Introductions

What is Solana?

Solana is a high-performance blockchain supporting builders around the world creating crypto apps that scale today, Its native cryptocurrency is SOL it also uses a “proof of stake” system to verify transactions.

What is NFTs?

A Non-Fungible Token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership.

What is DEX?

A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform.

Goal of this analysis :

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)?

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

Each projects success could be valued by its ability to attract and retain newly gained users on the ecosystem/project.

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

• Time period of analysis

  This analysis has been done from May, 2022 to cover the earlies market crash and bear market of crypto universe in this year.

  where block_timestamp>='2022-05-01'

1: General newcomers attraction and user retention

Findings:

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

• The ==NFTs== have been dominated the procedure of newcomers attraction and the DEXs are the second rank.
• The cumulative analysis on new users of various sectors revealed the growing trend and big difference between NFTs and other sectors.
• The ==DeFi sector has the highest retention with over 73% of users== and it means more than 73% of users have been done more than 1 transaction on this sector.
• The ==NFT sector has the lowest retention== among these three sectors.

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.
• Cega finance and Saber== have the highest retention among programs on Solana ecosystem.
• Step finance== has the lowest retention and 88.8% of users interacted with this program just for 1 time.
• The trend of newcomers on programs generally reduced since May, 2022 with some spiked on early Aug, Oct and Nov close to FTX fiasco.

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 ==Coral cube== and ==SMB== marketplace has the lowest retention.
• The attraction of newcomers on Solana NFT marketplaces shown the spikes on special dates usually paralleled with real life events.

Findings:

• The ==Primates== is the most successful NFT project for new user attraction since May 2022 and the second rank belong to ==Vandal city==.
• 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 ==Trippin’ Ape tribe== 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.