Methodology

• The main focus of this analysis are the Swap metrics of the $DUST token DUSTawucrTsGU8hcqRdHDCbuYhCPADMLM2VcCb8VnFnQ
• We look at the swaps token to find the tokens swapped into $DUST token and tokens swapped from $DUST token from the solana.fact_swaps table.

$Dust Metrics

Number of Swappers

• Number of wallets swapping into $DUST peaked during May 2022, with 9.8K unique swappers.
  • July 2022 saw a reduced number of wallets, whereas Aug and Sep saw some spike in numbers.
• Number of wallets swapping from $DUST peaked during June 2022, with 5.5K unique swappers.
  • July 2022 saw a reduced number of wallets, whereas Aug and Sep saw some spike in numbers.

Amount Swapped

• Amount swapped into $DUST peaked during May 2022, with 2.4M $DUST worth of tokens swapped into $DUST.
  • July 2022 saw a reduced numbers, whereas Aug and Sep saw some spike in numbers.
• Amount swapped from $DUST peaked during May 2022, with 2.6M $DUST worth of tokens swapped from $DUST.
  • This is quite likely due to decrease in price of $DUST.

Number of Swaps

• Number of swaps into $DUST peaked during May 2022, with 553K swaps.
  • The number of swaps since then have reduced to mere 50K since then.
• Number of swaps from $DUST peaked during Jun 2022, with 35K swaps.
  • The number of swaps since then have reduced and are bumping back up again.

Top 3 Tokens

Number of Swappers

• SOL is the most swapped token into $DUST with 23K Swappers.
• SOL is also the most swapped token from $DUST with 17K Swappers.

Amount Swapped

• SOL is the most swapped token into $DUST with 6M $DUST amount.
• SOL is also the most swapped token from $DUST with 5.9M $DUST amount.

Number of Swaps

• USDC is the most swapped token into $DUST with 1.3M swaps.
• SOL is the most swapped token from $DUST with 57K swaps.

Top $DUST Swappers

• DQHUYVyzEcBRsik7ehqWWynbzsh9zEzHxnmDRkhA2Q2a is the top swapper __from __$DUST with 177K worth of $DUST tokens swapped.
• 3heTLmaYyWpQhvfYztMWBhzB9wqRqVgZofYtdw8778gf is the top swapper into $DUST with 116K worth of $DUST tokens swapped.

Conclusion

• We do see more people swapping into $DUST as compared to swapped from $DUST, therefore it is conclusive to say that the $DUST ecosystem is healthy.
• However, with recent rise in price, we might see the volume of $DUST being swapped into other tokens go up.

What is $DUST ?

• DUST is a utility token on Solana dubbed as the official currency of the DeGods ecosystem. DeGods is known for its popular eponymous PFP, which is the highest valued collection in the Solana NFT world.[1]
• 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.[2]

$DUST Tokenomics

• $DUST protocol has a total maximum supply of 33,300,000 DUST. According to the project’s docs, there will be three halving periods. Every halving is designed to reduce DUST staking rewards by 50%.
  • First Halving – 16,650,000 $DUST tokens mined.
  • Second Halving – 24,975,000 $DUST tokens mined.
  • Third Halving – 29,137,500 $DUST tokens mined.
• 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.[2]

$DUST Utility

1. Primary utilities of the $DUST token are around DeGod NFTs, namely the following.

   1. Cost 1000 DUST per DeGod.
   2. Also, generate 3x daily DUST rewards.
   3. Replace the image & metadata of the upgraded DeGod.
   4. Users will be able to swap the original and the DeadGod image.

2. Some of the examples of $DUST utility that will be integrated into notable projects on the Solana Ecosystem include:

   1. PvP (Player Vs. Player) & P2E(Play-to-Earn) NFT Games
   2. Accepted Currency In Multiple Marketplaces following DeGods plan for integration.
   3. This utility is based solely on the fact that DeGods is building an ecosystem where $DUST will be used as the currency of the space, whereby buying, selling, and minting NFTs will be accessible.

3. Furthermore, the project’s document highlighted that deadgods is not the end but only the beginning. There are plans for the next one to come with a new, separate nft, which will only be mintable in $DUST.[2]