Try Quests to earn cryptoSOL Flows through Jupiter in 2022
TL;DR: SOL has been losing capital since the beginning of the year, with the largest outflow occurring the same day Bitcoin (and whole ecosystem) hit it's half year low.
Jupiter is the key liquidity aggregator for Solana, offering the widest range of tokens and best route discovery between any token pair.[1] This dashboard examines the in- and out-flows of Solanas SOL coin into other tokens on the blockchain.
Methodology:
Following the Flipside bounty's hint I used the swaps table, restricting queries to swaps done through a swap_program in the form 'jupiter%'. I summed the outflows by requiring the SWAP_FROM_MINT field to be the token address for wrapped SOL while summing the SWAP_FROM_AMOUNT field and grouping by date. I used the same method for outflows, requiring the SWAP_FROM_MINT field to be the token address for wrapped SOL and summing the SWAP_TO_AMOUNT field. I joined these queries on the date and also calculated the net flow of SOL as SOL_IN-SOL_OUT. I also joined on the date a WBTC price action table I queried from ethereum.erc20_balances table.
Outflows from SOL to other tokens exceeded inflows on almost all days since the start of 2022. This is in line with the downward trending price action of SOL and more generally the entire market since January.
If we compare the net flows of SOL to the price action of BTC it is apparent, that the largest outflows occurred on Jan. 24, the same day BTC hit it's lowest point in the past 6 months. The outflow may be towards stable coins as well as BTC itself, as demand for BTC definitely rose past this low point.