Daily Fees

Daily Rev

# Jupiter Ecosystem Growth Analysis
This dashboard provides a comprehensive overview of Jupiter's ecosystem growth on Solana, focusing on key performance indicators (KPIs) such as swap volume, user activity, transaction trends, and market share. The aim is to identify accelerations or slowdowns in adoption and understand the drivers behind Jupiter's expansion.

## Jupiter Aggregator: Core Swap Volume and Financials
Jupiter is primarily known as a leading DEX aggregator on Solana. This section focuses on its core swap volume and the fees and revenue generated from these activities, providing insights into its operational performance and market traction.

**Insight: Swap Volume Trends**
This chart displays Jupiter Aggregator's daily swap volume. Significant spikes indicate periods of high trading activity, often driven by market volatility, new token launches, or specific ecosystem events on Solana. Analyzing these trends helps in understanding user engagement and demand for efficient swap routing.

Jupiter Aggregator: Weekly Fees & Revenue

**Insight: Fee & Revenue Generation**
These charts illustrate the weekly fees generated by Jupiter Aggregator and the portion retained as revenue. A healthy trend in both metrics signifies strong product-market fit and sustainable growth. Discrepancies between fees and revenue can highlight changes in fee distribution or operational costs.

## Solana Ecosystem: User Activity and Throughput
As Jupiter operates on Solana, the health and growth of the underlying blockchain directly impact its ecosystem. This section examines Solana's active users and transaction throughput as proxies for overall ecosystem adoption and activity, which are crucial drivers for Jupiter's growth.

**Insight: Ecosystem Adoption**
Solana's daily active users and transaction count are vital indicators of network health and adoption. Growth in these metrics suggests a thriving environment that can fuel Jupiter's user acquisition and transaction volume. A slowdown here could signal broader ecosystem challenges.

## Jupiter Sub-Protocols: Liquidity and Depth Changes
While direct 'token liquidity and depth' metrics are not available, Total Value Locked (TVL) in Jupiter's various sub-protocols serves as a strong proxy for the capital committed to its ecosystem. This section highlights the TVL trends for key Jupiter sub-protocols, indicating their liquidity and growth.

Jupiter Sub-Protocols: Weekly TVL Trends

**Insight: Sub-Protocol Liquidity**
The TVL trends for Jupiter Staked SOL, Jupiter Perpetual Exchange, and Jupiter Lend reflect the capital depth within these specific components of the Jupiter ecosystem. Growth in TVL indicates increasing trust and utilization, which are crucial for maintaining robust liquidity and supporting larger transactions.

## Jupiter Aggregator: Market Share of Solana DEX Volume
Understanding Jupiter's position within the broader Solana DEX landscape is critical. This chart visualizes Jupiter Aggregator's market share of total DEX volume on Solana, providing a competitive context for its performance.

Jupiter Aggregator's Market Share of Solana DEX Volume

**Insight: Competitive Positioning**
This market share chart reveals Jupiter Aggregator's dominance or growth within the Solana DEX ecosystem. A rising share indicates successful competition and increasing user preference for Jupiter's routing capabilities. Monitoring this metric is key to assessing Jupiter's strategic impact on Solana DeFi.

## Detailed Metrics for Jupiter Sub-Protocols
This section provides a deeper dive into the individual performance metrics for each of Jupiter's key sub-protocols, covering TVL, fees, revenue, volume, and token-specific data where available.

# Yield-Bearing Token Overview
This dashboard provides a comprehensive analysis of the specified yield-bearing tokens, including their current yield opportunities, historical price performance, and market capitalization trends.

**Yield Opportunities:** The table above displays the current APYs and other relevant metrics for the selected yield-bearing tokens. This allows for a quick comparison of potential returns across different assets.

**Token Performance Insights:** The individual charts above provide historical data for each token's price and market capitalization. Analyzing these trends can help in understanding their market adoption and stability.

12 stablecoins spanning the full spectrum of the **$292B market**. Q1 2026 is a story of radical divergence: yield-bearing tokens (USDY +70%, USDG +53%, USDS +37% in 90 days) are capturing institutional inflows, while crypto-collateralized USDe has shed 43% of its supply — the sharpest contraction since TerraUSD. USDT/USDC hold a 91% duopoly, yet stablecoin transaction volume crossed **$7.5 trillion** in March 2026, surpassing the US ACH network for the first time.

| Stablecoin | Market Cap | 30d Δ | 90d Δ | Mechanism |
|---|---|---|---|---|
| USDT | $189.7B | +3.1% | +1.9% | Fiat-backed |
| USDC | $77.7B | +0.1% | +8.0% | Fiat-backed |
| USDS | $8.3B | +2.3% | +37.4% | Crypto-backed |
| DAI | $4.7B | +2.5% | +1.0% | Crypto-backed |
| USDe | $3.8B | -36.3% | -43.0% | Crypto-backed |
| PYUSD | $3.4B | -11.1% | -10.9% | Fiat-backed |
| USDG | $2.3B | +35.2% | +53.1% | Fiat-backed |
| USDY | $2.1B | +33.3% | +70.4% | Fiat-backed |
| reUSD | $169M | -9.3% | +44.7% | Crypto-backed |
| AUSD | $156M | +5.0% | -12.4% | Fiat-backed |

Stablecoin Market Dashboard — April 2026

Market Cap Distribution

30-Day Supply Growth (%)

USDT vs USDC — 90d Supply Trend ($B)

Mid-Cap Stablecoins — 90d Supply Trend ($B)

90-Day Supply Growth (%) — Yield-Bearing Leaders vs Crypto-Backed Laggards

**The Two-Speed Market:** USDT and USDC collectively hold 91% of tracked supply but are near-stagnant (USDC +0.1%, USDT +3% in 30 days). All the momentum is in the remaining 9% — $26B — where yield-bearing and RWA-backed issuers are compounding rapidly. Yield-bearing stablecoins grew 22% category-wide in Q1 2026 and drove over half of all net supply growth.

**The Ethena Inflection:** USDe's -43% supply collapse in 90 days is the dashboard's loudest signal. The delta-neutral model delivered 20%+ APY in bull markets, but funding rates have normalized. Ethena's strategic response is USDtb — a T-bill-backed product — signaling a deliberate pivot toward lower-risk, institutional-grade collateral.

**RWA Takeover in Progress:** Ondo USDY (+70%), Global Dollar USDG (+53%), and Sky USDS (+37%) all benefit from real-yield narratives and transparent T-bill/RWA backing. USDC captured ~80% of organic on-chain volume in Q1 2026 — its highest share since 2019 — as institutions prefer regulated rails over offshore structures.

**PYUSD Under Pressure:** PayPal's PYUSD is down 11% in both 30d and 90d windows despite a 70-market expansion in March 2026. The GENIUS Act regulatory risk to its 4% yield model creates structural uncertainty even as distribution scales. This is the rare major stablecoin losing supply in an otherwise growing market.

📊 Analyst Commentary

Ethena's USDe is the delta-neutral synthetic dollar backed by ETH and BTC perpetual short positions. Supply has contracted from ~$6.6B (90 days ago) to ~$3.8B today (-43%), driven by normalizing funding rates reducing yield attractiveness. Ethena is now diversifying: **USDtb** (T-bill backed, growing) and **tsUSDe** (tokenized staked USDe) expand the product suite beyond pure delta-neutral mechanics. Monitor funding rates as the primary leading indicator for USDe supply direction.

⚡ Ethena — USDe, sUSDe, USDtb

Sky is the standout success story in this dashboard. USDS is up **+37% in 90 days** and **+9.6% in a single week** in early April 2026, now holding $8.3B in supply. The rebrand from MakerDAO appears to be working: yield incentives via sUSDS are drawing liquidity, and DeFi integrations continue to expand. Combined DAI+USDS supply (~$13B) makes Sky the third-largest stablecoin ecosystem globally. DAI itself remains stable at $4.7B — the two-stablecoin strategy (stability via DAI + yield via USDS) is proving effective.

🌤️ Sky (MakerDAO) — DAI & USDS

Tether dominates with $189.7B in USDT supply — **65% of the 10-stablecoin basket** and ~58% of the total $317B market. Despite Q1 2026 marking its first quarterly supply decline since 2022 (-$3B, primarily from Ethereum outflows), Tether remains the dominant force in emerging markets and on Tron ($85.5B), where it functions as the de facto digital dollar. The KPMG audit is the most-watched catalyst: a clean audit report would be a major confidence signal that could reignite institutional demand. Revenue from T-bill reserves continues to generate substantial fees for the issuer.

💵 Tether — USDT

Ethereum hosts the deepest liquidity across all tracked stablecoins (USDT $84.7B, USDC $51.4B, DAI $3.6B, USDe $2.9B, USDS $7.8B). Tron is USDT's stronghold with $85.5B — matching Ethereum's USDT supply — driven by low-cost transfers for emerging market users. Solana has emerged as the third-most important chain (USDC $7.9B, USDT $3.5B, USDG $1.1B). Base is growing fast with $4.5B USDC. The multi-chain expansion of USDG, USDY, and AUSD signals the yield-bearing stablecoin race is becoming a cross-chain battle.

🌐 Chain Distribution — Where Stablecoins Live

*A brief look at the TVL of projects making the weekly cut on Volume*

TVL Metrics

Extended TVL

*Analyzing the profitability of the protocol*

Fees Metrics

Fees Comparison

Analyzing the various usage of perps based on active positions

Open Interest Metrics

- Most perpetual DEXs with massive volumes are also showing surging TVLs, but I believe that volume alone isn’t a reliable metric for measuring growth.

- A key observation on TVL, though, is that spikes are often driven by incentivized campaigns. That’s where opportunities lie—sorting for projects with TVL between $1M and $10M can help you spot newer Perp protocols worth paying attention to.

- Fees are another strong indicator, since they reveal how much a Perp is actually earning. The next step is to study how its token captures value from those fees.

- Finally, Open Interest stands out as a real signal of user activity. Just note that some platforms like Hyperliquid, Aster, and EdgeX also offer products beyond perps, so OI should be interpreted in context.

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