Summary
- Over the past week, the protocol’s volume decreased by 22.23%, averaging $326.6M per day, compared to $420.0M on average in the three weeks prior.
- In the same span, SOL’s price increased by 1.15%, ETH’s price increased by 0.84%, and BTC’s price increased by 7.78%. JLP increased by 1.61% vs. the JLP basket’s 1.44%, representing an outperformance of 0.17% for LPs relative to the JLP pool’s underlying assets.
- Jupiter traders’ aggregate realized PnL increased by $279.7K in gross terms and decreased by $2.1M in net terms due to their long-favored exposure. Traders’ cumulative unrealized PnLs, meanwhile, increased by $1.8M this week.
- Introducing Edge by Chaos Labs: Edge emerges from stealth. Over the last two months, the Edge Oracle Network secured more than $30B volume as @JupiterExchange’s primary oracle.
Protocol level
JLP pool
The JLP pool grew in nominal terms this week, with SOL & WETH deposits rising while WBTC balances held steady.
The pool’s composition also hemmed close to target, & utilization rates remained stable.
JLP Market Comparison
JLP price increased by 1.61% over the last week. In the same period, BTC increased by 7.78%, ETH increased by 0.84%, and SOL increased by 1.15%.
Given the JLP pool’s weightage:
- SOL - 45.23%
- WBTC - 10.77%
- WETH - 9.37%
- USDC - 25.75%
- USDT - 8.89%
JLP’s basket price increased by 1.44%, reflecting an outperformance of 0.17% for JLP holders thanks to fee accumulation.
Volume
Volume decreased by 22.23% on Jupiter in the past week compared to previous weeks, averaging $326.6M per day, compared to $420.0M on average in the three weeks prior. BTC’s average daily volume decreased by 23.28% over the last week compared to the three weeks prior.
SOL continues to be the most dominant market on Jupiter, consisting of 70.30% of the protocol volume in the last week, though its share continues to shrink relative to BTC.
Unique daily users
Unique daily users have been range-bound at 3K - 6K over the past four weeks.
PnL
Due to Jupiter traders’ net long exposure, their aggregate realized PnL increased by $279.7K in gross terms but decreased by $2.1M after accounting for fees. Traders’ cumulative unrealized PnLs, meanwhile, increased by $1.8M this week.
Fees
Over the past week, Jupiter’s cumulative fees were ~$2.3M, with a daily average of $324.2K, a decrease of 34.56% from $495.5K the previous three weeks.
Market Level
OI distribution
Jupiter’s traders continue to have a strong bias for long positions. There’s currently no expectation or reason for that to change.
SOL:
BTC:
ETH:
Price impact
P99 trades have paid 7.88 bps in the SOL market over the last four weeks, while BTC and ETH markets have paid 6.68 and 6.52 bps, respectively. P95 and below pay less than 1 basis point above 6 bps, the base rate, in all markets.
SOL:
BTC:
ETH:
.