Try Quests to earn SOLThe Mango Hack
SOL & MNGO price
The price of both SOL and MNGO tokens has significantly decreased following the attack, as shown in the following charts.
But it seems that the BTC price decline had more effect on the SOL price drop than the Mango hack.
One day after the attack, the value of the MNGO token dropped, and there were worries that the platform may have been exploited.
Solana Defi Ecosystem transactions in the daily and average basis
The above graphs demonstrate a sharp decline in activity on the Solana DeFi ecosystem after the Mango Hack in terms of both active users and transactions.
The graphs depict a declining trend for Defi transactions following the Mango Hack, with serum having the largest daily share and mango marketplace has the second rank. Also, the charts demonstrate a declining tendency for Defi users, with serum having the highest daily percentage, followed by Jupiter.
Since Mango hack, mango share started to decrease while in the other platforms leading by Serum, Solend and Jupiter, we see an increase in the number of transactions and users which show users are flocking from Mango to other Defi apps.
Delegating and Withdrawing actions in the daily and average basis
According to the charts above, the Mango attack had little effect on staking activities in Solana.
Reversly, the staking transaction in both cases of numbers and users have recorded a new maximum after the Mango hack.
Also, we can use the average Solana staking charts to confirm that the Mango attack had little effect on staking activities in Solana.
CEX inflow and outflow transactions in the daily and average basis
The daily charts don’t show any considerable increase or decrease for CEX Outflow average volume after the Mango Hack in which ftx, coinbase and Kraken had most share of each day and most Outflow volume of Sol occurred on Oct 13th on Ftx with more than 1M Sol volume.
The daily chart don’t show any considerable increase or decrease for CEX Inflow average volume after the Mango Hack, with Ftx, Coinbase, and Kraken having the most share of each day, and the majority of the outflow volume of Sol occurred on Ftx with more than 761K Sol volume.
The average charts, show that the average volume of CEX Inflows and Outflows decrease after the Mango hack.
Conclusion
- Prices for MNGO and SOL have dropped significantly since the attack.
- Since the hack, there have been fewer users and transactions on the Solana network, with serum accounting for the majority of them.
- Both the number of active users and the volume of transactions have reduced in the Solana DeFi ecosystem since the Mango attack.
- Most of the users who were leaving Mango following the attack have gravitated toward Serum, Raydium, and Solend platforms.
- Following the attack, the number of users and transactions to and from CEXs on the Solana network marginally fell, with ftx and coinbase accounting for the majority of them.
- Following the Mango attack, Staking activity was not significantly affected.
About Mango Hack
Mango Markets, a Solana-based decentralized finance (DeFi) market, was hacked on October 11, for over $100 million by manipulating price oracle data to take out under-collateralized cryptocurrency loans. OtterSec, a blockchain security firm, tweeted that the attacker manipulated the exchange's MNGO native token collateral and took out "large loans" from Mango's treasury, draining over $100 million.
Methodology
In this dashboard, we will try to find the effects of the Mango Market hack on Solana ecosystem.
We will try to find the count of transactions, unique users, transactions types, and Stake and UnStake volume since the beginning of October and filter to two periods, the date before ‘2022-10-11’ as before the hack and after that date as after the hack.
