Overview
I've been using the Solana DeFi ecosystem since 2020 and have been a regular user. I followed countless projects, KOLs and "OGs" on X and elsewhere passively for years. And one thing that I always wanted, but never saw, was an independent perspective on the inner workings and detailed data of DeFi projects. I've always felt the big platforms like DeFillama, Blockworks, Tokenterminal etc. do an amazing job with high-level metrics across countless Blockchains and protocols—but there's a gap for those of us craving more.
If we really want to live the principles of transparency, auditability, accessibility that DeFi promises, we also need the tools that make it easy even for non-technical people to look at on-chain data.
That's why I started this: to zoom in on a handful of intriguing, rising stars of Solana DeFi protocols, and unpack them with granular, on-chain analysis that goes beyond the basics. I'm pulling raw data to break down revenue streams, staking patterns, and operational quirks, all while educating myself (and hopefully you) on how these protocols truly work under the hood. It's about building a solid foundation for thoughtful discussions on what makes these gems tick, evolve, and stand out in Solana's wild landscape. If you're a fellow DeFi enthusiast, dev, investor, or curious observer tired of the surface-level noise ("How to farm this Airdrop/ How this protocol works in 3 tweets"), join me in exploring these deep dives. Check out the dashboards and reports, and let's discuss the details together. Always feel free to drop me a comment.
Objectives
For me personally this project has three main objectives:
- Provide deep-dive data and thoughts about DeFi projects for investment and education purposes
- Build something useful while supporting the DeFi philosophy and getting more involved in the Crypto community
- Have fun
Scope
This project provides on-chain data analytics for Solana DeFi protocols. Analytics are useful for me if they consider the overall objective a DeFi protocol has. Which ultimately is always the same: Generating value for users and investors.
Let's say a protocol shares revenue with its investors via staking. What I want to understand is:
- Where does the revenue come from?
- What are the main revenue drivers?
- How are the main revenue drivers developing so far and most probably going to develop in the future?
- On-chain data only looks backwards and does not provide complete information. Is there other data I can look at to get a more complete picture (e.g. behaviour of Users or "Whales")?
- How does demand and supply (e.g. Stake Size) develop?
I'm not so much interested in the current price of a protocol's token or Technical Analysis. This project is more about understanding fundamentals, and for this I want to understand how key metrics I can see on-chain develop.
Disclaimer: Technical Analysis is something I also like to follow up on, as I believe it works in some cases and is sometimes useful, e.g. for setting up LP positions.
I am doing this solo, and as a hobby. This might change going forward, but for now I'm paying this myself. Feel free to support me via the Donate address in the footer. My current infrastructure limits the projects I can cover for now. So I do not aim to look at the Orcas, Raydiums, Pumpfuns of this world. But this anyhow matches my philosophy of shining light on the killer protocols of tomorrow, not today's.