Solana Since The Mango Hack

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? Note any trends or outliers you see in Solana defi. Date Created: 17/10/2022

INTRODUCTION

Mango Markets is a trading and lending platform based on Solana.

On Oct. 11 hackers stole $117M from the protocol. (info)

METHODOLOGY

In this dashboard we will present our analysis on the Mango hack in 3 sections:

Defi
Stake/Unstake
CEXs

DATA SOURCES: Data were taken from Flipside’s Solana.core tables.

On the left we see the Mango Hourly Price in the last few days. The day of the hack it spiked for a moment and then it fell by ~50% from 0.04 to 0.02.

Above we see the daily active Users and number of transactions around the time of the hack. We see that transactions more than doubled for the next 2 days and then it dropped to the original level. Users also follow that pattern doubling for 2 days and then declining.

Above we see the top 10 Defi apps by daily active Users and transactions. We see that on the day of the hack Jupiter had x3 the active users from the other days, it declined after that. Transactions generally stayed on the same levels.

Here we see the daily number of users/ transactions and volume on Stake/Unstake actions. On the Users chart we only see some volatility after the hack but no major changes.

On the transactions chart we see a big increase on Staking after 5 days of the hack which we can’t account for sure to the hack, we also note a small increase on both stake/unstake 2 days after the hack - that activity can definitely be accounted to the hack.

On the volume chart there is a big unstake the day before the hack and there is a huge increase in unstaked volume 2 days after the hack.

On the left we see that there is a steady net outflow by transactions numbers.

On the volume chart there is volatility but again there is a small net outflw especially when the total volume is lower.

Here we see again a net outflow of Users on a daily basis.

1. DEFI

2. STAKE

CEXs

CONCLUSION

Mango lost 50% of its price value in less than a day.
User activity on Defi spiked for 2 days after the hack.
Defi active Users are generally stable and transactions have dropped a little bit.
Unstaking after the hack increased both in Users and much more in volume.
There is a net outflow in CEXs Users, transactions and Volume.

flipside