A recent poll via the Mango Markets twitter account resulted in a majority of twitter users being really excited about Mango listing SBR. An important fact about SBR is, that it is only available on Solana rn and that it is not listed on any centralized exchange. Let’s start the discussion with some data about the SBR/USDC market.
It has the 9th highest weekly volume of the for mango relevant Serum markets (USDC denominated). But it has the highest amount of wallets trading it right after SOL. Below you see an aggregate statistic that was measured over the last 7 days.
- Number of trades in X/USDC Serum Market
- Number of open orders accounts
- Volume in USD
Given that SBR is currently distributed as a liquidity incentive, it is important to look as well what exactly is happening on this Serum market. Here is an overview over the wallets that traded the most SBR over the last month.
- Days each wallet was actively trading
- Nr. of fills during last month
- How many of those fills were bids (buying SBR, rather than selling)
- How many were filled limit orders as maker
- How many open orders accs the wallet used
- How much volume in USD the wallet generated
Important to note here are 5Q5, JCb as well as CuieV which are large market makers present in nearly every Serum market. Another very specific pattern that can be observed in the data is the amount of accounts that only sells SBR but never place bids. We do see in general though a lot of organic activity from a bunch of traders who are both buying and selling frequently.
I also collected order book snapshots over the last 24 hours. Contrary to other tokens we see that SBR has roughly 10x more sell side then buy side liquidity. The buy side liquidity is roughly 50% of what we see for MNGO/USDC.
Given the low liquidity on the buy side I recommend to list SBR with extremely strict margin requirements, similar to MNGO. Token Specs - Mango Markets