Question:

On August 17th, Solend announced their permissionless pools, where anyone can now create a pool. How has this influenced user behavior on Solend so far compared to prior user activity? How many users have used a permissionless pool?

Overview of study:

The structure of this study shaped out from two major parts. The first one represents the supply side of Solend protocol and the TVL tracking on various pool types on it . The second part wanna determine the application of various pools types from borrow perspective.

Solend is a decentralised algorithmic lending and borrowing protocol built in Solana. After announcement of permission less pools on Solend protocol, this study aims to track the TVL on this protocol.

What are permissionless pools on Solend?

> With permissionless pools, anyone can come to Solend and list their new token in an isolated pool! Users can set parameters based on how new the token is, and get them increased over time as the liquidity and holders grow. > > Permissionless pools also allow DeFi degens to create different pools based on certain strategies. > > Protocols can also set up a permissionless pool that allows them to borrow without collateral from. > > There’s a fee of 100 SLND to create a Permissionless Pool. This fee serves to prevent spam pools from being created.

Approach:

To handle this investigation, the Data provided by Flipside community has been adopted, accordingly.

The data related to Solana network have been shown by Solana.core tables on Flipside.

The supply and borrow actions have been handled by fact_events table in Core schema.

• The program id of Solend is So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo

• Special Thanks to 0xHamed for this valuable JSON data provided for various pool types.

• This study has been done for the past 2 months.

Part 1: Supply side analysis

Notable findings:

As said in the introduction part, this sections is available or tracking the performance of various pools on Solend from the Supply side analysis:

• From the participants perspective, the share of main pools is very dominated in comparison with other type of pools.
• By considering the TVL of supply on different pool types and specially permissionless pools, the domination belongs to Isolated pools as can be seen.
• Application of various mints (tokens) on Solend pools has been demonstrated in the bar graph. By the use of this graph, the permissionless pools utilized the SOL, CRP, COOL mints more than other tokens.
• The daily share of various pools on TVL of supply to Solend pools has been displayed in the normalized bar graphic. The share of permissionless pools has been enhanced since its announcement and reached to its highest share on August 19th.
• The cumulative TVL of supply on various pools on Solend reveals the highest application on Isolated pools over time.
• The final bar graphs stand or the responsible addresses for participation on Solend pools. According to this graphs, the ordinary signers are most responsible for TVL of supply compared to PDAs/integrations or DAOs/Realm addresses.
• Also in the permissionless pools, the share of PDAs/integrations or DAOs/Realm addresses is more than regular signers.

Part 2: Borrow side analysis

Notable findings:

The second part analysis the behavior of users on borrowing from various pool types on Solend.

• From the participants perspective, the share of main pools is very dominated in comparison with other type of pools.
• By considering the volume of borrow on different pool types and specially permissionless pools, the domination belongs to Isolated pools as can be seen.
• Application of various mints (tokens) on Solend pools has been demonstrated in the bar graph. By the use of this graph, the permissionless pools utilized the DUST, SOL, CRP, COOL mints more than other tokens.
• The daily share of various pools on borrow volume from Solend pools has been displayed in the normalized bar graphic. The share of permissionless pools has been enhanced since its announcement and reached to its highest share on July 30 and August 18th the exact day of announcement.
• The regular signers are the most users of Solend protocol compared to PDAs/integrations or DAOs/Realm addresses. Also in the permissionless pools, the share of PDAs/integrations or DAOs/Realm addresses is more than regular signers.

References and useful links:

• Solend Website
• Twitt Link
• Permissionless pools on Solend

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani