Introduction

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

• Offer best price swaps for your users

• Automatically stay up to date with the latest tokens and liquidity sources

• Make swaps a revenue source by adding your own platform fee to the transaction

• Set caching options to make your swap as speedy or as precise as you wish.

Method

This analysis will visualize the following on Jupiter from December 2021 until March 2022:

1. Value of USDC, USDT, and UST (wormhole) Swapped from or Swapped to

2. Number of swaps with one side of USDC, USDT, and UST (wormhole)

3. Number of daily swaps with one side of USDC, USDT, and UST (wormhole)

4. Number of stable coin swaps and Number of other tokens swaps

5. The value of stable coins swaps with each other

Analysis

Total Amount of USDC, USDT, and UST (wormhole) Swapped from

2.739B $

Total Amount of USDC, USDT, and UST (wormhole) Swapped to

2.25B $

As you can see, in both directions the USDC is the dominant stable coin in the Total Amount of Transactions, having almost 73% (2B out of 2.739B and 1.6B out of 2.25B) of the total amount. After that again in both directions, USDT is the second dominant stable coin (almost 16%) and UST has the lowest Total Amount of Transactions (almost 11%). By looking at the numbers, it can be seen that there is a big gap between USDC and USDT (1.6M in swapped from and 1.3M in swapped to) but USDT and UST are close.

Number of swaps with one side of USDC, USDT, and UST (wormhole)

From

2.603m

To

2.502 m $

Without any difference in the total amounts, USDC has the most number of transactions in both directions with 87.5% dominant (2.276M out of 2.6M and 2.187M out of 2.5M). Again USDT and UST are in second and third places respectively. In the Number of transactions, the difference between USDC and USDT is even bigger than the gap in the total amount of swaps ( 87% to 10%). Also in this category, USDT and UST are not close and they have an almost 8% gap.

Number of daily swaps with one side of Stablecoin

For a better understanding of the situation and changes in their behavior, we can analyze the total number of their transactions day by day

As you can see in the graphs since December 1st, all three of them have almost the same daily distribution but since January 14th in the From direction and January 11th in the To direction, UST started an increase in the number of transactions and it passed 1% of the daily distribution among stable coins.

Number of stable coin swaps and Number of other tokens swaps

Now it is time to compare the number of swaps with one side of stable coin

As you can see in both directions, USDC is the most swapped token. USDT is number 4 in both directions and UST is number 13 in the From direction and number 9 in the To direction. But what percentage of all Jupiter swaps are stablecoin swaps? we will show it in the following graphs:

Overall more than 50% of all the swaps in both directions contain one stable coin (52.8% and 50.5%).

The value of stable coins swaps with each other

In this table, you will see how much stable coins swaps were related to swaps between each other.

As you can see 770M of their swaps was between each other (almost 26% of 2.74B ). An interesting point is the total value of swapped UST. UST had the lowest total value of swaps in stable coins (262M) and according to our data 251M of it was swapped to other stable coins and the other 10M is swapped to the other tokens which show that on the Solana network we do not have a great use for it and after arriving UST from Terra network, most of it will be swapped to other stable coins.

Conclusion

• Currently, USDC is the dominant stable coin among other stable coins, and also it is the most swapped token in both directions on Jupiter

• Over 50% of swaps on Jupiter contain stable coins in one side of them

• Over time, with the increase in usage of UST as a stable coin, we are seeing an increase in the number of swaps with one side of UST but for now, most of it will be swapped to other stable coins

source:

https://app.flipsidecrypto.com/dashboard/usdc-usdt-ust-on-jupiter-U913kQ