Aggregation

Inflecta applies a consistent aggregation framework on top of its labeling system to translate raw on-chain activity into economically meaningful groups.

It is designed to operate under the constraints of on-chain data, which is often noisy, incomplete, and adversarial by nature. In cases where economic roles cannot be cleanly separated on-chain, Inflecta adapts its aggregation to preserve interpretability without overstating precision.

This framework is reused across the platform to ensure that ownership, flows, and positioning are interpreted coherently, regardless of the view or time horizon.

Economic Buckets

At the highest level, wallets and entities are aggregated into three economic buckets based on their functional role in the token’s lifecycle.

Supply

Actors associated with the initial or controlled supply of the token, including:

• Treasury — wallets controlled by the project, team wallets, and incentives.

• Contributors — wallets receiving contributors’ distributions.

• Investors — wallets receiving investor allocations or assessed as their direct beneficiaries. Includes VCs, liquid funds who bought from project's treasury, angels.

• Insiders — used when individual insider cohorts cannot be reliably separated on-chain.

Not all projects provide sufficient documentation or on-chain structure to clearly separate insider allocations into roles such as treasury, investors, and contributors. In cases where reliable separation is not possible, Inflecta aggregates all supply-side allocations into a single Insiders category. When separation is only partially possible, Inflecta aggregates the ambiguous cohorts while preserving as much granularity as the data allows.

Demand

Entities that accumulate tokens from the secondary market and exhibit directional exposure, including:

• Liquid funds

• Asset managers / Treasury companies

• Retail brokerage platforms (non-orderbook fintech apps)

• Regional CEXes (e.g., Korean, Turkish)

• Other buy side - aggregates directional exposure categories that do not meet the threshold required for individual classification. This may include wallets labeled as Individual, Angel, Smart Money, or other directional participants (see Labeling - business logic).

Circulation

Entities that primarily facilitate liquidity or redistribution rather than maintaining sustained directional exposure, including:

• Centralized exchanges

• Prime brokers

• Trading firms/market makers

• DeFi Protocols

Project-Aware Aggregation

Aggregation is not based solely on global wallet behavior. Project-specific relationships are evaluated in parallel and take precedence when determining supply attribution.

If a wallet or entity:

• Receives tokens from project distribution wallets, and

• Is assessed to be a beneficiary of that distribution,

it will be aggregated with the corresponding Supply cohort (for example, Investors or Contributors), regardless of its global classification.

Entities may simultaneously participate in multiple economic roles. Different wallets belonging to the same entity may appear in separate buckets depending on their funding source and observed behavior.

For example, a trading firm may operate wallets that act as market makers while also receiving investor allocations in separate wallets — in this case, it will appear in both ‘Investors’ and ‘Trading Firms’ buckets.