Solana Protocol Feature

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    Question:

     Choose a defi protocol from the following list, on solana, and create a dashboard with the new Flipside layout that can refresh once a day highlighting at least 4 metrics of your choosing that helps show the "health" of the protocol and what is happening on it.

    Methodology

    Find these metrics to determine the health of the Saber Protocol on Solana

    • Unique Swappers Everyday 2022
    • Unique Swappers Last 6 Months of 2021
    • Total Swappers Everyday
    • Most popular assets swapping to
    • The 3 and 7 Day moving average of total users
    • How many transactions are failing vs succeeding
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    Introduction

    What is Solana?

    Solana is another blockchain like Ethereum that comes with smart contract functions. What truly makes Solana unique is the amazing speed and scalability that it has. It is one of the few blockchains to be able to process over 1000 transactions per second. It comes out to being nearly 4,000 times fast than Ethereum, and almost 10,000 times faster than Bitcoin. It is also known for having significantly lower fees than many other blockchains.

    What is Saber?

    Saber is a decentralized exchange (DEX) which was built for stablecoin swaps on Solana. It allows for low fee swaps of USD stablecoins. There are other assets on Solana that are SPL tokens, which are on the Solana blockchain and operate similar to ERC-20 tokens on ETH. These SPL tokens have similar assets backing them. Saber’s goal is to help proctor the swaps of cryptocurrencies whose value is pegged to another asset by creating liquidity. 

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    User Performance

    These two graphs are going to look into unique users everyday and the rolling average of total users every day. The first thing to notice is the number of unique users has a downward trend line and has since the beginning of the year. When we look at the total number of transactions as a 3 day rolling average and 7 day rolling average, there is no difference. The 3 day rolling average will show the spikes a bit more prominently than the 7, but it shows the same data. Around May 7 - May 19 we see a spike in activity, which then returns back to the original trend of less usage. This is essentially noise that we can ignore.

    Unique User Comparison

    The two above numbers are comparing the amount of unique Saber users over the last 6 months of 2021 compared to the first 6 months of 2022 and the difference shows something very different from what the previous graphs had indicated. The previous graphs had indicated that Saber was being used less and less as the amount of transactions trended downward. What these two numbers tell us is that the number of unique users over the previous 6 months compared to the last 6 months has over doubled. This would mean more people are creating Solana accounts and making transactions on Saber.

    Success and Assets

    The two above graphs are going to visualize how many of the transactions on saber are succeeding or failing along with the assets that most people are trading to / how. The first thing to notice is that nearly 100% of all transactions are succeeding which would indicate good health for saber. Failed transactions are never good so the fact that only 220 transactions out of over 100,000 is a fantastic sign. We can also notice that the top 4 assets being traded on Saber are stable coins or wrapped Solana, which is just a version of Solana that can be used to bridge over to other blockchains.

    Conclusion

    Overall the goal of this dashboard was to evaluate the health of Solana Saber protocol and I believe that Saber is doing just fine. The current market for all of crypto is experiencing the same patterns and trends the Solana Saber is. The downward trend of transactions is nothing to be worried about because as we begin to move back into a bull market these trends on most blockchains will change. The good news is that there are more unique users in the first 6 months of this year than the last 6 months of 2021 meaning that Solana Saber has seen a growth in user usage. Of course it is also important to note that almost none of the transactions have been failing, which is very important for keeping users.

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