Orca & Jupiter

Orca is the easiest way to exchange cryptocurrency on the Solana blockchain. You can exchange tokens with minimal transaction fees and lower latency than any DEX on Ethereum, all while knowing that you’re getting a fair price. Additionally, you may provide liquidity to a trading pool to earn a share of trading fees.

Jupiter is a key liquidity aggregator for Solana, offering the widest range of tokens and best route discovery between any token pair. They aim to provide the most friendly UX for users and the most powerful tools for developers to allow them to easily access the best-in-class swap in their application, interface or on-chain programs.

5 most popular swaps SOL:

At the first, we can see the 5 most swaps Sol on Orca Based on the number of successful swaps.

As expected and according to the chart, the most popular swapped cryptocurrency is USD_coin(47.2%). The point here is how to put GST(23.1%) in second place. Of course, this can also be attributed to the significant growth of StepN game.

After that, the chart of Jupiter can be seen. Here, stable coins are in the first place, too, but with the difference that USD_coin is highly regarded by users and is in the first place(83.5%) by a large margin compared to the rest.

Total volume per day (Orca & Jupiter)

I will now examine the swap volume on Orca and Jupiter platforms. The period under review is from January 1st, 2022, until now.

According to the chart above, I can say that an average of 40K Solanas swapped daily. Also, according to the peak points of the chart, which occurred on January 7th and 22nd, etc., it is clear that users were more inclined to swap in the second half of the week. Also, considering that the top cryptocurrencies for swap are stable coins, we can conclude that users have tried to manage their investment risk over the weekend.

On the 22nd of Feb, according to the chart, the swap volume is zero; at first, I thought it was related to a problem related to platforms, but it was not. After a bit of search, I think it's missing data.

Also, let's look at the daily price chart of Solana. We see that on February 2nd, the price of Solana has decreased by 7.4%, which is in accordance with the above chart, in which a large amount of Solana has been swapped and the highest volume in the period of January 1st. Until now.

According to the swap volume in the Jupiter platform and its comparison with Orca, it seems that the Jupiter platform has been used more. The average daily volume on the Jupiter platform is about 55K.

Similar to what was said about user behavior during the week on the Orca, this is also true here, and users swap their cryptocurrency to stable coins at the end of the week to manage risk.

Volume of the 5 most popular swaps SOL

I show the daily volume of the 5 most popular swaps SOL for a better understanding of the role of the stable coin!

By the volume of Solana swap to GST, it is clear that since the beginning of 2022, the volume of GST has increased with the increase in StepN users. So that on March 11, the volume of GST has exceeded the volume of USD_coin.

The above chart shows that the Jupiter and Marinade platform have a good partnership. Let's consider the popularity based on the volume of transactions. We can say that mSol had the highest volume of transactions after USD_coin.

Swap Success Rate (SSR)

Finally, I determine the swap success rate daily to compare Orca and Jupiter.

Based on the chart, Orca has almost 45 percent SSR on average. Based on my experience, When the number of users using the platform increase, the number of successful transactions decreases and vice versa.

Comparing the SSR for Orca and Jupiter, I can say Orca has a better function here. Jupiter's SSR has gradually decreased, which is not suitable for a platform at all.