Chart 2 : Amount of SOL tokens staked per transaction daily since 1st FEB 2022

Analysis Approach

In this dashboard, the analysis involved are to illustrate the characteristic of SOL taking on Marinade and the behavior of users of SOL staking on Marinade. There are two groups of users which involved in Marinade's SOL staking event. They are

1. normal users which stake SOL

2. users joined through Marinade Referral Program

In my analysis, I did include both group of users as the users from Marinade's Referral Program is also depositing SOL into Marinade even though they are not receiving any mSOL thru this process.

Besides, for the favorite tokens being swapped to from mSOL is not taken from users of either groups. It is taken from the overall swap transactions on Jupiter.

 Chart 1 : Total amount of SOL token staked on Marinade alongside with the cumulative data for SOL tokens staked amount

Total SOL token staked on Marinade per day & how much SOL tokens staked throughout these days ?

Running through the chart shown below, we are able to observe that the total amount of SOL token staked on Marinade was having a higher amount during early weeks in February 2022. For the first 10 days of the month of February 2022, the average amount of SOL token staked were higher than 15k per day.

Meanwhile, during the peak time, an amount of 46.5k of SOL token have been staked on Marinade. There are days which the amount of SOL tokens staked are above 25k and 30k as well.

However, the trend has been going down for the rest of the days in month of February 2022 to early days in March 2022. Other than 1st and 2nd of March 2022, the rest of the days are recording the amount of SOL tokens staked below 5k.

Overall, there is a total amount of approximately 250k SOL tokens staked on Marinade.

Distribution on SOL staked per transaction

Taking the SOL token staked from all of the transactions on Solana to Marinade. The top 2 distribution is surprisingly having a huge gap.

The category which comes first is the amount of SOL tokens staked less than 1, with the percentage of 43.1%. Next, is the transaction where SOL staked is more than 10 with the percentage of 20%.

The rest distribution is followed by 1-2 SOL Staked, 2-5 SOL Staked and lastly 5-10 SOL Staked.

The majority of the SOL staked is separate into distribution. In which both categories are having a huge gap. First is the category where SOL staked less than 1; then, is the category where SOL staked is more than 10.

Amount of SOL token staked per transaction

I have done the analysis on daily SOL amount staked per transaction.

For the highest record, an amount of 250 SOL token is staked on Marinade per transaction. It was HUGEEEE !

There is no consistent trend observe here but on majority. The amount of SOL tokens staked per transaction is below 50 SOL token.

The early days in month of February 2022, might have a record higher as compared to the other days. I can see that for the first 10 days in month of February 2022, most of the days are having an amount of more than 50 SOL tokens staked per transaction.

                    Chart 3 : Distribution of SOL staked per transaction 

Choice of tokens being chosen by users to swap to from mSOL

Stablecoins stablecoins stablecoins again. Evaluating the swap volume involving swap from using mSOL. USDC and USDT once again dominating the chart. Users tend to swap to stablecoins after they receive mSOL. Stablecoins are most likely to preserve the value, thats why users are swapping the mSOL to stablecoins.

Next category will be popular wrapped tokens. They are wETH, wBTC, wSOL. These popular tokens tend to have larger opportunity to explore in DeFi and lots of projects are utilizing those tokens. Hence, users will tend to choose those popular tokens over other small tokens.

                     Chart 4 : Users choice of tokens for swapping mSOL to...