Introduction

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Like Ethereum, Solana is secured by staking SOLs. You can stake by:

• Either directly deposit SOL to a staking pool.
• Or creating a stake account with SOL in it and then deposit the stake account to a staking pool.

And you can unstake by:

• Either directly withdraw SOL from a staking pool.
• Or withdraw a stake account from a staking pool.

In this dashboard, let’s examine staking pool behavior on Solana since the news about Alameda’s balance sheet broke out on Nov 2, 2022.

1.2. After Nov 2, 2022

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2. Examine staking behavior in the period After Nov 2, 2022

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Direct and indirect staking: see introduction for reference.

• Around 90% of deposit and withdraw are direct.
• Deposit activity decreased until after the bankruptcy news of FTX on Nov 11, 2022, then started increased with some big hours (bigger than before the bankruptcy news).
• It’s interesting that there were more number of deposit transaction and address closer to and around the bankruptcy news on Nov 11, 2022.
• Withdraw activity increased significantly from Nov 7 and peaked on Nov 10, 2022, then declined.
• Compare to staking activity before Nov 2, both deposit and withdraw saw increase in baseline activity, which are observable by looking at median and average activity.
• With median at 7 and average at 141, however, majority of deposit amount is between 1K and 10K SOL per deposit.
• With median at 32 and average at 1K, however, majority of withdraw amount is between 10K and 100K SOL per withdraw.
• Top 5 deposits are all > 10K, deposit to Marinade and Lido.
• Top 5 withdraws are all > 10K, withdraw from Marinade and Jpool.
• Marinade, Lido, and Jpool are top 3 in 7 staking pools in term of staking activity.

==→ Stakers seems to be more anxious when learning about Alameda balance sheet, then less anxious after learning that FTX is bankrupt on Nov 11, 2022. Staking activity started to trend normally. Marinade saw the most deposit to and withdraw from activity (50% - 60% in total) among staking pools.==

1. Compare staking behavior between 2 periods: Before Nov 2 vs. After Nov 2, 2022

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Deposit i.e. stake

Withdraw i.e. unstake

Before Nov 2, addresses have deposited 37M SOL, withdrawn 20M SOL. Withdraw / Deposit ratios are:

• amount: 53%,
• number of transaction: 12%
• number of address: 12%

Before Nov 2, addresses have deposited 514K SOL, withdrawn 3.6M SOL. Withdraw / Deposit ratios are:

• amount: 7x,
• number of transaction: 92%
• number of address: 91%

==→ Withdraw increased significantly relative to deposit after the news.==

1.1. Before Nov 2, 2022

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2.2. Compare withdraw vs. withdraw stake

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2.1. Compare deposit vs. deposit stake

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2.3. Deposit per hour

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2.4. Withdraw per hour

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2.5. Compare min, median, average, max of amount per deposit between periods

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2.6. Compare min, median, average, max of amount per withdraw between periods

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2.7. Distribution of amount per deposit

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2.8. Distribution of amount per withdraw

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2.9. Top 5 deposits by amount

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2.10. Top 5 withdraws by amount

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3. SOL source and destination of staking addresses in the period After Nov 2, 2022?

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• In this section, let’s look at SOL sources and destinations in the last 90 days of staking addresses in the period after Nov 2, 2022 to try to link staking behavior to other defi activity.

• I only include known sources and destinations in this section.

• The main sources of SOL of staking addresses in the last 90 days were from swapping on Jupiter Aggregator and sending from FTX.

• Similarly, the main destinations of SOL of staking addresses in the last 90 days were to swapping on Jupiter Aggregator and sending to FTX.

• All of SOL of the staking address with the largest deposit amount in the last 90 days came from Jupiter Aggregator.

• While the destination of SOL from the staking address with the largest withdraw is unknown.

==→ Jupiter Aggregator and FTX were the 2 main sources and destinations of SOL related to staking.==

2.11. Deposit group by pool

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2.12. Withdraw group by pool

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3.1. Source of SOL to deposit addresses last 90 days

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3.2. Destination of SOL from withdraw addresses last 90 days

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3.2. Source of SOL to the largest deposit address last 90 days

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3.2. Destination of SOL from the largest withdraw address last 90 days

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Conclusion

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How are stakers responding to recent events?

==→ Withdraw increased significantly relative to deposit after the news.==

Have there been any notable inflows or outflows to staking pools?

With median at 7 and average at 141, however, majority of deposit amount is between 1K and 10K SOL per deposit.

With median at 32 and average at 1K, however, majority of withdraw amount is between 10K and 100K SOL per withdraw.

What staking pools have seen the most notable behavior?

Marinade, Lido, and Jpool are top 3 in 7 staking pools in term of staking activity.

Can you link any staking behavior to other defi activity or other accounts on Solana?

==→ Jupiter Aggregator and FTX were the 2 main sources and destinations of SOL related to staking.==

Additional findings:

==→ Stakers seems to be more anxious when learning about Alameda balance sheet, then less anxious after learning that FTX is bankrupt on Nov 11, 2022. Staking activity started to trend normally. Marinade saw the most deposit to and withdraw from activity (50% - 60% in total) among staking pools.==

Thanks for reading!

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