Try Quests to earn SOL- How has Solana defi responded to the risks that Serum suddenly presented and 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?
METRIC
in this dashboard, We are going to utilize the Solana.core.fact transactions, Solana.core.fact transfers, and Solana.core.fact staking lp actions tables to find out how Solana Defi has responded to Serum fork
Due to the fact that this analysis is being performed on data ranging from the prior three weeks (30 days) to the present day
Serum Legacy Program IDs '9xQeWvG816bUx9EPjHmaT23yvVM2ZWbrrpZb9PusVFin', 'EUqojwWA2rd19FZrzeBncJsm38Jm1hEhE3zsmX3bRc2o', '4ckmDgGdxQoPDLU
OpenBook Program ID : srmqPvymJeFKQ4zGQed1GFppgkRHL9kaELCbyksJtPX
According to the charts, the number of daily transactions and SOL token users in the Solana ecosystem after the FTX crash has increased significantly.
The biggest number of SOL users was on November 9th,
And the highest number of SOL transactions occurred on November 17th and 18th.
CEX inflows and outflows
The above data illustrate a significant rise in CEXs Outflows and Inflows from the Solana ecosystem since the FTX disaster, since the largest number of CEX transactions occurred on November 9 and the maximum volume was on November 7.
On November 7(the collapse day), the number of USD inflows and outflows from CEX unexpectedly .
Binance saw another significant spike on November 18
The average USD volume of CEX transactions has reduced since the crash, whereas the volume to CEXs has not changed significantly.
According to both bar charts has shown above(within past 3 weeks), it can be said that overall the number on both charts decreased after collapse ,
but rate of decreasing in number of transactions are way more noticeable since it dropped all the from 6-7million per day to less than 1million daily;
but number of user decreasing slower(6-7 thousand to 4-5 thousand per day).
in graph above daily prices of SOL and SRM compared within past 30 days ,
at first sight it seems that SRM is taking lead and has greater value till 5th of November ,
but after 5th November till 7th November SOL became slightly higher on price than SRM;
but it didn’t last for so long and after 2 days SRM due having slower rate in dropping (comparing to SOL) became higher than SOL .
there was another period of time where SOL was more than SRM, from 13th of November 2022 to 15th November SOL price was Stable and SRM dropped slightly but recovered after 2 days again.
long story short it is fair to say that “Overall the price on SRM was more than SOL within last 30days” .
two bar charts above are discussing about daily active users and transaction volume before and after FTX collapse ,
it can be understood on both bar charts the numbers are decreasing after collapse day by day ;
which made 21th November 2022 the lowest amount seen on both charts within last 30 days.
bar charts and area charts above discussing about number of defi Users and its transactions ,and it can be seen that the most amount of users and transactions are being in Orca token swap v2,raydium liquidity pool v4 and Raydium stake.
After the FTX crash, Serum's share of transactions and users has experienced a decrease, while on other Defi platforms like Zeta, Jupiter, and Solend, the share of transactions and users has experienced a rise, which shows users are moving from Serum to other Defi programs.
according to the charts, unstaking activity on Solana was affected by the FTX crash since withdrawals increased on November 10.
After the crash, the assigned amount for staking does not grow.
However, the most significant amount of staking and unstaking transactions occurred following the FTX crashing.
we can see increasing trend of transactions as well as active users on OpenBook, which demonstrates a welcoming attitude toward users in a gratifying manner.
But in any case, the overall number of transactions and active users on OpenBook is a lot lower than what Serum has, and OpenBook has not been able to fully regain the activity that Serum had on its own yet.
Despite the deprecation, Serum continues to attract a large number of users, both current and prospective, albeit the overall trend line of these users is rather falling, especially in the wake of the FTX crash.
We can see a growing number of active users on OpenBook as time goes on, and there are new users who are using OpenBook for the first time. However, similar to the transaction count, the difference between Serum and OpenBook new and active users is still so great.
As can be seen, the number of swaps as well as the volume of swaps substantially increased after the 8th of November, particularly in terms of volume, as the largest spike of swaps was attained on the 9th of November.
However, after a few days, we were able to observe the general downward trend of swaps activity on Solana DEXs as time went on, particularly in terms of volume.
According to the graphic on the left, the market share of jupiter and Orca swap programs in the Solana swap ecosystem has dramatically expanded.
CONCLUSION
- The number of Solana transactions and users has significantly decreased after the FTX collapse after the crash,
- Defi program transactions and user decreased also ,Since the volume of transactions reduced from 6-7 million per day to less than 1 million per day, there has been a discernible increase in their visibility
- About defi platform we can see Most users and transactions are in Orca token swap v2,raydium liquidity pool v4 and Raydium .
- After the FTX crash, Serum's share of transactions and users has decreased, while on other Defi platforms like Zeta, Jupiter, and Solend, they have risen.
- After the FTX crash, there has been a considerable rise in the number of daily transactions as well as the number of users of the SOL token in the Solana ecosystem.
- The day of the week with the most people using SOL was November 9, and the days of the week with the most people using SOL for transactions were November 17 and 18.
- The day of November 9 saw the greatest volume of transactions on the CEX.
- Binance had another big jump on November 18.
- Unstaking activity on Solana was negatively impacted by the FTX breakdown during this time. After the crash, the amount that has been assigned for staking will not increase.
- Clearly, the volume in Serium has dropped significantly after what happened to FTX, but on the opposite side, OpenBook is facing a daily increase in the volume and popularity of users.
- After November 8th, the number of swaps as well as the amount of swaps significantly rose, and Jupiter and Orca swap programs in the Solana swap ecosystem greatly grew after the collapse of ftx.apparently, Jupiter has been greatly affected by the Cerium fork
Definition
What exactly is FTX?
FTX Crypto Exchange is an exchange that was developed by traders specifically for users. Buy and sell cryptocurrency such as Bitcoin and Ethereum as well as other popular products with very low transaction costs.
What exactly is a serum?
Traders are able to buy and sell cryptocurrencies with the use of Serum, which is a decentralized exchange software that was created on the Solana platform. If you are not aware with it, Solana is a blockchain platform with the goal of increasing user scalability by reducing the amount of time it takes for transactions to be settled.
What is OpenBook?
OpenBook-dex is a shared organization on Github that a number of Solana teams utilize in order to keep resources associated with the Serum Community Fork. OpenBook is a community-driven initiative that intends to construct and sustain an ecosystem for spot trading. This is the project's stated purpose. The CLOB was formerly known as Serum V3 at one point.