Saber is the leading cross-chain stablecoin exchange on Solana, providing the liquidity foundation for stablecoins, or a cryptocurrency whose value is pegged to another asset. Market makers deposit crypto into a Saber liquidity pool to earn passive yield from transaction fees, token-based incentives, and eventually automated DeFi strategies.

Saber’s key functionality is enabled via the Automated Market Maker (AMM) model. AMM-based exchanges do not have to rely on executing each trade by connecting two traders willing to transact.

Instead, a large number of liquidity pool providers add funds to the respective pool, e.g. USDT-USDC. The liquidity providers are incentivized by a proportion of the transaction fees earned by the protocol transferred to them. When you want to swap your USDT for USDC, you do not have to wait around for another trader willing to transact with you. Instead, you simply execute your transaction against the pool, where lack of required coins is rarely a problem, at least at larger and properly established protocols.

1. Create a time series analysis of Saber locked up over time, noting the start of each epoch.

The start of 1st epoch is 2022-02-01. This line chart indicates the change in total amount of Saber locked up over time.

Overall, the total amount of Saber locked up decreased significantly from 22 million USD to around 2 million USD between the first epoch and the fourth epoch.

2. List the top 20 wallets that have locked Saber in the month of February

The table lists top 20 wallet addresses with the highest value Saber locked in February. Based on the table, there is a huge difference in total value of Saber locked between top 1 wallet and the 20th wallet.

3. Have these top wallets added to their locked SBR positions to gain even more voting power, or do they lock all their SBR tokens in governance at once?

In general, most of the top wallets locked SBR positions only 1 time from the beginning date until now.

4. What other activities are these top 20 wallets doing in the month of February?

I calculate the total transactions as well as total fee that top 20 wallets engaged with other programs. The table “solana.transactions” and “solana.labels” are exploited to conduct the analysis.

Program ID “JUP2jxvXaqu7NQY1GmNF4m1vodw12LVXYxbFL2uJvfo” had the highest number of transactions (189) and fee (945000) while program ID “82yxjeMsvaURa4MbZZ7WZZHfobirZYkH1zF8fmeGtyaQ” had the lowest number of transactions (1) and fee (10000)