Getting Started With Marinade Finance Bounties

Question 1. How many unique wallets have staked SOL on Marinade in the month of March? Create a visualization using Velocity to show user adoption per day in March. Question 2. How much mSOL has been deposited into the single-side MNDE pool in the month of March? Create a visualization using Velocity that shows mSOL deposits per day in March.

Introduction

Following the bounty's instructions, I staked SOL in Marinade Finance, receiving mSOL tokens which can be used while staking SOL to receive additional yield on DeFi protocols in Solana's blockchain. The bounty suggest to use the Marinade mSOL single pool to get MNDE,the governance token of Marinade Finance.

Methodology

Question 1

By searching for my own SOL staking tx I am able to identify the following variables from the solana.events table:

instruction:programId = 'MarBmsSgKXdrN1egZf5sqe1TMai9K1rChYNDJgjq7aD' as Marinade Finance
instruction:accounts[1] = 'mSoLzYCxHdYgdzU16g5QSh3i5K3z3KZK7ytfqcJm7So' as mSOL Token
inner_instruction:instructions[0]:parsed:type = 'transfer' as SOL-mSOL transfers (as oposed to 'burn' type)

I can use these as contraint to query the whole table to count the unique wallets as distinct inner_instruction:instructions[0]:parsed:info:source. Furthermore, the total number of SOL transfers and mSOL mints will also be counted as a control variable (they should be the same)

Question 2

Following a similar structure, I am able to identify the token program of MNDE as TokenkegQfeZyiNwAJbNbGKPFXCWuBvf9Ss623VQ5DA. Searching all tx_id with this token in inner_instruction:instructions[0]:programId I aggregate per day and type to visualize the data.

Results

The chart below shows the number of unique wallets by day which staked SOL on Marinade and total transfers and mints. There is a high activity towards the end of March, most likely triggered by the announcement that Marinade Governance will be launched using NFT locking MNDE token. On March 30th, a total of 602 unique wallets staked SOL 2407 times.

Conclusion

Q1 was manageable with a little bit of patience and analysis.

Q2 was more complicated since I could not find my tx_id in velocity. In the end, I made some assumptions to come to a results, but I am not as confident with them as with Q1. EDIT: I could find my tx after a day, but still not confident on my results.

The following graph shows the staked mSOL in MNDE Pool per day by type, differentiating between burn, transfer and mintTo. I assume that the mSOL staking in MNDE Pool happens with the transfer type since I was able to identify it from my own transaction, but I cannot tell for sure.

Burn type seems to be the staked mSOL while transfer type could be the MNDE amount given as rewards.

There are two significant day in terms of activity, March 7th with over 150k mSOL staked and March 30th with almost 100k staked.

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