Try Quests to earn SOLWhat is NEAR Protocol?
NEAR Protocol is a public Proof-of-Stake (PoS) blockchain that aims to bring DeFi to the masses with low transfer fees and fast transactions.
Its consensus mechanism is Proof-of-Stake and it uses sharding technology to achieve speed and scalability. NEAR also provides a bridge and scaling solution for the Ethereum blockchain. NEAR Protocol uses PoS consensus to secure and validate transactions on the blockchain. Validators earn NEAR Token rewards for producing new blocks in the form of a static inflation rate of about 4.5% each year.
Methodology
In this dashboard, I am going to compare NEAR Protocol and Solana performance during FTX & Alameda collapse on November.
- For this, I am going to mainly analyse data for the timespan that bounty question mentioned (7 - 14 November), But also, I am going to compare the performance of these chains during the collapse timespan vs 30 days before the collapse.
In this dashboard, We are going to compare:
- $NEAR and $SOL price (with using near.core.fact_prices and solana.fact_swaps tables. The reason that i did not use fact_hourly_price table for SOL token price is that data for this token suddenly disappeared after 11th November). I have also used these prices to calculate the USD value of transactions on next steps.
- Swap Activities (with using near.core.ez_dex_swaps, solana.core.fact_swaps tables)
- Number of Transactions and Active and New Users on Chains (with using .core.fact_transactions tables)
- Transactions Success Rate (with using .core.fact_transactions tables)
- Unstake Actions (with using near.core.dim_staking_actions and solana.core.fact_stake_pool_actions)
- NFT Sales (For Near, using the query by pinehearst, Grand prize winner of The Arts District tournament and for Solana, solana.core.fact_nft_sales).
Compare NEAR and SOL Price Before and After FTX Collapse
based on the left chart, all 3 tokens has experienced heavy crash on their drop during the FTX collapse.
the SOL token price has dropped way more than $NEAR tokens during the collapse and the main reason behind this massive crash is because FTX & Alameda had invested on this token more than all other tokens and they have tried to sell SOL in order to be able to prevent themselves from bankrubtcy.
On the other hand, We can see $NEAR token has kept itself better than 2 other tokens and it has experienced less price drop compared to $NEAR and $SOL.
Compare Volume of Unstakes During Collapuse
On the blow charts, we can see the number and volume of unstake transactions and also unstakers on Solana is way 2 other chains (charts are logarithmic).
Also, we can see there were more unstaked $NEAR and also unstake transactions on this token compared to the SOL.
So, the number of users that pulled up their staked asset on NEAR is less than other chains’ users.
Average Daily Number And Volume of Unstakes Before and After FTX Collapse
On the left charts, we can see the unstake activity on all 3 chains have increased dramatically after the FTX Collapse compared to the days and week before that.
Moreover, as mentioned above, we can see the unstake activity on Solana has increased way more than 2 other chains after the collapse.
On the other hand, we can see NEAR unstake activity has experienced least growth among these chains which shows the high loyalty and trust of its users to their staked asset.
Daily Number of NFT (Sale, Buy, Sell) Over Time
On This charts, we do not see any clear increasing or decreasing trend of NFT sales activity on these chains however we can see the most volume of NFT sales on Solana has achieved on 9th November while NEAR and SOL have experienced the most volume on 7th November.
Daily Sale Volume And Cumulative Sale Volume Over Time
In the next dashboard You see the Daily Sale Volume And Cumulative Sale Volume For NEAR and SOL.
Summary and Conclusion
- the SOL token price has dropped way more than $NEAR tokens during the collapse and the main reason behind this massive crash is because FTX & Alameda had invested on this token more than all other tokens. On the other hand, $FLOW token has kept itself better than 2 other tokens and it has experienced less price drop compared to $NEAR and $SOL.
- NEAR protocol has managed the collapse well and it has continued its regular trend without any very high spikes on number of transactions or users despite Solana that have experienced volatiles during the collapse timespan.
- The average number of daily transactions and active users on all 3 chains have decreased significantly after the collapse timespan compared to the days and weeks before.
- The performance of NEAR was way better than 2 other chains in terms of transactions success rate. the success rate of all 3 chains transactions has decreased significanly after the collapse but NEAR has the lead with most successful transaction in both timespans.
- The highest number and also volume unstakes on Solana has occured on 10th November and after that, NEAR had took the lead from this chain and unstake activity of NEAR and FLOW has increased significanly during recent days especially with the highest spikes on 14th November.
- the Unstake activity on NEAR after the collapse has grown less than 2 other chains compared to the days and weeks before the collapse timespan which shows the high loyalty and trust of its users to their staked $NEAR asset.
- the NFT sales activity on all 3 chains have decreased significantly after the collapse. So, NFT traders on the collapse timespan tend to focus more on other platforms and activities except NFT sales.
- NEAR NFT sales volume has experienced the most dump after the collapse compared to the Solana while the number of NFT sales on Solana has decreased more than other chains after the collapse.
- The average daily number of swaps and swappers and also volume of swaps on all 3 chains have increased dramatically compared to the days and weeks before that.
- Solana had experienced the most growth in its swaps after the collapse while NEAR was affected less than other 2 chains in this terms.
- on All chains during the collapse, The swaps from stablecoins have more share than swaps to stablecoins (especially in Solana and its number of swaps). This means the majority of users on all these 3 chains prefer to swap their stablecoin to other assets in order to buy them at the dip rather than swapping (selling) their assets into the stablecoins and flee !