Tracking Solend cTokens

    Question:

    Q102, cTokens on Solend are a yield-bearing deposit receipt. This means you can convert USDC into cUSDC to get a tradeable token that also earns interest on Solend. You can hold this token in your wallet to continue earning interest, or you can send it to someone else, and they'll earn interest.

    What do users do with their cTokens? In which DeFi platforms are cTokens deposited in after minting on Solend? What are the most popular use cases for cTokens and where have they grown in usage over time? Does cToken behavior seem to be influenced by the size of the receipt?

    Overview of essay:

    The necessary explanation of cTokens presented in the question. To get more info please visit the following link.

    The schematic of this essay contains three main parts as below:

    • The mint of cTokens
    • Possible application of cTokens
    • Other activities by cTokens.

    Approach:

    • Mint of cTokens:

      INNER_INSTRUCTIONS[0]:instructions[1]:parsed:info:mint as ctokens,

      from solana.fact_transactions where INSTRUCTIONS[0]:programId='So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo' and INNER_INSTRUCTIONS[0]:instructions[1]:parsed:info:mintAuthority='DdZR6zRFiUt4S5mg7AV1uKB2z1f1WzcNYCaTEEWPAuby' and INNER_INSTRUCTIONS[0]:instructions[1]:parsed:type='mintTo'

    • Application of cTokens

      select LABEL_TYPE, Address_name from solana.core.fact_transactions t

      join solana.core.dim_labels l on t.instructions[0]:programId = l.address

      where PRE_TOKEN_BALANCES[0]:mint in (select ctokens from tb1) and t.succeeded = TRUE

    • Other activities by cTokens:

      • Transactions

      • Swaps

      • Transfers

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    Key findings 1:

    Now lets track these minted cTokens and find the possible destination of these assets:

    • Like said in the question, the main application of cTokens is DeFi programs with 98% of applications.
    • two type of analyze done for the estimation of application of cTokens. The first one find the application beside Solend protocol and the second one search in the whole DeFi programs.
    • The Saber Stable Swap program has 97% of applications by cTokens beside Solend protocol.
    • The domination of Solend protocol is considerably huge. about 98% of usage of cTokens belongs to Solend protocol.

    Other actions done by cTokens:

    Other activities of cTokens have been represented in this part.

    • In the transactions executed by cTokens, the Solend SOL has been dominated 81.4% of transactions.
    • The next cToken in transactions is Solend USDC with 16.4%.
    • The distribution of cTokens in swap action reveals the approximately equal share of three cTokens named cSOL, cUSDC and cUSDT.
    • The percentage of each cTokens on transfer action shown the highest application of cUSDC with 70% of transfers.
    • The next two cTokens from transfer aspect are cSOL and cUSDT respectively.
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    Mint of cTokens:

    By converting tokens to cTokens users could earn interest on Solend. This process named mint and the summary of minting program for the past 30 days have been presented as:

    • The Solend USDC has the highest share on minting cTokens in the past 30 days.
    • The next cToken is USDT with near 20% of mints.
    • More than 1700 unique minters minted cTokens and its the highest bucket of minters.
    • The daily mint of cTokens reveals the domination of cUSDC, cUSDT and cBTC respectively.
    • The highest mint occurred on July 7 in the past 30 days.
    • The grow rate of cTokens mint over time shown the enhancement of cUSDC mint with promising trend.
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