INTRODUCTION

Solend is a lending and borrowing Defi platform built on the Solana blockchain. Similar to Aave and Compound, users can earn on the platform by providing liquidity to facilitate trading activities on solend.

One of the key features of earning on Solend is through cTokens. These are pegged assets to real digital assets which users can leverage to earn interest on Solend.

In order to get cTokens on Solend, users must first connect a compatible wallet, then indicate the token symbol and amount of the token they want to deposit; and click on mint to get the cToken equivalent of their tokens in exchange for example SOL for cSOL. To withrdraw, indicate the amount of cSOL to redeem for SOL.

Similar to other SPL tokens, cTokens are easily composable and compatible which makes them suitable for developers to deploy on other platforms within the ecosystem. Thus, this dashboard tracks the use of cTokens and on which Defi platforms they are most used.

WHAT DO USERD DO WITH THEIR cTOKENS?

1. Table showing Defi usage

DeFi PLATFORM	NUMBER OF TXNS	%USAGE
Port Finance	1,653	52.3%
Jupiter Aggregator	802	25.4%
Saber Router	484	15.3%
Saber Stable Swap	200	6.33%
Realms General Contract	20	0.633%
Step Finance Swap Program	1	0.0316%

From our investigation above, we looked into the most used DeFi protocols used after acquiring cTokens. We see that Port Finance is the most used platform with 52.3% and Step finance the least used out of the top platforms 0.0316%.

USAGE OF cTOKENS OVERTIME

As seen below, the data is mostly characterized by sideways volume which could indicate a plateau in usage, except for highs experienced

notably on June 8th, 11th and 12th, as well as back in Feb 24, March 10th & 31st, May 8th and 12th.

Usage of has since plateaued since the peak June 8th, with most of the activity on Port Finance.

Furthermore, it’s noted that Port Finance data starts from 25th May and has since then been the platform with the highest usage of cTokens.