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This dashboard looks at the change in transaction volume in Solana's top two ETH pools up to and after the Wormhole hack.
Wormhole is a bridge that allows the transfer of assets across different blockchains. Many users utilize the wormhole to transfer assets between the Solana and Ethereum blockchains. On 2/2/2022, a hacker stole 120,000 ETH from Solana utilizing the wormhole, an amount at the time worth about $320 million. They forged a transaction signature on the wormhole and submitted it to Solana as a valid transaction, which allowed them to mint fake Ethereum tokens. Jump Crypto, the company behind Wormhole, replenished the stolen $320 million.
One of the top two ETH pools currently on Solana is the Raydium USDC-ETH pool, which hovers around 500-1000 transactions on most days. On the day of the Solana hack, 2/2, the number of transactions increased tremendously to 5622. The day after the hack the number of transactions were still much higher than normal, at almost 4000 transactions. It took about two days for the number of transactions to stabilize at 500-100 daily transactions.
The other of the top two ETH pools on Solana, the Orca USDC-ETH pool, also saw a huge spike in transactions the day of and the day after the hack. The number of transactions in the Orca pool seem to be around 500-1000 daily, and on the day of the hack about 6500 transactions were conducted. The day after the hack, 3681 transactions were conducted. Similarly to the Raydium USDC-ETH pool, it took about two days before the number of transactions reached a stable level.
In conclusion, the number of ETH swaps on Solana exploded the day of and the day after the Wormhole hack, signifying a high level of fear amongst token holders on Solana. It took about two days for the number of swaps to stabilize back to normal levels.