Date: 2022-07-14

This analysis is focused on health of Orca Protocol on Solana.

All data is from the beginning until now.

Quick introduction

What is Orca?

Orca is the easiest place to exchange cryptocurrency on the Solana blockchain. On Orca, you can exchange tokens cheaply, quickly, and confidently. Additionally, you can provide liquidity to one of our liquidity pools, including our concentrated liquidity pools (Whirlpools) to earn trading fees and token emissions.

Here, you can exchange tokens with minimal transaction fees and lower latency than any DEX on Ethereum, all while knowing that you’re getting a fair price. Additionally, you may provide liquidity to a trading pool to earn a share of trading fees.

Methods

In this dashboard, we discuss what happens in the ==Orca DeFi protocol== and review 4 criteria to measure its "health". I chose 4 metrics to indicate Orca health:

1-Daily Success Rate

2-Number of success transactions

3-Active users

4-Swaped volume

I used the solana.core.fact_swaps table and condition swap_program ilike 'orca' to prepare the list of swaps on the Orca protocol. (I considered successful transactions. succeeded = 'TRUE')

Using the prepared swap transactions, I obtained the swap volume, the number of successful transactions and the success rate on a daily basis.

In an analysis, I checked the number of daily active users in Orca. Active users in this dashboard are addresses that have had at least 10 successful swaps in Orca.

Finally, I checked the popular pools on Orca and displayed the top 20 pools in terms of the number of successful swap transactions. I also got help from the solana.core.dim_labels table for this part.

The queries of this dashboard are refreshed daily.

1-== Daily Success Rate on Orca Protocol:

Analyze

In the chart above, we see the daily success rate. That is, the number of successful transactions compared to the total transactions of a day. In my opinion, this is an important metric in showing the health of a protocol. Here we can see that this rate has improved a lot from April 1, 2022 to about June 25, 2022 and has been high, in some days it has even reached 0.9, which is great. Overall the daily success rate is trending well. And this means the health of the Orca protocol.

2-== Number of success transactions on Orca Protocol:

Analyze

In the second review, I analyzed the number of successful transactions. As you can see, successful transactions have been growing significantly, although in the last 2 weeks due to the market situation, total transactions and then successful transactions have decreased, which is normal.

3-== Active users on Orca Protocol:

Analyze

Good! Here, as in the previous chart, the trend of the number of active unique users has increased daily. Especially since the beginning of March, this upward trend until the beginning of June. But due to the situation of the market and the fear prevailing in it, the use of Orca has decreased and less users have been attracted to it in this period of about a month, and the trend of the number of active users has decreased.

> Active users in this dashboard are addresses that have had at least 10 successful swaps in Orca.

4-== Swaped volume on Orca Protocol:

Analyze

In reviewing the last metric, I analyzed the swapped volume, and here we see a normal and stable trend. Of course, at the end of 2021 until February 2022, when the market has had better conditions, more volume has been swapped.

which pools are popular on Orca Protocol?

Analyze

Here are the top 20 Orca protocol pools based on the number of successful unique swaps.

The gst/usd pool ranks first with 3,982,107 swap transactions. Also, the sol/gst and gst/sol pools are in the second and third ranks, respectively. By examining these results and the process of liquidity is flowing in and out of the protocol, we conclude that users have mostly used Orca for swapping Moving to Earn tokens such as gst and gmt.

Conclusion

• According to the information available in the dashboard such as tables and charts, it can be concluded that Orca protocol is one of the healthiest DeFi protocols in the Solana ecosystem.
• All trends, including the daily success rate in swap transactions, etc., have been normal and improving, of course, except for periods and days when the market has not had an interesting situation.
• Active users, i.e. users who have had at least 10 successful swaps in Orca, have increased significantly in 2022, which is a proof of the success and health of the Orca DeFi protocol.
• Pools related to Moving to Earn token are the most popular pools in the Orca protocol.

Thanks for reading!

This analysis was created on 2022–07–14 for a bounty at Flipside Crypto by Hesam to answer the following questions: #Solana - Choose a defi protocol from the following list and create a dashboard with the new Flipside layout that can refresh once a day highlighting at least 4 metrics of your choosing that helps show the "health" of the protocol and what is happening on it. Note any noticeable trends or current events for the protocol. Highlight how liquidity is flowing in and out of the protocol and which pools are popular.

All data used are from Flipside Crypto.

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