Solana Since The Mango Hack

    Introduction

    • In this Analysis, You will read about the Mango hack and its impact on Solana. Mango was hacked on October 11. Decentralized Solana-based trading platform Mango was reportedly hit by a $100 million exploit.

    • We want to know how this hack impacted different parts of Solana Like Inflow and Outflow to CEXs, Dex swaps, Stake, defi and NFT.

    • Following that, I analyzed these parts:

    • CEX

    • DEX

    • DEFI

    • Stake

    • NFT

      Analyzed By Hess - Reading Time Almost 10 Min.

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    CEXs

    • There aren’t huge unusual activities after The Mango hack from Cexs to Solana and Solana to CEXs. I can see that the total number of users that transferred their assets from Solana to CEXs increased from 3-4K to 7.5K on Hack day. The volume didn’t change too much. Following the Users, The total number of transactions from Solana to CEXs increased 2x from normal days. The average transactions after hacking from Solana to CEXs were higher than before the hack but from CEXs to Solana were similar to normal days. The average volume of Inflow and outflow to Solana before the hack was higher than after the hack.
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    Defi

    • On Defi platforms, I can see some unusual activities. The total number increased and following that, The total number of transactions increased significantly on some platforms. The average number of transactions on Solend was 1-2K but during the hack increased to 905K transactions! The average number of transactions on Solend before the hack was 36K per day but after the hack, The average number of transactions on Solend reached 250K per day. Other platforms like Solfarm or Lido didn’t change during and after the hack. So I can say The Mango Hack impacted only Solend between Defi platforms.
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    Stakes

    • Stake activities didn’t change during and after the Mango Hack. There were some ups and downs but in My opinion, all these ups and downs were normal and I can not see any unusual activities in numbers.
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    DEXs

    • Based on the charts, You can see easily the impact of the Mango hack in Solana DEXs. The total number of swaps and swappers increased on October 11 when Mango hacked. Swappers From 2-3K on Jupiter and Raydium increased to 10-12K. On Saber and Orca, the total number of swappers didn’t change. It seems users swapped their funds on Raydium and Jupiter.
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    NFT

    • Almost all parameters like transactions, Buyers, Sellers and sales amount decreased after the hack. I can not confirm that due to the Mango hack, NFT sales decreased because we are in a bear market and the market can impact this category.
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    Method

    • I divided my findings into Five categories. CEXs, DEXs, Defi, Stake and NFTs.

      CEXs:

    • I found CEX addresses from flipside_prod_db.crosschain.address_labels table with blockchain filter to Solana and Hot wallets. Then, I joined my findings into the fact transfer table.

    I extracted token prices and calculated volume in USD for inflow and outflow to CEXs.

    DEXs:

    • We have a Fact swap table on Solana. The only thing that I did was swap volume. By Swap tables, I extracted token prices and joined them with my findings to calculate swap volume in USD.

      NFTs:

    • Like Swaps, We have an NFT sales table on Solana. I didn’t calculate sales volume and show daily sales based on Sol's amount.

      DEFI:

    • From the DIM LABEL table, I extracted defi platform addresses. Then, I joined my findings into the transactions table and calculate the daily transactions and users on Defi platforms.

      Stake:

    • For Staking activities, I used solana.core.ez_staking_lp_actions table with delegate filter.

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    Full Analysis

    Conclusion

    • I can conclude that the Mango Hack impacted on Solana Ecosystem, especially in some categories. I can name three platforms that the Mango hack impacted most. Solend, Raydium and Jupiter. Raydium and Jupiter are DEXs. Mango hack impacted these platforms in a good way But Solend is a Defi platform and impacted in a bad way.
    • The Transfers to CEXs from Solana increased but it wasn’t too much in comparison to normal days.
    • Overall, These hacks impacted in a Short time and in long term all parameters will be back to normal days.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord_id: hess#0890

    :calendar: Analyze Date: 2022/OCT/16

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    A Summary of the Most Important Findings

    CEXs:

    • The total number of users that transferred from CEX to Solana decreased a little. On hack day, The total number of users from Solana to CEX increased from 3-4K to 7K in one day.
    • The volume from CEX to Solana decreased but it's not related to hacking because three days before the hack volume decreased. The volume from Solana to CEX didn’t change too much.
    • On hack day, The total number of transactions from Solana to CEX was 2x than the normal days.

    DEFI:

    • Soland was a platform that was impacted by Mango Hack. The total number of transactions on this platform increased significantly. From 1-2K to 905K! a day after the hack.

    Stakes:

    • Overall, The stake activities didn’t change.

    DEX:

    • The mango hack impacted DEXs too. The total number of users and transactions on all swap programs, especially Jupiter and Raydium increased too much on hack day. About 10x higher than normal days.

    NFT:

    • NFTs transactions and sales amount decreased after the hack based on average transactions and amount.