Details of Solana’ Ecosystem:
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AMM
Orca has replaced Raydium to occupy 1st position on the Automated Market Maker (AMM), with a friendly easy-to-use interface. The Top 3 on the AMM for Solana have all decreased substantially.
In further bad news, Raydium lost $2M from its pool of liquidities after a recent hack.
An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known
⁰Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now
Attacker accnthttps://t.co/ZnEgL1KSwz— Raydium (@RaydiumProtocol) December 16, 2022
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Lending/Borrow
Solend remains the biggest Lending protocol on Solana. However, this project was significantly affected in the days following the FTX collapse. Its TVL fell from $300M to just $20M in a short space of time.
The total assets supply on the platform is $20M, of which the total loan amount is $5.24M. The capital efficiency on the platform is currently around 26%.
Other Projects:
– Larix: hasn’t had any activity on Github since August 2022.
– Port finance, Jet Protocol, Everlend, Soda, and OXY are still operating in moderation and have not revealed any breakthrough development plans yet.
– Apricot is one project that achieved some initial success when its products showed considerable potential in the market following a successful launch. Despite some lending, borrowing, and cross-margin leveraged farming, this project has gained further attention and shows signs of ongoing development.
Apricot Assist – is a tool that automatically reduces leverage when farming under pre-set conditions to avoid the risk of liquidation for the user.
However, this project has been heavily influenced by the recent downtrend, an unreasonable valuation between rounds of token sales and a highly inflated tokenomic design. The price of APT has split more than 200 times and the TVL is currently around $1.4M.
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Yield farming
Overview of Yield farming projects:
– In the Yield farming segment, a project called Quarry closed 2022 with the largest TVL (28.34M), most of which came from Saber’s LP token.
– During this downtrend, APY also declined through farming. This resulted in leverage farming protocols being more active.
– Francium is a project offering the best product in this field. It provides many intuitive measuring tools that help users calculate parameters when farming.
Of the majority of farm pools (with leverage) Francium achieved the highest position on the APY.
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Derivative
– Derivative DEXs on Solana currently represent only a small part of the TVL for the entire ecosystem. They have the advantage of fast transaction speeds, cheap fees, and a very early construction time. However, Solana still has no outstanding Derivative DEXs like DYDX, Perptual on ETH or GMX on Arbitrum.
We are currently investigating an incident where a hacker was able to drain funds from Mango via an oracle price manipulation.
We are taking steps to have third parties freeze funds in flight. 1/
— Mango (@mangomarkets) October 11, 2022
– Mango market is an early Cross margin exchange on Solana, and expected to be an extremely impressive project in the future after raising over $70M from IDO. Recently, it too was hacked and lost more than $100M in October 2022. Their TVL is now at 0.
– Synthetify is another early derivative exchange (once synonymous with organizing IDO events on Raydium), where the token price has fractured more than 500 times, reducing the TVL to a low at around $500K.
– 01 exchange announced that it will stop trading activities on the protocol from 11/2022 due to difficult market conditions. Before the collapse of FTX, 01 was once a project boasting a stable growth of TVL, even during the downtrend.
Out of an abundance of caution, we will be temporarily halting trading tomorrow at 12:00 pm EST due to current market conditions.
Rest assured, all funds are safe and withdrawals are open
For more info and any question, please join our Discord (https://t.co/gib4YKzVFV)
— 01.xyz (@01_exchange) November 11, 2022
Derivatives on Solana are expected to grow substantially in the future. As the ‘real yield’ trend emerges with outstanding projects such as Ethereum’s DXDY, Arbitrum’s GMX, or Polygon’s Gain Network, Solana continues to fail. To date, Solana has not yet made any future project announcements.
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Conclusion
Overall, the DeFi projects on Solana have proven to be strong. They include products that solve problems for users. In addition, several of these products have performed very well, including wins in hackathons such as Apricot, Francium.
However, most of the projects have unreasonable tokenomic designs, causing extremely high inflation, which has resulted in significant drops throughout the downtrend.
The TVL has collapsed due to previous over-inflated hype, and the fallout of the FTX debacle. The DeFi on Solana all but completely failed, yet remains with a slither of hope that few would trust.
