Questions

This article is written to answer the following questions

Create a dashboard for Swim on Solana including at least the following metrics (add anything else you find interesting):

• Total Volumes
• Total unique users
• Most popular destinations from Solana
• Most popular stablecoins and non-stablecoins traded over time

Approaches

We try to observe how this protocol works by actually using it; bridging every token as possible.

One of the difficult part is to find token addresses, some of them is named Unknown even on Solscan, we have to try sending tokens one by one, which is quite troublesome.

From our observation, we find that

• when we bridge tokens into/out of Solana using Swim protocol, the wallet interacts with Wormhole Program and Memo V2 Program.
• In this work, we will consider only Tx volume and tokens value that are sent between chains (Solana and another chain); not include LP tokens and swap Tx inside Solana chain.
• we try to filter Tx from these conditions, and use obtained token addresses to analyze performance token by token, chain by chain, as will be presented afterward.

Binance Smart Chain (BSC) (Stable coins)

• BUSD
• USDT

Avalanche Chain (Avax)

• USDC
• USDT

Ethereum Chain (ETH)

• USDC
• USDT

Polygon Chain

• USDC
• USDT

Aurora Chain

• USDC
• USDT

Fantom Chain

• USDC

  \

Karura Chain

• USDC

Binance Smart Chain (BSC) (Non-Stable coins)

• GMT (STEPN)
• GST (Green Satoshi Token)

Conclusions

From the presented analytic information, we can conclude that

• Total Volumes of each chain are shown above, all total volume in is about 82M USD, while total volume out is about 47M USD.

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• Total unique users is about 21.19k.

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• Most popular destination from Solana is Binance Smart Chain, in term of both value and Tx volume.

  • and Tx volume graph of BUSD and USDT(BSC) is very similar to Daily new number of Swim users graph, this indicates that new users are likely to start using Swim by bridging to/from BSC.

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• Most popular stable coin is USDC as the only token that exists in every chain, and has the most Tx volume and value compare to other tokens (USDT) in the same chain.

  • However, if we do not compare chain by chain, BUSD (BSC) has highest value and Tx volume among all tokens.

    \

• Most popular non-stable coin is GST, in term of Tx volume. However, in term of total value is quite hard to tell, but roughly GST is better because

  • there is 500k GMT (out of 560k GMT) incoming on the first day, we think this is just for liquidity providing, should not include for popularity.
  • so, amount of GMT is is about 2-3 times lower, and average price of GMT in past 2 months is about 10 times lower than GST price. GST price, GMT price

Number of Swim users

Number of new users had been increasing until the end of March 2022, and then stay low until now.

Value sent into Solana chain

Value sent out of Solana chain

Number of Tx sent into Solana chain

Number of Tx sent out of Solana chain

BUSD (BSC)

USDT (BSC)

USDC (ETH)

USDT (ETH)

USDC (Polygon)

USDT (Polygon)

USDC (Avax)

USDT (Avax)

USDC (Aurora)

USDT (Aurora)

USDC (Fantom)

USDC (Karura)