FP Lee, co-founder of Sanctum, a liquidity staking protocol on Solana, has published an in-depth analysis of wallet data from the Sanctum Wonderland event on the X platform. The analysis covers data from 314,000 wallets, revealing significant insights into the distribution of SOL holdings among participants.
Key Findings from the Analysis
Dust Wallets: 60,000 wallets held less than 0.001 SOL, indicating a large number of inactive or minimally funded accounts.
Small Holders: Another 30,000 wallets held less than 0.1 SOL, and an additional 60,000 wallets held less than 0.3 SOL.
Median Holdings: The median wallet held 0.335 SOL, highlighting the overall modest value of most wallets.
Top Rankings by Holdings:
Top 1/3: Holding just 1 SOL would place a wallet in the top third of all wallets.
Top 10%: Holding 10 SOL would rank a wallet in the top 10%.
Top 3%: Holding 50 SOL would place a wallet in the top 3%.
FP Lee noted that these SOL figures might be overestimates due to assumptions of no multipliers from Quests or retroactive EXP. Therefore, the actual rankings could be even more competitive, especially for early and active users.
Implications and Observations
Low-Value Wallets: The data indicates that the majority of wallets have relatively low capital, with many holding SOL amounts worth less than $50.
Concentration of Wealth: A small percentage of wallets hold significantly more SOL, highlighting a concentration of assets among top holders.
Engagement Levels: The analysis suggests varying levels of engagement and investment among participants in the Sanctum Wonderland event.
FP Lee's analysis provides valuable insights into the distribution of SOL holdings within the Sanctum Wonderland event, reflecting broader trends in user engagement and asset concentration. The findings underscore the importance of understanding wallet data to gauge the health and activity levels within a liquidity staking protocol.