What is Solend ?

Solend is a decentralized lending and borrowing protocol. Solend is an easy and safe platform for lending in the Solana ecosystem, which wants to use its speed and cheapness to promote this work.

Solend is a hundred times faster and cheaper than Aave or Compound, making Defi accessible to everyone as it was intended.

Solend enables you to use your capital more efficiently by lending to earn interest, borrowing and leveraging long and short.

Solend was established to achieve two goals: To be the ==most secure== and ==easiest== to use financial platform on the Solana chain.

What is cToken?

cTokens are a yield-bearing deposit receipt. This means we can convert ==USDC to cUSDC== and earn profit in this way. We can keep this token in our wallet and continue earning, or we can send it to someone else and they will earn.

cTokens do not consistently provide benefits to holders. Rather, they represent the share of users in the lending portfolio, and the value of these assets increases based on interest payments by borrowers.

Profits are created when the value of tokens increases based on the amount of assets locked in the pool, and when the original locked assets are withdrawn, this profit is also withdrawn. The exact amount of this profit depends on the net profit calculated by the protocol and based on market variables such as supply and demand.

cTokens are tokens in the solend protocol that are backed by another asset. When a user deposits his digital currency into the platform, cTokens represent his assets. Every time a user deposits their asset into the lending pool, the same amount of cToken is generated.

This cTokens balance is a direct representative and equivalent to the amount of assets that the user has in the lending pool and receives interest from each block.

In this dashboard,

1. we first take a look at the Solend market from the beginning of January until today.

2. Then we separate cTokens and examine what users have done with their cTokens.

3. We check the type of transactions made by CToken users.

4. In the next step, we will check which Defi platforms these cTokens will be deposited after minting on Solend.

5. Finally, we check the behavior of cTokens in proportion to the size.

   
   \

Above, we see an increase in the market in May and a very large increase in the month of June compared to the months of the year in the Solend market.

In the above two charts, we can see what users have done with their cTokens:

Holding → 59.9%

Supplying → 39.8%

And a small amount of them have been made into Transfering and Swapping

In the above graph, we see that

69.4% of users have deposited their cTokens in Port Finance.

18.4% of users have deposited cTokens in the Jupiter aggregator.

9.16% of users have deposited cTokens in Saber Router.

2.8% of Users have deposited cTokens in Saber Stable Swap.

And they have deposited a small amount of their cTokens in realms general contract and step finance swap program.

Port Finance is a non-custodial money market protocol providing a suite of fixed income products, including variable rate lending, fixed-rate lending, and interest rate swaps all on the Solana network.

Jupiter is a liquidity aggregator designed for the Solana network. It serves as a unified explorer for token prices and liquidity from decentralized exchanges (DEX). Jupiter offers a wide range of tokens and the best route discovery between any token pair in the Solana ecosystem.

Saber is a Decentralized Exchange that provides the liquidity foundation for stablecoins, which is a type of cryptocurrency whose value is pegged to another asset, like the US dollar or bitcoin. Users deposit crypto into a Saber liquidity pool to earn passive yield from transaction fees, token-based incentives, and eventually automated Defi strategies.

Here we see that the most user transactions were related to mintTo and burn.

mintTo → 51.6%

burn → 47.5%

As we can see above, the sizes of cSOL in Supply are much more than Holder and Transfer:

size in supply: size in holder :

958.167K → less than 1 cSOL 164.016k→ less than 1 cSOL

597.46K → Between 1 and 5 cSOL 102.272k →Between 1 and 5 cSOL

290.787K → Between 5 and 10 cSOL 49.776k → Between 5 and 10 cSOL

614.943K → Between 10 and 50 cSOL 105.264k → Between 10 and 50 cSOL

495.768K → More than 50 cSOL 84.864k → More than 50 cSOL

Conclusion

In this dashboard, we reviewed the Solend protocol that used for lending and borrowing.

We have reviewed all cTokens that used in this protocol.

We found that most users have supply and hold their cTokens and very few transfer or swap them.

We found that most user transactions were related to mintTo and burn.

we found that nearly 70% of users have deposited their cTokens in Port Finance.

Reference

docs.solend.fi

solend.fi

My address

Email: hesamahmadzadeh68@gmail.com

Twitter:Hesam943 \n