The SOL Swapping On Jupiter Aggregator

In this article, we show how much SOL has been swapped for other tokens using Jupiter per day since January 1st, 2022. We also show during the same period, what amounts SOL have been added to using Jupiter each day?

What is Jupiter?

In addition to Jupiter being the first on-chain swap aggregator, Jupiter is a key liquidity aggregator for Solana, offering the most tokens and the best routes between any token pair. In addition to providing the best rates, Jupiter’s main objective is to deliver the best swapping experience for all users and developers across the entire DeFi ecosystem. Because of the high transaction speed of Solana, swap aggregation actually works extremely well.

The tweet regarding Jupiter can be found below.

https://twitter.com/JupiterExchange/status/1448306201444306946?s=20&t=qiFNzHZb2aeogRvVK-FrmA

This tweet explains what all other key Jupiter features are in addition to integrations.

Our current analysis focuses on how much SOL has been swapped for other tokens using Jupiter per day since January 1st, as well as how much SOL has been added as a result of swaps using Jupiter per day, and if we observed any spikes during the analysis.

Let’s start by looking at the below graph which shows the daily amount swapped away and swapped to SOL tokens. A maximum of $332.26K was swapped away on January 24, 2022. A maximum of $192.03K was swapped to on January 24, 2022. February 3, 2022 saw lower swapped away amounts than normal, and January 24, 2022 saw higher swapped away amounts than normal.According to the graph, Total Swapped To Amount is also below normal for January 8, 2022, and above normal for February 2, 2022, and January 24, 2022. In our chart, we see that the swapped away and swapped to figures spiked on January 24 and February 2, 2022.

As can be seen from the following graph, the daily volumes of SOL in USD have been flowing from swaps on Jupiter since January 1st, 2022.

The graph below illustrates the top 5 tokens that each day are swapped to get SOL from Jupiter. The lowest Swapped To Amount is $553.72 (Saber Protocol Token (Devnet) (SBR)) and the highest Swapped To Amount is $1.01M (USD Coin (USDC) ). The highest amount to swapped was $119.4K in January 7, 2022. This is the result of a substantial amount being swapped by Marinade Staked SOL (mSOL). Swapped to Amount decreased by almost 45% between January 1, 2022 and February 20, 2022. Based on swapped amounts, the trend is downward. In Lido Staked SOL (stSOL), the trend was upward. In USD Coin (USDC), the trend was downward.

Graph below shows the percentage view of the top 5 tokens which are received each day by using Jupiter and swapping SOL tokens. Additionally, the popularity of the Tokens used in Jupiter to obtain SOL tokens can also be seen below.

USD Coin flow -> SOL (USDC) and Marinade Staked SOL -> SOL (mSOL) accounted for nearly three quarters (78.54%) of the total Swapped Away amount. Among all the Swapped Away Amounts, the lowest is $553.72 (Saber Protocol Token (Devnet) (SBR)->SOL) and the highest is $1.01M (USD Coin (USDC)->SOL). IThus, USDC Coin(USDC)->SOL are doing more and more swaps to get SOL Tokens on Jupiter and stay in a top position. The Marinade Staked SOL (mSOL) is the second most popular token used to get SOL tokens on Jupiter.

Note: mSOL tokens represent your staked SOL tokens and are rewarded when you stake SOL tokens in the Marinade protocol. In addition, you can use mSOLs in DeFi to gain access to your staking rewards while receiving your staked SOL.

from the below graph we can see the weekly popularity of tokens used to get SOL tokens on Jupiter .In terms of total Sol Tokens, the lowest amount is $553.72 (Saber Protocol Token (Devnet) (SBR)->SOL) and the highest amount is $1.01M (USD Coin (USDC)->SOL). A maximum of $380.52K Sol Tokens was observed in W4, 2022.

As can be seen from the above analysis, there are a couple of spikes on the swapped away and swapped to SOL tokens on Jupiter. We can see there were more swaps on Jupiter for USD Coins (USDC)->SOL during the Jan 23-29, 2022 week. It might be responsible for the spike on the swaps on January 24. There were more swaps on Jupiter during the Jan 2-8, 2022 week for Marinade Staked SOL. It could account for the spike on January 7, 2022. And also from the analysis we saw these 2 tokens were the popular tokens used to get SOL tokens on Jupiter.

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