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.

What is DEFI?

Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain.

What is Mango Markets?

Mango Markets is a decentralized exchange (DEX) on the Solana blockchain that offers traders up to 20x leverage on popular trading pairs.

Methodology

In this dashboard, we will look at the Defi activity and the NFT activity on Solana. We Are looking to see what effect the Mango market hack on October 11th has had on the Solana ecosystem.

Sections

1. Defi activity by protocol
2. Defi activity Pre/Post Hack
3. Solana NFT activty Pre/Post Hack

Conclusion

1. Number of users and transactions on Solana network has been decreasing since the hack and serum had most share of them.
2. Number of users and transactions to CEXs on Solana network has been decreasing since the hack and ftx and coinbase had most share of them.
3. Number of $SOL transfers to CEXs on Solana network has been increasing since the hack and ftx, coinbase, kraken and bitfinex had most share of them.
4. Number of users and transactions from CEXs on Solana network has been decreasing since the hack and ftx and coinbase had most share of them.
5. Number of $SOL transfers from CEXs on Solana network has been increasing since the hack and ftx, coinbase and kraken had most share of them.
6. Orca had most staked users since the hack
7. Number of swaps and swappers of swap programs on Solana network has been decreasing since the hack and raydium and jupiter had most share of them.
8. transactions, users and fees of swap programs on Solana network has remained same since the hack

As shown above orca has most staked users since the Mango Hack with 5 staked users, solfarm is next with 2 staked users and zeta is last with 1 staked users

Bar chart shows that on Oct 13th most f the staked users occurred which was 5 staked users and 3 of them was for orca.

The chart above shows the hourly price of MNGO as of October 1, 2022.

The price of MNGO has been stable from October 4, 2022 to October 11, 2022, but after the news of the MNGO hack, the price made a big jump to $0.11 and immediately dropped to $0.019 on the same day.

In the bar chart, we can see the daily purchase and sale volume of MNGO. Before the hack, the purchase volume is more than the sales volume. After the hack, the purchase volume reached 4.3 million, despite the MNGO hack, the purchase volume is over 2 million.

The above two graphs show the average Solana portfolio and we can see the Solana staked, unstacked and the number of NFT’s sold

Most users, ie 8000 unique users, who make up 52.8% of users, have staked. Also, 25.4.% of users, ie around 4000 users, have done unstaked activity. And 3,000 users, who make up 21.7% of our total users, have sold NFT. (The NFT market is new and emerging, so it has a lower percentage)

Total TVL change

• Since Mango hack on Oct 11, Solana TVL has dropped $362M from $1.3B to $935M on Oct 14.

Hourly from CEX before & after the hack

• Around 16:00 UTC Oct 10, $27M was sent from CEX, which accounts for 4% in total $ amount sent from CEX.
• Around 19:00 UTC Oct 11, hackers transferred $30M from CEX.
• Around 02:00 & 04:00 UTC Oct 12, $96M in total was sent from CEX, which accounts for 15% in total $ amount sent from CEX.
• Around 4:00 UTC Oct 14, $59M was sent from CEX, which accounts for 9% in total $ amount sent from CEX.