Try Quests to earn cryptoSolana - Most Popular Jupiter Swaps
Jupiter is the best swap aggregator on Solana, meaning that it optimizes the best token swap rate across all decentralized exchanges for users. Since February 1st, what have been the 10 most popular tokens to swap away? Over that same timeframe, what have been the 10 most popular tokens to swap for? What are the 10 most popular swapping pairs (combination of swap away to swap for)? Define 'popular' as the number of swaps and create a visualization showing total number of swaps over that time frame, highlighting these most popular tokens.
Date: 2022-03-02
The following will analyze the swapping behavior on Jupiter Aggregator in February 2022. We will show the Top 10 tokens in popularity by their amount of swaps for both sides(swap from, and swap to) and pairs. An we will watch out for anomalies and special events in the chart.
All data is from 1st till 27th of February 2022. I will exclude all pairs where 'swap from' and 'swap to' are identical, as Jessica mentioned on discord these are corner cases and maybe wrong data. And in my eyes it just doesn't make sense to include them ;-)
The bar chart above shows the top 10 coins swapped away for others. No wonder, on first place is a stable coin, in this case USDC. In the top 5 there are two stablecoins. Stablecoins are often the starting point for swapping on decentralized exchanges or in this case on Jupiter Aggregator. People onramp via a centralized exchanges and move then via stablecoins to their wallets and start swapping from there. On the second place is 'Wrapped Sol', this makes also totally sense, because people swap their tokens for example on ETH Network to SOL (Wrapped Sol) to have the chance to move their coins to Solana Network via a bridge.
Looking at the chart above, shows us the ten most popular coins people swap to. Big surprise, the top ten coins are identical, just have another order. Looking at the top six, they are same, also same order. I guess the explanation is similar to the explanation for 'swap from'. Stablecoins and for example 'Wrapped SOL' are also popular coins to leave the Solana Ecosystem or a possibility to move their assets in a neutral and secure position. Beside Stablecoins and SOL, we see some tokens from popular DeFi apps like Raydium, Marinade or Step.
It is also interesting to have a look at the most popular token pairs by the number of swaps. The chart above shows the top ten swapping pairs in February 2022. The first to are showing us the way in to and out of the Solana Ecosystem (As already mentioned earlier). It is also visible, that stablecoins are very important, because in all swaps the starting or the targeting tokens are always stablecoins. Stablecoins are a safe haven in turbulent times. Generally are the swap pair tokens the same as in the other charts, but that must also be so.
Let's have a look at the swap pair over our time period in February. We can see a very high amount of swaps at the beginning of the month, which then settled down relatively stable and a down spike on 23rd.
As we already know from my previous analysis SOL Swaps on Jupiter the Wormhole Bridge got hacked on the 2nd of February and this had an impact on swapping volume on Jupiter.
The next visible impact is a huge decrease of swaps on the 22nd and 23rd. Again, a problem with the Solana Network as we can see at https://status.solana.com caused by the great rush of people who wanted to bring their assets to safety due to the outbreak of the Ukraine war caused by the attack and invasion of Russia!
Conclusion
What we can say now, is that we can categorize the most popular tokens in three categories: stablecoins, wrapped tokens and defi tokens inside the Solana Ecosystem. We can also say that swap behavior is influenced by the Solana Network performance, hacks and also by politics and economics.
Thanks for reading!
This analysis was created on 2022–03–02 for a bounty at Flipside Crypto by piper to answer the following questions:
Solana - Most Popular Jupiter Swaps: Since February 1st, what have been the 10 most popular tokens to swap away? Over that same timeframe, what have been the 10 most popular tokens to swap for? What are the 10 most popular swapping pairs (combination of swap away to swap for)? Define 'popular' as the number of swaps and create a visualization showing total number of swaps over that time frame, highlighting these most popular tokens.
All data used are from Flipside Crypto.
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