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What Is Solend???
Solend is a Solana-based platform for decentralized financial (DeFi) lending. It allows you to borrow or lend assets and use an algorithmic system to calculate interest rates and collateral quantities. August of 2021 seen the debut of the Solend protocol. It was predicated on the Solana network. Solana is well-liked owing to its fast transactions and minimal costs; hence, the addition of a loan protocol sparked a great deal of interest. The lending platform is useful for those who only want a regular loan, but it also holds promise for investors. Because of how it's structured, you can utilize Solend to leverage Solana and generate really attractive profits.
Methodology:
- Our initial objective is to compare the number of Solend protocol users to other Defis in the Solana blockchain.
- Then, we evaluate the distribution of total transfer volume in USD by Solend users.
- Additionally, we seek to determine with which program Solend users interact most frequently.
- This analysis also attempts to determine the number of active Solend users on the Solana network, where an active user is one who has completed at least one transaction in the previous month.
- This investigation seeks to determine the number of new Solend users on the Solana network, where new users are distinct users that participated in their first Solend transaction.
The pie chart displays the top 10 Defi protocols in terms of the number of users over the previous three months. Jupiter is employed by Solana users the most, as shown by a usage percentage of 32.3%. With 28 percent of users, Rayduim has the second-highest user base. Users of serum account for 28.5% of the overall population. 4.58 percent of Solend's total users are active at any given time. Bonfida has the smallest users among the top 10 Defi protocols, accounting for only 0.692% of the total. According to the graph, the majority of Solana users are focusing on Jupiter, Rayduim, Serum, and Solend.
The scatter plot depicts the 7-day moving average of Defi users in each protocol over the last three months. It can be observed that the tendency of the 7-day moving average of Defi users for all protocols is gradually decreasing over time, with the Solend protocol moving with the fourth-highest number of users. This graphic reveals that the current bear market has resulted in a decline in the number of Solana users across all Defi protocols.
The area graphic illustrates the daily proportion of Defi users for each protocol over the past three months. This confirms that the trend of the daily number of Defi users for all protocols is a progressive decline over time, with the Solend protocol experiencing the fourth-highest percentage decrease in the number of users.
Analysis III:
Which programs do Solend users interact with most frequently? We seek to discover the program with which Solend users interact most frequently. We will investigate the intensity of each interaction by categorizing them into the following four major categories:
- Swapping
- Staking/Farming
- NFT(ing)
- Other (e.g. general contract, IDO)
The pie and bar charts illustrate the number of Solend user interactions in each program. 99.5 percent of all Solend user interactions are with the Other program. 0.293 percent of Solend users interact with the Staking/Farming program, followed by the Swapping program with 0.181 percent. Our analysis has identified a small number of NFT program interactions. This finding suggests that the majority of Solend protocol users have interacted with Other programs, such as general contract and IDO. Moreover, by examining the daily number of interactions in each program with which Solend has interacted over the last 30 days, we can observe that the Other program has the majority of the upward trending interactions.
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According to the results presented above, there have been 12.16k active users of the Solend protocol over the previous month. Considering the daily and cumulative number of active Solend users over the last 30 days, we can observe that the trend of the number of active users is very steady and maintains a range between 2500 and 3400 users. In addition, the cumulative number of active users is dramatically growing over time, indicating that there will be more active users in the Solend protocol soon.
According to the data reported before, now there are 1,013 new users of the Solend protocol over the previous month. The bar chart depicts the daily and cumulative number of new Solend users during the last 30 days. The daily chart has a tendency for volatility and reaches its peak on July 7, 2022. When examining the cumulative chart, we discovered that the cumulative number of new users is steadily rising, suggesting that the Solend protocol is gaining popularity among new users and that more new users will soon join the protocol.
> # Conclusion:
- We determined that the Solend protocol has the fourth-highest number of users among the top 10 Defi protocols on the Solana blockchain.
- We discovered that the majority of USD transfer volume on Solend is generated by Octopus, Dolphin, and Shark users, suggesting that the Solend protocol was driven by common wallets.
- We discovered that Solend users interact with the Other program (e.g., general contract, IDO) the most, accounting for 99.5 percent of all Solend user interactions.
- Over the last month, the Solend protocol has had 12.16k active users.
- Over the previous month, the Solend protocol has gained 1,013 new users.
- We discovered that the Solend protocol is increasing in popularity in terms of the cumulative number of active users and the cumulative number of new users, and that more new and active users will join the protocol soon.
The area chart shows the total number of Defi users in each protocol over the last three months. The graph shows that the growth rate of cumulative users for all Defi protocols is growing steadily over time. When we compared the growth rate of the Solend protocol to other protocols, we discovered that it is now ranked fourth in terms of cumulative users.
The bar and pie charts above illustrate Solend users' share of total USD transfer volume. Octopus users with transfer volumes between $100 and $500 USD are the most frequent users, accounting for 24.6 percent of all users. Dolphin users have the second-highest transfer volume, at 23.6 percent. Shark users account for 9.82 percent of all users, with Crab users accounting for 9.71 percent of the total. Humpback users represent for 2.13 percent of all users and have the lowest transfer volume. The graph shows that the majority of USD transfer volume is generated by Octopus, Dolphin, and Shark users, demonstrating that the Solend protocol is driven by common wallets.