Solend

Solend is a DeFi protocol for lending and borrowing on the Solana blockchain. Think Aave or Compound on Solana. Solend is an algorithmic, decentralized protocol for lending and borrowing on Solana. Lending and borrowing has proven itself as key in a DeFi ecosystem. However, current products are slow and expensive. On Solana, Solend can scale to being 100x faster and 100x cheaper. Solend aims to be the easiest to use and most secure solution on Solana.

With Solend, you can do the following:

• Earn interest

• Borrow

• Leverage long

• Short

  read more here

Methodology

1. Identify the event type by looking at Solscan to obtain the Protocol with which Solend users interacted.

2. Counting user and SOL price, which use Solend Protocol and analysis daily. [Our study takes place from the beginning of 2022.]

3. Visualize distribution by size of the user.

4. Analyze if they are the protocol largely influenced by whales or by average Solana users.

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What is the user distribution by size of account? 

From the Number of Solend users and SOL price graph, we know that during the period when the SOL price is low, there will be a large number of users, for example, at the beginning of March and the end of May. On the other hand, when the SOL price is high, there will be a decreased number of users, for example, in the mid of April.

On average, the groups with the most borrowing daily were blue (between 1000 USDC and 10000 USDC Borrowed) and orange(between 100 USDC and 1000 USDC Borrowed), at 27.7% and 26.3%, respectively. There was a large amount of borrowing at less than 100 USDC (red bar) before March; compared with the previous line graph, where the price of SOL was lower, it was assumed that there might be new users who use this protocol which is often borrowed for the lowest price.

 Is the protocol largely influenced by whales, or by average Solana users?

Conclusion

• We have shown Solend users by subgroups, and found that the most active segment is borrowed between 1000 USDC to 10000 USDC Borrowed.
• We show Solona user spending versus Solend protocol, it doesn't have much effect on increasing or decreasing borrowing balance amount/users.

When we look at the USDC spending distribution of Solana users by day, we can see the constant spending for all user groups. which when compared with the Solend user, it can be concluded that It doesn't have much effect on increasing or decreasing borrowing balance amount/users