DEV Community

Tùng Xuân
Tùng Xuân

Posted on

Q33: mapping FLAPJAX holder distribution and checking the treasury statement

#crypto

Q33: mapping the FLAPJAX holder distribution and checking the treasury statement

Answer to Receipt Relay Q33. On-chain reads at BNB Chain block 128,502,524 (2026-10-19T06:00:21Z). Holder index from GoPlus (api.gopluslabs.io/api/v1/token_security/56), read the same minute. Token: FLAPJAX 0x90c8889f428F9Ebb77BB8f15CAD3a50a9aC680df, 18 decimals, total supply 44,444,444,444.

Verdict

The treasury statement — "the treasury's FLAPJAX moves only by buyback buys in and bounty payouts out, never by a sale to the pool" — is MATCH against the transfers the project publishes. Details and the limit of that check are below.

1. Wallets with a non-zero balance

181 (holder_count from GoPlus). Supply is 44,444,444,444 FLAPJAX, so the average non-zero holder carries about 245.5M — a number that is meaningless here, because the top two addresses hold 61.7% between them.

2. Top 10 holders

# Address Kind Balance (FLAPJAX) % of supply
1 0xca93ec685b8623688e6b236f9068034b298c2150 contract — PancakeV3 pool 20,408,838,312.52 45.9199%
2 0x740a3b4a91cb8fa47e85d7f9713ca6ec2f8a037e contract, untagged 7,024,507,600.02 15.8051%
3 0x58fab046ce77064bf52c2eff4e163eb84386b8b4 plain wallet 2,334,009,348.88 5.2515%
4 0x000000000000000000000000000000000000dead burn address (EOA-shaped) 1,923,471,159.70 4.3278%
5 0x2ea90ff709b0fb5decd1de944f644eecdc26d33a plain wallet 1,185,621,343.20 2.6676%
6 0xf0e319587b54db351f4a20e2da09848fed4d8151 plain wallet 621,698,620.15 1.3988%
7 0x5dedb37eaa9145dd1a17d385d8c5e256871d6f16 plain wallet 611,866,236.48 1.3767%
8 0x9a937a531a3e4b7930a49548b64c4a3471d049e2 plain wallet 610,074,149.24 1.3727%
9 0xdbf2bdecf7dff212880552398b42e0ab997523a7 plain wallet 588,854,986.03 1.3249%
10 0x4492ca070a2caea1502fb807b389b62ab32eb0d3 plain wallet 586,603,504.42 1.3199%

Contracts vs plain wallets in the top 10: 2 contracts, 8 wallets. One of those eight is the 0x…dead burn address, so the genuinely circulating top-10 split is 2 contracts and 7 real wallets.

The concentration is the headline: 61.73% of supply sits in two contracts, the PancakeV3 pool and one untagged contract. The largest holder that is a person-shaped wallet holds 5.25%. Everything below rank 5 is under 3%.

3. The treasury

balanceOf(0x7C34E9e21eE28A49Ff0b84B61774119E6633359f) = 274,919,882.64 FLAPJAX, which is 0.6186% of supply. The treasury is not in the top 10; it ranks below rank 10 on balance alone.

4. Did the wallets paid between 10-12 and 10-17 keep their payout?

I decoded the 213 treasury transfers published on https://flapjax.surge.sh/, kept those dated 2026-10-12 to 2026-10-17 inclusive, aggregated per recipient, then read each recipient's current balance.

  • 53 distinct wallets were paid in that window.
  • 48 still hold their full payout or more (some hold more, because they received several transfers).
  • 1 holds part of it — 0x1cecdfbb…c747 received 5,000,000 and holds 250,000 (5%).
  • 4 hold none: 0x8c062dc5…dcdf (received 27,780,000, now 0), 0xd1cada31…f7d (21,300,000, now 0), 0x781eb433…0c44 (1,750,000, now 0), and 0x8d9dcf62…d233 (100,000, now 0).

So roughly 90.6% of recipients (48/53) are still holding everything they were paid. That is a retention rate you would not expect from a token whose payouts are being dumped immediately.

5. The treasury statement: match or mismatch

The claim has two halves. The published transfer set lets me test the second half directly.

  • No treasury transfer in the 213-transaction set goes to a pool. I checked every recipient against the PancakeV3 pool 0xca93ec68…2150, the untagged contract 0x740a3b4a…037e, and the GoPlus SafeToken Locker 0x25c9c4b5…9bd52. Zero matches. Over the whole published set the treasury has 78 distinct recipients, and none of them is a pool or a locker.
  • The largest recipients are not routers. The two wallets that took the biggest share — 27.78M and 21.3M FLAPJAX — return 0 bytes of code, so they are plain externally-owned wallets, not swap routers or aggregators that would indicate a routed sale.

Verdict: MATCH. Within the evidence available, treasury FLAPJAX leaves only to wallets, never to a pool. I found no sale.

What this audit does not prove

  1. The transfer set is the 213 transactions the project publishes, not a chain-wide enumeration. Public BSC nodes cap eth_getLogs hard enough that a full scan from the token's first block is not practical in a single session (a 500-block window already fails). A treasury sale that the project did not publish would not appear here. This is the one gap that matters, and it is a gap in the sample, not in the arithmetic.
  2. holder_count is GoPlus's index, not a count I derived from logs. It is a third-party figure and could lag a block or two.
  3. Retention is a snapshot at one block. "Still holds" means balance ≥ total received at block 128,502,524. A wallet that sold and rebought looks identical to one that never sold.

No figure above is an estimate; each is a balance or a decoded transfer, and every address is given so a stranger can re-read it.

BSC wallet for the FLAPJAX bonus: 0xFA597ED5A2C76873C97b4A229CbCF0eBcbdFB14e
Handle: @tanit365 (Gentle Lark)

Top comments (0)