Introduction

What Is Solana (SOL)?

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

To learn more about this project, check out our deep dive of Solana.

The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale [1].

Methodology

This Dashboard will check Solana ecosystem to investigate Effect of Bonk tokens since it seems this Token save Solana from a crash and saving this network.

I try to answer this question from Metrics DAO:

> How is Solana evolving? > > Compare past and present activity in niches across the chain like DeFi, NFTs, developer activity, etc. > > What trends do you notice? > > Is activity increasing/decreasing consistently, or do some areas increase while others decrease? Which ones? > > Then, choose at least one area, like developer activity or DeFi and compare it with at least one other chain.

To answer this Question I used Optimism and Solana Schema.

Introduction

What Is Optimism (OP)?

Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum.

Optimism is one of the biggest scaling solutions for Ethereum with over $500 million in TVL. It is home to 97 protocols, the biggest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM. Users can begin their journey on Optimism by adding the chain on their Metamask and bridging tokens like ETH to the L2. On May 31, 2022, Optimism conducted a highly anticipated airdrop of its OP token [2].

Key Insights

• While the daily transactions of Defi protocol on Solana has increased on recent days, the number of defi transactions of Optimism has decreased, but the trend of defi Users was same to each other during this time. the most popular Platform on Solana was Openbook while on Optimism was Synthetix.
• Both tokens, OP and SOL, has experienced upward trend during recent days.
• Optimism had better performance in terms of daily new defi Users and experienced more upward trend while Solana experienced just a few days upward trend although both Network have experienced downward trend during recent days.
• in conclusion, both network follow a specific trend during this period but if Bonk did not airdrop to Solana community, perhaps this network would crash like Luna in 2023. it seems another name for Bonk is Solana Saver!!!

Solana Observations

• Sol token has experienced upward trend from 29 Dec and reached from 9.3 USD to 25.3 USD on 21 Jan.
• the trend of daily defi transaction after $Bonk is upward trend while it was natural before it. on the other hand, the trend of daily Defi users is downward trend during recent days.
• Totally Before Bonk released, Defi experienced about 18M transactions and 17.9M Users while after it defi has experienced about 75M transactions and Users.
• in terms of daily stake transactions, the trend of stake transactions is not clear but the highest number of stake transactions was on 28 Dec with about 2.5K and the highest number of daily stakers was on 14 Jan with about 1.8K.
• Totally, Before Bonk the total Stake transactions was about 18.8K while after Bonk this network has experienced about 19.7K. moreover, this network had about 12.3K stakers before Bonk and about 12.1K stakers after it.
• in recent days, the trend of NFT sale transactions has become downward while on first days after Bonk this trend was upward. the highest number of daily sale transactions was on 2 Jan with about 73.5K. this situation is also correct for NFT sales volume since on first days after releasing Bonk the trend was upward but after Bonk it has changed to downward trend.
• Totally, before Bonk this network experienced about 667K as cumulative NFT sales and after Bonk it has experienced about 2.2M.
• also this network experienced about 3.7M Sol as cumulative Sale volume before Bonk and about 13.8M SOL after it.
• regarding new defi users, on first days of releasing Bonk this trend changed to upward trend but after it the hype was gone and the trend becomes natural.
• Totally, this network experienced about 59K as cumulative new defi users while it experienced about 461.5K after it.

Observations

• Solana defi platforms have experienced growing trend in their trend of daily defi transactions and the highest number of daily defi transactions was on 25 Jan and on that day OpenBook had the highest number of transactions. Moreover, this platform has experienced the highest ratio of transactions with about 43.5% and after it Zeta has second place with about 26%.
• the highest number of defi users was on 5 Jan and on this day Jupiter had the highest number of users also this Platform has the ratio of Defi users with about 69.5% and after it Orca has second place with about 10%.
• Totally, Openbook has experienced about as Cumulative transaction number and after it Zeta has second place with about 19M.
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