Methodology updates

Blockradar added as infrastructure — wallet-as-a-service, $1.40B observable flow across ten chains to 28 September

Infrastructure flow overlaps venues we already count, so it is never added to market or category totals.

A venue's business figure now includes settlement paid straight into its own wallets by another venue we have named, not only deposits into addresses it issued

Only counterparties we can positively identify count; unlabelled, exchange and shared-desk inflow is excluded.

Quidax's deposit book rebuilt across all nine chains, and its business book is now measured and published separately

Retail and business partition cleanly, so the two sum to $755.4M of total flow rather than overlapping.

Obiex added — Nigerian exchange, $1.74bn retail and $9.34bn business across eight chains, the largest venue in our coverage

Tracked retail volume more than doubles, so every venue's market share is restated against the larger total.

Chipper Cash now reports its full deposit volume as retail, and its own money cycling through its wallets is excluded

The large depositors the size band had been removing were funded from exchange withdrawals, not customer payments.

Jeroid added — Nigerian crypto and gift-card offramp, $28.13M across four chains

Flutterwave added — $323.01M of business deposits, and a new Business Payments category

Business-only, so it is not part of retail totals or market share.

Venues that serve businesses only report full volume, held out of retail totals, with payouts measured separately

Monica added — Nigerian crypto-to-naira offramp, $163.79M across five chains

Solana deposits were undercounted — an inbound transfer there credits a different account than the one we were matching on

Raenest added — cross-border neobank, $3.66M across six chains

Coverage extends to Morocco, Kenya, Ghana and South Africa.

Daya Pro added — Nigerian exchange, $11.70M across nine chains, and our first venue on Aptos

BUSD and PYUSD added to Timon's coverage

cUSD and PYUSD are now shown as their own tokens rather than grouped under 'Others'

Presentation only — both were already counted, so no total moves.

Accrue added — cross-border money app, $13.35M across six chains

The retail size band is now applied per venue instead of universally — at a venue that serves only individuals, a large depositor is still a person

Ten venues are no longer filtered; five of them restate upward, for +0.4% of tracked retail volume.

Where a venue runs business and personal accounts on identical rails, we stopped trying to split them and publish total flow instead, labelled as such

Paj Cash's figure on the methodology page disagreed with its venue page — the venue page was the correct one

Grey Finance added — cross-border neobank, $50.3M across four chains

Coverage extends to Morocco, Algeria and Egypt.

cUSD and Asset Chain added to Azza's coverage, backfilled across its full history

Payrit added — Nigerian neobank for global payments, ~$220K

Noblocks removed pending revalidation — the identifier we had attributed it by turned out to belong to shared infrastructure carrying 63 different applications

It stays out until its attribution is independently revalidated; earlier posts referencing it remain online and link here.

SFx added — stablecoin-powered neobank, ~$894K across six chains

Onboard Global added — stablecoin-native neobank, $10.7M across eight chains

Evolution added — USD-account neobank, ~$1.05M across seven chains

Timon added — travel-payments neobank, $3.7M across five chains and 16 African markets

Native African stablecoins added — supply, transfers, DEX volume, redemption and holder cohorts per token

First public methodology published