[Solana] - Solana Staking Madness
Bounty Question
How has staking pool behavior on Solana responded to recent events? Analyze Flipside's new staking pools data to analyze staking behavior in the Solana ecosystem over the past week. How are stakers responding to recent events? Have there been any notable inflows or outflows to staking pools? What staking pools have seen the most notable behavior? Can you link any staking behavior to other defi activity or other accounts on Solana? Note any trends or outliers you see.
Staking on Solana
Delegating stake is a shared-risk shared-reward financial model that may provide returns to holders of tokens delegated for a long period. This is achieved by aligning the financial incentives of the token-holders (delegators) and the validators to whom they delegate. The more stake delegated to a validator, the more often this validator is chosen to write new transactions to the ledger. The more transactions the validator writes, the more rewards the validator and its delegators earn. Validators who configure their systems to be able to process more transactions earn proportionally more rewards and because they keep the network running as fast and as smoothly as possible.
Validators incur costs by running and maintaining their systems, and this is passed on to delegators in the form of a fee collected as a percentage of rewards earned. This fee is known as a commission. Since validators earn more rewards the more stake is delegated to them, they may compete with one another to offer the lowest commission for their services.
You risk losing tokens when staking through a process known as slashing. Slashing involves the removal and destruction of a portion of a validator's delegated stake in response to intentional malicious behavior, such as creating invalid transactions or censoring certain types of transactions or network participants. When a validator is slashed, all token holders who have delegated stake to that validator lose a portion of their delegation. While this means an immediate loss for the token holder, it also is a loss of future rewards for the validator due to their reduced total delegation. More details on the slashing roadmap can be found here. Rewards and slashing align validator and token holder interests which helps keep the network secure, robust and performant. -- [Image Source] --
Methodology
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In the first step, the Stake/Unstake status of the Solana network was briefly reviewed in the last seven days. Three main parameters (number of transactions, number of users and total volume of SOL in these transactions) and three secondary parameters (average, maximum and minimum volume of SOL in transactions) were calculated for this purpose. All reviews are for the last 7 days.
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In the second step, staking platforms in the Solana network were compared with these 6 mentioned parameters.
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In the third step, the actions related to each platform were checked separately with three main parameters.
- In the fourth step, the actions were categorized. Each platform has a number of actions related to it, which are as follows:
Staking Platforms | Number of Actions | Actions |
---|---|---|
blazestake | 3 | withdraw_stake, withdraw and deposit |
daopool | 3 | withdraw, deposit_stake and deposit |
eversol | 8 | deposit, deposit_dao_stake, deposit_dao and deposit_dao_with_referrer, withdraw, withdraw_stake, withdraw_dao_stake and withdraw_dao |
jpool | 4 | deposit, deposit_stake, withdraw and withdraw_stake |
marinade | 4 | deposit_stake, order_unstake, deposit and claim |
socean | 3 | deposit, deposit_stake and withdraw_stake |
lido | 2 | deposit and withdraw |
- Actions were divided into three categories:
- Deposit
- Withdraw
- Claim
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In the fifth step, the categorized actions were also examined and used to continue the analysis. The main and secondary parameters were calculated for them and the number of these actions were calculated for 7 staking platforms.
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In the sixth step, the daily situation was examined. The results for deposit and withdrawal were divided into two parts and the graphs of each of the parameters calculated for them were placed together.
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In the seventh step, the situation of the volume of Inflow and Outflow to these platforms was checked. This review was done both in general and daily.
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In the eighth step, the top trains were checked. In this survey, the top Stakers and Unstakers were obtained first (both in terms of the number of transactions and the volume of SOL). Then, to check whether the top-trains were shared or not, the top-trains in each parameter were obtained for both Stakes and Unstakes and their graph was drawn.
- In the ninth step, an attempt was made to investigate whether the intense turbulence that has shadowed the crypto world these days has had an effect on the behavior of Stakers/Unstakers or not? For this review, first, the general status of transactions (including all three categorized actions) was checked for all three main parameters in the last month. These 30 days were divided into three periods. Then, for each of the Deposit and Withdraw actions, this one-month review was done.
Important note: According to the results, Marinade is one of the most important staking platforms in the Solana network. The thing about this platform is that the withdrawal actions of this platform are empty in the SOL volume tables (transactions whose action is order_unstake). By checking solscan.io , it was found that in all these transactions, the amount of Sol changed in the "SOL Balance Change" field is the same.
Part I: Overview
Staking Plaforms
In terms of all three main parameters and one secondary parameter (maximum SOL volume in one transaction), Marinade is the best platform. The superiority in all three main parameters is very clear. Lido has been the second busiest platform in the last week and jpool is in the third place in all three main parameters.
The arrangement of all platforms is the same in three main parameters.
The largest number of withdrawal transactions were related to these platforms:
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lido
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marinade
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socean
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The number of lido harvest transactions is about 1.24 times the number of marinade harvest transactions and 4.91 times the number of socean harvest transactions.
The largest number of deposit transactions were related to these platforms:
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marinade
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lido
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jpool
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The number of marinade deposit transactions is about 1.49 times the number of lido deposit transactions and 2.21 times the number of jpool deposit transactions.3
Among these 7 platforms during the last week, only jpool and blazestake had more deposits than withdrawals.
The number of withdrawers related to these platforms:
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marinade
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lido
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jpool
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The number of withdrawers in marinade is about 1.05 times the number of withdrawers in lido and 22.88 times the number of withdrawers in jpool.
The largest number of depositors was related to these platforms:
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marinade
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lido
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jpool
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The number of depositors in marinade is about 1.11 times the number of depositors in lido and 14.41 times the number of depositors in jpool.
Among these 7 platforms during the last week, only in blazestake the number of depositors was more than withdrawers.
The largest volume of withdrawal was related to these platforms:
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lido
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jpool
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daopool
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The withdrawal volume in lido is about 9.62 times the withdrawal volume in jpool and 551 times the withdrawal volume in daopool!
The largest volume of deposits was related to these platforms:
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marinade
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lido
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jpool
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The volume of deposit in marinade is about 2.38 times the volume of deposit in lido and 10.7 times the volume of deposit in jpool.
Among these 7 platforms during the last week, the withdrawal volume in all platforms was more than the deposit volume.
Solana Staking Overview
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Every day, an average of 914.28 transactions have been made in this field.
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Each user made an average of 2.81 transactions.
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Each user had a transaction volume of 1565.8 SOL in this seven-day period. This means that each user had an average daily transaction volume of 223.7 SOL!
- The largest volume of a transaction (458k SOL), is about 12.83% of the total volume of transactions!
Part II: Daily Overview
…………………………………………………………………..Withdraw…………………………………………………………………………
…………………………………………………………………..Deposit…………………………………………………………………………
Part III: Inflow or Outflow?
Daily Overview
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The peak of the events that happened in these 7 days happened on the 8th, 9th and 10th of November. This applies to both deposits and withdrawals. The difference is that the highest deposits were on November 8 and 9 and the highest withdrawals were on November 9 and 10.
- Number of deposits:
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The largest number of daily deposits related to marinade with 313 deposits
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The highest growth in the number of deposits can be seen in the graph related to the jpool platform.
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All platforms have experienced a fluctuating trend in the past week
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- Number of depositors:
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Fluctuations here are much less than the number of deposits.
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Most of the number of depositors in one platform is again related to marinade, which had 120 unique depositors on this platform on November 9th.
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The highest growth of unique depositors in one day in these seven days should probably be attributed to marinade.
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- Amount of deposits:
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A very clear superiority can be seen in the marinade. Especially in the first days of this 7-day period, when this platform has completely separated itself from other platforms. But after the 10th of November, he will hand over his position to the lido.
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The biggest growth can be attributed to lido, whose deposit volume trend in these seven days, in general, has been an upward trend. Of course, balzestake has also grown explosively in this field after going through 6 days almost without fluctuation, suddenly on the 7th day.
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- Number of withdrawals:
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The highest number of withdrawals in one day is related to lido, on November 10th, 529 withdrawals were made from this platform.
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No stable upward trend can be observed on any platform. But it seems that the lowest amount of fluctuation is related to lido.
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The highest growth can be attributed to lido.
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- Number of withdrawers:
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The largest number of withdrawers in one day is related to lido. On the 10th of November, 311 unique withdrawers have withdrawn from the lido in one day.
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The highest growth can be attributed to lido.
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- Volume of withdrawals:
- Although as mentioned here, the data on the amount of harvest from the marinade platform is not available, but it seems that there was no chance to compete with lido here either.
- As of November 10th, more than 897k SOL have been withdrawn from the lido.
Inflow or Outflow?
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Examining the amount of daily deposits and withdrawals and the final result of the platforms in the last seven days shows that all the platforms have witnessed more withdrawals than deposits in the last seven days. Although the data related to the withdrawal of the marinade platform is not available in these tables, it is not far from the expectation that the amount of withdrawals of this platform is more than the amount of its deposits.
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The highest amount of withdrawal by a huge margin is related to lido, from which more than 1.817m SOL have been withdrawn in the last seven days. This amount is about 10 times the net amount of withdrawals from the jpool platform.
- The highest amount of withdrawal can be seen on the 10th day of November, led by lido in this field, more than 910k SOL were withdrawn from the platforms!
Part IV: The Top Ones
Part V: Effect of Events
Effect of Events
It is easy to see how the story of the FTX disaster has had a profound effect on the behavior of users. This change in behavior can be seen specifically in the situation of Unstakes. From CZ's first reaction to CoinDesk's report and the start of FTX's move towards an all-out destruction, which had a profound effect on the Solana network (and in particular the more than 60% devaluation of the SOL token value), users have shown a desire that the assets Remove yourself from Solana network staking platforms. The peak of these outputs can be seen on November 10th.
Although an upward trend can be observed in the amount of entries, there is a huge difference in the amount of growth that has occurred. For example, on November 10th compared to November 8th (the start of the explosive uptrend), there was at least a 550% increase in the number of withdrawals. While in the number of deposits on November 9th, which has seen the highest number of deposits, there has been at least a 250% increase in the number of deposits compared to November 7th (explosive upward trend gas).
The Top Ones
- Among the top stakers in terms of number of stakes and in terms of stake volume, there are only two top stakers that are on both lists:
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UefNb6z6yvArqe4cJHTXCqStRsKmWhGxnZzuHbikP5Q
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89pdqtat44gwj1PHEBa86RFB8G6u8UYjt87wShnvDHby
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Among the top unstakers in terms of unstakes and in terms of unstakes volume, there is no common address. Maybe if the values related to the marinade platform were included in these calculations, the results would be different.
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You can clearly see the difference between the volume of withdrawals and the volume of deposits of the top unstakers and stakers. The largest unstaked volume was more than 159k SOL, while the largest staked volume was more than 48k SOL.
- In terms of the number of transactions between the top stakers and unstakers, 6 common addresses can be found:
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E9Y6mP85iRWkx47m6THG7SaedLhV1TtDF83zipzjDZ9P
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89pdqtat44gwj1PHEBa86RFB8G6u8UYjt87wShnvDHby
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EXQRUQFhAcMq8j6jJqJag7jSNRvLCkXjgTe8KAX3htCE
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9z33yGZLmmbRbYBhkMy13ZBAFindp88BjKFW3FYZpaCj
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23fc5iHigwuowz6MXa8svVgidf958XhR6ekdTtiouJ82
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8VDKtGLmc4yUZD92Tm6Rsnf2bdUUzbmKwvYgfP4wEYhu
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- But in terms of volume, no common address can be seen between the top stakers and unstakers.