INTRODUCTION

Answer to How has Solana defi responded to the risks that Serum suddenly presented and has there been any traction on Openbook so far? How has liquidity flowed through Solana defi? What programs seemed to be most affected by the replacement of Serum? Does it seem like defi on Solana is becoming more decentralized?

Why FTX Collapse Effects on Solana ecosystem?

FTX was known to be a big investor in sol. Bankman-Fried infamously told a crypto trader during a January 9, 2021 Twitter debate about whether the token was overvalued: “I'll buy as much SOL has you have, right now, at $3. Sell me all you want. Then go f**k off." The token traded between $2.94 and $3.66 that day, according to Yahoo. The Financial Times reported that it had seen a balance sheet showing FTX held $982 million worth of sol on November 10.

Meanwhile, serum, the cryptocurrency of the Solana-based decentralized exchange Serum, which Bankman-Fried helped create, is hovering around 2 cents, down about 37% for the week, according to nomics. FTT, the token of the FTX exchange, has tumbled around 44% to $1.44.

ABOUT SOLANA

Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.

Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees than rival blockchains like Ethereum. The cryptocurrency that runs on the Solana blockchain—also named Solana (SOLUSD) and using the ticker symbol SOL—soared almost 12,000% in 2021 and at one point had a market capitalization of over $66 billion, making it the fifth-largest cryptocurrency by this measure at the time.

NOTES

1- "In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem," said Stefan Rust, CEO of blockchain wallet company Laguna Labs. He and several other crypto players said FTX and sister firm Alameda Research likely sold a large amount of the coin in an attempt to stay afloat.

2- A spokesperson for the Solana Foundation told CoinDesk the organization was following developer’s effort to “contain risks around Serum.

SERUM VS OPENBOOK

OBSERVATIONS

• In the chart of daily serum active users, after FTX collapse, the number of active users reached more than 6000 people daily, after which this value decreased daily, which shows that users have left this platform.
• But for the OPENBOOK platform, this issue is different. OPENBOOK just started to increase daily users after NOV 14, because serum is being replaced by OPENBOOK, and the number of active users reached 382 people per day on Nov 18.

OBSERVATIONS

• According to the daily serum transactions, before the FTX collapse, the Serum platform has more than 5 million daily transactions, but after this tragic event, this platform has been oppressed and lost all of its daily transactions in just a few days from 5 Millions of daily transactions have reached 10,000 transactions.
• In the chart of Daily OPENBOOK transactions, the case is different, and after Nov 14, the number of transactions has increased, from 4 transactions per day to 486,000 transactions per day.
• In the daily serum liquidity volume chart, it can be seen that on Nov 7, when FTX was broken, 10.4B of the value of this platform was liquidated, and this liquidity continues until now.
• In the chart of Daily OPENBOOK liquidity, you can see that the highest amount of liquidity can be seen on this platform on Nov 20, which may be because the users who managed to withdraw their funds from Serum have experienced liquidity on this platform due to the decrease in the value of their token.

SOL DEFI METRICS

OBSERVATIONS

• According to the daily sol defi volume chart, after the FTXX collapse on Nov 9, this volume has reached its highest level of 36.7 thousand.
• In the daily defi chart, according to the volume of TXs, it can be seen that on the day of this event, November 7, the amount of transactions reached its highest level, i.e. 9.2M million, after that the downward chart is steep and reached 400 thousand daily.

DEFI ACTIVITY ON DEFERENT PLATFORMS

OBSERVATIONS

• According to the activity of Defi users on different platforms, it can be said that most of the users have used the Jupiter platform with 184.4 thousand daily users, and the second place is the serum platform with 66.8 thousand daily users.
• In the chart of defi related transactions, the most used platform is serum (the platform that is not seen in the complete chart is Serum) with 40 million transactions, serum ranks first and the zeta platform ranks second with 10 million transactions.

SOLANA TOKEN ACTIVITY IN SOL ECOSYSTEM

OBSERVATIONS

• According to the Solana token inflow chart, the number of users has increased greatly after FTX Collapse and has reached 21 thousand.
• In Solana token inflow graph, TX_COUNT increased after FTX collapse, but the main increase happened on Nov 18, which reached 104 thousand transactions.

SOLANA ECOSYSTEM SWAP COUNT

OBSERVATIONS

• As you can see, Solana users swapped their tokens after the FTX collapse due to the fear of the SOL value falling, which was not far from their minds. According to the Swap_count chart, 80% of the swaps happened after this event.
• According to swappers count daily, 67.3% of swaps happened after FTX collapse.

FINAL CONCLUSIONS

In general, according to all the charts and explanations in the dashboard, it can be concluded that Solana brought the most bad luck in this FTX collapse incident and unintentionally had an effect on SOL, and most of the SOLANA users are trying to keep their money's value with the SOL token swap. I know but this will cause the daily SOL value to decrease which is also happening.

Also, the Serum platform, which lost many of its users under the influence of FTX collapse, and SOLANA was forced to choose an alternative (OPENBOOK).

SPECIAL THANKS

Finally, I wanted to thank my colleague Badboy-GpFmqz__auto for helping me to make this bounty and to get all this information.