Introduction

Jupiter is an exchange infrastructure for Solana that aggregates liquidity to provide users and builders with the seamless apis they need to trade and build world-class dapps on Solana.

The platform offers and guarantees the best price for swaps while offering the best UX for users and developers the best UX for users. The idea is to enable them to easily access best-in-class swaps in their application, interface or programmes on the blockchain. In addition, it offers the widest range of tokens and the best path discovery between any pair of tokens.

How does it work?

The price of a token can change rapidly at any time. Therefore, the best-priced trade is not always on one DEX and may involve a combination of trades on many DEXs. For this reason, Jupiter uses intelligent routing that directly connects all DEX markets and AMM pools together regardless of provider and will find all direct and 2-hop routes between any two tokens in Solana. In addition to this, Jupiter can find the best price by routing through an intermediary token, e.g. USDC-mSOL-SOL instead of USDC-SOL.

Another important thing is that Jupiter will split your trade into smaller trade sizes. Splitting trades helps to get better prices for large trade sizes and token trades where there is little liquidity spread across multiple DEXs.

Today, we are gonna analyze the volume of swaps that have been done in Jupiter platform. The main idea is to get how much SOL has been swapped for other tokens using Jupiter per day and how much SOL has added from swaps using Jupiter per day. As well, we will see the cumulative results in both cases.

Methodology

To carry out the analysis, I have used the Solana swaps table to extract the swaps one between different Jupiter assets. Afterthat, I have merged the table with Solana labels tables to be able to get the corresponding swaps names. The main idea is to select those transactions where swap_program like Jupiter were involved an where swap_to_mint or swap_from_mint where equal to address from Solana labels. Then, from the list of tokens obtained, I have selected only the top 10 in number of swaps. The action has been made for most popular tokens to swap for, as well as msot popular tokens to swap away. As well, I have made the analysis for most common tokens both to swap for and away. Finally, I have extracted the top 10 pairs swaps. The analysis not only have been made in current numbers but also over time in animated charts.

Results

The results are displayed below. I divided the results in several parts to be able to get more results in a clearer manner. The parts are:

• Swaps and volume of each stablecoins in terms of numbers and distributions
• The daily aforementioned metrics since the beginning of December 2021. Also a daily rank of the stablecoin by swaps are shown.
• Some numbers about the swaps between stablecoins: total swaps and percentages
• Finally, there are displayed the different swap pair of stablecoins over time

In the first chart, we can see the swaps and volume of each stablecoin on Jupiter. We can see how the major of the volume is generated by USDC, that is above 4M, followed by USDT in around 500k and finally UST with around 90k. In terms of swaps occurs the same, 3.7B of swaps involves USDC, followed by USDT with less than a billion and UST with around 500M of swaps.

Taking a look at the donut, we can see that this represents that more than 87% of the stablecoin swaps involves USDC, 10% USDT and less than 2% UST stablecoin.

Then, we can say that the stablecoin swaps are dominated by USDC, and not only in terms of swaps but also in terms of volume.

The daily volume of swaps over time is displayed on the first chart. We can see again how the dominance of USDC is from the beginning to the end. It can be seen several peaks of volume in some specific periods. The most relevan period was at the finals of January 2022, when more tahn 200M were swapped in a single day (168M of USDC, 33 of USDT and 18M of UST), basically thanks to the update of Solana validators.

The daily swaps have been also dominated by USDC stablecoin from the beginning tot he end. In this case, the peak has obtained again near 24th January when more than 100k swaps were done involving USDC, the other stablecoins reach ATH in terms of swaps as well, 17k for USDT and 4.4k for UST.

Finally, in the timeline chart, it can be seen how the ranking is heavly dominated by USDC from the beginning till the end.

In terms of numbers, more than 5M of swaps have been made so far in Jupiter Aggregator. From which more than 600k involved these stablecoins, representing almost 12% of them. Then, we can see how the stablecoins are an important coins inside Jupiter platform.

Finally, this last charts give us an overview of the different stablecoin swap pairs over time. In this case it is not a big dominance of one of the pairs. During the first half of the period, USDC-USDC, USDT-USDC and USDC-USDT were the most used swap pairs. However, at finals of January, the UST-USDC pair gained forces. But till Feburary the dominance of USDC-USDT started to grow and now the pairs are dominated by this swap pair.

In general, it can be seen that always the top swap pairs involves USDC again.

Conclusion

In this dashboard, we have seen how stablecoins are important for Jupiter Aggregator platform on Solana. It can be seen that it represents around 12% of the total swaps. From these swaps, more than 87% of them involves USD coin, that is the most used stablecoin inside the platform not only in terms of swaps but also in terms of volume. The dominance is evident taking into account all the charts provided on this research.