Try Quests to earn SOLDUST is in the Air
Introduction
- In this analysis, You will read about the $DUST token. $Dust is the utility token behind the most popular NFT project on Solana - Degods. I analyzed 3 key metrics of the $Dust token.
- Swap to and from $Dust
- Correlation between $Dust token and Degods collection
- $Dust Distribution
What is Dust?
DUST is a token issued on the Solana Blockchain, started off with zero supply. DUST can only be minted by burning NFTs or staking a DeGod NFT. DUST will first be used to purchase NFTs in the DeDAO treasury. Here are some other articles that you may be interested in: What Is a Crypto Faucet?
Analyzed By Hess - Reading Time Almost 10 Min
Method
- Swap: With the Dust token address which is DUSTawucrTsGU8hcqRdHDCbuYhCPADMLM2VcCb8VnFnQ, I extracted all swaps from and to the Dust token. We don’t have a price table for Solana. So with the swap table, I extracted the daily price of Dust and Sol.
- Degods sales: From the label table I extracted Degods addresses. Then, use them in the NFT sales table. Now we have Degods sales. I converted the sales amount to USD to understand better.
- Dust Distribution: We don’t have a balance table in Solana tables. I calculated the current balance of users with the transfer table. I calculated the inflow and outflow to a wallet. The final amount is user balances.
Dust Token
- There were two hypes in Dust Token prices. One of them happened during April. When Sol's price increased, The price of Dust increased too. But the other one happened before y00ts mint. Users had to mint Y00ts with Dust token. As you can see the Sol price decreased but Dust token prices increased from 1.1$ to 3.1$. After Y00ts mint, The price decreased again to near 2$.
Swaps To and From $Dust
Users: These days, Because of the Degods collection, the Dust token is one of the popular tokens on the Solana chain. From May 16th until June 20th, The total number of Swappers increased significantly. From daily 150-200 users, Increased to 700-900 Users. After that decreased and again before Y00ts increased to above 1K. 43% of users swapped from Dust and 56% of users swapped to Dust.
Swap Volume:
- The highest Volume of Dust swapped in the last 30 days. Some days the swap Volume increased up to 1M US dollars from and to Dust.
- Overall, About 22M US dollars were swapped to Dust and about 11M US dollars were swapped from Dust.
- At the previous hype, The swap Volume from Dust increased. During May when Dust prices decreased, The Swap Volume from Dust increased.
Top Tokens
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From Dust: The top swapped tokens from Dust based on Volume are Sol and USD.
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To Dust: The top swapped tokens to Dust based on Volume are Sol and USD too.
The Average sales amount of Degods collection in USD follow almost the Dust token prices or vise versa. When Dust prices increased the Degods sales amount increased and when decreased, the Degods sales amount decreased too.
The daily average amount of Dust transfer is around 100-200K Dust. But During the two hypes ( one on May and the other in the last 30 days), the average amount increased to 500-600K.
- A large group of holders, Hold below 10 Dust in their wallets. Almost 42% of total holders have below 10 Dust. The group of users that hold 10-100 Dust and 100-1000Dust are similar to each other. I can say nearly 50 Users are Dust whales.
Conclusion
- When Degods Sales amount increased, The dust price increased too. Before Y00ts mint, Again the price of Dust increased. These two major events impacted the Dust price.
- The majority of users sold their Dust when Dust prices decreased too much. It seems they bought high and sold low.
- Also, it seems the price of Dust follows the Degods sales.
- The large group of users hold up to 10 Dust in their wallets.
- There are 47 Dust Whales.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS
Twitter: hessaminanloo - Discord_id: hess#0890
Analyze Date: 2022/SEP/09