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The purpose of this dashboard is to provide context to how the Stepn DEX became the most popular DEX on Solana.
DEX Activity on Solana is primarily made up from swap transactions. Orca was the most popular DEX on Solana prior to the launch of the Stepn DEX. It’s important to note that Stepn used the Orca SDK initially to power swaps on their platform. Stepn Swaps (GST and GMT) made up for almost 77% of Orca’s swap volume while Stepn was using the Orca SDK (March 1st to May 31st). Source: Orca User Growth and Stepn Activity
Considering the sheer swap volume that Stepn drove to Orca, it makes sense why Stepn chose to implement their own DEX. The in-house DEX allows Stepn to keep the DEX transaction fees for themselves rather than paying fees to a third party. Stepn is currently taking 1% of the DEX trading fees (source).
The charts in this dashboard highlights the shift in transaction volume and daily active swappers from Orca to the Stepn DEX.
Findings and Insights
- The Stepn DEX is currently the most popular DEX on Solana and about 264k wallets have been interacted with it since it’s inception.
- The decline in Orca Daily Active Wallets and transaction volume is directly related to the launch of the Stepn DEX since Stepn swaps made up for almost 77% percent of the volume on Orca prior to the launch of the Stepn DEX.
- Even though the Daily Active Swappers for Orca has declined by over 95%, swap transaction volume has only declined by about 50%.
- The Stepn DEX has had an average of 63k Daily Active Swappers and 96k daily transactions in the past week.
Stepn’s decision to move it’s swap functionality from Orca to an in-house DEX is a smart move. It allows Stepn to avoid paying additional fees to Orca, plus it allows Stepn DEX to keep 1% of the trading fees for themselves, which then can be reinvested in the Stepn ecosystem. Additionally, it lays the foundation for future feature releases for Stepn.