Solana Staking Madness
Introduction
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In this analysis, You will read about Staking on Solana.
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SOL has been massively propped up by FTX and Bankman-Fried over the years, as both have helped Solana gain traction and visibility. Most notably, SOL is also the second-largest holding for Alameda, a trading shop founded by Bankman-Fried, representing about 10% of Solana’s market cap
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Solana has a rough couple of days ahead of it. The immediate concern is that a lot of SOL could be sold off in the next few days, as nearly 19 million tokens hit the market with Epoch 370, and those holders look to avoid any additional losses. Let’s Find out what’s happening on the Solana chain.
Analyzed by Hess - Reading Time Almost 12 min.
What is Solana Chain?
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Solana is a blockchain platform designed to host decentralized, scalable applications. Solana can process many more transactions per second and charges lower transaction fees than rival blockchains like Ethereum.
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Staking Vs. Unstaking Per Pool
:key: Insights
- The platform based on unstake transactions and amounts were LIDO.
- The highest amount of SOL and number of transactions was unstaked on November 10.
:bar_chart: Charts
- Before the FTX, Users didn’t unstake their SOL from Lido but after November 8, Almost 50% of transactions were unstake from Lido. The total number of unstake transactions on Lido increased day by day and reached up to 89%. The highest number of unstake transactions on. Lido was more than 500 transactions which happened on November 10.
- The higher amount of Sol was unstaked from Lido in comparison to other pools. After the FTX crash, The total daily unstake amount from Lido increased significantly. The highest amount of unstake was 897K SOL from Lido which happened on November 10.
Net Staking Vs. Sol Price
:key: Key Insights:
- The highest amount of Unstake was 932K Sol which happened on November 10.
:bar_chart: Charts:
- Before FTX Crash, The Sol price was around 30-33 Sol. The daily net stake was negative but it was normal. Since November 8, When FTX withdrawal paused, The total daily number of unstake increased significantly. In three days, Users unstaked more than 1.8M Sol. When Sol's price was 23 US dollars, Users unstaked 432K Sol. A day after the FTX crash, Users again unstaked 413K Sol. The highest unstake amount was November 10 when rumors spread rapidly that a huge amount of Sol will unlock for sale. This rumor caused nearly 1M Sol's unstake.
- After November 10, When rumors failed, The total Unstake amount decreased like normal days. However, The net stake was still negative.
- The Sol Price decreased so fast after FTX crashed. As you can see, Sol's price dropped around 60% less than a week.
Staking Vs. Unstaking Before and After FTX Crash
:key: Ket Insights
- The highest number of Stakers was during the FTX Crash and the highest number of unstakers was a day after the FTX crash.
- It is interesting that the highest number of stake and unstake transactions was a day after FTX.
- The highest stake amount was 77K Sol on November 8 and the highest unstake amount was 932K on November 10.
:bar_chart: Charts:
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User:
The total daily number of stakers was around 100-230 wallets. Before the FTX crash, the total daily number of unstaker was below 20 wallets but after November 8, The total daily number of unstakers increased to 330 wallets. Almost 2x higher than stakers.
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Transactions:
The total daily number of stake and unstake transactions were like Users. After FTX, The total daily number of stake transactions decreased but the total daily number of unstake transactions from daily 20-30 TX increased to 750 transactions.
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Amount:
The highest amount of SOL staked on November 8 which was 77K Sol. Exactly a day that FTX crashed. But after that time, the total daily stake amount decreased to 11-50K. On the other side, The total daily unstake amount increased significantly. From daily 11-30K unstake, The unstake amount increased up to 1M SOL!
Defi/DEX Activities
- I analyzed DEX and Defi activities on Solana. Almost all parameters decreased after the FTX crash. The serum had the highest number of transactions before the FTX crash but after that dropped significantly. Based on Users, Jupiter had almost 50% of daily users and after that serum with 26%. I can see the total number of transactions on Solend increased after the FTX crash. Obviously, FTX impacted Solana completely.
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What is Sol's token?
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SOL tokens are its native cryptocurrency and are used to pay its transaction fees. Since launching in 2017, Solana has grown to become one of the largest cryptocurrencies in the world. Because the Solana blockchain has smart contract capability, developers can use it to build decentralized apps (dApps).
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Relation Between Solana and FTX
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Relation Between Solana and FTX Solana’s close ties with Bankman-Fried, FTX, and Alameda has worried investors and developers alike, which has been reflected in the market. The price of SOL is down 58% in the past seven days, currently trading at around $13. That’s down 93% from its all-time high in November.
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The Solana Foundation today updated its “Facts Related To FTX Bankruptcy” blog post, detailing its exposure to FTX and Alameda. The firm’s assets include about 3.24 million shares of FTX Trading LTD common stock; 3.43 million FTT tokens, worth $4.5 million at current prices; and 134.54 million SRM (Serum) tokens, worth $28 million at current prices. “These assets were held on FTX.com accounts (and continue to be held there) as of 11/6/22 when FTX.com ceased to process withdrawals,” the post reads.
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With many worried about the state of the Solana ecosystem due to its proximity to Bankman-Fried and FTX, the Solana Foundation added in its update: “Most of the largest DeFi projects on Solana had limited or no exposure to FTX, based on a recent assessment by Solana Foundation.” “There are certain projects with exposure to FTX and those projects seem to be actively working to figure out a way forward, but the outcomes there are not yet known,” the post read.
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Full Analysis
Shares and Breakdown
:key: Key Insights:
- A large amount of unstaked Sol belongs to the group of users that staked 10K-100K SOL.
- A Large number of unstake transactions belongs to the group of users that staked 10-100 SOL.
- The Top Address unstaked nearly 159K SOL.
- The Top address had 267 unstake transactions.
:bar_chart: Charts:
- In order to understand the unstake breakdown better, I divided the amount and transactions based on the unstaked amount. The top unstake volume belongs to the group that unstaked 10K-100K SOL. The second top amount belonged to the group of users that unstaked 1K-10K SOL.
- Also, The top unstake transactions belonged to the group of users that unstaked 10-100SOL.
- The second top number of transactions belonged to the group of users that unstaked 100-1K SOL.
- Almost, All parameters after the FTX crash were higher than the parameters before the FTX.
THE END
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
Overall, Since November 3, Users have unstaked 2M SOL from Lido while they staked around 116K SOL. with a huge difference from other pools, The second top pool JPool which users unstaked 196K SOL.
- 70% of unstake transactions were on Lido. Also, 88% of the total amounts are unstaked from Lido.
- The large amount of unstake belonged to the group of Users that unstaked 10K-100K SOL. The other large amount of unstake belonged to the group of users that unstaked 1K-10K SOL. Based on transactions, the large number of transactions belonged to the group of users that unstaked 10-100 and 100-1k SOL.
Swaps From and To Sol
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It is interesting, After all, the rumors on Solana, The total daily number of swaps to Sol was higher than Swaps from Sol after the FTX. Both increased but swaps to Sol were higher than swaps from the swap. Overall, 8.8M transactions were swaps from SOL and 11.5M transactions were swap to SOL.
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Following the transactions, The total daily swap from and to SOL increased after the FTX crash. The numbers were similar to each other.
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Overall, Users swapped 12.4M From Sol and swapped 11.7M to SOL.