Introduction

Jupiter is an exchange infrastructure for Solana that aggregates liquidity to provide users and builders with the seamless apis they need to trade and build world-class dapps on Solana.

The platform offers and guarantees the best price for swaps while offering the best UX for users and developers the best UX for users. The idea is to enable them to easily access best-in-class swaps in their application, interface or programmes on the blockchain. In addition, it offers the widest range of tokens and the best path discovery between any pair of tokens.

How does it work?

The price of a token can change rapidly at any time. Therefore, the best-priced trade is not always on one DEX and may involve a combination of trades on many DEXs. For this reason, Jupiter uses intelligent routing that directly connects all DEX markets and AMM pools together regardless of provider and will find all direct and 2-hop routes between any two tokens in Solana. In addition to this, Jupiter can find the best price by routing through an intermediary token, e.g. USDC-mSOL-SOL instead of USDC-SOL.

Another important thing is that Jupiter will split your trade into smaller trade sizes. Splitting trades helps to get better prices for large trade sizes and token trades where there is little liquidity spread across multiple DEXs.

Today, we are gonna analyze the volume of swaps that have been done in Jupiter platform. The main idea is to get how much SOL has been swapped for other tokens using Jupiter per day and how much SOL has added from swaps using Jupiter per day. As well, we will see the cumulative results in both cases.

Results

I have splitted the results in several parts to be able to do a great and ordered analysis. The parts are:

• Daily and cumulative volume swapped from and to SOL on Jupyter
• Daily and cumulative swappers from and to SOL on Jupyter
• Daily and cumulative swaps from and to SOL on Jupyter
• Daily cumulative net results

In the first chart, we can see how the volume of swaps away SOL and swaps to SOL have similar trends. However, the number of volume away SOL is higher than the volume coming to SOL. An important aspect is that there have been like 2 or 3 spikes on some specifics days that must be analyzed, where the volume in both sides was 3 or 4 times higher than the rest of the days. We will investigate it after all the analysis were done, at the final of the article.

Regarding cumulative numbers, we can see how there are a big difference between the voluem swapped away and the volume swapped to SOL, being more than 3.4M SOL for the first and no more than 356k SOL for the second. Then, more volume is being swapped from SOL to other tokens rather than from other tokens to SOL.

If we take a look at the number of swappers, it is to say the number of users that make swaps, we can see that the dynamics are similar as well, but in this case, seems like the users who are swapping from another token to SOL is higher than users who are swapping SOL to other tokens. The cumulative numbers are around 53k users that swapped from SOL to another token and 60k users who swapped from another token to SOL. Then, more users are getting SOL.

In the case of the daily swaps, trend lines looks similar to the first ones. Again, it appears like 2 or 3 days with more swaps than common days. While a normal day has around 7k swaps, in January 24th ie, were around 30k total swaps. In this case, the number of swaps away and to SOL are similar and the trends too. In the cumulative results, we can see how the number of swaps away SOL are around 337K and the number of swaps to SOL are around 357K. Again, more swaps to get SOL but close results.

Finally, for cumulative results, we can see how the volume of the Jupiter platform regarding SOL token is negative. Then, more SOL are swapped for other tokens rather than other tokens to SOL. In fact, from the period analyzed a total of more than 1.5M of SOL are out. However, regarding number of swappers and swaps, more users are trying to acquire SOL from other tokens rather than getting other tokens from SOL. We can see again a change from January 24th in the case of number of swaps when the number of net total swaps to SOL dramatiacally dumped during approximately a week.

Finally, we will investigate about these abnormal days. What happened during January 7th and January 24th when the volume spikes and other metrics were abnormal? Let's see.

If we take a look at the Jupiter twitter account, we can see specific announcements on that days.

First peak was recorded on Jan 7th, when Jupiter announced a super excited collab with Cropper Finance and advance liquidity of Cropper pools was added to all routes on Jupiter. Also, Cropper Finance integrated the Jupiter swap into their UX, allowing all their users to access liquidity via Solana.

Tweet: https://twitter.com/JupiterExchange/status/1479417104906391554?s=20&t=D8v5_00f5aKbaLrhw-yS0Q

Methodology

The task consitsts of analyzing Jupiter swaps, then the first think we need to to is select the Solana Swaps table to carry out our analysis. Then we will need to filter our data by the period of time choosen and the platform we would want to analyze, in our case Jupiter. Then, to filter by Jupiter platform, we will select those swaps_program like %jupiter% to get the swaps done in Jupiter. Finally, because of the question is about the SOL swaps, we will need to select only those swaps involving SOL. To filter this, we will select only the SWAP_FROM_MINT='So11111111111111111111111111111111111111112' for the swaps away, and SWAP_TO_MINT='So11111111111111111111111111111111111111112' for the swaps in SOL. Finally, we will need to sum the amount swapped per each swap involved and then compute the cumulative number as well. The same procedure have to be made for both, swaps from SOL and swaps to SOL, and then compare both.

Note: Because of SOL to SOL swaps doesn't alter the flow, I have not taken it into account.

On the other hand, on January 24th another big annuouncement come truth when the new changes to the Solana validator definitely help Jupiter Exchange reach its daily ATH trading volume, reaching over a quarter of a billion a day. In the case of our Solana round-trip results, teh ATH values in terms of volume and swaps were registered as well with around 30k swaps and 500k SOL volume.

Conclusion

We have explored the Jupiter Exchange for Solana and we have obtained detailed results about SOL swaps to other tokens and other tokens swaps to SOL. FInally, we have seen as well that the news matter for the numbers in the platform.