The Performance Of $DUST In Solana Ecosystem

Source: Unsplash

The purpose of this article is to examine the project the team and the community have been building with $DUST. As we already know, $Dust is the utility token that powers the most popular NFT project on Solana – Degods. Here we are going to explain about this DUST token. What is the use of $DUST in the Solana ecosystem? From where do $DUST buyers come and what are their most popular uses? Describe the trend in $DUST in Solana using at least three metrics.

What is DeGods?

DeGods, a deflationary collection by Solana from 10,000 virtual gods displaying artistry through their creative outfits and eye-pleasing colors, is a collection that focuses on art and style. Magic Eden is the marketplace that sells the collection’s NFTs. 

NFT: Cryptographic assets on blockchain with unique identifiers and metadata are known as “non-fungible tokens,” and some of the prices being paid for them are insane.

The only way that DeGod holders can access DeDAO’s channels is to belong to the collection’s Discord Community, which is exclusive to the collection’s owners. DeDAO is an autonomous, decentralized organization that receives funds through marketplace fees of 9.99%. DeDAO receives 6.66% of this fee, while DeGods’ core team receives 3.33%.  

DUST Tokens : How to get them?

There will be a limited supply of 33,300,000 Dust Tokens available as the collection’s native digital currency. As part of DUST’s halving periods, the token’s stake rewards will be reduced by 50%. These periods will occur three (3) times. 

DUST tokens can be earned in two (2) ways. First, by staking. Staking their NFTs will earn DeGods holders 10 DUST coins every day in addition to passive income and ready ROI. Second, Burning .Furthermore, holders have the option of burning their DeGods, so the god has been permanently removed from circulation after being burned. DeGod’s collection will gain value when the god is gone. 

Approach

The purpose of this dashboard is to examine how $DUST is used in the Solana ecosystem:

  • The amount of transactions, the number of wallets using $DUST Tokens, and also their volume can be determined.
  • Additionally, we can also see how many transactions are made by different tokens to get DUST. Also, here are the Most Commonly Used Tokens By Their Amount To Get DUST.
  • According to DUST’s swap program, we can see the Swap volume, Swap number, and swapped users.
  • DUST’s Swap Volume, Swap Number, and Swapped Users are displayed here based on their swap direction.
  • You can also see the average amount of DUST swapped by both directions and programs?
  • In addition, we can see the median amount of dust swapped per week based on direction as well as by different swap programs.

Solana Ecosystem: How Is $DUST Being Used?

From the below section we can see the Transaction Volume, Transactions and Active Wallets which are using DUST Tokens in the Solana ecosystem can be seen from the past 6 months.

from the below graph we can see the transaction volume which is made by DUST tokens in the Solana ecosystem for the past 6 months. The total volume between March, 2022 and Sept, 2022 was 75.43M. The largest volume was observed in Jun(19-25), 2022, and the smallest was observed in March (13-19) , 2022. There has been an increase in total volume from April 2022 to September 2022. There is a higher volume than usual in Jun(19-25), 2022.

The total number of transactions from March, 2022 and Sept, 2022 was 230.76K. There were a maximum of 20.25K transactions in Aug28-Sep03, 2022, and a minimum of 1.29K transactions in initially. In the period from W10, 2022 to W36, 2022, the total number of transactions increased by almost 5 times. In terms of transactions, the trend is upward. Transactions in W36, 2022 are lower than normal, while transactions in W23, 2022 are higher than normal.

The total number of Active Wallets between March, 2022 and Sept, 2022 was 98.43K. A maximum of 9.88K Active Wallets were observed in Aug28-Sep03, 2022, while a minimum of 795 were observed in the beginning . March 2022 to Sept 2022 saw an increase in Active Wallets of 5.80 times. The number of active wallets is on the rise. There were initially not many active wallets, but later we can see that wallet growth was increasing. And in Jun5-11, 2022, we can see that there were suddenly more active wallets than usual. 

What Are The Sources(Tokens) Of $DUST Buyers?

We can see the number of transactions made by different tokens to get DUST from the below section and also what tokens are most frequently used by showing their participation amount in getting DUST over time. 

In the graph below, we can see the transactions that are made by the tokens that are used to get the DUST for the DeGods NFTs. A total of 189.88K transactions were processed between W10, 2022 and W36, 2022. The top two tokens (Wrapped SOL and USD Coin) accounted for 97.02% of transactions. The lowest number of Transactions is 1 (luna (wormhole)) and the highest number is 139.27K (wrapped sol). A maximum of 21.94K transactions were observed in W24, 2022, and a minimum of 107 transactions were observed in W10. From March 2022 to September 2022, total transactions increased by 29.83 times. There is a positive correlation between wrapped sol transactions and USD coin transactions.

Early on we can see the transactions, but not much later we can see the increasing trend of transactions with different tokens, especially wrapped sol and USD coins. In addition, we can see that the number of transactions is again on the rise, suggesting that more people are buying Dust and Degod’s NFTs. 

Using DUST, Different Swap Metrics By Program And By Direction Of Swap

This chart shows the $DUST trends in Solana based on the swapping transactions, the number of swappers, and the swapped volume by swap program. It also shows how the dust is coming from or going to DeGods NFTs.

Based on the below graph, we can see which active users are interacting with DUST tokens over time by means of different swap programs and swap directions.Total Swappers between March 7, 2022 to September 5, 2022 was 127.52K.Swap Program jupiter aggregator v2 is the highest contributor (50.25%) to the total Swappers out of the 2 Swap Program. Maximum Swappers of 12.95K was observed in August 29, 2022 and minimum Swappers of 171 was observed in March 7, 2022. The swappers in both cases are almost correlated with each other. 

A total of 128K swappers have been recorded. Of the 2 directions, Swapped To DUST accounts for the most Swappers (57.23%). Swapping from DUST resulted in 54.5K Swappers, and swapping to DUST resulted in 72.98k Swappers. This indicates a greater number of users are attracted to DUST, as well as that more people are buying Dust and Degod’s NFTs.. 

Based on the below graph, we can see the number of transactions are interacting with DUST tokens over time by means of different swap programs and swap directions.Total transactions between March 7, 2022 to September 5, 2022 was 329.71K. Swap Program jupiter aggregator v2 is the highest contributor (57.94%) to the total transactions out of the 2 Swap Program. Maximum transactions  of 39.41K was observed in Jun 13, 2022 and minimum transactions of 331 was observed in March 7, 2022.

The total number of transactions in both directions Swap to DUST and Swap from DUST is 329.7K. Swap to DUST is the direction that contributes the most (61.46%) to the total transactions. Swapped To DUST and Swapped From DUST have a steady percentage of transactions.

The total swap volume between March 7, 2022 and September 5, 2022 was 29.52M. Among the two Swap Programs, Jupiter aggregator v2 contributes the most (61.52%) to the total Swap Volume. Raydium v4 has the lowest total Swap Volume of 11.36M, while Jupiter aggregator v2 has the highest total Swap Volume of 18.16M. The maximum Swap Volume was 3.16M on August 29, 2022, and the minimum Swap Volume was 61.51K on March 7, 2022. In terms of swap volume, there has been an increase.  For past 2 weeks we can observe the Swap Volume is in increasing peak .

In total, 29M Swap Volume has been traded. The Swaps Swapped From DUST account for the highest percentage of the total Swap Volume (50.75%). For all directions, there is a relatively even swap volume with a low variation of 2.11%

The total average swap between March 7, 2022 and September 5, 2022 was 10.31K. Of the two Swap Programs, Jupiter aggregator v2 contributes the most (58.65%) to the total Average Swap. Raydium v4 has the lowest total Average Swap of 4.26K and Jupiter aggregator v2 has the highest total Average Swap of 6.05K. July 18, 2022 saw the maximum Average Swap of 555.46, while April 11, 2022 saw the minimum Average Swap of 196.35. The total Average Swap in July 18, 2022 was higher than normal.

Among the two directions, directions swapped from dust make up the highest percentage (59.65%) of the Average Swap.

Based on the graph below, we can see how much DUST has been swapped on a weekly basis over the past six months. We can see that DUST does not have any median observed in this case with the raydium V4 swap program. Later, we can see how raydim v4 contributes to DUST swapping. In fact, we can observe later that it contributes more than Jupiter aggreagator v2.

Observations

  • We can see from the above analysis what DUST tokens are and how they can be obtained. 
  • According to the above analysis, DUST’s impact on Solana ecosystem was 75.43M between March, 2022 and Sept, 2022. The highest volume was observed in June (19-25), 2022.
  • There was an increase of almost five times in the number of transactions. There is an upward trend in terms of transactions.
  • A growing number of wallets are active. When compared to the initial period, it has almost six times increased. Initial wallet growth was not significant, but later it was apparent that the number of active wallets was growing. 
  • As we examine the sources of DUST buyers, we first see transactions, but we notice the increasing trend of transactions with different tokens, such as wrapped sols and USD coins, not long after. Additionally, we see an increase in transactions, indicating that more people are buying Dust and Degod’s NFTs. 
  • As we can see, these DUSTs are bought to invest on DeGods through raydium v4 and jupiter aggregator v2 swap programs. 
  • According to the $DUST trends in Solana based on swapping transactions, swappers, and swapped volume, Jupiter Aggregator v2 is used for the majority of swaps instead of Raydium v4. 
  • The number of swap transactions and active swappers are on the rise in the swapped to DUST direction, which suggests that more people are buying Dust and Degod’s NFTs. 

Reference Query


WITH swap_txns as (
select 
  	block_timestamp,
  	tx_id,
  	SWAP_PROGRAM,
  	swap_from_mint,
  	swap_from_amount,
  	address_name,
  	SWAPPER
from solana.core.fact_swaps swap 
INNER JOIN solana.core.dim_labels lbl ON swap.swap_from_mint = lbl.ADDRESS
where (SWAP_TO_MINT='DUSTawucrTsGU8hcqRdHDCbuYhCPADMLM2VcCb8VnFnQ')
and block_timestamp >= CURRENT_DATE - {{days}}
  and SUCCEEDED
)
SELECT 
  date_trunc(week, block_timestamp) as date,
  address_name as from_token_name,
  count(distinct tx_id )as transactions,
  sum(swap_from_amount) as from_token_amount
FROM swap_txns 
GROUP BY date , address_name
QUALIFY row_number() over(partition by date order by transactions desc) <= 10

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