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.

Mango Markets provides a single venue to lend, borrow, swap, and leverage-trade crypto assets through a powerful risk engine.

• Earn interest on deposits
• Cross-Margin / Cross-Collateralised
• Decentralised

Mango Markets is built on the Solana blockchain and employs Serum DEX for spot margin trading while perpetual futures are exchanged on Mango Markets' own order book. Owners of the MNGO token use the Mango DAO to govern Mango Markets.

Method

Mango Markets, a Solana-based decentralized finance (DeFi) market, was hacked for over $100 million by manipulating price oracle data to take out under-collateralized cryptocurrency loans. OtterSec, a blockchain security firm, tweeted that the attacker manipulated the exchange's MNGO native token collateral and took out "large loans" from Mango's treasury, draining over $100 million.

In this dashboard I tried to track the effects of the Mango Markets hack 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 ‘2022-10-11’, the date of Mango hack event.

Analysis

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

✍🏻 Conclusion

• On October 12th, the day after the hack event, the number of daily transactions, Unique Users, and average transactions all reached all-time highs.

• Since the hack, ftx and coinbase have seen a significant drop in the number of users and transactions they receive from CEXs on the Solana network.

• Since the hack, the number of $SOL transfers to Solana network CEXs has increased, with the majority of these transactions being sent to ftx, coinbase, kraken, and bitfinex.

• Since the attack, the number of users and CEX transactions on the Solana network have been declining, with ftx and coinbase accounting for the vast majority of these losses.

• Since the hack, the number of $SOL transfers from CEXs on the Solana network has increased, with ftx, coinbase, and kraken accounting for the vast majority of these transactions.

• Dapps show more rapid development in transaction counts compared to others, as shown by both cumulative and animated charts.

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 Since The Mango Hack

We are looking at:

> * What has been happening in the Solana defi ecosystem since the Mango Markets Hack? > * 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 the hack? \n

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.

:telescope: Findings:

The count of daily transactions and average transactions count per users is the highest in Oct 12th, the day after hack event.

In Oct 11th, the day of hack, the highest count of unique users transacted with Centralized exchanges, at 17.53K users count.

Overall, before hack the average transactions per users for Centralized exchanges was at roughly 35 transactions and for Decentralized exchanges roughly 3.5, but after hack these numbers fell to roughly 30 & rose to 5, respectively.

:cut_of_meat: The following graphs shows the Stake/UnStake activities over current month

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

:telescope: Findings:

• As of above charts, the NFTs sales volume reached at the highest amount in Oct 15th, at 148.43K 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 Mango Hack, 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 over Oct.
• DEFI Users
  • As shown on fourth chart since Mango Hack, Solend had most number of the users among all DEFI with roughly more than 65% in daily.
  • As of cumulative and animated charts in the end, transactions count on dapps growth sharper than others.

:telescope: Findings:

The first above chart shows the volume of Stake and UnStake SOL over Oct, as of that can be seen in Oct 10th, one day before hack the UnStaking volume dramatically raised from 25K in Oct 9th, to 430K in Oct 10th.

Also in Oct 13th, two days after the hack, the UnStaking volume is so considerable rather than other days. (321K Unstaking against to 60K Staking volume.

The transactions and unique users count hadn’t significant change rather than before hack.

The daily average Stake/Unstake volume are shown in the right chart, and is same the change on daily volume.

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

:telescope: Findings:

Cex’s Outflow Metrics

• As can be seen in the first chart the daily percentages of transactions count for Coinbase increased since hack day (Oct 11th) from 45.5% per day to 60%.
• As shown on first three chart in overall, ftx and coinbase 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 shows mostly steady upward trend for CEX Outflow average volume after the Mango Hack in which ftx, coinbase and Kraken had most share of them in each day and most Outflow volume of Sol occurred on Oct 13th on Ftx with more than 1M Sol volume, but most average volume outflowed from kraken with 1.4K Sol in daily average volume.
• Daily withdrawer decreased over Oct.

Cex’s Inflow Metrics

• As can be seen in the above chart the daily percentages of transactions count for Ftx Inflow increased since hack’s day (Oct 11th) from 42% per day to 61% on Oct 14th and then fell to 48.5 on Oct 15th.
• As shown in the second three above chart in overall, ftx and coinbase are two CEXs which had most number of the transactions among all CEXs with combined roughly 90% per day.
• Bar chart shows mostly steady upward trend for CEX Inflow average volume after the Mango Hack in which ftx, coinbase and Kraken had most share of them in each day and most Outflow volume of Sol occurred on Oct 13th on Coinbase with more than 755K Sol volume, but most average volume inflowed from kraken with 1.8K Sol in daily average volume, as same as Outflow trend.
• Daily depositors peaked at more than 6K on the hack day.