One of the most important criteria to evaluate the success of each project is the attractiveness of it for the new users of ecosystem.

Question:

What apps and projects have fueled adoption on Solana?

• Which programs have been particularly good at attracting new users? Which programs have been particularly good at retaining their users?
• Which NFT collections have been particularly good at attracting new users? How do these NFT collections differ from other NFT collections (if at all)?
• Which tokens have been particularly good at attracting new users? What makes tokens appealing to new users on Solana?

Create a dashboard that shows the programs, NFTs, and tokens that's fueling adoption and retention on Solana.

Additional analysis:

Addition to the above metrics, the attractiveness of NFT marketplaces and swap programs have been analyzed too.

Methodology:

The data provided by Flipside has been used to handle this analysis.

• General newcomers attraction

  from solana.core.fact_transactions t join solana.core.dim_labels l

  on t.instructions[0]:programId = l.address and l.LABEL_TYPE in ('defi','nft','dex')

• Retain analysis

  when no_transaction=1 then 'One time users' when no_transaction>1 then 'More than 1 transaction'

• Analysis on NFT collections

  from solana.core.fact_nft_sales s left outer join solana.core.dim_nft_metadata b on s.mint=b.MINT

• Analysis on swap programs and tokens

  from solana.core.fact_swaps s left join solana.core.dim_labels b on s.SWAP_TO_MINT=b.ADDRESS

• Time period of analysis

  This analysis has been done from May, 2022 to cover the market crush and bear market of crypto universe.

  where block_timestamp>='2022-05-01'

Part 1: General newcomers attraction and user retention

Findings:

First of all lets look on newcomers attraction by sectors on Solana.

• The ==DEXs== have been dominated the procedure of newcomers attraction and the NFTs are the second rank.
• The cumulative analysis on new users of various sectors revealed the growing trend and big difference between DEXs and other sectors.
• The ==DEX sector has the highest retention with over 72% of users== and it means more than 72% of users have been done more than 1 transaction on this sector.
• The ==NFT sector has the lowest retention== among these three sectors.

Part 2: Newcomers attraction and user retention on Programs

Findings:

• The ==Jupiter, Raydium and Serum== are the three of the most attractive programs for newcomers since May, 2022.
• Step finance and Mango markets== have the highest retention among programs on Solana ecosystem.
• Saber== has the lowest retention and 62% of users interacted with this program just for 1 time.
• The trend of newcomers on programs generally reduced since May, 2022.

Part 3: Newcomers attraction and user retention on NFT collections and marketplaces

Findings:

• The ==Magic Eden V2== dominated the attraction on newcomers on Solana NFT marketplaces.
• The highest retention belong to ==Magic Eden V2== and ==SMB== marketplace has the lowest retention.
• The attraction of newcomers on Solana NFT marketplaces shown the spikes on special dates.

Findings:

• The ==Primates== is the most successful NFT project for new user attraction since May 2022 and the second rank belong to ==Jikan Studios==.
• Most of the NFT projects with high newcomers attraction since May 2022, has half retention. The ==ABC NFT collection== has the highest retention with ==over 57%== of users purchased more than 1 time.
• The ==Kings of Da Street== has the lowest retention and ==about 2/3 of users== on this collection purchased only 1 time.
• Special dates related to the launch of NFT collections on Solana NFT ecosystem have been attracted most of the newcomers on these dates since May 2022.

Part 4: Newcomers attraction and user retention on Swap programs and tokens

Findings:

• Most of the newcomers on Swap programs of Solana ecosystem belong to ==Orca== and the ==Raydium V4== and ==Jupiter aggregator== programs are the next ones, respectively since May 2022.
• The ==Orca== has the highest retention among swap programs and the ==Saber== has the lowest retention and about half of users only swapped for the 1 time.
• The trend of newcomers to swap programs on Solana has decreasing movement over time since May 2022.

Findings:

• Most of the newcomers swapped to ==Wrapped Sol== token and this currency attracted most of the newcomers. The second rank belong to ==USD coin.
• GST== and ==GMT== have special application on Solana ecosystem and are used for hot projects of Solana so the newcomers attractions of these tokens are high.
• The ==highest retention== belong to ==USD coin and GMT== and users swapped to these tokens more than 1 time usually.
• The ==lowest retention== belong to ==Bonfida and Raydium== tokens with under 40% of retention and its because of their application on ecosystem.

References and useful links:

• Protocols on Solana
• NFT collections on Solana
• Reference 1:

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani