Introduction

• In this analysis, You will Read about OpenBook on Solana. We want to know How has Solana defi responded to the risks that Serum suddenly presented and whether has there been any traction on Openbook so far? How has liquidity flowed through Solana defi? What programs seemed to be most affected by the replacement of Serum? Does it seem like defi on Solana is becoming more decentralized?

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What is Openbook?

• OpenBook is a community-led project with the goal of providing and maintaining an ecosystem primitive for spot trading.

  One of the aftereffects of the FTX meltdown for Solana was the need to fork (replace) Serum, the OG order book on Solana due to key control risk. The Solana defi community worked together to create OpenBook

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Defi and DEX Platforms

In this section, We are looking for Serum and Openbook activities but in order to understand charts and Openbook and Serum impacts, I used other platforms too.

• Until November 8, The total daily number of transactions or daily share of transactions on Solana had a huge difference from other platforms. About 98-99% of transactions went through Serum. Without Serum, It seems Solana becomes like a small chain with under 10K transactions.
• The total daily number of transactions on Serum decreased to below 20K from 1.6M. Rapidly, The total daily number of transactions on Openbook increased up to 400K. Also, The daily share of transactions increased up to 92% from 0.5%.

Staking and Unstaking

If You have Cryptocurrencies, You should hear about Solana Unstaking, Due to the Aftereffects of the FTX meltdown.

• It seems FTX impacted this section of Solana the most. The total daily number of stakes increased to 571 transactions per day from 200-250 stakes. After three days, The total daily stakes transactions decreased to below the normal days.
• On the other hand, The total daily unstake transactions were 15-20 transactions daily before the FTX crash but after FTX increased to 328 transactions. After three-four days, The daily unstake activities decreased and reached to normal days.

Solana to CEXs and CEXs to Solana

• When you see rumors about the selling pressure of a token, whether it is true or not, So many users start to convert their tokens to a stablecoin. That happened to Solana too. When users heard about Unstaking and Serum, they mostly, Converted their Sol token.
• The total daily number of transfer transactions from Solana to CEXs increased a day after the FTX crash. The total daily number of transactions was 8-9K but on that day increased to 12K. However, Solana has a great community and they always support the chain. After three days, The total daily number of transfers decreased quickly.
• The average number of transactions was 7.7K per day before FTX while after FTX was lower than that. Although, This is not a good proof. Because so many users swapped their tokens in Solana chain via DEXs.

Method

Defi and Dex Activities

• I extracted all Defi and Dex platforms from the DIM label table on Solana with Dex and Defi label types. Then, I joined my Findings with solana.core.fact_events by program_id. All I needed was the amount of Sol. So with Tx_id, I joined my findings and put the Sol token address as a mint which is So11111111111111111111111111111111111111112.

OpenBook

• The method is like the previous part But the only difference was OpenBook. Openbook data is not available on the Dim table. I added an Openbook address with a hard-coded name into the Dim label. The OpenBook address is : srmqPvymJeFKQ4zGQed1GFppgkRHL9kaELCbyksJtPX.

Stake/Unstake

• Staking and Unstaking activities were simple. We have a staking action table on Solana. I extracted data from that table and called deposit as stake and withdraw as unstake.

CEXs

• I extracted CEX addresses for the Solana blockchain from flipside_prod_db.crosschain.address_labels table. Then, I put the CEX addresses as sender and receiver to declare the route of transfers.

Full Analysis

Defi and Dex Activities

In order to understand Openbook better, First let’s take a look at Defi and DEX activities before and After the FTX crash and its impact on Solana Chain.

• A day after FTX rumors, The total daily number of users increased and reached up to 12K. Before The FTX, The daily number of users was 3-5K daily but after FTX became 3x higher than normal days. Shortly, After three days, The total daily number of users decreased and became like normal days. The total daily number of users still is decreasing.
• The average number of users per day was 4.2K while the average number of users per day was 5.4k after FTX.
• AFter November 7, 46K Unique wallets used Defi and DEX platforms on Solana.

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• As you have seen, The total daily number of users increased after FTX. But what we can see here is that the total number of transactions decreased so fast. From daily 1.3-1.8M transactions before FTX, The daily number of users decreased to 200K. For a short time, On November 12 and 13, The total daily transactions decreased below 50K! Imagine an average of 1.5M transactions and 50K transactions!
• The average number of transactions per day was 1.5M before FTX while after FTX was 501K.
• After November 7, In 12 days, 6.5M transactions went through Defi and DEX platforms. Before FTX this number was for 4 days on Solana.

• Now, It’s Time to examine the Sol amount that went through Defi and DEX platforms. First, I should mention a huge amount of Sol went through Solana platforms on November 9. The total Sol amount was 220M SOL.

• The daily Sol amount was 83M Sol before the FTX crash but this amount increased significantly on November 9.

• The daily Sol Amount after November 9 dropped quickly and in some days reached below 5M! Shocking for Solana. Again, After November 14, The total daily amount increased up to 37M SOL but still is below 50M.

• Users used 486M Sol After the FTX crash. The average Sol amount per day was 81M before FTX and After FTX 37M Sol.

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• Aftereffects of the FTX meltdown caused problems for Serum Liquidity, and as you can see the total daily Sol amount reached below 20K Sol from 1.6M. Serum Community launched Openbook, A fork of Serum. Rapidly, The daily Sol amount increased up to 35M Sol. The daily share of Sol Amount from 0.08% increased up to 94% again. Openbook took Serum's place so Fast.
• Because of Rumors and FTX effects, The total daily Sol amount on Raydium increased for one day on November 9. Raydium had 88% of Sol share in that time. But shortly, The share of Raydium decreased and Openbook increased.

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• We already have seen the Growth of Openbook. Let’s see some overall stats.
• Since November 2, 65% of transactions were on Serum while Openbook share reached 25.9%. Almost 4,4M transactions went through Serum in 20 days while around 1.7M transactions went through Openbook in less than 7 days.
• Based on Sol amount, Raydium with 276M Sol and 55% of the amount was the top platform. However, This amount went through Raydium in 20 days while Open Book with 119M Sol and 23% of the amount is the second top platform in less than 7 days.

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• You have seen that the total number of stake transactions increased after the FTX crash but when you see the total daily number of users, You don’t see a huge increase. For two days, The total daily number of stakers increased but quickly back to normal days again. After a week after FTX, We can see a drop in daily stakers. Right now reached below 100 unique wallets per day.
• On the other side, FTX impacted the unstakers. The total daily number of unstakers was below 30 unique wallets per day but after FTX increased to 750 unique wallets. However, After a week, unstakers back to the normal days.

• Maybe the total number of users or transactions don’t important too much. What is important is the amount of stake or unstake. Because a whale user can change everything in one single transaction.

• The total daily stake amount was 24-35K but a day before and after the FTX crash, The total daily stake amount increased up to 77K SOL. There were too many ups and downs after FTX meltdown but in the last week, The Daily stake amount decreased to 5K!

• Following the stake activities, the Unstake amount increased significantly. The daily unstake amount on Solana on normal days was 3-65K but two days after FTX, Increased by nearly 1M SOL. However, This amount dropped quickly but 1M SOL is a huge amount and impacted on Solana chain completely.

• This time, The Market sitituation was a little different. Following the rumors about some Tokens that FTX invested before, There were some rumors that maybe other CEX crash like FTX. So users decided to transfer their assets to their wallets. As you can see, The total daily number of tranasctions increased while rumors about FTX and other CEXs spread. But

Source: Openbook Twitter

THANK YOU FOR READING!

ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/NOV/22

Conclusion

• Openbook took Serum's place completely. Not Only Serum and took other Defi and DEX platforms on Solana.
• All Parameters On Defi and DEX sections decreased after the FTX crash.
• The average unstake amount was 94K before FTX but it was 161K per day after FTX.
• Also, The average stake amount was 42K before FTX but it was 27K after FTX.
• The average number of transactions from chain to CEX was 7.7K Before FTX but it was 4.9K after FTX.