bulk of the user base but contribute minimally to volume and show higher churnβindicating areas ripe for reactivation and engagement strategies.
Analyzing user and LP behavior side-by-side further exposes overlapping trends and divergence in contribution, enabling Avalanche ecosystem teams to tailor interventions with precision.
This structured approach provides the Avalanche ecosystem with a solid foundation for:
Designing better-targeted liquidity mining programs
Deploying data-driven, tier-specific marketing campaigns
Informing strategic platform feature enhancements
Enabling long-term, sustainable growth across its DEX ecosystem.
Creating this dashboard was both exciting and challenging β from troubleshooting complex queries to fine-tuning the ideal visualizations. Ultimately, it was a rewarding experience, and I hope you find the insights as valuable and engaging as I did.
This work was also inspired by Fantasy (her dashboard), from whom I adopted the activation, retention, reactivation, and deactivation frameworks for analyzing user behavior. Building on that foundation, I extended the analysis with a more granular user segmentation approach to better understand engagement patterns across different wallet tiers on Avalanche DEXs.