Overview

Stablecoins are instrumental in decentralized finance on the blockchain. The earliest stablecoins, like USDT and USDC were supported by fiat currencies. However, newly emerging stablecoins are not fiat-backed. Some are algorithmic (DAI) and some crypto collateral-based (UST). How these alternative stablecoins are adopted by users and how they influence the activities on a blockchain are important questions to be answered.

Solana blockchain has recently attempted to integrate UST into its network. This dashboard investigates how this integration worked.

First, we identify the three most popular applications of UST in SOL DeFi in February.

Second, we calculate yield generated from these pools.

Then, we will go on to exploring 'Whales' interaction with stablecoins on Solana blockchain. We will compare UST use by whales with USDC and USDT use. Finally, we highlight the 10 largest transactions in terms of UST in February and will try to find a pattern to the "whale" transactions and wallets.

Results

Table below shows through what programs wallets are most involved with UST.

Jupiter aggregator is the most popular application of UST on Solana. Jupitor is a swap aggregator which use different liquidity pool providers such as Serum, Saber, and ORCA.

The second most popular application of UST is Solend Protocol. Solend is a platform for lending and borrowing different crypto currencies on Solana.

The third application of UST on Solana is through Port Finance; A liquidity pool provider on solana.

Wormhole bridge is the forth and Raydium Liquidity Pool is fifth one.

To calculate yields I selected the three liquidity pool providers:

• Solend

• Port Finance

• Raydium Liquidity Pool

Jupyter has been excluded as it aggregates other pools not provides pools itself.

The table below shows information on liquidity pools that involved UST in the three platforms.

			Solend		Port Finance 	Raydium Liquidity Pool
Liquidity supplied	18223553	271951,58	6553,94
APY			11,88	8,71	15,8
Yield in Feb		90206,58735	986,9576091	43,14677167

Notes on data

• For structuring data the following tables has been used:

• In ranking programs system programs have been excluded.

• For calculating yields the assumption is that the latest TVL and APY have not changed in past two weeks.

• To identify transactions used stables coins the following addresses have been used

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UST
'A96PoNcxa9LMxcF9HhKAfA1p3M1dGbubPMWf19gHAkgJ' 
'CXLBjMMcwkc17GfJtBos6rQCo1ypeH6eDbB82Kby4MRm' 
'9vMJfxuKxXBoEa7rM12mYLMwTacLMLDJqHozw96WQL8i'

USDC
'BXXkv6z8ykpG1yuvUDPgh732wzVHB69RnB9YgSYh3itW' --Wrapped USDC (Sollet) (soUSDC)
'2LBYxD4Jzipk1bEREW6vQk163cj27mUSxmHzW2ujXFNy' --zUSDC (ACUMEN) (zUSDC)
'EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v' or --USDC coin

USDT
'Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB' or --USDT
'2LBYxD4Jzipk1bEREW6vQk163cj27mUSxmHzW2ujXFNy' or --Wrapped USDT (Sollet)
'Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB' or --USDT
'2LBYxD4Jzipk1bEREW6vQk163cj27mUSxmHzW2ujXFNy'  --Wrapped USDT (Sollet)


>

"Whales" interactions with UST

The table below shows transfers with more than one million USD value.

We can see that there is only one transfer of UST in February that valued more than 1M USD. The number of equal value of USDC and USDT are in turn 1827 and 449.

This reveals that whales transfer large amount of money by using USDC and USDT rather than UST.

Table below shows the top transactions of UST in terms of USD value.

As can be seen the amounts are relatively low. This implies that UST is adopted more by ordinary users rather than Whales.

Summary of findings

This dashboard investigated integration of UST into Solana blockchain.

• It's shown that, in terms of number of transactions, Jupiter aggregator, Solend, and Port Finance are most interacted with UST.

• The data shows that UST is far less used by Whales comparing with other stablecoins like USDC and USDT.

• Focusing on top transactions involving UST, it's confirmed that UST is used by ordinary users rather Whales.