Key Insight:

Marinade is a non-custodial liquid staking platform, that allows users to stake their SOL in exchange for staked SOL tokens that can be used to trade and perform other activities in the Solana blockchain.

• There is an increase in both SOL stakers and unstakers after the FTX events.
• There was a large unstaking event of SOL tokens on October 12th, that is not reflected in the number of users. This suggests that the unstaking event was due to the actions of a whale (user with a large amount of assets).
• We do observe a net decline in SOL staked through Marinade.

DeFi: Marinade

DeFi: Solend

NFT Market Data

Key Insight:

Solend is similar to AAVE in that it allows users to do overcolateralized loans on the Solana blockchain. By supplying assets, users are able to borrow other assets.

• We observe a big increase in SOL supplied to the Solend platform. We hypothesise that this is mostly because of the loan health ratio (ratio between the assets borrowed and supplied. When the assets borrowed reach a certain threshold, some fraction of the assets supplied are liquidated.) decreases caused by the fall in price of the SOL token. By providing more SOL tokens to Solend, the borrowing power of those users with borrowed assets increases.
• We se litttle to no borrowing activity of SOL after the events related to FTX. We do see a significant amount of SOL borrowed on the day of the events.

Dashbaord Objectives

The collapse of FTX & Alameda Research has brought chaos into crypto, and has taken down lenders, exchanges, and funds with it. The total crypto marketcap has fallen from $1T on the first week of Nobember, to $861B today. Most tokens have fallen in price, and the ones that got hit the hardest are those held by Alameda Research. Among these tokens is SOL, of which Alameda held close to $1.2B on June 30th, according to a CoinDesk report.

Almost a month has passed since the week of these events, and in this dashboard we explore how the Solana blockchain is doing. To do so, we take a look at the following:

1. Token price and SOL inflows and outflows form decentralized exchanges.
2. TVL and activity on the largest Solana DeFi applications.
3. NFT Market Activity.

We analytze the data starting on October 1st, 2022, in order to assess whether the current values are closer to those of the time before the FTX events, or if there has been a significant impact.

Main Takeaways

• Solana is not dead, it’s jsut having a hard time.

• Solana DeFi has experience a significant blow to the SOL token sell pressure and dryout of liquidity.

• In contrast, the NFT market has held strong during these past weeks, with no noticeable difference to the time prior to the FTX events.

• This shows that while Solana is going through a rough patch, there is still a strong user and developer base willing to continue using the blockchain.

Key Insight:

• While it appeared that the Solana blockchain is experiencing a decrease in liquidity and overall DeFi confidence, the Solana NFT market activity seems to have grown.
• NFT trading volume in SOL denomination has increased (in part due to the decrease of the SOL token price), and the volume has remained consistent in USD denomination.
• In terms of NFT sales and users, there has been a small but not significant decrease compared ot the month of October.

DeFi: Swap Data

Key Insight:

• We observe a big increase in sell pressure of SOL vs. USDC on the day of the events related to FTX. It is unclear how much of this decline has been driven by Alameda itself or fear among traders, but form the DEX data it is clear that the sell pressure on SOL is a direct cause of its value decline.
• Swap activity is very similar the days before and after the FTX collapse news, as reflected by the horizontal movement in price of the SOL token.