Introduction

Jupiter is the key liquidity aggregator for Solana, offering the widest range of tokens and best route discovery between any token pair. The price for a token can change quickly at any point in time. So the best priced trade is not always on one DEX and may involve a combination of trades across many DEXes.

Smart Routing

Jupiter directly connects all DEX markets and AMM pools together no matter the provider and will find all direct and 2-hop routes between any two tokens on Solana.

Multi-hop Routes

Not only does Jupiter compare the prices between markets on different DEXes but often the best priced routes are not direct markets. Instead, Jupiter may finds the best price by routing through an intermediary token, e.g. USDC-mSOL-SOL instead of USDC-SOL. This may be due to price inefficiencies and/or volatility in the various markets that Jupiter routes through.

Methodology

To obtain the top 10 tokens by swapped from and swapped to by number of swaps, I used the sample query joining the solana.swaps and solana.labels tables to map each of the addresses, swap_from_mint and swap_to_mint with the label to identify the token. Counting the tx_id and aggregating then by label, I get the answer to the first two questions.

To determine the top pairs by number of swaps, I use the previous concept two times, to add the swap_from label and then the swap_to label to the pair.

Once the 10 top pairs by number of swaps have been identified, I query the solana.swaps table to count the tx_id and aggregate per day, using a CASE to group the tx_id correspondign to each of the top 10 pairs and gather all other pairs in the 11th group.

Results

First two charts show the top 10 swapped away and for tokens in number of swaps since February 1st. USDC is in both cases the most swapped token by far. Top 6 in both cases is the same:

• Wrapped SOL
• Raydium - an automated market maker (AMM)
• USDT stablecoin
• mSOL - Marinade.Finance is a non-custodial liquid staking protocol
• STEP - Step.finance token (not to be confused with GST, STEPN native token)

Trade Splitting

Jupiter will split your trade into smaller trade sizes. For example, if you want to make a 100 USDC-SOL trade, it may distribute your trade into a 30 USDC-SOL trade on Raydium and a 70 USDC-SOL trade on Orca. The % distribution of the trades is dynamically determined to give you the best price. Trade splitting helps get better prices for large size trades and trades with tokens where there is shallow liquidity spread out across a number of DEXes.

Source Jupiter Documentation

Top 10 swap pairs are found on the previous top 6. Here the difference of the top 3 is not so big as on the single tokens. USDC-USDC and both wSOL and USDC swaps all have well above 100K swaps.

Visualizing this top 10 swapped pairs since February 1st, comparing them to all swaps gives soe interesting points. These 10 pairs account for around 50% of all pairs.

For the first days in the month, USDC-USDC swaps are behind USDC-wSOL and wSOL-USDC, even some days behing RAY-USDC to reach a total of over 20K USDC-USDC swaps on February 24th.

February 22nd is most probably not updated on the databases and therefore the activity on that day seems wrongfully low, maybe even February 23rd is also affected from a data loss issue.

Conclusion

USDC and wrapped SOL play a central role of Jupiter's Swaps, with the 4 swap combinations accounting to over 30% of swaps. The top 10 pair (from over 8k) amount to almost 50% of swaps since February 1st, hinting also at a big importance in the swap activity.

Acknowledgement

The ideas for the queries were discussed with user s.castellano and, although chosing different approaches, it was a good cooperation.