Exploring SOL swaps on Jupiter Aggregator

What is Jupiter?

Jupiter is the key DEX and liquidity aggregator for Solana, offering the widest range of tokens and best route discovery between any token pair.

The best-priced trade is often not found on just one DEX and may involve a combination of trades across many DEXes. Jupiter finds the best trade route and can even split your trade across its many integrated liquidity sources to get the best price. Jupiter enables trades across the most popular DEXes on Solana today, including Serum, Raydium, Saber, Orca, Mercurial, Penguin, and now Supernova as well.

Here are the major features offered by Jupiter Aggregator:

Stats

In the past month, Jupiter has facilitated about $2.6 Billion in trading volume across 2.3 Million transactions!

SOL/USDC have been the top traded tokens in this time frame.

Methodology

1. The stats below were obtained from on-chain data from Flipside Crypto
2. Live charts can be found at https://app.flipsidecrypto.com/dashboard/sol-jupyter-swaps-4EjnpQ
3. The amounts represented are in SOL

Observations from data

Now let’s take a look at what we learnt from on-chain data. First, we’ll look at swaps involving selling SOL i.e. swapping away from SOL to another asset.

Swapping Away from SOL

1. The total amount of SOL swapped away and the number of swaps peaked on Jan 23rd when around 300K+ of SOL was swapped. The selling pressure on SOL could be due to the drop in Bitcoin price from $40K to $35K USD around then.
2. Surprisingly, the unique number of daily swappers didn’t see an uplift around the same time-frame. In fact, the highest number of daily swappers peaked almost a week ago on Jan 16th.
3. This means that the average number of swaps per swapper also peaked on January 23rd as shown in the 4th chart below.

Swapping To SOL

1. We’re seeing a lot of similarities to the above charts for “Swapping to SOL”. For e.g. we see three large peaks on Jan 7th, 24th and Feb 2nd. However, the difference is that the peaks are much lower than the selling peaks — ~200K SOL bought vs ~300K SOL sold.
2. The other metrics such as “Number of Swappers” and “Number of Swaps” show very similar patterns as well.

Buying vs Selling Activity

By looking at the daily let’s take a look at the daily selling vs buying pressure on SOL, we can see that almost all of the days more SOL has been sold than bought. There are only two days where more SOL has been bought.

The net result of this is that there’s almost 1.7 Million difference between the amount of SOL bought vs sold.

Token Sources and Destinations

Looking at the tokens involved on the other side of SOL in the swaps, we see some common patterns:

1. USDC is the top coin that is swapped to and from SOL.
2. Surprisingly, there are a lot of swaps involving Wrapped SOL.
3. The top 5 tokens in both kind of swaps are the same.

Conclusion

1. We see very similar patterns on our metrics for both directions of swaps.
2. There has been more selling pressure on SOL since Jan 1st.
3. USDC is the token most swapped from and sold to SOL.