First Time Deposits at Mango Markets
How much SOL has been transferred into Mango Markets (don't count the one-time fee) since February 10th from first-time deposits? What was the average deposit amount? Create a visualization showing these trends over the time specified.
Introduction
Mango provides a single venue to lend, borrow, swap, and leverage trade cryptoassets through a powerful risk engine:
- Earn interest on deposits
- Cross-Margin / Cross-Collateralized
- Decentralized
Mango is built on Solana blockchain and utilizes Serum DEX for spot margin trading while perpetual futures are traded on Mango's own orderbook. Mango is governed by MNGO holders via the Mango DAO.
Conclusion
We have introduced what Mango Markets is to users and have investigated and analyzed new user registration since February 10, 2022. Here is the summary of the findings:
- There is no clear pattern concerning new user registrations
- The largest total deposit in a single day is 675K SOL
- Large average deposits of 3,000+ SOL indicate the possibility of whale (large bag holders) accounts
Accounts would have to be created in order for trades to be made, so we can get a fair idea of how popular Mango is with the masses based on how many users are trooping to create accounts on a daily basis. The bar chart below shows the daily breakdown of new Mango Markets trading accounts since February 11, 2022.
We can see that there is no particular trend for new account registrations except for a zig-zag pattern. On some days, there is as low as 21 new accounts, while on others there are over 200 new registrations.
Users have to make deposits to register, upon which the one-time fee of 0.035 SOL is deducted. After the deduction, we are interested in how much is left for users to trade with. The net amounts are summed up in the line graph below for time deposits from February 10, 2022.
The first 5 days after February 10, 2022, saw total daily deposits hoover between 30K SOL and 120K SOL. On February 16, 2022, however, there was a whooping 673.0K worth of SOL deposited by first time users, the highest yet since February 11.
How do these first-time deposits even out when we apply the average aggregate? The area chart below shows the daily average of first-time deposits made on Mango Markets.
It is apparent that the chart above is almost like the daily total except for February 10, where there is an average of 5.2K SOL, the largest among the rest of the days. If we consider 3,000 SOL deposits to be whale activity, then there are some whales hidden in these new accounts.