Overview

Following a $117 million exploit on Oct. 11, the Mango Markets community is set to make a deal with the situation by allowing the hacker to keep $47 million as a bug bounty, according to the decentralized finance (DeFi) protocol governance forum.

The proposed terms reveal that $67 million of the stolen tokens will be returned, while $47 million will be kept by the hacker. 98% of the voters, or 291 million tokens, have voted in favor of the deal, which also stipulates that Mango Markets will not pursue criminal charges against the hacker.

The hacker performed the attack by manipulating the value of the MNGO native token collateral, then taking out “massive loans” from Mango’s treasury. After draining the funds, the hacker demanded a settlement, filling a proposal on the Mango Market's decentralized autonomous organization (DAO) forum asking for $70 million at that time.  \n

\n

Methods

In this dashboard, we will try to analysis what has been happening in the Solana defi ecosystem since the Mango Markets Hack, and we will compare previous and after Hack activity.

\n The idea is to explore if the activity increased or decreased and also try to find some possible factor, dApp or whatever that may be the affected by this event.

The main metrics evaluated are:

• Defi events both global and by platform
• Defi users both global and by platform
• Staking events
• Number of stakers
• Transfers from and to CEX
• Transferers and receptors to/from CEX

In this first charts we can see the global DeFi activity. In blue we have the data before the Hack and in orange the data after the Hack.

In the first chart we can see how the events started to decrease just after the hack, passinfr from around 13M to below 5M these last days. However, the amount of users interacting with DeFi platforms spiked during the Hack day, but the numbers also started to decrease just after that day, returning to the previous levels.

DeFi activity analysis

If we take a look at the numbers by platforms, we can see how the main cause of the decrease of the activity is due to the users stopped their intereactions with Mango Markets. We can see that the green part pracitcaly has been null over the past few days. However, we can see how other platforms have been also affected and their activity also decreased a little bit, such as Serum.

In terms of users, we see the spike on the Hack day due to the increase of the activity on Jupiter. It seems that users started to take action and swapped their tokens maybe. But the activity also decayed.

Staking activity analysis

Considering the staking activity, we can see how in terms of actions the situation didn’t vary so much. The number of actions practically is the same. However, we can see a sudden spike on this last evaluated day. Due to this sudden increase, we can see how the average of staking actions after the hack is higher than previous to the hack.

Regarding the stakers, the situation is similar, but in this case there is no an increase of stakers during this last day. The averages here are similar before and after the hack.

Transfers from/to CEX

In this final section, there is a comparison between the activity from and to CEX before and after the Hack. In both cases, we can see an increase on the transfers activity during the day of the Hack. This higher activity seems to be similar over the past days. So we can corroborate that after the hack, the activity on the CEX has increased. However, we can see as well that the major increment on the activity was with the transfers to CEX.

In fact, if we take a look at the users, we can see how the highest spike was for users transferring to CEX on the day of the Hack, jumping from around 8k to almost 18k. However, the users receiving from CEX also spiked from around 5k to 7k. In this case, the activity started to decay just after the spike.

Key insights

• The DeFi events started to decrease just after the hack, passinfr from around 13M to below 5M these last days. However, the amount of users interacting with DeFi platforms spiked during the Hack day, but the numbers also started to decrease just after that day, returning to the previous levels.
• The main cause of the DeFi decrease of the activity is due to the users stopped their interactions with Mango Markets.
• Other platforms have been also affected and their activity also decreased a little bit, such as Serum.
• In terms of users, we see the spike on the Hack day due to the increase of the activity on Jupiter. It seems that users started to take action and swapped their tokens maybe. But the activity also decayed.
• In terms of staking actions the situation didn’t vary so much. The number of actions practically is the same. However, we can see a sudden spike on this last evaluated day.
• Regarding the stakers, the situation is similar, but in this case there is no an increase of stakers during this last day.
• We can see an increase on the transfers from/to CEX during the day of the Hack.
• The highest spike was for users transferring to CEX on the day of the Hack, jumping from around 8k to almost 18k.