Try Quests to earn cryptoSolana - USDC, USDT, UST on Jupiter
Create a visualization comparing USDC, USDT, and UST (wormhole) popularity in swaps on Jupiter since December 1st (both in terms of count and amount - swaps from and swaps to). Is there a dominant stablecoin in swaps on Jupiter? What percentage of all Jupiter swaps are stablecoin swaps (as in a swap between USDC, USDT, and UST)? Have we seen more instances of users swapping USDC or USDT for UST over time? Why or why not based on your knowledge of Terra's cross-chain efforts?
Date: 2022-03-08
The following analysis is focusing on the swap behavior and swap amounts of stalecoins (USDC, USDT and UST) on Jupiter Aggregator.
All data is from December 1st 2021 till March 8th.
What is Jupiter Aggregator?
Jupiter is a program on the Solana Blockchain. It is the best, most popular and easy to use swap aggregator and offers a wide range of different tokens and always the best route discovery for every token pair.
The following charts show four bars per token. The fist (blue) shows the number of swaps from any token to this stablecoin, the second (orange) shows the number of swaps from a stablecoin to any other token, the third (green) shows the amount swapped away and the last one (red) shows the amount swapped to this stablecoin.
The chart shows clearly, that there is one stablecoin dominating: $USDC! $USDC has by far the most swaps and the highest amount. Therefore, we can say that $USDC is by far the most popular stablecoin on Jupiter and maybe even on Solana! On the second place is $USDT followed by $UST on the third place.
The following numbers showing $USDC number of swaps and amounts swapped in total.
Let's see how do $USDC, $USDT and $UST behave over time?
In these two charts From and To numbers are summed up.
The graph above shows a relative constant number of swaps over time, with only two major spikes, one positive and one negative. On January 21st we see a massive positive spike for $USDC and on February 21st we could see the negative spike with nearly zero swaps for all three stablecoins.
The swapped amounts for these three stablecoins show a similar picture to the swaps chart.
January 21st: As we could see on the picture below, we had an partial outage of the Solana Network on this day. I guess this has caused a small panic among the users. whereupon many users have tried to exchange their assets into stablecoins to secure them.
February 21st: There was no problem with the Solana Network and i couldn'T find any good reason for this behavior. Maybe flipside data is wrong for this day ...
Swapping between stablecoins seem also very popular as we could see on the chart below. The two most popular swapping pairs are $USDC to $USDT and $USDT to $USDC by the number of swaps. It quickly come to my mind, that this is nonsense, but maybe this is necessary to move assets in to and out of the Solana Network.
The next chart shows the swapped amounts between those stablecoins. It is super interesting that the highest amounts are not between $USDC and $USDT but between $USDC and $UST. I guess it is save to say that this comes from using Wormhole Bridge to move value between Solana and Terra Ecosystem.
Daily number of swaps to and from stablecoin pairs seem very uniform. Only $USDC to $UST spiked abnormal on two days.
The next chart shows the daily swapped amount between stablecoins per day since December 1st till March 8th. We see massive high numbers on January 28th with $USDC and $UST swaps.
Thanks for reading!
This analysis was created on 2022–03–08 for a bounty at Flipside Crypto by piper to answer the following questions:
Solana - USDC, USDT, UST on Jupiter: Create a visualization comparing USDC, USDT, and UST (wormhole) popularity in swaps on Jupiter since December 1st (both in terms of count and amount - swaps from and swaps to). Is there a dominant stablecoin in swaps on Jupiter? What percentage of all Jupiter swaps are stablecoin swaps (as in a swap between USDC, USDT, and UST)? Have we seen more instances of users swapping USDC or USDT for UST over time? Why or why not based on your knowledge of Terra's cross-chain efforts?
All data used are from Flipside Crypto.
*Twitter: *
$USDC has a 4.55 Million as a total number of swaps and a swapped amount of 3.74 Billion in the past three month. Those are impressive numbers!
