Humans on Solana

    How many unique humans (rather than unique wallets) are actively using Solana? Can you identify which wallets are 'bots' and remove them from the ""active wallet"" calculation? How do these users behave? How often are humans making transactions on/off-exhanges, user to user, and user to program? Specifically have transfers been gaining in popularity on Solana and which tokens are most popular to transfer? Break down volume of transfers by the following USD value categories: $10-500, $500-2000, $2000-20000

    What is Solana?

    Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, Solana is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.1 Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees compared to rival blockchains like Ethereum.

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    Methodology:

    In this dashboard I define a bot as any user who has made over 200 transactions on any one day, I think this is a good way to determine a bot as any normal user would likely be unable or unwilling to make this many transactions in a single day. Furthermore I define a active user as a user who has made a transaction within the last two months, these individuals will be the focus of my dashboard. I will be looking the amount of bot users on the platform, as well where the humans users are transferring there money in terms of token and platforms, I will also be looking at the types of events these individuals take. Finally I will look the distribution of volume size of transfers on Solana.

    Metrics:

    1. Total Unique Humans on Solana

    2. Total Unique Humans Actively Using Solana

    3. Percentage Of Users Who Are Not Bots

    4. Daily Total Token Transfers by Unique Humans by Token

    5. Daily Total Transfers by Unique Humans by Event Type

    6. Daily Total Transfers by Unique Humans by Label

    7. Breakdown of Transfers by Volume size

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    Analysis:

    The total number of unique humans on Solana is 13.67M although a lot of these humans are not active humans. The number of total active humans on Solana is 5.68M, cutting that original number down massively as a lot of users appear to have not used Solana at all recently. Finally we can look at the final metric in this section and we see that 99.9 percent of users are Non bot users meaning only around .1 % of users are bots. Although bots end up making up a large amount of the transactions and volume in the Solana ecosystem with their constant and fast speed of transactions they only represent a very small portion of Solana wallets.

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    Analysis:

    What are these humans on Solana doing over time? Well if we look at the first graph we can see that over time the amount of token transfers by humans on Solana has increased massively all the way from roughly .2M transfers daily back in December of 2021 all the way up to anywhere from .6-.8M transfers on a daily basis. This shows that over time token transfers on Solana have increased massively, and this graph doesn’t even show all of the token transfers, just the token transfers for the top ten tokens on Solana. If we look at the most commonly traded tokens we can see the top three are SOL, KIN, and USDC, although GST is also a large contributor as well. These tokens are consistently traded day in and day out on the platform. Now let's move onto the event types these uses take, as we can see there is a similar pattern here with an increase in transfers over time, but let's look at what the most popular types of transfers are. The most common type of action to take is what you would think would be a transfer. Although there are countless other actions users take it appears that this is the dominant by far on a day to day basis. Now let's move onto where these users are transferring their tokens in and out of. The most popular place if FTX which makes up the wide majority of the total transfers daily. There is also a significant contribution from huobi global and kucoin although much smaller than that of FTX. Overall Human users do a lot of different things with their token and take a lot of different actions on Solana that can all be seen across these graphs.

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    Analysis:

    If we look at the breakdown of transfers by volume size we can see that the wide majority of transfers are anywhere from 10-500 USD. This makes sense as most individuals are trading small things on a day to day basis instead of large massive movements of money. If we look at all the other categories we can see that they are all roughly equal having about 13M transfers that fit in each of these categories. There are about 4x as many 10-500 USD transactions as there are transactions in any other single category.

    Conclusion:

    1. The wide majority of users on Solana are humans users with only a small percentage that are bot users.

    2. The most common coins being transferred on Solana by Human users are SOL, KIN, and USDC

    3. The majority of humans users are taking transfer events and a lot of those transfers are going to and from FTX.

    4. the majority of transfers are between 10-500 USD in volume.