What is the Question?🚨

Hadeswap is a fully decentralized crypto trading protocol that currently operates as an NFT AMM. This means that it allows users to trade and swap NFTs using liquidity pools, exactly like you would trade and swap crypto using Uniswap.

Create a dashboard diving into the details of Hadeswap behavior. What collections have been most popular to trade on? What LPers have generated the most fees? Are there certain LPing strategies that yield the best results on Hadeswap? How does wash trading on Hadeswap compare to Magic Eden? Does Hadeswap trade fewer collections overall than Magic Eden (ie are small collections only popular on ME)? 

ABC (abracadabra) is a collection tied to Hadeswap — show the growth in their popularity over time as Hadeswap has grown. There's a rumor of $HADES being released soon, is there any noticeable behavior that you would attribute to "airdrop farming"?

Analyzed Topics:

1. HadeSwap and other Marketplaces on Solana Activity
2. HadeSwap Trading Activity
3. LP Pools Fees
4. Wash Trading Comparison on Hadeswap and Magic Eden
5. ABC Collection Statistics

Introduction🚩

What is Solana?

Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.

Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees than rival blockchains like Ethereum. The cryptocurrency that runs on the Solana blockchain—also named Solana (SOLUSD) and using the ticker symbol SOL—soared almost 12,000% in 2021 and at one point had a market capitalization of over $66 billion, making it the fifth-largest cryptocurrency by this measure at the time.

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What is HadeSwap?

It's an Automated Market Maker (AMM) NFT marketplace that improves NFT liquidity and trading. It allows users to trade and swap NFTs using liquidity pools, exactly like you would trade and swap crypto using Uniswap.

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What is Wash Trading?

Wash trading is a process whereby a trader buys and sells a security for the express purpose of feeding misleading information to the market. In some situations, wash trades are executed by a trader and a broker who are colluding with each other, and other times wash trades are executed by investors acting as both the buyer and the seller of the security.

Wash trading misleads investors into believing that trading volumes for a security are higher than they actually are, potentially increasing legitimate trading activity on the security in the process. Wash trading is illegal under U.S. law, and the Internal Revenue Service (IRS) bars taxpayers from deducting losses that result from wash trades from their taxable income.

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What is ABC NFT Collection?

ABC (Abracadabra) is an NFT collection launched by HGE. SOL on August 23rd. The series is drawn in the mode of children's drawings, “Made to remind you of how fun things were when we were kids, before growing up.” The initial minting price of ABC was 1.23 SOL.

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Method⚡

In this dashboard, I analyzed HadeSwap NFT marketplace on Solana blockchain and went deep through it with the help of some metrics that i mentioned above in “analyzed topics” and compared it to other solana marketplaces especially Magic Eden, the most popular marketplace on Solana, based on wash trading, sales activity and etc.. that you will see later in the analysis.

At last, i explored ABC nft collection on Solana and analyzed it from different angles since Oct 2022.

I Extracted the data from ==Solana.core== database provided by Flipsidecrypto and mainly used fact_nft_sales table to gather the needed data and bring it all together to do my analysis on it.

Also i only considered Successful transactions with succeeded=TRUE.

The data analyzed since ==October 2022 (2022-10-01)== because Hadeswap launched on September 26th 2022 and i skipped the first few days of it.

1. HadeSwap and other Marketplaces on Solana Activity

Findings👀

• In this section, i compared HadeSwap to other Solana marketlpaces based on common NFT statistics such as sales count, purchasers, sellers and sales volume in $SOL since October 2022. According to the daily chart above, Magic Eden is the biggest and most popular nft marketplace on Solana and completely outperforming other marketplaces on every day since October.
• It seems daily sales count, purchasers and sellers on Magic Eden were bearish in past 4 months and after its peak on October 11th with over 73K sales, it dropped to an average of 30K daily sales until mid January 2023.
• HadeSwap is the second popular marketplace on Solana chain after Magic Eden and according to the total stats chart above, HadeSwap recorded the highest NFT activity on Solana after ME.
• Based on Total bar charts, ME has recorded much more stats than others since October and leading others authoritatively.

Findings👀

• In the left chart, i compared total NFT activity on Hadeswap and other marketplaces on Solana except Magic Eden and we can see that HadeSwap with lower sales count than all other marketplaces, recorded higher sales volume than them with over 1.5M since October while all other marketplaces recorded 708K together.

2. HadeSwap Trading Activity

Findings👀

• Left and right pie charts are showing the share of Sales and Sales volume by top 5 marketplaces on Solana since October 2022.
• Magic Eden Accounted over 90% of sales count and sales volume of NFT activity on Solana followed by Hadeswap with almost 3% share on Sales count and 7% on Sales Volume.

Findings👀

• In this section, i analyzed the same metrics as previous section but this time specifically for HadeSwap Divided by top 5 NFT Collections on HadeSwap.

• Recently, Trade volume on Hadeswap has increased and reached its highest on Jan 5th in past 4 months since October with over 41K Sales Volume in $SOL.

• ABC was the most traded NFT collection on Hadeswap in terms of Sales volume in $SOL since October with over 205K $SOL followed by Claynosaurz with 119K. These 2 collections that i mentioned are accounting approximately 50% of all Hadeswap’s sales volume since October 2022.

• On the other hand, Lily collection is in the first place in terms of nft sales with 7.7K total sales and 20% followed by future traders with almost 5K sales and 12.8% share among top 10 collections.

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3. LP Pools Fees

Findings👀

• Daily Fee generated by HadeSwap LP pools started to increase recently after late December 2022 and reached its highest Fee in $SOL on Jan 5th with 966 $SOL and dropped slightly after that day.
• ABC collections is in the second place in terms of fee generated on HadeSwap LP fees with over 9.2K $SOL and 182K USD fees generated since October 2022.

4. Wash Trading Comparison on Hadeswap and Magic Eden

Findings👀

• In this section as the title says, i compared Hadeswap to Magic Eden based on Wash trading in overall and on a daily basis since October 2022.
• Based on daily charts, they have a lot of differences, we can see that Magic Eden has recorded much more normal sales than Flips or Wash trading while HadeSwap’s normal sales and Flips has recorded pretty close stats.
• Normal sales on Magic Eden were bearish in past few months but on Hadeswap they were bullish and has so many fluctuations on several days.
• Wash trading crossed flips on Magic Eden on Oct 14th and went above it but recently wash trading activity has been very low on Magic Eden.
• Normal sales on Magic Eden after a short hype in late December and peak on Jan 3rd, dropped again and continued its recent bearish movement since October.
• Sales volume increased on Both marketplaces after start of new year and most of them were normal sales type.
• According to total stats bar charts, Magic Eden has recorded pretty much the same number of flips and washs since October as i said earlier while the wash trading sales were very low on HadeSwap compared to ME.
• Hadeswap has recorded 8.3K wash trading with a volume of 184K $SOL and Magic Eden has recorded 527K wash trading with a total volume of 1.72M $SOL since October 2022 on solana blockchain.

Findings👀

• In this section i showed HadeSwap and Magic Eden total sales and sales volume by their sales type and divided them by Top 5 NFT collections on them marketplaces.
• Lily and OkayBears were the most washed nft collections on HadeSwap in terms of sales count and sales volume in $SOL.
• Babyshiba_army_club was the most washed nft collection on Magic Eden in terms of both sales count and sales volume since October.
• It seems like Lily NFT collection is the most popular collection on both marketplaces based on all type of sales.

5. ABC Collection Statistics

Findings👀

• ABC collections has recorded a total of 16.4K sales with a volume of 1.23M $SOL since October 2022 on all solana marketplaces.
• The cheapest NFT in this collection has been sold with 1 $SOL and the most expensive one has been sold with 1235 $SOL in this period.
• There were more sellers than buyers for this NFT collection on Solana chain in past 4 months. This collection recorded 3.5K sellers and 2.5K buyers.
• The highest number of sales and sales volume for this collections belong to Hadeswap on Jan 16th with 2180 number of sales on HadeSwap and a total volume of 342K $SOL.
• It seems like this collection is getting more popular between Solana NFT enthusiasts and the floor, median and maximum price started to increase significantly after start of 2023 and the maximum price recorded a massive spike on December 24th and reached over 1.5K $SOL from its previous day max price which was 381 $SOL!
• The most sales activity for ABC collections happened on Hadeswap with almost 8K sales and 685K $SOL followed by Magic Eden in second with 7.4K sales and 531K $SOL in total since October.

Conclusion💡

• Based on what we see earlier in the analysis, Hadeswap is the second popular marketplace on solana after Magic Eden based on Sales activity.
• If we do compare Hadeswap to other solana marketplaces together and do not consider Magic Eden, Hadeswap has recorded more sales volume than others together since October 2022.
• Hadeswap daily volume recently started to increase and Lily and ABC were the most popular collections on Hadeswap in terms of sales count and sales volume in $SOL.
• ABC has recorded 9.2K in $SOL and 182K in USD generated fees on HadeSwap LP pools since Oct.
• Wash trading were bolder on Magic Eden than Hadeswap in the period that i analyzed and based on number of sales, Flips and Washs were pretty much close on ME.
• Most of the ABC collection NFT sales activity happened on HadeSwap followed by Magic Eden since October 2022.
• In overall, HadeSwap performed very well on Solana after multiple things that happened to Solana and crypto market and after Magic Eden, this marketplace is the second most popular one among Solana Community especially NFT lovers.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

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> Image Source

Special Thanks to Marqu & mhm & pinehearst for some inspiration and queries that i modified them.

Thanks for your time!