Try Quests to earn SOLDUST is in the Air
How is $DUST being used in the Solana ecosystem? What are its most popular use cases and where are buyers of $DUST coming from? Highlight at least 3 metrics showing $DUST trends in Solana.
DUST token is issued on the popular and fastest-growing Solana Blockchain. $Dust is an SPL token based on the Solana Blockchain. It was created with a starting zero supply. $DUST also describes itself as a playable social game.
DeGods is an experimental collection of NFTs with an initial total of 10,000. Every DeGod has access to mine 2.5 DUST per day. The only way a DeGod can mine DUST is via the staking program.
Recently, the Twitter page of Dust Labs announced that they have raised a strategic round of $7M to build out the $DUST ecosystem. This causes DUST to grow more and more.
In this analysis, I will examine $DUST. First, I check the volume of buying and selling, the number of buying and selling, and the number of buyers and sellers in general and daily since the beginning of DUST. Then I will review the tokens with which DUST has been traded, and I will also review the details of buying and selling DeGods.
All results are obtained from the date "2022-03-01".
In total, approximately 14.9M DUST were purchased, this volume was carried out by 45.2K unique wallets and with 1.96M transactions. Against this volume of buying, nearly 15.4M DUST were sold by 31.7K unique wallets and with 167.3K transactions.
As we can see, the number of buyers and sellers and the volume of buying and selling are close. But in terms of the number of transactions, they are far apart.
This volume of transactions was done in Jupiter and Raydium. As we can see in the charts below, 60.6% of the purchases equivalent to approximately 9M were made in Jupiter and 39.4% of the purchases equivalent to 5.8M were made in Raydium. the Jupiter share in buying and selling DUST is almost equal. 62.9% of sales equivalent to approximately 9.67M in Jupiter and 37.1% of sales equivalent to approximately 5.7M in Raydium.
The following charts show daily and cumulative DUST purchase transactions. As we can see, in many days we see a huge jump in the volume of purchases, the number of swaps and the number of users. The highest purchase volume with 417.5K was done on Sep 4. In the graph of the volume and the number of purchase transactions, we see that this graph is advancing with a sharp slope, although the graph of the number of swaps has a gentle slope. The number of swap transactions, the number of unique swappers daily and based on DEX are also shown in the following charts.
The following graphs also show the details of DUST sales transactions. As with the buy chart, we see a jump in the sell chart on some days. Also, the cumulative sales graph has a steep slope, which indicates the increase in daily sales volume. But the graph of the number of transactions has a very gentle slope. The largest volume of sales was made on Sep 6 (the day of the announcement of raising a strategic round of $7M).
As mentioned earlier, Jupiter has played a more active role in DUST swaps, but on some days we see that the number of wallets and the volume of purchases and sales in Raydium have undergone jumps.
In these two charts, we see the tokens with which DUST was purchased or DUST was swapped. In both cases, SOL token had the largest share of swap to and swap from. After that, there are USDC and USDT and the share of USDT is very small compared to SOL and USDC. Overall, 71.4% of DUST purchases were made with SOL and 64.3% of DUST sales were to SOL.
Finally we come to the details of selling DeGods. In the graphs below, the sales volume, the number of sales transactions, the number of buyers and the number of sellers are shown daily and cumulatively. (blue for accumulation and orange for daily). Like DUST, we see that the slope is very steep in all accumulation charts. This means more sales and more user engagement.
Conclusion
Totally, although DUST has not been around for a long time, it has gained a significant share and is expected to attract more users. It is true that the recent decline of the market has also affected the activity of Solana users, according to what was shown and especially with the new news published by DUST, it is expected to take a larger share of users.
I have used solana.core.fact_swaps table to find details of DUST related transactions. By filtering swap_to_mint and swap_from_mint to DUST contract address (DUSTawucrTsGU8hcqRdHDCbuYhCPADMLM2VcCb8VnFnQ), I have checked the details of DUST buying and selling. Finally, by checking the solana.core.fact_nft_sales table, which is related to the purchase and sale of NFTs, I have also checked DeGods.
