Learn Mango Markets— Solana trading platform and its initial activity

Mango Markets is a decentralized, cross-margin trading platform built upon Solana blockchain. Powered by the fast speed and near-zero fees, it is getting more and more popular and seems innovative to play with. This article is going to quickly introduce Mango Markets and analyze its initial deposits activities.

Introduction

The trading platform URL for Mango Markets is here. When you logged in and connected your wallet, the UI is pretty much like the normal trading platform. You can see the price chart, the volume and the order book.

Then the next step is to deposit and initiate your account. Please be aware here is that when you deposited your fund, it is going to be automatically as as the collateral for earning interest and margin trading. There is only a one time fee of 0.035 SOL to open a trading account on Mango Markets, then all the funds are available to trade.

The trading here is totally decentralized, which means all is confirmed by the blockchain and the protocol. When you buy/sell the assets, you are going to see who bought/sold that to you and the percentage of the slippage. Everything is really transparent, fast and speedy.

Before diving into that, this article would like to introduce the analysis of the initial activity — First Time Deposit!

Analysis — First Time Deposit

First question we want to ask is the newly created accounts . Just looking at the recent 2 weeks since Feb/10th/2022. The total created accounts since Feb/10th/2022 is 5,308 unique wallet addresses. The daily average newly created wallet addresses is 483.

After looking at the wallet addresses, next interesting question is how much SOL has been transferred into Mango Markets since first deposits. As there is a 0.035 $SOL fixed fee, we excluded that from the analysis.

So, interesting statistics is here. The daily average deposited amount is around 148.3 $SOL, compared to the number of txs, from the below chart, it can be derived that the first day on Feb/10th, users tend to deposit the largest amount per single tx, which is around 5.313 $SOL. And after several days, it went down to around only 1 $SOL and then it went back to around 4 $SOL.

Conclusion

Quick conclusion can be derived here is that from the recent 2 peak days on Feb/16th and Feb/19th, it is not a bad sign to see there are more users and deposited amount flowing into Mango Market. Also, the DEX trading platform is really intriguing as the tradition trading might be the most obvious, but not-transparent process in the world (You know what I mean). So, using this DEX idea to do the trading is really amazing. I plan to publish more articles and do more researches about this platform and share more ideas here. Follow and subscribe, not missed the article.

Thanks Flipside Crypto for providing the data.