fknmarqu🥪 MEV Monitor: Solana Sandwich Attacks
Table of ContentsIntroductiontl;drThe Financial Impact: Quantifying the Drain & Costs 3.1 Overall Scale of Value Extraction 3.2 Attacker Economics: Costs vs. Profitability 3.3 User Costs: Direct Losses and Transaction Fees 3.4 Temporal Impact Trends 3.5 Summary of Financial ImplicationsWho & How: The Attacker Landscape & Strategies 4.1 The Dual Challenge: Attribution & Ecosystem Complexity 4.2 Attacker Economics as a Behavioral Proxy 4.3 Diverse Execution Methods & Infrastructure Insights 4.4...
fknmarquUniswap v3 Gas ⛽️
When using a smart contract blockchain, users have to pay a fee to miners/validators so they include their transaction into the next block to get executed. The fee is called gas and how much of it you need to pay depends on the complexity of the transaction. But while the amount of gas needed for a contract remains constant over time, the price of gas does not, being subject to market forces of supply and demand. *While there is more to say on the subject of gas, Etherscan says it better. In ...
fknmarquWho's onboarding Solana users?
I think we all have a feeling that Solana keeps on growing as an ecosystem and users continue to join the blockchain. But how are users actually getting onboarded? And how many of them stick around? In this report we will look at three categories users can interact with and follow their retention rates over the course of 6 weeks. These categories are:ProgramsNFTsTokensA quick note on new users: we’re considering an address to be new if it did not make any transaction in the respective categor...
fknmarqu🥪 MEV Monitor: Solana Sandwich Attacks
Table of ContentsIntroductiontl;drThe Financial Impact: Quantifying the Drain & Costs 3.1 Overall Scale of Value Extraction 3.2 Attacker Economics: Costs vs. Profitability 3.3 User Costs: Direct Losses and Transaction Fees 3.4 Temporal Impact Trends 3.5 Summary of Financial ImplicationsWho & How: The Attacker Landscape & Strategies 4.1 The Dual Challenge: Attribution & Ecosystem Complexity 4.2 Attacker Economics as a Behavioral Proxy 4.3 Diverse Execution Methods & Infrastructure Insights 4.4...
fknmarquUniswap v3 Gas ⛽️
When using a smart contract blockchain, users have to pay a fee to miners/validators so they include their transaction into the next block to get executed. The fee is called gas and how much of it you need to pay depends on the complexity of the transaction. But while the amount of gas needed for a contract remains constant over time, the price of gas does not, being subject to market forces of supply and demand. *While there is more to say on the subject of gas, Etherscan says it better. In ...
fknmarquWho's onboarding Solana users?
I think we all have a feeling that Solana keeps on growing as an ecosystem and users continue to join the blockchain. But how are users actually getting onboarded? And how many of them stick around? In this report we will look at three categories users can interact with and follow their retention rates over the course of 6 weeks. These categories are:ProgramsNFTsTokensA quick note on new users: we’re considering an address to be new if it did not make any transaction in the respective categor...
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Realms offers a front-end for SPL Governance so that builders can create DAOs, manage their communities, vote on proposals and allocate their treasury. A one stop shop for any group looking to run their operations on the Solana blockchain.
With the use of Flipside data we are going to have a look at 10 of the most popular Realms and their activity in 2022. The dashboard can be updated on demand using the refresh button at the top of the page.
https://app.flipsidecrypto.com/dashboard/solana-realms-rAVefb
Realms included are the following:
Mango DAO
Grape
The Imperium of Rain
Synthetify
Psy Finance
Solend
Monke DAO
Metaplex Foundation
Jet DAO
Serum DAO
Realms can be set up to grant voting rights to any address that holds either a token specific to the community or an NFT but all parameters can also be later adjusted through the governance process. In our dashboard, we will consider an address to be a member of a Realm if it voted on at least one of the proposals published during the observed time frame.
Below we can see that members growth is as diverse as the communities themselves. Some have had a constant stream of new members since the start of the year, such as Mango DAO or Grape. Others only added a few new members in this period, or in the case of Metaplex Foundation the count remained capped at just 3.
However, we can see newer Realms performing really well, especially The Imperium of Rain that quickly outnumbered all other Realms on our list. Although membership flatlined for a long while, it is now in a period of slower but constant growth, similar to the other communities.
Crossover
Many of the addresses that have voted in one of the Realms have also crossed over to participate in governance for another Realm. The ratio of members active in other Realms however is always below 20%, indicating that each of the Realms on our list has brought in its own army of participants.
Further research is needed into the voting power of crossover members to determine whether this reveals a Solana DAO cabal infiltrated in many of the major dapps and communities.
Not all proposals see the light of day as they remain just drafts or swiftly cancelled, but in our dashboard we are going to look at those that were voted on, regardless of their outcome.
We can see once again that governance activity is very diverse among these Realms. Some have spread out periods when they push out batches of proposals, whereas others have an almost constant stream of proposals submitted to the blockchain.
The most active Realm in 2022 so far has been Monke DAO, despite having a modest membership compared to the others on our list.
Vote counts stands to show that Realms are active and its members participate in governance by voting on proposals. All this obviously hangs on the shoulders of membership and proposal frequency, but it helps to create a rough sense of which community has created a vibrant Realm that makes its members an important part of the process every step of the journey.
Despite only having 20 proposals so far and being set up in late April, The Imperium of Rain leveraged its huge membership to gather almost as many votes as Grape did with more than three times the number of proposals.
Overall we can see that proposals have had the popular support of Realm members, signaling an alignment between proposers and communities. However, it is vital for any community to welcome opposing views and with the Exception of the Metaplex Foundation Realm which really seems to be more of a on-chain formality, there are dissenting voices in all other Realms.
In 2022, Realms has been a platform welcoming a very diverse set of communities that found value in transparent decision-making on Solana. Diversity is visible through the membership count, proposal frequency and voting addresses, all of which greatly vary from one Realm to the next.
Most of the Realms we have included in this report have over 80% of members unique to its own community and not crossing over to other Realms. This shows that each community does its part in enrolling more users into the ecosystem and keep them engaged and loyal.
Old and new organisations have continued to be active through 2022 but the biggest surprise came from the newcomer The Imperium of Rain which brought along a huge number of new members, 98% of which unique to it and not crossing over to any other Realms.
Realms offers a front-end for SPL Governance so that builders can create DAOs, manage their communities, vote on proposals and allocate their treasury. A one stop shop for any group looking to run their operations on the Solana blockchain.
With the use of Flipside data we are going to have a look at 10 of the most popular Realms and their activity in 2022. The dashboard can be updated on demand using the refresh button at the top of the page.
https://app.flipsidecrypto.com/dashboard/solana-realms-rAVefb
Realms included are the following:
Mango DAO
Grape
The Imperium of Rain
Synthetify
Psy Finance
Solend
Monke DAO
Metaplex Foundation
Jet DAO
Serum DAO
Realms can be set up to grant voting rights to any address that holds either a token specific to the community or an NFT but all parameters can also be later adjusted through the governance process. In our dashboard, we will consider an address to be a member of a Realm if it voted on at least one of the proposals published during the observed time frame.
Below we can see that members growth is as diverse as the communities themselves. Some have had a constant stream of new members since the start of the year, such as Mango DAO or Grape. Others only added a few new members in this period, or in the case of Metaplex Foundation the count remained capped at just 3.
However, we can see newer Realms performing really well, especially The Imperium of Rain that quickly outnumbered all other Realms on our list. Although membership flatlined for a long while, it is now in a period of slower but constant growth, similar to the other communities.
Crossover
Many of the addresses that have voted in one of the Realms have also crossed over to participate in governance for another Realm. The ratio of members active in other Realms however is always below 20%, indicating that each of the Realms on our list has brought in its own army of participants.
Further research is needed into the voting power of crossover members to determine whether this reveals a Solana DAO cabal infiltrated in many of the major dapps and communities.
Not all proposals see the light of day as they remain just drafts or swiftly cancelled, but in our dashboard we are going to look at those that were voted on, regardless of their outcome.
We can see once again that governance activity is very diverse among these Realms. Some have spread out periods when they push out batches of proposals, whereas others have an almost constant stream of proposals submitted to the blockchain.
The most active Realm in 2022 so far has been Monke DAO, despite having a modest membership compared to the others on our list.
Vote counts stands to show that Realms are active and its members participate in governance by voting on proposals. All this obviously hangs on the shoulders of membership and proposal frequency, but it helps to create a rough sense of which community has created a vibrant Realm that makes its members an important part of the process every step of the journey.
Despite only having 20 proposals so far and being set up in late April, The Imperium of Rain leveraged its huge membership to gather almost as many votes as Grape did with more than three times the number of proposals.
Overall we can see that proposals have had the popular support of Realm members, signaling an alignment between proposers and communities. However, it is vital for any community to welcome opposing views and with the Exception of the Metaplex Foundation Realm which really seems to be more of a on-chain formality, there are dissenting voices in all other Realms.
In 2022, Realms has been a platform welcoming a very diverse set of communities that found value in transparent decision-making on Solana. Diversity is visible through the membership count, proposal frequency and voting addresses, all of which greatly vary from one Realm to the next.
Most of the Realms we have included in this report have over 80% of members unique to its own community and not crossing over to other Realms. This shows that each community does its part in enrolling more users into the ecosystem and keep them engaged and loyal.
Old and new organisations have continued to be active through 2022 but the biggest surprise came from the newcomer The Imperium of Rain which brought along a huge number of new members, 98% of which unique to it and not crossing over to any other Realms.
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