Introduction

Solana hosts decentralized, scalable applications on blockchain. The Geneva-based Solana Foundation runs the open-source project, which Solana Labs produced in San Francisco. Solana processes transactions faster and cheaper than Ethereum.

Defi: The use of smart contracts on a blockchain allows for decentralized finance to provide financial instruments without the need for traditional intermediaries like banks, brokerages, or exchanges.

FTX

A cryptocurrency exchange headquartered in The Bahamas that caters to countries outside the U.S. Within the U.S., customers use FTX.US. Founded in 2019 by Sam Bankman-Fried and Gary Wang, FTX gained prominence when it acquired the Miami Heat's basketball stadium in 2021 and renamed it FTX Arena. In the same year, FTX acquired naming rights to the TSM e-sports organization, which was renamed Team SoloMid FTX.

Method

This dashboard examines the recent patterns of staking Solana's User Action Patterns in light of FTX's demise.

For this, I tried to track the effects of the FTX's demise on Solana’s ecosystem. For this I used solana.core.fact_events table and found the count of unique users, transactions types & Stake and UnStake volume over the current month (Oct, 2022) and categorized those by ‘2022-11-07’, the date of FTX's demise.

Analysis

:bar_chart: The following graphs gives information about daily transaction and unique users count on Defi & Cefi protocols and platforms.

✍🏻 Conclusion

• On November 9, 10 & 11th, three day after the after FXT’s demise, the number of daily transactions, Unique Users, and average transactions all reached all-time highs.
• Since the FXT’s demise, Binance and coinbase have seen a significant raise in the number of users and transactions they receive from CEXs on the Solana network.
• Since the FXT’s demise, the number of $SOL transfers to Solana network CEXs has increased, with the majority of these transactions being sent to Binance , coinbase, kraken, and bybit.
• Dapps show more rapid development in transaction counts compared to others, as shown by both cumulative and animated charts.

And finally, I’m glad to share this research with those who care about this issue via Twitter link, and will be pleased by your comments.

About:

• Author: HaM☰d

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• Discord: 0xHaM☰d#8391

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• Twitter: @arjmandi_hamed

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• Email: h_arjmandi2012@yahoo.com

Solana Affected by FTX’s Demise

We are looking at:

> * What has been happening in the Solana defi ecosystem since the FTX’s Demise? > * Has activity increased? Decreased? Are users flocking to any particular defi apps? Are they leaving the ecosystem? > * Chart flows in and out of centralized exchanges from the Solana ecosystem. > * Has staking behavior changed on Solana since tFTX’s Demise?

Hey there 👋!

Firstly, I appreciate you sticking with it until the conclusion.

I'm Hamed, a civil engineering Ph.D.

student interested in data analysis.

I've made many similar dashboards and visualizations since I started at Flipside in January.

Please take a look at my various contact details and let me know what you think.

🔭 Findings:

The count of daily transactions and average transactions count per users is the highest in Nov 10, 9 & 11th, 3, 2 & 4 days after FXT’s demise, respectively.

In Nov 9th, two days after FXT’s demise, the highest count of unique users transacted with Centralized exchanges, at 17.53K users count.

Overall, before FXT’s demise the average transactions per users for Centralized exchanges was at roughly 2 transactions and for Decentralized exchanges roughly 30, but after FXT’s demise these numbers fell to roughly 1.5 & rose to 25, respectively.

:cut_of_meat: The following graphs shows the Stake/UnStake activities over FTX’s Demise month

🔭 Findings:

The first above chart shows the volume of Stake and UnStake SOL since second half of October, 2022, as of that can be seen in Nov 10th, three days after the day of FXT’s demise, the UnStaking volume dramatically raised from 188K in Nov 9th, to 8.4M in Nov 10th.

The first above middle chart shows the average volume of Stake and UnStake SOL since second week of October, 2022, as of that can be seen in Nov 7th, the day of FXT’s demise, the UnStaking volume dramatically raised from 107 in Nov 6th, to 2.4K in Nov 7th.

Also in Nov 7th, the day of FXT’s demise, the UnStaking volume is so considerable rather than other days. (2.4K Unstaking against to 95 Staking volume.

The transactions and unique users count have dramatically increased till Nov 10th, three days after FXT’s demise, that reached at the highest point.

:heart_decoration: The following graphs shows the NFT sales activities over current month

🔭 Findings:

• As of above charts, the NFTs sales volume reached at the highest amount in Nov 26th, at 421.5K Sol.
• The change on sales transactions count and unique buyers and sellers weren’t significant.

✅ The following graphs shows users flocking to any particular defi apps

• DEFI Transactions
  • As shown on following first chart, decreasing trend for DEXs transactions after the FXT’s demise, but in other hand the share of daily transactions count increased on dapps and defi.
  • The second Bar chart shows, Pyth had most number of the transactions among all DEFI since second half of October, 2022.
• DEFI Users
  • As shown on fourth chart since FXT’s demise, Solend had most number of the users among all DEFI with roughly more than 60% in daily.
  • As of cumulative and animated charts in the end, transactions count on dapps growth sharper than others.

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:bar_chart: Chart flows in and out of centralized exchanges from the Solana ecosystem

🔭 Findings:

Cex’s Intflow Metrics

• As can be seen in the first chart the daily percentages of transactions count for Binance increased since FXT’s demise day (Nov 7th) from 45.5% per day to 60%.
• As shown on first three chart in overall, coinbase and huobi global are two CEXs which had most number of the transactions among all CEXs with combined roughly 90% per day. next three CEXs are kraken, bybit and gate.io with combined 9.86% of transactions per day.
• Bar chart shows mostly steady upward trend for CEX intflow average volume after the FXT’s demise in which Binance and coinbase had most share of them in each day and most intflow volume of Sol occurred on Nov 9th on Binance with more than 17.7M Sol volume after FXT’s demise, but the average volume inflowed to Ftx dramatically decreased after FXT’s demise.
• Daily Depositors decreased after FXT’s demise.

Cex’s Outflow Metrics

• As can be seen in the chart above the daily percentages of transactions count for Binance and Coinbase increased since FXT’s demise day (Nov 7th) from 45.5% per day to 60% and 10 to 22%, respectively.
• As shown in overall, Binance, coinbase and bybit are two CEXs which had most number of the transactions among all CEXs with combined roughly 90% per day. next three CEXs are kraken, huobi global and gate.io with combined 9.86% of transactions per day.
• Bar chart above middle shows in Nov 4, 7th the most average volume outflowed from Kucoin and in Nov 12th the most Outflow volume of Sol occurred on Ftx with more than 38K Sol volume.
• Daily withdrawer increased over Oct.