Introduction to Hadeswap

The Solana NFT marketplace Hadeswap is unique from all the others. Instead of using conventional NFT listings, Hadeswap uses an automated market maker (AMM) structure similar to decentralised exchanges like Uniswap for crypto trading. Since royalties are currently disabled, NFTs are sold into liquidity pools, which pay pool creators trading fees. It takes a similar approach as SudoAMM, the Ethereum-based NFT trading platform from Sudoswap.

What is Wash Trading?

Wash Trading is a type of market manipulation in which a user purchase and sell assets within a short window of time to generate false, fake activity that would increase the volume of the market.

Approach

1. Main table Used: solana.core.ez_nft_sales

2. Wash Trading will be identified as wallets with an unusually high quantity of transactions. For this dashboard, a wallet with more over 30 transactions in a day will be classified as a Washer. This also suggests that an average of more than 1 transactions were executed every hour consistently, which is extremely high.

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Topics

1. Hadeswap Washer vs Non-Washer
2. Washer vs Non-Washer Transactions
3. SOL Volume generated by Washer vs Non-Washer
4. Magic Eden Washer vs Non-Washer Activity
5. Conclusion

Hadeswap Washer vs Non-Washer

• The metrics above show the details of washer vs non-washer on Hadeswap.
• As can be seen, there were not more than 10 active washers on most of the days.
• Out of all the unique wallets that have transacted each day, the daily percentage of non-washer were more over 95%, and the percentage of washer have less than 5%.
• On Hadeswap, 19 wallets have been identified as a washer, whereas 1,563 wallets have been identified as non-washer.
• The total percentage of washer only accounts for 1.2%.
• 6iFLGgL19gWS2sxNZTRY9jVJnrmC8P7TfhGc5PTAZRiu and ExLwb7XdE8B6Bp1ZuSBorHjLLY85b7TdKB58wdBJhUE1 has the highest wash count among all, with 4 total wash count. This means that both of these wallets have executed more than 30 transactions for 4 days since the launch of Hadeswap.

Washer vs Non-Washer Transactions

SOL Volume generated by Washer vs Non-Washer

• The metrics above show the details of washer vs non-washer transactions on Hadeswap.
• The number of transactions executed by non-washers are constantly higher than washers on a daily basis.
• Despite the fact that there were less than 10 daily active washers on most days, the transactions executed by washers were relatively high.
• The percentage of washer transactions peaked on October 3rd with 27.27%.
• However after the peak, the proportion of washer transactions has been steadily declining.
• Washers have accounted for 12.4% of the total transactions on Hadeswap.

• The metrics above show the details of SOL generated by washer vs non-washer on Hadeswap.
• The SOL generated metrics showed an identical trend with the transactions executed metrics, with washers generating high amount of SOL on some days.
• Out of all the SOL generated on October 3rd, 45.64% of the SOL volume were created by washers.
• Nonetheless, a total of 17.4% of SOL were generated from wash trading.
• The top NFT collection that has the highest wash activity on Hadeswap is ABC, with a total of 353 transaction count by washers.
• ABC collection generated a total of more than 10k SOL from wash trading, which is significantly high when compared to the runner-up Lunar NFT which only generated 844.33 SOL.

Magic Eden Washer vs Non-Washer Activity

Conclusion

1. Washer & wash trading on Hadeswap:

   • The number of washers on Hadeswap were relatively low when compared to non-washer.

   • Nevertheless, washers have made up 12.4% of all transactions, and 17.4% of SOL volume has come from wash trading.

   • ABC collection is the most washed collection on Hadeswap and generated more than 10k SOL by washers.

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2. Washers on Magic Eden vs Hadeswap:
   • Magic Eden and Hadeswap have a somewhat similar percentage of washers, with less than 2% of washers on each platfrom.
   • However, the percentage of transactions performed by washers on Magic Eden was more than twice as much as on Hadeswap.
   • Additionally, wash trading accounts for 21.3% of the SOL volume on Magic Eden.

• The metrics above show the details of washer vs non-washer on Magic Eden.
• We can see that Magic Eden has a fairly comparable percentage of washers with Hadeswap, with 1.84% on Magic Eden and 1.2% of washers on Hadeswap.
• However, the transactions executed and SOL generated by washers on Magic Eden were extremely high.
• Washer’s activity on Hadeswap accounts for less than 20%, whereas total transaction executed by washers were 40.4% on Magic Eden, more than double the percentage of Hadeswap.
• Furthermore, 21.3% of SOL volume on Magic Eden comes from wash trading.