Tracking Solend cTokens

Q102, cTokens on Solend are a yield-bearing deposit receipt. This means you can convert USDC into cUSDC to get a tradeable token that also earns interest on Solend. You can hold this token in your wallet to continue earning interest, or you can send it to someone else, and they'll earn interest. What do users do with their cTokens? In which DeFi platforms are cTokens deposited in after minting on Solend? What are the most popular use cases for cTokens and where have they grown in usage over time? Does cToken behavior seem to be influenced by the size of the receipt?

What is Solend?

Solend is an algorithmic, decentralized protocol for lending and borrowing on Solana.

Lending and borrowing has proven itself as key in a DeFi ecosystem. However, current products are slow and expensive. On Solana, Solend can scale to being 100x faster and 100x cheaper. Solend aims to be the easiest to use and most secure solution on Solana.

With Solend, you can do the following:

Earn interest
Borrow
Leverage long
Short

Supply APY

Users who supply collect an APY from the users who borrow. The borrow APY is split across the entire pool, so Supply APY = Borrow APY * Utilization. For example, if there is 2 BTC in a pool, and 1 BTC is lent out at 20% APY, the suppliers of the 2 BTC will receive 10% APY each.

This APY is given in the same token as the supply. Deposit BTC for BTC yields, or SOL for SOL yields. This is because the APY on borrows is charged on the same yield as well. The displayed APY is based on compounding over a year.

Borrow APY

When you are borrowing, you are paying a Borrow APY to the pool (for the users who supplied). This borrow APY is calculated based on the Parameters & The Math, and are displayed on our UI when you borrow. Borrow APY is added to your loan on a per-slot basis, so the amount of money you have to repay goes up over time.

On most of the tokens, such as USDC and SOL, borrowers also receive SLND rewards for borrowing. These are claimable on the 3rd of every month at UTC Midnight, same as Liquidity Mining. For these, you can even get paid to borrow, as SLND Rewards > Borrow APY. These are displayed on our UI as a negative APY.

There is no "Deadline" for you to repay your loans. They will just tick up over time, but you can repay them any time!

What we will see in this dashboard:

What do users do with their cTokens?
The Defi Platforms cTokens deposited in after minting on Solend
Daily Solend Transactions Since last month
Daily cToken Transactions Since last month
Does cTokens(cSOL,cUSDC,cBTC,cUSDT) Behavior influenced by the size of the receipt Since Last Month?

At first lets take a look at what do users do with their cTokens

Usually users are mostly transferring their cTokens and burners are more than minters.

Now lets look at Defi platforms that users deposited their cTokens in them after minting on Solend

Jupiter Aggregator V2 and Raydium Liquidity Pool V4 are the most used Defi Platforms by users.

Daily Solend Transactions Since last month

Solend had a massive number of transactions on July 16th 2022(almost 2M)

Does cTokens(cSOL,cUSDC,cBTC,cUSDT) Behavior influenced by the size of the receipt Since Last Month?

Conclusion