Introduction and methods

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.

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.

Through this dashboard, you can track the last monthly activity of the protocol. It has a refresh rate of 1 day in order to be up to date.

Results

In this chart we have analyzed Jupiter's transactions for each week from June 12 until today. We can clearly see that there is a downtrend. During the first week there were approximately 33M transactions, while the week of July 10th there have been only 1.8M transactions.   \n

In this table we have analyzed the swaps and wallets swapping of Jupiter during each week since June 12 until today. We can see that there has been a very similar and bearish trend with the swaps and wallets swapping. Although, only during the week of July 3rd, the wallets swapping surpassed the swaps. During the first week there were 30M swaps, while in the last week analyzed there have been 1.8M. Likewise, during the first week there were 36k swapping wallets, while in the last week there were approximately 7k.

In this chart we have analyzed the Jupiter swapped volume in SOL during the second week of June until today. We can see that the week of June 20 there was a drastic peak that dropped from 1.4B to approximately 500M. It has not stopped dropping since then but in a more stable manner.  \n

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In this table we can see the top 10 swapped coins by volume and swaps. There is a big difference between the first two and the other eight coins. In first place, we find wrapped sol, with 3.7M and, in second place, we find USD coin, with 2.5M.

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Finally, in this table, we can see the top 10 token pairs. We can also appreciate a big difference in values between the first and the other nine token pairs. In the first place there is wrapped sol-wrapped sol, with 1.2M approx. In second, third and fourth they have very similar amounts. In second place, we find USD coin-wrapped SOL, with 442k. In third place, there is wrapped sol-USD coin, with 403k and, in fourth place, we find USD coin-USD coin, with 325k.  

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Conclusions and key insights

In this dashboard we have studied one of the main protocols of Solana: Jupiter. The main metrics analyzed have been the weekly transactions, swaps, volume swapped and the top 10 token swapped as well as top 10 token pairs during the past month.

Analizing the current past month, the key insights found have been:

• There is a downtrend in terms of transactions.
• There has been a very similar and bearish trend with the swaps and wallets swapping.
• During the week of June 20 there was a drastic peak that dropped from 1.4B to approximately 500M regarding the volume swapped. It has not stopped dropping since then but in a more stable manner. 
• Regarding the top 10 swapped coins by volume and swaps, there is a big difference between the first two and the other eight coins. In first place, we find wrapped sol, with 3.7M and, in second place, we find USD coin, with 2.5M.
• In terms of top ten token pairs, in the first place there is wrapped sol-wrapped sol, with 1.2M approx. \n