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    The New Age of Solana Defi

    Solana currently is trying to rewrite its path on defi with a new age of projects taking center stage. Two projects that are growing as critical players are Zeta markets (an options + perps exchange) and Drift markets (perps exchange). Create a dashboard diving into both of these defi applications, showing growth since 2023 and how they have attempted to get users in a time of minimal attention and liquidity. What product offerings are most popular and attracting capital? What type of users seem to be interested in these platforms and is there much crossover? Is it mostly whale activity or retail degens trading on these platforms? Are users repeat users? How sticky is user behavior?

    To provide a comprehensive analysis of the adoption and activities on the perpetuals platform on Solana, Zeta, and Drift markets, we have created a multipage dashboard.

    To start, we conducted a few transactions on each platform to familiarize ourselves with the user experience. We added our transaction hash to queries as a comment to track our activity.

    Next, we queried our transactions on the solana.core.fact_events table on the FS database, which enabled us to identify the program IDs for Zeta and Drift markets. Specifically, we found Zeta's program ID to be ZETAxsqBRek56DhiGXrn75yj2NHU3aYUnxvHXpkf3aD and Drift's program ID to be dRiftyHA39MWEi3m9aunc5MzRF1JYuBsbn6VPcn33UH.

    We also discovered that Zeta only allows deposits in USDC, while Drift accepts both USDC and Sol. With this information, we tracked users who deposited and withdrew these tokens, along with their transactions.

    Lastly, we analyzed the frequency of user interaction with the platforms and categorized users based on their net withdrawn volume. This allowed us to identify those who were repeat users and those who had gained the most profits on the platforms.

    Overall, our methodology involved a combination of transaction analysis, database queries, and categorization of user behavior. These steps allowed us to create a comprehensive dashboard that provides valuable insights into the adoption and activities on the perpetuals platform of Solana, Zeta, and Drift markets.

    🛠️ Methodology
    ✨Introduction

    Solana: Solana is a high-performance blockchain that enables fast, secure, and low-cost transactions. It is designed to support the development of decentralized applications (dApps) and is becoming increasingly popular in the DeFi space.

    Zeta markets: Zeta is a decentralized exchange (DEX) that focuses on perpetual and options trading on the Solana blockchain. It allows users to trade with leverage and offers low fees.

    Drift markets: Drift is another DEX that focuses on perpetual trading on Solana. It offers a range of trading pairs and uses an automated market maker (AMM) model to provide liquidity.

    Perpetual: A perpetual contract is a type of derivative that allows traders to take a long or short position on an underlying asset without an expiration date. It is a popular tool for traders who want to speculate on price movements.

    Option: An option is another type of derivative that gives the holder the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a certain timeframe. Options can be used for hedging or speculation.

    User interaction: User interaction refers to the actions that users take on a platform, such as depositing funds, making trades, and withdrawing funds. By analyzing user interaction, we can gain insights into user behavior and platform usage, which can inform decision-making for platform developers and investors.