Question

• 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.

What Happened with Mango?

• Mango Markets is a DeFi where users can lend, borrow, swap assets in the Solana Ecosystem.
• ==Around 22:00 UTC October 11th the Mango protocol was exploited,== the MNGO-USDC token price was manipulated (Pumped) by the attacker which allowed them to borrow a massive amount of money costing more than 100M USD.
• The mastermind behind the hack reveals himself as Avraham Eisenberg claiming that the hack was a legal action using the mango protocol as designed, and after a voting in the Mango DAO, the Hacker is going to return 67M USD keep 47M USD as “Crypto Bounty for discover a bug” and Mango Markets will not present legal actions.
• In the end the users of Mango will be able to access their deposits in full with no loss of funds, but a lot of people are complaining of the “bounty” Avraham Eisenberg team is going to claim.

Methodology

Using Flipside data tables:

• solana.fact_swaps: To get $MNGO & $SOL price, and swap information.
• solana.core.fact_events: To get info about the Staking, and Dapps.
• solana.core.dim_labels: To get info about Dapps and CEXs.
• solana.core.fact_transfers: To get info about CEXs.

All the Charts have their respective credits in the SQL.

$MNGO price in October 11 was pumped by Avraham team to $0.11 at 22:00-23:00 UTC, and in that period of time a lot of swaps were made with $MNGO.

Swaps made with $MNGO

As expected during the incident $MNGO swaps presents the higher spikes with:

• Buy Volume of 3M at 2022-10-11 22:00.
• Sell Volume of 1.2M at 2022-10-11 23:00.
• 663 Sell Swaps and 1015 Buy Swaps at 2022-10-11 22:00.
• After the incident the $MNGO prices goes down, and the number of unique buyers spike to 54 at 2022-10-12 00:00

What happened with the DeFi Ecosystem since the Hack?

These charts only consider Successful transactions

• Overall the number of transactions in the Dapps after the hack decreases for all the Dapps, except for Pyth which goes up from October 11 to October 12 but after that follows the downtrend.
• Mango presents the biggest fall in activity as expected. followed by Serum.
• Serum presents the biggest trend of unique user activity, reaching a new spike days after the Mango incident, but nowadays is in a downtrend.
• Mango presents a spike of Unique users activity the day after the hack (October 12).

Pyth is the Dapp with most successful transactions and Serum with most Unique users, in October.

Staking Activity

Staking activity doesn’t seem to be affected by the Hack

CEXs Activity

During October 12 at 02:00 CEXs presents a spike in the USD Volume of 129M, Most of the volume comes from the FTX CEX.

The numbers showed with the cursor are incorrect, (because of label problems) but the chart is correct.

Summary

• The thing most affected by the Hack is the Mango Protocol and the $MNGO token.

  • Mango Protocol activity presents the biggest fall of all the Dapps after the Hack.
  • $MNGO token price rises to $0.11 at 2022-10-11 22:00 and then falls after a hour to $0.025 (Period where the swap activity related to $MNGO was the highest.}
  • $Sol Price during the incident, fluctuates between the $28 and $11.
    • Swap info ($MNGO):
    • Buy Volume of 3M at 2022-10-11 22:00.
    • Sell Volume of 1.2M at 2022-10-11 23:00.
    • 663 Sell Swaps and 1015 Buy Swaps at 2022-10-11 22:00.
    • After the incident the $MNGO prices goes down, and the number of unique buyers spike to 54 at 2022-10-12 00:00

• Staking doesn’t seem to be affected by the Hack.

• Dapps activity seems to go in a downtrend in general after the hack.

  • Pyth activity presents a rise after the hack only to go in a downtrend afterwards.
  • Serum Unique user activity presents a rise after the Hack, only to go in a downtrend too.

• CEXs activity presents a spike in USD volume hours after the hack in October 12 at 02:00 with FTX the CEX with most volume in that period of time.

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