Question

• Solend is the leading lending protocol on Solana. What are the demographics of the Solend userbase? 

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  • What is the user distribution by size of account? (How many have between $1-1,000, 1,000 - 100k, etc). Is the protocol largely influenced by whales, or by average Solana users?

Introduction

• Solend is a DeFi (decentralized finance) protocol in the Solana blockchain, being a DeFi means you can borrow and lend in the Solana ecosystem, but because this blockchain is massive in number of transactions, the currents products are slow and expensive, Solend promotes as being 100x faster and 100x cheaper than others DeFi, and it’s goal is to be the easiest and most secure solution for DeFi’s in Solana.
  • You can earn interest.
  • Borrow.
  • Leverage long and short.

Although Solend is “100x cheaper” your first transaction is going to have the highest gas fee.

• The first interaction is going to store information about your positions on Solend, hence the highest gas fee, but this is one-time-only
• Solend also has a spl-token called SLND which can be traded with NOPE the token of Nope Finance another protocol in Solana that Solend acquired in June, and now users can convert their NOPE to SLND

Methodology - How to identify Type of Wallets

• Using Flipside data bank tables:
  • solana.core.fact_transactions: To get the latest balance of people who interact with Solend.
  • solana.core.fact_events: To get the transaction ID when Solend program is involucred.
• Because of the high transaction volume in Solana, i’ll be working with data from July 2022 + some first days of August.
• To separate the wallets, before a transaction made in Solend, i’ll check the Sol balance, and then make a case when:
  • Less than 3 Sol is a ~100_USD_Wallet
  • Less than 26 Sol is a Dolphin_Wallet (More than 100 USD less than 1000 USD)
  • Less than 260 Sol is a Whale_Wallet (More than 1000 USD less than 10000 USD)
  • Over than 260 Sol is a Big_Whale_Wallet (More than 10000 USD)
  • Over than 2600 Sol is Over 100K USD Wallet (Not found in the Queries)
• To know if they do a withdrawal or deposit, i’ll compare the before and after Sol Balance.

First, what type of wallets interact with Solend?

Analysis - Type of Wallets

• Most of the wallets that interact with Solend in July 2022 are wallets with less than 100 USD.
• But there is still a considerable number of Dolphins (100~1000 USD) interacting with Solend (almost 15% of the total users).
• There are Whales and Big Whales in the Solend Ecosystem, but the strong activity comes from Normal users and Dolphins.
• Although Whales (1000~10000 USD) still make a considerable number of transactions in the DeFi Ecosystem, over 25k of total transactions in July.
• Big Whales (over 10000 USD) participate in the Ecosystem with over 500 transactions in 102 wallets.

There is no Wallet with over 100.000 USD volume in Sol interacting with Solend

I Use Sol balance to separate the wallets, so when i talk in USD volume is about “Sol USD Volume”

When the users interact with Solend, they prefer Withdrawal or Deposit Funds.

Pretty straightforward this question, most of the users deposit Sol balance after interacting with Solend, and only 1/10 of the users make a Withdrawal.

So most of the users are wallets with less than 100 usd and making deposits, so is probably that a considerable percent of the users are doing tasks related to deposit in Solend.

Now let’s look to the transaction activity of the different types of wallets in Solend.

So as expected the “average user” with less than 100 usd in their wallet, make more daily transactions as the rest.

There is a spike in July 1 and July 7 where a lot of different type of wallets were interacting with Solend.

Big Whales dissapears some days, but the rest wallets (per type) make daily transactions.

Summary

• Most of the Users (~76%) in Solend have normal wallets with less than 100 USD in Sol, and are the ones with makes the most transactions.
• This can be interpreted that maybe there is some task, where users need to interact with Solend, or they’re exploring this DeFi Ecosystem.
• Dolphin Accounts (~14%) with (100-1000 USD) make a total of (~35%) in total transactions. Which is over the 150k of transactions.
• There are hundreds of Whales wallets which make in total over 25k of transactions, and hundred of big whales which make 500 transactions.
• Overall, Normal users seems to interact with Solend in a approach of exploration or task related, Dolphins may be doing the same with more money in search of profit but also as the Whales and Big Whales seems that these “sea creatures” use the DeFi as Intended.

Solend may be seeing a drop in activity after the Hacking/Exploit in Solana Blockchain in August 2