Solana Outages

Q82. Solana experienced another outage on 6/1 where validators were forced to restart the network. The network experienced a similar problem back on 5/1. After the restart happens during these outages, how do users on the network generally respond? Does the price of SOL drop because users lose confidence in the network? Is there more swapping behavior and more stablecoin activity? What protocols seem to have more activity after these types of events that on the average day in the Solana ecosystem? Is there more fear from defi Solana users than NFT enjoyers?

Introduction:

According to the various references, the Solana blockchain experienced many outages in 2022. These outages cause the price drop and losing public trust in the Solana blockchain.

In this bounty, we want to clarify the impacts of these major outages on the Solana blockchain by these metrics:

The price analysis of SOL
Swapping behavior around these outages.
The application of protocols after these outages.

Methodology:

Each of the defined metrics need special method to identification:

SOL price--> find the exact amount of USDC that SOL swapped to--> use the USDC price to estimate the exact price of SOL.
Swap behavior--> use flipside_prod_db.solana.fact_swaps by choosing two days after outages to find the impacts of these events.
Protocol usage--> use solana.fact_transactions and find the interaction of users with Label of program ids.

Outcomes:

As mentioned in the question, the times of outages were 2022-05-01 and 2022-06-01.

Based on the SOL price shown in this figure, it can be seen that the price of SOL dropped after these events specially after second one.

The number of swappers buy and sell stablecoins are shown in these figures. Based on the results of both figures, it can be seen that users sell their volatile tokens and bought stablecoins right after happening an outage. The main reason of that is because of fear in price drop and avoid from losing their money.

The number of unique swappers around outages shown in this bar chart. As shown in this chart, the number of swappers after each outage increased and it demonstrate the enhancement of swap activity by Solana users after these events.

The application of various protocols and sectors by Solana users shown in these 3 figures:

From the first one it can be seen that, the usage of DEX is increased after outages and its because users swap their assets to safe ones. Also, the application of DeFi and NFT are decreased after these outage events.
The second figure illustrates the sharp decrease in application of DeFi programs by Solana users specially after the second outage on June 1st.
The slowness of the grow rate shown in the third figure validates the fear and lack of public trust on Solana protocols among users after experiencing outages.