Try Quests to earn SOL$DUST token
Introduction:
DUST token is issued on the popular and fastest-growing Solana Blockchain. It was created with a starting zero supply.
By staking two NFT collections, DeGod and DeadGod, we can mine $Dust tokens. Every DeGod has access to mine 2.5 DUST per day while every DeadGod can mine 7.5 DUST per day.
Questions
- How is $DUST being used in the Solana ecosystem?
- What are its most popular use cases and where are buyers of $DUST coming from?
- Highlight at least 3 metrics showing $DUST trends in Solana.
Solution:
To answer this question, I used solana.core.fact_swaps table. The contract address of $Dust is equal to DUSTawucrTsGU8hcqRdHDCbuYhCPADMLM2VcCb8VnFnQ.
As you see, $DUST swaps volume, the token associated with the popular Solana-based NFT project, is up to around 900% since the last week of August. This follows the announcement that Dust labs, the group behind the $DUST token and the DeGods NFT project, will be using it as part of their latest mint. The name of this NFT collection is yoots that is created by the creators of DeGods.
The cost of the mint is 375 $DUST, equivalent to $1061.25 according to the DUST Price at the mint date (Sep 2nd). There will be 15,000 y000ts, with around 10,000 allocated to DeadGod holders and others hand selected by the team through these “Scholarships.” It's clear that these factors were responsible for the increase in swap volume for this token in late August and early September.
During yoots mint, the volume of the swap on Jupiter was more than Raydium. Of course, as a whole, the swap volume of this token in Jupiter has been more than that of Raydium almost all the time, except for June and July.
In August, the number of daily accounts actively trading $DUST jumped around 4x from 800 to over 3600 accounts. As more @y00tlist spots are revealed, whitelisted users need to hold/purchase 375 $DUST to proceed to mint their NFTs.
What about the two spikes in activity at the start of August? Our best bet: Major events revolving the launch of @y00tsNFT. Here’s a quick timeline of events following the metric.
Aug 3rd: Scheduled @y00tsNFT release, interrupted by the wallet draining phenomenon.
Aug 7th: Actual @y00tsNFT twitter release.
The above announcement causes spikes in daily swaps volume, swaps count, and unique swappers charts on Aug 3rd and Aug7th.
Overall, in all three metrics, Jupiter is a head of Raydium.
These three charts show the above metrics (volume, transaction count, and unique swappers) separately for swap from and swap to $Dust token.
The blue line indicates the swap from and also the orange line indicates the swap to.
So in other words, when the blue line is on the orange line means most DUST tokens are swapped to other tokens and vice versa.
Let’s see for each left chart.
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Daily volume:
The fact that the blue line is higher than the orange line in this chart means that users are more inclined to swap their $Dust to other tokens. Totally, it means that a larger volume of $Dust has been swapped into other tokens than other tokens have been swapped to $Dust.
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- Daily tx count and Daily unique swappers:
The orange line is higher than the blue line in this chart. This means most of the transactions are related to swapping from other tokens to $DUST.
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In the end, we can conclude that although more people are buying $Dust, the volume of sellers is more. So have to be very careful because whales are sellers.
The first two charts show top 10 tokens that users swapped them to $Dust based on volume and transactions count.
As you can see in both top three tokens are same. $Sol, $Usdc, $Usdt are respectively.
The second two charts show top 10 tokens that users swapped their $Dust to them based on volume and transactions count.
As you can see in both top four tokens are same. $Sol, $Usdc, $Usdt, and $Forge are respectively.
This chart shows the top $Dust holders.
My purpose of represent of this chart is show important wallets have most number of tokens.
These wallets are $Dust whales and can impact on token price.
Here, I find the distribution of $Dust among holders.
As you can see:
- 27.1% have between 100 and 1,000 $Dust.
- 23.6% have between 0 and 1 $Dust.
- 23.4% have between 10 and 100 $Dust.
- 20.5% have between 1 and 10 $Dust.
- rest have more than 1,000 $Dust.
It is also predictable that although the number of people who have less than 1000 $Dust is more, the majority of the number of tokens is in the hands of those who hold more than 1 million $Dust.
The above charts show the top wallets received most $Dust based on volume and transactions count.
The above charts show the top wallets sent most $Dust based on volume and transactions count.
In this chart, you can see the above information as a whole.
Conclusion:
In this dashboard, we went deep on $Dust token. As mentioned Dust can be generated by staking a DeGod or DeadGod NFT. Otherwise, you can purchase $Dust in the secondary market. To purchase, you need to use a Solana decentralized exchange such as Raydium or Jupiter Aggregator (In this case Jupiter is mostly used).
In recent months, $Dust has been used the most as the mint cost of another NFT collection from the creator of Degods Collection. To mint NFT from this collection, 375 $Dust tokens were needed, which caused the growth in price, swaps volume, the number of transactions, and unique swappers of this token in decentralized exchanges.
