Try Quests to earn SOLWhat’s OpenBook
> Solana-based AMM Raydium announced that it has integrated with decentralized exchange Open Book to share liquidity to it. > > Open Book is a community-led fork of Serum V3. Raydium's hybrid AMM is already leveraging liquidity in select pools to market make on the order books. Current integrated pools include SOL/USDC, SOL/USDT, RAY/USDC, RAY/USDT and others.
Findings
💫 We can see that after the fall of FTX we have seen a massive drop in the number of TXs especially in the day of collapse TX numbers went up to 9.2M, so this news affected the Solana DeFi ecosystem as well, there are few reasons of this :
- One of the main backers of the Solana was FTX and Alameda resarch.
- Many projects in Solana DeFi are founded by FTX or funded by FTX or Alameda like Serum its founder is Sam The Money Frier.
💫 Before the collapse we were seeing above 5M transactions a day now this transaction numbers dropped to 235k a day with the collapse of FTX litteraly Solana DeFi ecosystem collapsed as well.
💫 While the number of transactions dropped significantly we can see that number of unique users increased or stayed same during the collapse , there could be a few reasons of this :
- Before the collapse users was doing their transactions in small amounts and this was causing a high transaction numbers but after that users maybe wanted to withdraw their all money on this protocols and this could have caused the people who put their money in there long time ago to withdraw their funds.
- Bot activities , with the SOL price dropped to 10$ many accounts could be founded and maybe this accounts was doing transactions in small amounts to make a bad impact on the Solana ecosystem.
Findings
💫 We have seen a similar stiuation in the general overview of the Solana DeFi ecosystem while the number of TXs in Serum dropped almost zero , number of users have stayed mostly same, with the collapse of FTX Serum is destroyed and its transaction numbers litteraly dropped to zero.
💫 There is a another possibility for users : users on Serum could all lie in the beginning and number of new or real users could be less than 1k in before the collapse of FTX , thinking about its founder Sam bankman air frier 1500w, this false numbers with bots could be true.
Findings
💫 While the number of TXs dropped in general DeFi Openbook reached 587k transactions, in general DeFi transactions this number was 692k so majority of the transactions in Nov 21 go through by Openbook.
💫 We can see that number of new users go up to 278 people a day so while less new joiners for Openbook its transaction numbers are high.
What Happened To Solana And FTX
There was a time when Solana’s relationship with Sam Bankman-Fried was a good thing.
Not anymore.
Perhaps no DeFi player has been hit harder by the FTX disaster than Solana, the Layer 1 blockchain that, until recently, had attracted users and buzz with its high-speed, low cost performance.
The fallout from the collapse of Sam Bankman-Fried’s FTX continues to rattle so-called Sam coins and projects, including Solana’s SOL and Solana-based “decentralized” exchange Serum.
For years, Solana has been a favorite of Bankman-Fried’s, FTX, and Alameda Research, a trading firm Bankman-Fried also founded. According to an FTX balance sheet shared with investors just before the firm filed for bankruptcy, the exchange held $982 million in SOL.
Methodology
- To find defi protocol addresses we used the solana.core.dim_labels
- We used the serum related addresses in dim_labels table as well.
- Openbook program id srmqPvymJeFKQ4zGQed1GFppgkRHL9kaELCbyksJtPX
- After FTX Collapse date after '2022-11-08'.
- Before FTX Collapse date before '2022-11-08’.
- New users are determined with their first transaction on Openbook.
Findings
💫 While number of new users are low compared to number of TXs there is a still hope left in Solana DeFi.
💫 This transaction numbers in Openbook are maybe higher than some chain’s daily transactions, so even if situation is worse than ever for Solana with the loss of sick part or dark past of the chain Solana DeFi can be rebuildie again.