ERC-1155 under the lens: a graph-based analysis of the Ethereum multi-token standard

Abstract The ERC-1155 standard introduced on the Ethereum blockchain allows for managing multiple tokens, both fungible and non-fungible, within a single contract. It also supports batch transfers, thereby reducing transaction costs and enabling a more efficient use of blockchain resources. To assess its impact and level of adoption, this paper presents a comprehensive analysis of the ERC-1155 token ecosystem. First, we examine the activity of ERC-1155 contracts and compare the evolution of transfer volumes with those of the two alternative most popular token management standards. Next, we model the economy of each ERC-1155 contract as a directed graph, where nodes represent users and edges denote token transfers. We then study the topological properties of such graphs, analyzing approximately 40,000 networks until the end of 2024. Results indicate that, within our dataset, the adoption of ERC-1155 is growing, although its functionalities are not being fully utilized. Additionally, about 60% of the networks exhibit a completely centralized topology, while the remaining ones are generally sparse and lack small-world characteristics. Finally, the degree distribution analysis shows that preferential attachment is only present in a minority of the networks and the graphs also display a mild disassortative behavior.