Try Quests to earn cryptoSolana - Orca + Jupiter Volumes
Compare the 5 most popular swaps SOL -> coin swaps (SOL swapped for another coin) on Orca and on Jupiter since January 1st. Create a visualization showing the total volume per day on Orca and Jupiter since January 1st for SOL to another coin swaps. What has been the historical swap success rate since January 1st on Orca and on Jupiter?
Date: 2022-03-15
This analysis is focused on the volume trends and swaps at Orca and Jupiter (on Solana). We will compare also the success rate of transactions between these two DEXs.
All data is from January 1st 2022 till March 15th.
What is Jupiter Aggregator?
Jupiter is a program on the Solana Blockchain. It is the best, most popular and easy to use swap aggregator and offers a wide range of different tokens and always the best route discovery for every token pair.
The following two charts are showing the Top 5 coins swapped for $SOL on Jupiter and Orca.
The most popular token on both DEXs is by far $USDC, a stablecoin! The rest of the tokens differ or at least the ranking is different. It looks like staking (tokens) is more popular on Jupiter beside some stablecoins. On Orca the type of token is more diversified, we have stablecoins, a staking token, $GST which is a reward token for a walking app and shadow.
The next two line charts are showing the daily number of transactions and the daily amount of swaps on Jupiter and on Orca.
The number of transactions per day on Jupiter is higher than on Orca. On January 24th Jupiters daily transactions were nearly double the number as on Orca. Generally the two lines on both DEXs behave very similar just with higher or lower numbers. On a few days the number of transactions is higher on Orca, March 10th till 14th for example.
Finding: On February 22nd the number of transactions is nearly 0. I couldn't find any news or information about network problems, so i guess there is a problem with the data in velocity for this day. We'll ignore this behavior from here on!
The graph with the volumes of both DEXs is very similar and also behaves identically to the one with the transactions. Also the data problem on the 22nd can be seen again. But there is one difference, the volume is always higher on Jupiter than on Orca. So even on the days with higher transaction numbers in March, the volume is lower on these days.
The Success Rate is the number of successful transactions divided by the total number of trnsactions (this include fails).
As we have seen on the Transactions per Day chart, we have a high transaction number on Jupiter and lower numbers on Orca. The chart above shows, that the success rate per day, started with higher success at Jupiter, but this changed till around January 17th. After the 17th Orca was way more successful with transactions, that is clearly visible in the chart.
In the following charts, I will focus on the success rates (of the transactions) of the two Exchanges.
The total Success Rate it the average success rate of all transactions for these two exchanges from January 1st 2022 till March 15th.
It is clearly visible that transactions on Orca are much more successful than on Jupiter. To be more precise, by fourfold!
Generally the Success Rate at both DEXs does not look great. We are talking about 10% an 40% ... which is bad!
The next two charts are showing the number of transactions compared to the Success Rates.
It is clearly visible, that low transactions mean better Success Rates and vice versa. Here at Jupiter, a DEX with a lots of transactions per day, the Success Rate is very low these days. It seems that Solanas traffic problems strongly influenced this DEX.
Looking at Orcas chart and numbers it looks different. As the amount of transactions is generally lower here, the Success Rate looks better. But still here at Orca the numbers are not great.
We could also see a peak in transactions on February 10th which caused a strong decrease of the Success Rate this date (also on the days before and after).
Conclusion
Both DEXs are very popular with different target groups or interests, as wee could see in the Top 5 swap tokens.
Both DEXs have a problem with the Success Rate of transactions, but we can say, that it looks a bit better at Orca, because of the lower number of transactions. We also saw a similar behavior in the Success Rate by increasing numbers of transactions at Orca compared with Jupiter. High number in transaction = low Success Rate (and vice versa)
Those problems with transactions are not a direct problem caused by these DEXs, they are based on the Solana Blockchain.
Thanks for reading!
This analysis was created on 2022–03–15 for a bounty at Flipside Crypto by piper to answer the following questions:
Solana - Orca + Jupiter Volumes: Compare the 5 most popular swaps SOL -> coin swaps (SOL swapped for another coin) on Orca and on Jupiter since January 1st. Create a visualization showing the total volume per day on Orca and Jupiter since January 1st for SOL to another coin swaps. What has been the historical swap success rate since January 1st on Orca and on Jupiter?
All data used are from Flipside Crypto.
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