Try Quests to earn SOLSolana Since The Mango Hack
🥭 What is Mango Market?
Mango Markets, decentralized finance (DeFi) trading platform on the Solana blockchain, has become the latest victim to hackers who stole $117 million from the platform. According to a tweet from Mango Market, the hack was caused by a price manipulation on the native MNGO token.
❔ How do Mango Markets work?
Mango Markets provides a single venue to lend, borrow, swap, and leverage-trade crypto assets through a powerful risk engine. Mango Markets is built on the Solana blockchain and utilizes Serum DEX for spot margin trading while perpetual futures are traded on Mango Markets' own order book.
👨🏿💻 Mango Markets Hack
An exploit of the Solana-based decentralized finance protocol Mango Markets (MNGO), which saw a hacker manipulate the price data of its native $MNGO token that allowed them to take out under-collateralized cryptocurrency loans.
In total, the attacker was able to drain $100 million from the DeFi platform's coffers. At this point, it's unclear how the perpetrator was able to alter the price of MNGO from the perspective of the Mango protocol.
Sources:
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In general, we can see that daily transactions have decreased since October 11, after the hack. Before the hack, transactions had a steady, even upward trend, but after the hack, the trend was downward.
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From Oct 1 to 11, TPS and average TPS had a steady trend but have declined since Oct 11 and after the hack.
- The number of $MNGO swaps (swaps to $MNGO + swaps from $MNGO) increased on October 11 and 12, but after that, dropped.
- But the number of other Assets swaps id fluctuates and set a record on October 13 with 505k txs.
- Before hacking, the swap to Mango and swap from Mango charts did not fluctuate much.
- After the hack, we see some records on Oct 11 and 12 then it follows a steady process. The hour with the biggest swap volume (to $MNGO) was 3M $MNGO on October 11 at 22:00.
- We had the highest record of swap from Mango was 1.8M $MNGO on October 11 at 23:00.
- Serum and Mango Markets had the largest number of transactions and the largest decrease in transactions after the hack.
- In general, we see a decline in the chart for most of the DeFi platforms after October 11 (after Mango Markets was hacked).
- The number of unique users increase on Oct 11 and then decreased.
- Jupiter had the highest record on Oct 11 and it followed by serum and mango market in next places.
What is creating an account & closing account actions?
The Solana blockchain requires 0.035 SOL to create a Mango Account. This covers rent for your account and will be refunded if you close your account.
- Create account actions:
- The number of Successful creations before Oct 11 fluctuated between 10 and 20 TXs, but on Oct 11, it reached 32 TXs, which was its highest level in October.
- On Oct 2, we had the highest number of failed create accounts which were 44 TXs.
- On Oct 10, 11, and 12 failed creates TXs were 13 each day.
- The day of the highest number of creates accounts was on Oct 2 which was 53 TXs (Failed + Successful).
- Close account (withdraws) actions:
- On Oct 10, the number of failed withdraws fluctuated between 0 and 3.
- On October 11, the number of failed withdraws fluctuated between 0 and 5, but from Oct 11, 22:00, it went up.
- The highest number of failed withdraws occurred on October 12 at 1:00, which was 9434 TXs.
- From October 10th to October 11th the number of successful withdrawals fluctuated, then at 22:00 of Oct 11, it went up and the highest record was on October 12 at 23:00, which was 617 TXs.
- The day of the highest number of withdrawals was on Oct 12.
Send to CEXs
- On October 12th, we had the highest amount sent to CEXs.
- FTX had the highest record volume USD which was on October 12th at 2:00 p.m, with the amount of $85.6M and followed by the amount of $19.4M and $41.9M at 3 and 4 p.m. as next places, respectively.
Send out from CEXs
- On the two dates of October 12 and 14, we had the largest records sent out from CEXs, which is the largest record for October 14 with an amount of $55.3M, and in second place is October 12 with an amount of $43.2M.
So The highest Assets volume is FTX with the highest volume in USD sent to CEXs and sent out from CEXs.
In the last chart, we can see that FTX has the most flow volume IN which is $42.3M on Oct 12, and also has the most flow volume OUT which is $53.3M on Oct 14.
Conclusion
- In general daily transactions have decreased since October 11, after the hack.
- Since Oct 11 and after the hack, TPS and average TPS have decreased.
- In general, we see a decline in the chart for most of the DeFi platforms after October 11 (after Mango Markets was hacked).
- In general daily transactions have decreased since October 11, after the hack.
- Since Oct 11 and after the hack, TPS and average TPS have declined.
- In general, we see a decline in the chart for most of the DeFi platforms after October 11 (after Mango Markets was hacked).
- The number of unique users increase on Oct 11 and then decreased.
- The number of $MNGO swaps (swaps to $MNGO + swaps from $MNGO) increased on October 11 and 12, but after that, dropped. But the number of other Assets swaps id fluctuates and set a record on October 13 with 505k txs.
- The number of Successful creations before Oct 11 fluctuated, but on Oct 11, it reached 32 TXs, which was its highest level in October.
- On Oct 10, 11, and 12 failed creates TXs were 13 each day.
- Before the hack, the number of failed withdraws and successful withdrawals fluctuated, but after the hack, it went up.
- The highest number of failed withdraws and successful withdrawals occurred on October 12 which is 9434 TXs and 617 TXs.
- The highest Assets volume is FTX with the highest volume in USD sent to CEXs and sent out from CEXs.
- In the last chart, we can see that FTX has the most flow volume IN which is $42.3M on Oct 12, and also has the most flow volume OUT which is $53.3M on Oct 14.
🎯 Purpose of this dashboard
The purpose of this dashboard is to see what effects it had on the Solana ecosystem and other DeFi platforms after the Mango Markets was hacked.
✔ Methodology & Definitions
For convenience and to provide better analysis, I have divided the dashboard into different sections and have placed chart(s) for each section and then written explanations about each one.
- First, I have shown the number of daily transactions by transaction type since October 1. Besides that, I have displayed the number of transactions per second (TPS) before and after the hack on a daily basis as well as the average.
- In the second part, DeFi protocols' activities, I first found the top 10 DeFi platforms and then displayed the graphs of the number of transactions performed on them and the users who worked with those platforms on a daily basis.
- In the third part, Swap activities of $MNGO token, firstly, in the first chart, I have displayed the total number of Solana network swaps on a daily basis, and I have marked the swaps related to the native token ($MNGO) of this platform with another color. Then, I displayed the volume swapped to and from this token on a daily basis and summarized the swap flow chart to this token in the net flow chart.
- Next is the turn to the Mango Markets Actions section. In this section, I have shown the number of newly created accounts as well as the accounts that have been closed (withdrawal). (Note: the explanations related to account creation and closing are explained in the same section.)
- And the last part of the analysis is related to CEXs (IN / OUT) volume & flow, which, as the title of this section indicates, is supposed to measure the volume of assets (in USD) entering and leaving the exchanges on a daily basis. and show it separately by exchanges. Then, as a more concise presentation, I will also show the net volume flow to the CEXs.
- Finally, I have presented the conclusion based on all the sections.