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Updates to the data, metrics, and methodology behind the Visa Onchain Analytics Dashboard.
— Adjusted Volume Refresh
What changed
Adjusted volume and adjusted transaction count shifted following a full data refresh, which also expanded label coverage (including MEVs and 3PC), added new heuristics (including short-term routing), and updated organic and payment identification.
Why
The definition of adjusted volume is unchanged (it still excludes transfers from labeled exchanges, contracts, bots, bridges, and other infrastructure, plus mints and burns). What changed is the label set behind it: the dashboard now draws on Allium's full identity set of roughly 600 million labeled addresses, up from about 15 million previously. With far more addresses correctly identified as exchanges, contracts, or automated wallets, more volume is now excluded from the adjusted figures.
Metrics affected
Adjusted volume (decreased), adjusted transaction count (decreased slightly, under 2%).
Example
A single automated program on Solana was identified cycling the same stablecoins through thousands of throwaway wallets. That pass-through pattern is now excluded from adjusted volume across multiple chains, since it moved very large amounts in relatively few transactions.
