Transaction Structure and Activity Concentration in the Stellar Blockchain Register

Abstract

The purpose of the article. The aim of this article is to examine the Stellar payment network in terms of transaction dynamics over time, asset structure, and the concentration of participant activity using transactional data obtained from the public blockchain ledger.Methodology. The empirical investigation was conducted using a sample of 1,000 consecutive ledgers retrieved from the Stellar public ledger. The data were processed in the Python environment with the use of the pandas, matplotlib, and networkx libraries. Quantitative analytical methods were applied, including measurements of the number of operations, asset structure, transaction value distribution, and concentration analysis based on Lorenz curves, the Gini coefficient, and network centrality metrics within the transaction graph.Results of the research. The obtained evidence indicates a high level of activity concentration within the Stellar network – a small number of addresses account for the dominant share of transaction volume. The network structure exhibits a core–periphery pattern, in which a narrow group of highly central nodes plays a crucial role. The observed pattern reflects a structure typical of open blockchains – numerous marginal accounts and a small core that is strategically important for system liquidity. The findings may serve as a basis for further research on the decentralization and stability of payment systems built on blockchain technology.