Try Quests to earn SOLSolana Since The Mango Hack
An Introduction on How Mango was Hacked
The hacker wants $70 million USDC as "bug bounty" for exploiting the Solana DeFi protocol for $117 million on October 11. The hacker who stole $117 million from Solana DeFi platform Mango Markets using a price feed vulnerability claimed compensation on October 12. The Mango Markets DAO governance forum received the suggestion. If approved, the hacker will send stolen MNGO, SOL (down $30), and Marinade Staked SOL tokens to the Mango DAO team's address. Non-deficit users will be compensated. However, the hacker requests that any bad debt be considered a bug bounty and insurance, paid out from a community treasury of 70 million USD Coin (USDC ticks down $1.00), or $70 million. The hacker cast millions of tokens for this proposition. The plan lacks quorum for approval. The hacker requests that users who vote for the settlement pay the reward, pay off the bad debt with the treasury, renounce any future claims against bad debt accounts, and not pursue criminal investigations or money freezing. Despite the mishap, losses may be lower than expected. Solana stablecoin protocol UXD reported $20 million in Mango Markets exposure. The insurance fund's $53.5 million holdings would cover the losses. Voting on the hacker's proposal is ongoing.
Purpose
According to what was said in Introduction section, here in this dashboard, it was tried to explore:
- What has been happening in the Solana defi ecosystem since the Mango Markets Hack?
- Has activity increased or decreased?
- Are users flocking to any particular defi apps?
- Are they leaving the ecosystem?
- Chart flows in and out of centralized exchanges from the Solana ecosystem.
- Has staking behavior changed on Solana since the hack
- From Oct 1, 2022 to Oct 11, 2022, price of Mango increased from 0.041 to 0.055. But, as expected, it has encountered with a really sharp decrease immediately after Mango markets was hacked, so that it has decreased from 0.055 to 0.023 on Oct 12, 2022 and until this date it has not been successful in gaining its previous figure before the event of hack.
- As expected, the number of users was negatively affected after the event of Mango markets hack, so that the number of users from Oct 1, 2022 to Oct 11, 2022 was totally 584 users, while this number was decreased to 77 users up to date that is really dramatic!. Hack puts its negative effect on this metric.
- In parallel to the number of users, the number of transactions was also considerably decreased after the event of hack, so that the total number of transaction from beginning of the October to October 11, 2022 was 10,690,241 transactions, while this amount was decreased to 37085 transaction up to date.
- As seen from graphs above, the total volume of NFT sales has considerably decreased after the event of hack, so that the total volume of NFT sales before hack was $1,130,794.279 from the beginning of the Oct to Oct 10, 2022, but it has decreased to $510,209 from Oct 11, 2022 up to date that is an expectable trend following the hack.
- Normally, NFT sellers/buyers on Mango marketplace were also negatively affected after hack.
- As seen in these graphs, total number of NFT sellers two weeks before hack was 193,836 sellers on Mango market, while it was decreased to 89,057 sellers after the hack.
- Regarding the number of buyers, it is also seen that the number of NFT buyers on MANGO market was 156,577 buyers, while it was decreased to 76,234 buyers after the hack.
- According to the graphs above, the number of NFT sales was somehow decreased after the hack occurred on Oct 11, 2022, so that, as can see in the 2nd graph, total number of NFT sales before the hack was 705,009 NFTs, while this figure was decreased to 311,707 NFTs in the following days defined in the query content.
- Considering the metric of stakers, no strange trends is seen after the hack in the number of stakers in a daily basis, but totally looking at this issue, it is seen that the total number of stakets about two weeks before the hack was 7735 stakers, while this number was decreased to 4856 stakers after Oct 11, 2022, as expected.
- Comparing the number of MANGO stakers and unstakers, it is seen that the both of these items were decreased after the hack. So than. the number of stakers before the hack was 7735 stakers and it was decreased to 4856 after the hack.
- The number of unstakers before the event was 3614 unstakers, while it decreased to 2054 unstakers after the event of hack.
- Regarding the volume of MANGO staked and unstaked, it is seen that the volume of MANGO staked before the hack was $1,493,973.044, while it has decreased to $255,118,6005 that is considerable decrease!
- On the other hand, the volume of MANGO unstaked before the hack in the above defined period of time was $1.019,811.633, while it decreased to $482,550.6639, that was again expectable.
- The number of inflow and outflow to/from CEXs are shown in the above graphs.
- In the daily basis, it is seen that both of these metrics has reached to its peak on Oct 11, 2022, but both of those were decreased after the hack happened on Oct 11, 2022.
- Taking a whole look on these metrics on the defined period of time, it is seen that the number of Inflow transactions to CEX before the hack was 547,198, while the number of outflow transactions to CEXs was 489,095.
- In a daily basis, both the volume of inflow and outflow transaction to/from CEXs was decreased after the hack occurred.
- Totally looking at this metric, the volume of outflow was more ($3.359225717e+11) than the volume of inflow ($3.036857683e+11).
- In terms of users on different defi apps, Jupiter aggregator v2 is the first app to which users are flocking after the hack (34.5%), followed by Raydium Liquidity Pool v4 (12.7%) and Raydium Stake (10.4%) as the second and third apps, respectively.
- In terms of transaction on apps, it is seen that Serum dex v3 is the first app in which the highest number of transactions (86.2%) was taken placed, followed by Mango Markets (7.63%) and Zeta dex (5.29%) as the second and third Defi apps, respectively
Conclusion
As the data shown above on different key metrics showing the health of a platform, it was seen that all of these metrics were negatively affected by the event of hack occurred on Oct 11, 2022. The results obtained above are summarized in the following to give the users a glance on the whole results:
- The number of users was negatively affected after the event of Mango markets hack, so that the number of users from Oct 1, 2022 to Oct 11, 2022 was totally 584 users, while this number was decreased to 77 users up to date.
- The number of transactions was also considerably decreased after the event of hack, so that the total number of transaction from beginning of the October to October 11, 2022 was 10,690,241 transactions, while this amount was decreased to 37085 transaction up to date.
- There was a sharp decrease in the price of Mango immediately after Mango markets was hacked, so that it has decreased from 0.055 to 0.023 on Oct 12, 2022 and until this date it has not been successful in gaining its previous figure before the event of hack.
- The total volume of NFT sales has considerably decreased after the event of hack, so that the total volume of NFT sales before hack was $1,130,794.279 from the beginning of the Oct to Oct 10, 2022, but it has decreased to $510,209 from Oct 11, 2022 up to date.
- Total number of NFT sellers two weeks before hack was 193,836 sellers on Mango market, while it was decreased to 89,057 sellers after the hack.
- The number of NFT buyers on MANGO market was 156,577 buyers, while it was decreased to 76,234 buyers after the hack.
- The number of NFT sales was somehow decreased after the hack occurred on Oct 11, 2022, so that, as can see in the 2nd graph, total number of NFT sales before the hack was 705,009 NFTs, while this figure was decreased to 311,707 NFTs in the following days.
- No strange trends is seen after the hack in the number of stakers in a daily basis, but totally looking at this issue, it is seen that the total number of stakers about two weeks before the hack was 7735 stakers, while this number was decreased to 4856 stakers after Oct 11, 2022, as expected.
- Both stakers and unstakers were decreased after the hack. So than. the number of stakers before the hack was 7735 stakers and it was decreased to 4856 after the hack. The number of unstakers before the event was 3614 unstakers, while it decreased to 2054 unstakers after the event of hack.
- The volume of MANGO staked before the hack was $1,493,973.044, while it has decreased to $255,118,6005 that is considerable decrease. On the other hand, the volume of MANGO unstaked before the hack in the above defined period of time was $1.019,811.633, while it decreased to $482,550.6639, that was again expectable.
- The number of Inflow transactions to CEX before the hack was 547,198, while the number of outflow transactions to CEXs was 489,095.
- The volume of inflow and outflow transaction to/from CEXs was decreased after the hack occurred. Totally looking at this metric, the volume of outflow was more ($3.359225717e+11) than the volume of inflow ($3.036857683e+11).
- In terms of users on different defi apps, Jupiter aggregator v2 is the first app to which users are flocking after the hack (34.5%), followed by Raydium Liquidity Pool v4 (12.7%) and Raydium Stake (10.4%) as the second and third apps, respectively.
- In terms of transaction on apps, it is seen that Serum dex v3 is the first app in which the highest number of transactions (86.2%) was taken placed, followed by Mango Markets (7.63%) and Zeta dex (5.29%) as the second and third Defi apps, respectively
Generally speaking, it can be said that “being hacked” is one of the worst events than can happen to any network and market on crypto. Inevitably, it puts the health of the hacked network or market in a real danger and affects all the key elements (users, transactions, volume of transactions, NFF market place,, interactions with other network and market place, etc.) that play a role in the health of that network, platform, or market.
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