Try Quests to earn SOLDUST is in the Air
Overview
$DUST is the utility token of Solana. In general it has three main possibilities to be used:
- Dust Store
- The DeDAO will host DUST auctions & raffles
- Upgrades
- DeadGods is the first DeGods DUST upgrade.
- DeGods<>DeadGods visual traits are 1:1
- There will be no separate NFT
- Solana Ecosystem
- The DeDAO will actively be seeking & responding to opportunities to integrate DUST utility into major projects in the Solana Ecosystem.
- Examples Include:
- PvP & P2E NFT Games
- Accepted Currency in Marketplaces
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Even there are three main utilities, the most popular one is the first one, and then, we will focus our work on it. DUST is the fuel that powers the entire DeGods ecosystem, while DeGods is an experimental collection of NFTs.
In other words, DeGods is a deflationary collection based on Solana network, which consists of 10000 virtuous gods displaying art in their creative and eye-catching attire in different colours, most of them in festive Cairo. DeGods are NFTs that can be acquired through purchases in Solana's NFT markets, specifically Magic Eden and Alpha Art.
What are the benefits of owning a DeGod?
One of the biggest benefits for DeGod holders is obtaining permissions to join the exclusive Discord community of collection holders, where assets are verified to eventually gain access to DeDAO channels, which is the collection's own decentralised autonomous organisation funded by interest rates of 9.99%.
One of the other peculiarities of the collection is that DeGod holders can convert their NFT into a DeadGod by minting a special mix called StartDust using 1000 $DUST tokens, the collection's native currency within Solana. The idea is that it is not a new NFT, but a version of their own DeGod.
What are the benefits of having a DeadGod?
The idea is that by burning their DeGod to acquire a DeadGod, holders can acquire twice as many $DUST tokens, compared to just burning a DeadGod.
Why is important $DUST token?
As said before, $DUST is the power fuel of the Degods ecosystem because DeadGods is the first DeGods DUST upgrade.
Methodology
In this analysis, we will take look at the main swap activity of $DUST token such as number of swaps, number of swappers and volume swapped:
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Number of swaps and swappers over time
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Volume swapped over time
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Finally, as a second approach, I have made a comparison between different metrics above to see the correlation between DeGods purchases and $DUST swaps to track the importance of $DUST for this collection. The metrics studied are:
- Correlation between DeGods buyers and $DUST activity
- Correlation between DeGods purchases and $DUST volume
Looking at the same metrics but studiying the origin of the actions, we can see how the activity is centered on two main DEXes: Jupiter and Raydium.
During the initial season, the major of the activity were provinent from Jupiter DEX. However, since mid of May, after the UST depegging on Terra ecosystem, the activity was an origin from Raydium too.
The DUST swappers come from both DEXes equally, but more swap and volume activity were detected on Jupiter.
These final graphs are intended to analyse whether there is a correlation between the users with the most activity on one side and the other. In other words, the aim is to see if the users who have acquired the most DeGods are also the ones who acquire the most $DUST tokens.
The first one shows the relationship between number of DeGods purchased, total $DUST swaps and volume moved. In this case, we can observe that the more NFTs purchased, the higher the number of swaps and the volume also increases. Therefore, we have a strong and positive correlation.
In the second graph, we can clearly determine that users who buy more than 5 Degods, buy more $DUST and use more swaps to do so than those who buy less than 5 DeGods. In fact the numbers are clear, an average of 15 swaps and almost 5.5k $DUST of volume versus only 6-7 swaps and around 1.5k $DUST of volume.
Conclusions and key insights
This dashboard shows a deep analysis about $DUST token utility. It has been explored the different swap activity of the token, as well as some correlation between DeGods NFT holders to track the utility on the collection.
The key insights extracted from the study are:
- The activity has increased over the first period of time, but suddenly decreased in July. Since the past weeks, the activity started to pump again.
- The activity is centered on two main DEXes: Jupiter and Raydium.
- The DUST swappers come from both DEXes equally, but more swap and volume activity were detected on Jupiter.
- A strong positive correlation has been observer not only about the activity of NFT buyers and $DUST buyers, but also between users who are acquiring teh highest number of DeGods NFT and the acquisition of most $DUST volume and number of swaps done.
Sources:
In the graphs above you can see the activity of $DUST. In the first graph, you can see the daily evolution of the number of swappers and transactions over time. In the second one, you can see the swapped volume of $DUST.
In both cases, we can see quite similar trajectories, which resemble what happened with the DeGods sales. It seems that the volume was stagnant during the first few days but ended up rising considerably in the end. The same is true for the number of swaps and wallets swapping. This already gives us some indication of a possible correlation between the buyers of DeGods and the buyers of $DUST. However, in this case there has been a huge hype of the activity during mid May to mid June but suddenly decreased until mid August. Now, it seems that the activity started to pump again and new ATH are about to come.