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2 posts tagged with "staking"

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Deep Dive on Flash.Trade's FAF Stake Pool

· 21 min read
by Karsten

My other Flash.Trade article traced the USDC fee flow from traders to FAF stakers. This article looks at the other side: the FAF tokens themselves. Where did they come from, where did they go, and can every token be accounted for? I looked at 89,000+ on-chain events to find out.

note
  • This article reflects my personal understanding of Flash.Trade's on-chain mechanics, derived entirely from observing on-chain state and transaction data. Data is from late March 2026. Check dashboards for live data.
  • All FAF amounts are in whole tokens unless noted otherwise. On-chain values are tracked to 6 decimal places.
  • The Staking Overview dashboard shows the live version of the data discussed here.

DeFiTuna: The Journey from Fee Accrual to Revenue Distribution

· 17 min read
by Karsten

DefiTuna was the first protocol I started tracking. My dashboards have been live for a while, but I never wrote the companion article explaining how the fee pipeline actually works. After publishing the Flash.Trade fee flow deep dive, it was time to give DefiTuna the same treatment. The fee journey turned out to be surprisingly different: fees arrive in dozens of different tokens from pools across the two supported AMMs, all of which need to be converted to SOL before stakers see a single lamport.

First a note:

note
  • Everything in this article comes from observing on-chain state and transaction data. I have no access to DefiTuna's source code, so the behavioral explanations below are inferences from those traces.
  • The mechanics described below are based on on-chain activity observed through March 15, 2026.