This dashboard's aim is to address:

How has adoption been so far and what pools have been most popular?

What type of user has experimented with MarginFi so far?

What other programs have users been exposed to (Solend, Jet etc) that are now using MarginFi?

What do borrowers do with their new found capital after using MarginFi?

Are there signs of early growth of this new wave of Solana defi?

✨Introduction

MarginFi is a lending protocol built on the Solana blockchain that enables users to lend and borrow cryptocurrencies. Lenders can earn interest on their deposited funds while borrowers can use the deposited funds as collateral to borrow other assets. MarginFi utilizes a smart contract to match borrowers with lenders and ensures that the collateral is sufficient to cover the borrowed amount.

🛠️ Method

To create this dashboard, the adoption of MarginFi on Solana was evaluated by tracking the daily number of unique lenders and borrowers, as well as the lending and borrowing volume based on pool's token and USD over time.

To analyze the users' activities on Solana ecosystem, the transactions on the solana.core.fact_events table were queried. The MarginFi program Id was identified as 'MFv2hWf31Z9kbCa1snEPYctwafyhdvnV7FZnsebVacA'. When users lent on the platform, the TX_FROM column in the solana.core.fact_transfers table was used to identify the lender address when the TX_TO column contains the ('DD3AeAssFvjqTvRTrRAtpfjkBF8FpVKnFuwnMLN9haXD', '3uxNepDbmkDNq6JhRja5Z8QwbTrfmkKP8AKZV5chYDGG', '6YxGd65JbXzgFGWjE44jsyVeCnZp7Bb1wfL9jDia1n8w', '26kcZkdjJc94PdhqiLiEaGiLCYgAVVUfpDaZyK4cqih3'), when the TX_FROM column contains these addresses that are the SOL, USDC, mSOL and BONK pools address, then the TX_TO was labled as borrowers, and the amount column has summed as lending and borrowing volume, respectively.

Finally, the lender and borrower addresses were tracked in the solana.core.fact_events and solana.core.dim_labels table to identify the platforms and protocols they come from. It is noteworthy that Solana and Slow Protocols were excluded from the labels, as they are the SOL token and an experimental smart contract that locks up SOL in its treasury, respectively. This was done to obtain a more distributed distribution of popular platforms among the MarginFi's users.

✍🏻 Key KPI's

Based on the findings on this dashboard, we can identify several key KPIs for MarginFi:

Adoption: MarginFi has seen significant adoption since it launched, with over 200 wallets depositing assets into the protocol and over $2.18M in assets deposited so far. The TVL of MarginFi pools also spiked from under $50,000 USD to over $1,310,000 USD during a three-day period in February 2022, indicating growing interest and demand for the platform's offerings.

Pool popularity: USDC accounts for the vast majority of assets on the platform, with Solana, BONK, and mSOL accounting for smaller portions. The most popular pools have been the USDC pool, followed by the Solana pool.

User type: MarginFi users are typically engaged and committed Defi users, with half of all users having completed 100 or more transactions on the Solana network and more than 30% of users having been present for more than a year. Users also tend to use several different Defi services to meet their financial needs, as demonstrated by their use of other protocols like Jupiter Aggregator, Orca, and Serum.

Exposure to other programs: A significant portion of MarginFi users (33%) have only been exposed to Solend, while 62% have only been exposed to Marginfi among the lending/borrowing protocols. 6% have been exposed to both Solend and Jet.

Borrower behavior: Borrowers who use MarginFi tend to transfer their capital to exchanges like Orca, Kraken, and Binance, indicating that they are likely exchanging their assets.

Early growth: The findings suggest that there are signs of early growth for MarginFi within the Solana Defi ecosystem, as evidenced by the platform's growing adoption, user engagement, and rapid expansion.

In conclusion, MarginFi has shown promising signs of adoption and growth, with a committed user base and a growing number of deposits and loans on the platform. The data also suggests that users are actively seeking out alternative Defi apps and are using a variety of services to meet their financial needs.

Overall, there are $1.457 USDC , $481.7K SOL, $23.7K Bonk and $3.2K mSOL in the Marginfi's Pools

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.

About:

• Author: HaM☰d

• Discord: 0xHaM☰d#8391

• Twitter: @arjmandi_hamed

• Email: h_arjmandi2012@yahoo.com