Solana Since The Mango Hack

    What has been happening in the Solana defi ecosystem since the Mango Markets Hack? Has activity increased? 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? Note any trends or outliers you see in Solana defi.

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    πŸ” Overview

    Mango Markets provides a single venue to lend, borrow, swap, and leverage-trade crypto assets through a powerful risk engine.

    • Earn interest on deposits
    • Cross-Margin / Cross-Collateralised
    • Decentralised

    Mango Markets is built on the Solana blockchain and utilises Serum DEX for spot margin trading while perpetual futures are traded on Mango Markets' own order book. Mango Markets is governed by MNGO token holders via the Mango DAO. Mango Markets is completely open source, we see this transparency as vital for the project as it increases the amount of people who understand and can improve the project. The DAO frequently sponsors grants for developers to extend, integrate with or try to break the project. Present your idea on the governance forum if you would like to receive financial support.

    There are a number of ways to connect your trading system to the Mango Markets' on-chain programme. The easiest way for traders who are used to centralised exchanges, is to use the REST & WebSocket API that was purposefully designed to be easy to integrate. If you want to have the highest level of control, you will most likely want to communicate directly with the blockchain using one of the existing open source wrappers for TypeScript, Python or .NET.

    If you are looking to get an overview of current & running efforts, we recommend that you join the biweekly developer calls on Discord (every two weeks on Saturday at 4PM UTC). If you just want to get started on a small project and contribute as part of a Hackathon, check out the Trello. The tasks there are proposed by different community members, usually not on the roadmap of any core developer and open for anyone to start.

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    πŸ₯­ Mango info

    Mango Markets does not have a traditional trading REST or WebSocket API.

    The best way to connect programmatically is to use one of the community-maintained libraries.

    Listed below are some third-party, community-maintained public-facing services that we are aware of.

    If you have created something cool and would like us to add it to the list below please let us know by joining our Discord server.

    Transaction logs and PNL -

    Candles -

    Event history -

    Stats -

    Mangolorians - https://mangolorians.com/

    For other specific data or endpoints, please contact us on Discord.

    🦠Solana DeFi Trading Platform Mango Markets Loses $100M in Hack

    The latest hack comes less than a week after BNB Chain lost $100 million.

    A shadowy super coder at work. Image: Shutterstock

    In the second $100 million DeFi hack this week, Mango Markets was drained of $100 million in funds due to an exploit. Mango Markets tweeted Tuesday evening that a hacker was able to empty funds from Mango via an oracle price manipulation.

    Only last Thursday,$100 million was stolen from the Binance Smart Chain, another DeFi protocol.

    According to the blockchain auditing website OtterSec, the attacker temporarily drove up the value of their collateral and then took out loans from the Mango treasury.

    Mango Markets is a Solana-based platform for trading digital assets on the Solana blockchain for spot margin and trading perpetual futures. Mango Markets is governed by Mango DAO.

    "It's an economic design flaw," OtterSec founder Robert Chen told Decrypt via Telegram, adding that it's a risk that Mango Markets had already acknowledged.

    "At 6:19 PM ET, an attacker funded account A with 5mm USDC collateral," tweeted Joshua Lim, former head of derivatives at Genesis Global Trading.

    As Lim explained, the attacker subsequently offered out 483 million units of MNGO perps (perpetual contracts) on the Mango Markets order book. Then at 6:24 PM ET, the attacker funded another account with 5 million USDC collateral to buy those 483 million units of MNGO perps for $0.03 per unit.

    At 6:26 PM ET, the attacker started moving the Mango spot market price, driving the price to $0.91 and the value of the 483 million MNGO to $423 million.

    The attacker then took out a $116 million loan, leaving Mango's treasury with a negative balance of -116.7 million. Assets drained include USDC, MSOL, SOL, BTC, USDT, SRM, and MNGO, wiping out all of Mango's liquidity.

    In response, Mango Markets says it has disabled deposits and is taking steps to have third-party funds frozen.

    A Twitter user noted that the attacker was funded 5.5M from FTX, prompting FTX CEO Sam Bankman-Fried to respond that the company is investigating.

    Mango Markets has offered the attacker the chance to collect a bug bounty in exchange for returning the stolen funds.

    βš™οΈ Methodology

    πŸ” Overview 🦠Solana DeFi Trading Platform Mango Markets Loses $100M in Hack πŸ“Š Hourly transactions πŸ“Š Hourly users πŸ“Š Hourly transactions per users πŸ“Š Hourly transactions vs users(total|average)

    πŸ“Š Percentage of transactions πŸ“Š Percentage of users πŸ“Š Percentage of transactions per users

    πŸ“Š Hourly Nft Sales πŸ“Š Percentage of transaction - NFT Sales πŸ“Š Percentage of buyers - NFT Sales πŸ“Š Percentage of amount - NFT Sales πŸ“Š Hakers actions πŸ“Š Stake vs unstake πŸ₯­ Mango info ✍🏻 Conclusion

    πŸ“Š Hourly transactions

    A few hours after the hack, the number of transactions has increased greatly

    πŸ“Š Hourly users

    It can be said that users have decreased after the hack The trust of users towards the entire network has decreased

    πŸ“Š Hourly transactions per users

    This chart shows the number of hourly transactions in terms of the number of users, which has increased slightly

    It was probably due to the fear of losing users' capital

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    The below charts show the percentage of transactions and users and transactions per users

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    πŸ“Š Hourly Nft Sales

    The below chart show nft sales There is no particular change in the hourly time frame And the changes are very minor

    The below charts show the percentage of transactions and buyers and amount of transactions for nft sales

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    πŸ“Š Hakers actions

    You can see the actions of hackers in the chart below The number of transactions and the amount of the transaction volume are specified

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    πŸ“Š Stake vs unstake

    The below charts show the number of hourly stakers and unstakers

    ✍🏻 Conclusion

    The Solana ecosystem has had a particularly rough year: The blockchain itself has dealt with multiple outages, degraded performance, and network instability. On Sept. 30, for example, Solana had a major outage that took hours to recover from. Solana-based applications have experienced security issues as well, including the recent $5 million Slope Wallet hack.

    Effects of attack on Mango Markets platform on MNGO token Following the price manipulation by the hackers, the price of MNGO coin was severely affected and dropped by 47.4% from its previous level before the hack by cybercriminals.

    This hacker was able to get a large loan using the native token of this platform, MNGO, as collateral. After the Mango platform was hacked, the platform has settled with the hacker.

    This agreement is for 47 million dollars, which will be received in the form of bug bounty, and the rest of the amount will be returned to this platform.