Jupiter Infrastructure AMA Series with Solscan and Vybe Network

Jupiter Infrastructure AMA Series with Kha from Solscan and Truffle Panda from from Vybe Network

Episode description:

In this episode of Exploring Solana with Jupiter, we have guests from Vybe Network and Solscan as we talk about onchain data. Together with your host, Ben Chow, let’s talk about one of the key and important infrastructures for any Web3 ecosystem. If you liked this episode, don’t forget to subscribe and show your support to Exploring Solana with Jupiter by rating us 5 stars.

Episode timeline:

[00:34] - Ben greets the listeners
[01:25] - introduction of Solscan
[02:34] - introduction Vybe Network
[03:47] - What got you started in analytics?
[06:17] - Why is data important for Web3
[07:51] - What’s the number one problem you’re solving in Solana
[13:23] - What could people do if you can have more real time data?
[16:17] - What are the past challenges you had to overcome to get to where you are now?
[18:09] - What are you doing in terms of storing and retrieving data?
[20:53] - What are the different ways you support the development of the ecosystem of the market?
[24:50] - Are there some things that you see a lot of people latching onto
[30:35] - Was there anything surprising from the data or trends or the data you didn’t expect?
[31:10] - Why does it make sense for Atrix mango and these others to be the volume leaders?
[39:40] - Are you guys seeing any shadowy group that’s trying to hack the analytics and data charts. Are you doing anything or do you have to do anything to try and combat that?
[45:31] - Shares and Updates

To learn more about Kha and Dassy, follow them on Twitter:

Kha :mag_right: (@NguyenTheKha)
Truffle Panda (@dassy23_)

AMA Transcription

[00:00:00] VO: Hi, welcome to Exploring Solana with Jupiter. I’m Ben Chow, one of the co-founders of Jupiter and the host of this podcast. For those who don’t know, Jupiter is the key swap aggregator and infrastructure on Solana, giving you the best price swaps for any token and with almost 10 billion in trade volume and representing 2% of Solana’s daily transactions, we are one of most popular DeFi protocols on Solana.
So, in this AMA series, we’ll talk with key crypto folks in the Solana ecosystem and deep dive into the important topics, prompts and stories of the day.

[00:00:34] Ben: All right, let’s get started. Hey everyone, I’m really excited to have soul scan and vybe network here today the chat about onchain data and analytics which I think are one of the key and important sort of infrastructure for any Web3 ecosystem and really excited to dig in with guys. So we’ve got a great crowd truffle, just in case you missed it. We are both hosting on Twitter spaces and live streaming to the Jupiter community in the discord and we’ve got a fantastic turnout with over a hundred people. So, uh, this should be fantastic.
All right. So the question I always ask everyone who comes on is for people who don’t know, uh, do you mind sharing a bit about yourself and sort of what, how you got started with your respective projects? Cod, you want to go and kick it off?

[00:01:25] Solscan: Sure. So, we have been working on Solscan for uh, over a year now. Uh, and we, uh, uh, we started off, uh, uh, at the beginning of, uh, of last year at the middle of the , of the pandemic. Uh, and it has been an amazing journey for us, uh, develop, uh, very, very fast.
And, uh, luckily our products, uh, appreciated by the community and, uh, we got the, uh, the initial investment and currently, uh, we came up with pretty much a lot of ideas to dig deeper into the Solana data. Uh, we already have the block for working through well, and, um, we want to understand further on personal data, uh, and, uh, to also it, uh, to the, to the community and to contribute to the development of the whole ecosystem.
Uh, and, uh, I work mainly on the product side, uh, and then coming up with our own, the features that you can see on, on the side right now. Um, so yeah, that, that, that’s how we started, uh, and, uh, uh, where we can, uh, uh, what we will do in the near future.

[00:02:34] Vybe: Awesome. Um, yeah, I could jump in next. Um, yeah. So how I got started was kind of random.
I heard about Serum before I heard about Solana, which is funny. Um, I worked as a, uh, an Algo Trader at a Crypto Exchange back in late 2017. And, um, I worked with order books a lot. So I thought it was really interesting that there was, uh, a limit order book on shape. Um, I didn’t really understand how that was possible because I didn’t know that there was like the scalability of Solana.
And then from there I figured out that, okay Solana scales pretty well. I should start building stuff on this. Um, yeah, just continue to build analytics got some traction. Yeah. Uh, I invited three of my friends to join along and they were all super down for it. So yeah, we started building vybe network.
We’re kind of building a bunch of tooling to allow anybody to access real time data and historical data. Yeah, pretty easy. Like we want to make it so that there’s like a, a web to experience on lot three and yeah, we have a bunch of stuff out there right now. We have real-time account aggregations filters, sorting.
Um, we’re doing event indexing for anchor events, uh, or working through account indexing to which should be released pretty quick and a bunch of analytics products that are on the roadmap coming out soon.

[00:03:47] Ben: And I’m just curious, you know both from a product, and maybe a personal level, like what made you, what made you both decide to kind of get started in analytics? I mean, were you doing that beforehand?

[00:04:01] Solscan: Yeah, sure. Uh, so for me, the, uh, firstly. Uh, let’s go back to, uh, when I first, um, try to learn something about Solona because uh, obviously we, we just see in the whole crypto space, we have a lot of blockchains and uh, they are like most of them uh, like UVM comfortable and um, some are related to Ethereum from, from first place.

But Solana is something really different, uh, when it really talks to me quite a while, a few weeks to really understand what it is and then take me much more time to understand, really understand how Solana works. Um, uh, and, uh, it is really different from Ethereum, but it works very well. Um, so, uh, so I was very convinced about the, uh, the future that Solana can we make to all of us, the crypto space. Um, however, it comes up with some trade off. Is that like the, uh, because the chain working so efficient it is too fast. Uh, so, um, so we, we have a lot of, uh, of data going on on the chain, but it is really hard at the same time, we are analyzing the data and coming up with a chain.
Um, um, uh, so that, uh, there are some, some challenges at first. Then I think that, uh, if we keep on going, uh, on those data then we can have some cognitive advantage over some other folks that have been the expert on data from UVM compatible, uh, blockchains, you know, when they come to Solana. Uh, and I think that is, uh, how we, uh, uh, we decided that, uh, we will go deeper into Solana uh, on-trend data.

[00:05:45] Vybe: Yeah. I can echo that the throughput on Solana is, is crazy. Um, it’s a fun challenge though. Um, yeah, the data question for me, um, Yeah. So my previous job was a Big Data Engineer at a Music Label. I’ve always been interested in data and just doing like what’s going on and who’s doing what, and with public blockchains, it’s pretty cool cause you can see everything and you know, everything. So it’s like going in there building the pipes, um, and getting all that stuff set up and then you kind of have like access to kinda everything, I guess.

[00:06:17] Ben: Yeah, thank you. Before we, You know, I, I think, uh, Cod you really forced out on a really good topic which is technical challenges but you know, I just want to share why I think like data’s so important especially for Web3, for me like one of the most powerful things about Web3 is like building out in the open and that like you can clearly see what’s going on with projects, uh, because it’s all, it’s all there on the chain.

And I think, um, what makes , you know, uh, data, uh, you know, on train explorers, um, a lot of analytics so important is that a lot of that is not as accessible to sort of the average person, but like, you know, the more we make that user-friendly and the more accessible it becomes, I feel like it’ s a great tool for people to counter a lot of the FUD that you hear, uh, around a lot of projects and you know, really get at you know what’s the what’s really going on and, you know, what are the really cool things that people are really doing, you know, or what’s really attracting people.

So I’m really excited by what you guys are doing and honestly like you know, we do our own, and I’ve said this to you guys, uh, probably privately before but like with Jupiter, we’re doing our own. We have our own onchain crawler and we, we push, we publish out our own stats, but, but I would love to, uh, you know, be able to outsource some of that work and then, uh, really provide even more richer data, uh, for users and other projects uh, so that they can build better on top of us.

Uh, you know, that said, why don’t we dig into the technical challenges of, you know, running I would say like a data business in Solana is throughput, really the number one problem that you guys are solving. Are there other, other things that you find difficult?

[00:08:11] Solscan: Well, I think there are a number of challenges when working with data in Solana. Firstly, as you said, I think the speed of the chain is obviously one of the things that we find as the most struggling, um, because, uh, there are so many things that is happening at the same time on Solana so, we really have to find a way to analyze the data while keeping up with a chain. So that is, the number one thing and the second one is that I think we are still very early in this place it’s like one to two years and all the programs are also not really standardized. And, uh, some of them is not really open source.

So we really have to understand each of those programs, like on the AMMS and probably takes graters, lending and borrowing protocols. They have different way to approach, that’s technical challenge. From that kind of point of view we really have to understand those programs that in order to extract the meaningful data because we know that all the data is on the chain right? But we really need to understand those data bit by bit and, and we have to talk to those programs of those projects. And if they are open enough and they won’t send us, uh, how they construct their program and then we can understand it and then we can read from the chain and then bring it out to the visual images and some numbers that we can show on the west side. ’
So I think that is a technical challenge as well and as some others things are like, sometimes the programs choose to, they can upgrade their program as well. So we also have to change our analysis following those.
There are a couple of things that will have to do with, uh, along the way, but I think those are some of the main challenges that we need to overcome in order to show the meaningful and accurate data to the users.

[00:10:15] Vybe: Yeah, we actually have a lot of the same, uh, same problems here make sense but, uh, I think serializing the data in a standard format and I think the IDL format for anchor has been a big help for that, because that just makes everything a lot easier for us. Also the cost of infrastructure to run a, like a petabyte scale data system is pretty big. Yeah, and just getting like a intuitive understanding of the different apps like if you’re not a financial person, you kind of have to become one.
Um, like there’s just so many different applications and things going on. That’s like, yeah, that’s a challenge, but they’re all, they’re all fun challenges for sure.

[00:10:52] Ben: I agree. I actually think that anchor, has done a lot to help kind of address some of the standardization in the or make it easier to deserialize the data as there is no standard, but I dunno what the adoption is for anchor yet, but I, I notice, uh, not, not everyone is using it or I’m not able to pull the IDL from everything.

[00:14:14] Solscan: Yeah, I think that, that they are a couple of reasons why the projects decide to use two anchors and I think the number one reason is, is not really to, uh, open up their programs later on. Um, but I think that the number one reason is that, uh, is the anchor is going to have them to reduce their attempt to develop their programs like few times even 10 times, uh, anchor is so easy to use and it saves them a lot of time to code and as a result, many of them is anchor already, but not all of them decided to open up their idea of a currency.
We only have about, I think about under 10 programs already about the idea. Um, since we have a, all of them automatically pass on, so scan. So, uh, so we know who they are.

[00:12:07] Ben: Oh, interesting. So of the 110, I mean, how many others, like what coverage is that? 30% or so 20% the projects you think?

[00:12:17] Solscan: Actually, I don’t know because if they don’t admit that they use anchors, there’s no way that uh, uh, on the ankle website, um, there are some of them publish the audio over there over the built like a few hundred Pilcher over there. But I think some programs that I do multiple builts. Uh, so it’s not really a great indication.

[00:12:41] Vybe: What we’re doing actually is we’re going when we can’t find it on the anchor, um, site, we just go get hub repo by getting a repo and just build them and then emit the IDLs and use it that way. Um, but there’s yeah, there’s not a lot out there.
Yeah. I hope the Solana ecosystem gets past the sort of, um, competitiveness and more and more projects at least decided to open source their, um, their ideas. I mean, because it’s just, you’re not getting program. Right. So it’s not like web two and a backend, a proprietary backend, you know, like anyone can really, you know, figure it out and, and, you know, decide to use your program.
So you might as well. I just feel like people might as well just open up and, you know, be more compostable.

[00:13:23] Ben: Cool. Cool. Cool. Cool. Now I just want to ask with regards to, um, the idea of, uh, you know, real time being an issue. You know, for people who don’t know, like, you know, why, why is that important? Uh, say versus historical, like, you know, what, what, um, uh, what, what could, what could people do if you can have more real time data?

[00:13:46] Vybe: Yeah. I mean, traders would probably know. Um, but you want to make decisions based off what’s happening right now. So if you have like, real-time access to that data, you can, you can make decisions or your bonds can make decisions on stuff. That’s a big thing and just, uh, yeah, it’s just nice knowing what’s happening right now like at this moment. Um, without that delay,

[00:14:04] Solscan: I think we are, we can take a look at, uh, other stuff uh, on the, um, success and failed transactions on Solana to know, like recently I noticed that, uh, there, uh, pretty high rates of, uh, failed transactions on Solana and with your other, uh, it is because of the bot. Uh, if you guys can take a look at, uh, even like Jupiter’s translations, you can see that there are a lot of bots going, uh, and one of the things that those bots being possible, we said they base a lot on, uh, on the real-time data about, of all the token price and in some of the, uh, number of, uh, of the blockchains. And so I think that the real time data is, is enable a lot of, activities , on the chain, both positive and sometimes negative, the bottom liquidated people and things, but then it enabled a lot of activities on the blockchain.

[00:15:02] Vybe: Yeah. I just want to add to that because we work very closely with, um, Lyft, Affinity and Cream. Um, actually it affinity has a really great blog post on, you know, a recap of what has happened since they integrated with Jupiter. Uh, but we’ve sent them a lot of volume I think. Since, uh, since I started maybe less than since we integrated with them less than a month ago, uh, we’ve sent them over 92 million, uh, in volume and, and they only have the TVL of around 2 million, I think.
But the interesting thing about that in terms of real-time data, is that there, uh, you know, I don’t know if this is as useful for, um, you know, an everyday trader, but. But, uh, um, because they’re concentrated liquidity pools rely on, uh, pith for, um, uh, you know, as a price Oracle, uh, it turns out that the speed of which the price updates, uh, that they’ve received from pith, uh, dramatically changes how well their can market make and because , the actual what’s interesting is that the return on their pool. Uh, one of the differences for why one pool has a lower return than another is actually just on that speed alone. Uh, the speed of pricing updates

[00:16:17] Ben: Cool. So let me ask for these challenges, are these, like the things you’re currently working on, are there certain other challenges that you’ve sort of, or past challenges that you had to overcome to get to where you are now?

[00:16:28] Vybe: Yeah, I can jump in on that. Um, I think just getting like an intuitive understanding of how the data works on Solana was a big challenge at first and then figuring out that, like how to deserialize everything like we’ve automated that as much as we can on our end, um, with the real time, uh, account state data, but at first, like that was like a huge challenge for us. Um, The major one right now, though, it’s just, the throughput is just huge I feel like a broken record on that, but, um, once you can get those pipes kind of solidly laid, then, uh, everything kind of becomes easy after that. So pretty much just a deserializing and handling throughput are the biggest ones for our …

[00:17:10] Solscan: To add into that, I think that not, we all know that there are a lot of things that we can, uh, we can understand, we can get it out from the Solana on-trend data but the chain data is, is really complex. There are a lot of things that can we get from that and the format is not really easy to understand. I think we, uh, we both have, uh, different approaches to how to understand solar on our data and, uh, so sort of the time, uh, then gradually things get easier to understand with the works from chop 14 from five network from two analytics and a source can as well. So we, we have different approaches, but I hope that, uh, uh, in the next few months or probably given few weeks, and then we can release something to, uh, to the public so that everyone’s going to have a better understanding about Solana and how to get out the data that they want from the chain.

[00:18:09] Ben: Awesome. Awesome. You know, this is kind of like a minor geek question for me that I’m curious about given the throughput and all this you know, the, I guess, pesticides date um, uh Datascope , what are you doing? Like, are you having to do anything unique in terms of storing that data and being able to kind of retrieve it or is that one of the challenges you’re, you’re kind of trying to tackle?

[00:18:34] Solscan: I think the, uh, the whole Solana, geneticists sitting around like I think 25 to 30 a terabyte, and I think it is increasing quite fast, a few terabyte by per month. Um, so, so it is a pretty big challenge for us. Uh, when we, uh, screening on those. Uh, huge data. Uh, but I think it’s, uh, with, uh, proper indexing, we can reduce this, uh, quite a lot. Like I think up to, uh, like we can say even 70 to 80% of, uh, data storage, uh, so thing. Uh, so I think one of the things that we are doing right now is to try and to index the whole chain, like working back in time, uh, time to get all the data being organized and I think into, uh, into the beginning of last year. So we already have one year being organized already. Uh, and from those, uh, organized data, we can get a lot of, uh, meaningful insights, um, from, um, like trading data, NFT data and so that’s how we can show it to the, to the users.

Yeah. We’re kind of taking a bit of a different approach to it. We’re storing all the serialized data and then as we distribute that data out to different parties, we, um, to serialize it on the fly. And so we store like a more compressed version of it. Um, and then as we decompress that we can distribute it to other people’s databases if they want.

[00:20:06] Ben: Got it. So, so the, so basically the data that you have is, is not really IQueryable until like you deserialize it and it’s, you’re kind of relying on other partners to, to store the kind of IQueryable data, is that correct?

[00:20:20] Vybe: Yeah. We’re um, yeah, we’re kind of like a, uh, a distribution of, of data is kind of how we think about it. Um, especially with the historical, with the real-time stuff, it’s IQueryable and accessible. But, uh, yeah, we’re trying to grow it or network where we have parties join on. They host that data, they custody it and then people can query that data and then there’s a feed mechanism built into it. Um, so that way we can, we can store like long-term serialized data, but also have the availability of deserialize data for, for users to use.

[00:20:53] Ben: Got it. Got it. And you know, from, from your perspectives, what are the different ways do you think that support the development of the ecosystem of their market, um, or is there types of onchain data that are more useful for, um, for the ecosystem work, maybe even in general? Like how do you see yourself supporting like the ecosystem?

[00:21:17] Solscan: Uh, yeah. I, um, I think that, uh, When we’re talking about data, we’re talking about understanding trade. When we don’t really access to the Solana data, everything, we probably will have products like, uh, swapping borrowing lending, um, but then, uh, to get a proper insight so that we can make the decisions, and we have to look at the historical data.

Uh, and that’s when all those charts and all those insights is, is really important too. Uh, so that we can, uh, we can make good decisions, profitability decisions. Uh, so I think what now what we are doing right , here is not only a business but it’s is also something that we can have other people to make better decision in their investment or in productivity.

Um, so that’s why, uh, at some scan we were trying to understand the chain. And then after that, we opened up our data that we already, uh, have, uh, um, over 10 IPI. So a public advantage opened up to everyone to use so that they can understand the chain, better, understand their projects, better their accounts better so that they can make better decisions, uh, on their own.

And now we plan to open even more data to the public, um, like, uh, some training data and, uh, some more data that we are working on and we hope that, uh, with those supports, then everyone can have benefits from that.

[00:22:51] Vybe: Yeah. I was an early user of the soul scan API. It’s been great working with them on that. Um, we also just, yeah, I think the best way we can support is just opening up data. Um, we have, uh, open API for serum data candles, trays. Um, we recently released a, um, a lead board for serum as well. So you can see kind of, uh, who’s doing what, who has the most volume of good whales are, I guess.
Um, we also have an API for, uh, I believe 24 programs onchain right now. Uh, so you can query the state of those programs right now. Um, some of those include like a drift zeta yeah and a switchboard and a few others. Uh, but yeah, I think just, yeah, making data open and accessible, easy to use is the best way you can help

[00:23:41] Ben: I’m going to say like when Jupiter.

[00:23:47] Vybe: Yeah. I think a lot of people are very curious about, I mean we get requests all the time for, um, you know, the breakdown of our volume and traffic and trades. So, uh, um, I think a lot of people are keen on that, on that kind of data, actually, actually just to share a little bit on that, um, uh, we’re starting to do more and more interesting integrations.
So, um, I can’t talk in too much detail yet, but we’re, you know, like I, I would say our concentrated liquidity pool is, is one. Uh, but there are a lot more interesting integrations that aren’t just liquidity sources. I mean, different types of liquidity sources. So, uh, uh, that we’re starting to, um, to work with.
So the routing is going to get very interesting and I think there’s going to be a lot of really interesting data, um, for people to kind of pull out, you know just to see what you know where, where, where will the volume go? Like, what are these new liquidity sources are going to be facilitating best price swaps or trades.

[00:24:50] Ben: Cool. Uh, you . Know, so I, I’m kind of curious, like, based on the data that you’re seeing or, or like the usage, what do you think has been most useful for people who are using. Uh, your services or, or the data, you know, like what, you know, for someone who’s just maybe just using soul scan or someone looking at, uh, some of the analytics dashboards that you guys provide, um, the vybe provides, uh, you know, are, are there, are there some things that you see a lot of people latching onto as, as, uh, you know, they’re finding it very useful for them.

[00:23:47] Vybe: Uh, yeah. Uh, so far the most active API we’ve seen is the Serum one, um, candles and, uh, and volume per market. So I think that’s people like that we’ve been hearing from a lot of teams, um, that, uh, WebSockets for order books would be great. So that’s something that we’re kind of coming up with soon-ish um, yeah.

[00:25:47] Solscan: Uh, if a little bit more and more diverse because we will, uh, we offer, uh, quite, uh, quite a number of, uh, uh, public API, uh, and, uh, and from my, my observation is, uh, uh, the guys related to NFTs being, get a lot of traction recently but people want to call to see, um, to get the details of the NFTs. Uh, and, uh, they, they want to see that the pictures, uh, metadata, uh, vanities, many of the users is requests for the, um, turning data of the NFT’s but, uh, we, we have those, we are working on those, but we are not open yet because it is not really completed, uh, from our point of view. Um, uh, but then, uh, there are a lot of, uh, of interest on that one. Uh, we also have the defeat attire, uh, as well. Like we, uh, we have some, uh, trend data from, uh, um, most of the, uh, measure, uh, IMC the market.

Serum uh, radium, um, uh, mango and, uh, all kinds of most of them. Um, so we will be, we also want to open those data as well so that people can build upon that. Um, but then, uh, currently like they use in most of the public from Solscan creatively.

[00:27:10] Ben: This is kind of interesting. It sounds like you’re seeing a little bit more like a general Solana user demand because you see more interest in, uh, NFTs and the like, and whereas like, you know, truffle, it sounds like yours is more of the hardcore DeFi user? Is that, is that it, or is it maybe because you mostly interface with other projects sort of protocol?

[00:27:30] Vybe: Yeah. I mean, kinda thinks I’m different, but I think sol, hands kind of like the face of Solana.
Like when you, when you go to Solana you kinda, you see SolScan, like we linked to soul scan on a lot of our stuff. We’re kind of more focused with devs teams and providing tooling for dev teams um, that could be it. And we’re not as marketed out as, as solscan can I guess that might be it. I don’t know you might have a different perspective.

[00:27:52] Solscan: Yeah. I think that, uh, in our team we always monitor the, uh, the market to see what are peoples interesting right now, uh, because, uh, a you can see that there are a lot of. Um, interest among the NFT’s communities, caviar games, there are some apps going on. Uh, and, uh, and if you take a look at the, uh, of the data of the translations on much occasion, the site is going crazy.

Uh, so, um, so we, we just try to coping up with, uh, with those demand from the market, uh, and, uh, and working on those, uh, entity data. But then I think truffle esteem live by network is more other than a few sites where they offer a lot of, uh, data for know, for the trading, uh, users. Uh, and I think that’s why, uh, uh, the generally is, is going to, uh, take a little bit of, uh, on the chatting related. IPI so I think those are like different approaches.

[00:28:52] Vybe: Yeah. Let me, that makes a lot of sense. I mean, honestly, like, even though I think the DeFi user basis is probably small. It’s smaller than an NFT and gaming. The leverage on data is so, so huge, you know, and I, I know like, uh, I expect like the next wave since, you know, there’s this there’s been this a lot of, um, Oh derivatives, uh, and launches and new protocols around that.

Like, I, I feel like a lot of traders are going to come in, um, Durham traders who want to come in and they, you know, obsess over more of the rich data that, uh, you know, vybe, you’re working to provide.

[00:29:33] Solscan: Yeah. I agree. A residency that there are quite a lot of new protocols we’re working on the derivatives. Like we have a Zeta Catalin. A number of others uh, and I think, uh, yeah, that there could be a very interesting training in the next few months and we are, we are also looking on how those try to understand their data as well. Uh, but it is quite complex. I, I can tell here, um, it’s super complicated.

[00:30:05] Ben: So I’m like bashing my head against a wall, trying to understand a lot of these things.

[00:30:13] Vybe: Just on that alone. I feel like there’s so many reasons to be bashing your head. Yeah, no, I, I, I remember when I first got into this space and, and, uh, I, uh, I had, uh, I’m, I’m actually fairly new to the Defi space, uh, myself and so the learning curves have been pretty steep, but like pretty awesome we could definitely go down the rabbit hole of data and learning…

[00:30:05] Ben: Cool. You know, I’m curious, like anything surprising you’re seeing from the data or the trends in the data that you didn’t expect.

[00:30:44] Vybe: Yeah. I mean, um, one thing that I recently saw, uh, we released this, uh, um, volume leader board on, on Serum. I thought it would have been, like, I thought the leaders would have been more market makers, but it’s actually like Atrix mango and raydium, which it kind of makes sense.
But, um, I thought it would have been like just market makers kind of, um, kind of making all those markets, but it’s actually just other protocols composing, which is cool.

[00:31:10] Ben: Okay, can you, can you, uh, do you mind going into that a little bit? Like why, why does it make sense for, for Atrix mango and these others to be sort of the volume leader?

[00:31:20] Vybe: Yeah. The more volume, more volume on serum. We’re totally searing that, seeing that right now. Um, and, uh, yeah, I guess, I guess we’ll see over time, what happens with that, but, uh, Yeah, we’re super bullish on serum and we think it’s like the core building block and, uh, I’m just like, ah, I love order books, so I might be biased on that, but, uh, yeah.
Um, it’s going to be exciting to see how this plays out over the next year or two. Yeah, I would say that the, a book is fantastic for capital efficiency and, uh, you know, I think it’s, it’s, it’s just a little bit more intimidating for someone who’s not so deep into DeFi or just, you know, you’re just a normal, um, maybe gaming or NFT user…

[00:32:07] Solscan:K Sure., um, from my side, I also see that serum it’s very important. It’s, uh, in the, in, uh, in the Solana ecosystem and when we took a look at the Solana data, it is really confirmed like, uh, uh, the liquidity on the room is, is very, very attractive. Uh, and it is like the, the, uh, the base ground for many other projects in, uh, to flourish on it.
Uh, but I, I also take a look at, um, uh, uh, NFT data and we have something that has surprised us. Like a coming back, like a few months from now, uh, when the, when the NFT on. So now I just, just started with some like very initial projects, like, uh, uh, uh, Solana business, uh, monkey business and, and those collisions, like very initial one.
Uh, then, uh, we monitor the other, uh, the whole ecosystem to see like what, um, NFT marketplaces is dominated one, uh, and the, the position I flipped a very quickly and now we can see them as you get in is number one but back then they will have a Solana artist that is very, very famous at the first few months.
And then out of nowhere and magic I didn’t coming in and then they start getting tractions. And within, just like about, I think on month and a half or so electing they go into that domain 60 over 60% of all the transitions that happen about like, uh, obvious 60, 70% or all the trips happening, uh, in, uh, uh, Solana so I think at that time was a surprise to us, uh, in the team when we see that trend.
Now, if you will go into, um, Solscan and go into the attic dashboard and see on the reason trips, you will see that most of them are from Michigan, which is a very interesting to follow that’s it

[00:34:08] Ben: That an incredible point actually, because you know I think early on, in fact, you know, I remember when digital eyes, you know, really had a lot of, uh, mind Mindshare and I think volume and then, uh, but you know, there, there there’ve been several players and to see one just come out and dominate, you know, it’s pretty interesting, you know, and I, I think, I think what that, to me, what that means is that, um, you know, I feel like there’s just a lot of opportunity. Uh, you know, if, if, um, if you want to, you know, come out, you know, like, just because someone is first, does it mean.

You know, there’s no opportunity where you, you know, you, you can’t offer something different or, you know, you know, operate in such a way to, to, you know, move quickly to, to capture people’s attention and mind share and, and, and volume, you know?

[00:35:02] Solscan That an incredible point actually, because you know I think early on, in fact, you know, I remember when digital eyes, you know, really had a lot of, uh, mind Mindshare and I think volume and then, uh, but you know, there, there there’ve been several players and to see one just come out and dominate, you know, it’s pretty interesting, you know, and I, I think, I think what that, to me, what that means is that, um, you know, I feel like there’s just a lot of opportunity. Uh, you know, if, if, um, if you want to, you know, come out, you know, like, just because someone is first, does it mean.
You know, there’s no opportunity where you, you know, you, you can’t offer something different or, you know, you know, operate in such a way to, to, you know, move quickly to, to capture people’s attention and mind share and, and, and volume, you know?
Yeah, totally agree. I think that the top is the opportunity to build something big on Solana is unmatched with any on comparing to on any other chain that can, in some other, even compatible changes, it’s very hard to, to compete with, uh, on the giants already in the place, you know, to this web and, uh, uh, where own and coffee and things like that. It’s very hard to compete with those guys, but on some also in, uh, at this moment, I think that there’s still a lot of opportunities.
For the newcomers who have the original ideas and who can work hard and, uh, using, uh, some, uh, uh, having their own way of approach the problems and they can do something and get big pretty quick, like in a matter of weeks or months.

[00:35:52] Vybe: Yeah. I think, I think, uh, what’s exciting for me too, is that, uh, you know, given, you know, so on as like high transaction speeds, you know, low gas fees and whatnot, you can really build super sticky dApps. And I think people are hungry for, for, for good, good user experiences. You know, that, that work super fast. You know, I mean, this is something that we get feedback from, from our users who like Jupiter is that, you know, we’re one of the, and we spend a lot of time on this, but we’re, we’re one of the fastest, easiest to use.
So like, you know, people kind of rely on that. I think in some ways that contributes as much to our usage, then their, our ability to find the best price.

[00:36:33] Solscan Yeah, I think Jupiter is definitely one of the success story on the Solana space like if, uh, I think you guys has been a launching for only a couple of months, right.
And now volume is like a really big, I don’t know what it is. I don’t know the number that is obviously very big.

[00:36:53] Ben: Yeah. Yeah. We actually just recently passed 9 billion in total trade volume. We have to throw like a party at some point. Like, you know, we, we haven’t done it yet. We haven’t done it yet. Uh, I keep thinking like, maybe we’ll do it at 10 billion, but I think that’s a Testament to the fact that, you know, if you built a really good product, people are going to use.

Quite often, uh, on Solana, you know, and you can do that because the gas fees are so low, you know, doing transactions are so fast. Like there have been times actually that our volume, our all time highs and our volume has passed power swaps volume, you know, and that’s just because a lot of retail traders can trade a lot of people there, there are people doing boss, you know, I mean, you know, just tons of transaction volume, you know, uh, that isn’t really something you see on a Ethereum

and, and, and I th I think that’s what. I mean in part like attracts me to Solana, you know, we can build some really cool, really cool dubs and I, I guess, I guess it highlights maybe what, you know, truffle, like you as solscanner are tackling, which is sort of this real-time analytics, right? Like that’s going to be super important moving forward.

[00:38:06] Vybe: Yeah, definitely. Um, yeah, just to echo that on, on Jupiter too, it’s just like a breeze to use it. Um, that’s why I like using it. Um, and even like the guy I’ve been in the, uh, in the blockchain space since 2017 and, um, and I really only dove into like, decentralized, like Web3 recently because, um, I, I was thinking like, if I was to build something on, on Ethereum and, um, it was successful, it would kind of fail in the long run because like, you just wouldn’t be able to handle the amount of users.
So, um, that’s kind of one of the biggest reasons that, that like vybe thing got started is because like Solana can handle like scale and, and lots of users and a good user experience. But, uh, yeah, we’re, we’re excited for the future here on Solana.

[00:38:54] Ben: Cool man. Cool. Uh, all right. We’re getting close to the end. I wanted to throw out one, uh, one topic that I think is, uh, you know, fairly interesting, uh, around data and that’s, um, this idea of, uh, and actually we’ve seen this, I don’t know.

I don’t know how many people are know this, but like definitely projects. Uh, I feel like every project gets hit up by these don’t know, black gray had growth hackers promising to get your token on the trending list, like on coin gecko or maybe solscan or something. I feel like I see the new, new, uh, crypto projects that have like an obscene amount of Twitter followers that like, I’m like, I just don’t know how it’s actually could be possible or real that they have this number of followers in such a short time.

Uh, especially for like some Defi projects, but, um, you know, so I feel like there there’s like, you know, this, this shadowy group that tries to game or our hack, uh, you know, the analytics or the data, data charts. Are you guys seeing any of that on your end? And, and are you doing anything or have to do anything to sort of kind of combat.

[00:36:33] Solscan: Yeah. Think all this matter, then it happens to some skin, more than many others and projects that we, uh, we have, uh, can, uh, training search right. Uh, and, um, we, we only like. It’s about 10, 10 projects. We help you a lot, the bots on some scans. And, uh, there are many other, there are many projects that are trying to gain the run and trying to, to get, get the projects being put onto the one and we, uh, we have to work ourselves, uh, Uh, to some way of, uh, of limitations. Uh, but, uh, but I think that, uh, it is something, uh, we hope that, uh, uh, that the general users do not really rely on that to, to, to make their decision to buy or to sell a certain token. It’s just, uh, just a number that we’re trying to show that, okay, this is, uh, the, um, uh, the tokens that’s being viewed a lot for recently.

Uh, and, uh, we refresh that one, like every year… Uh, hour and 24 hours as well. Um, so, so we, uh, we’re trying to, uh, to keep the one being honest about the, uh, how many times the tokens is being, uh, being such by different IPS and, uh, and stuff like that. And trying to, to make that one, uh, saving, um, meaningful data to the users.

Um, but then I think that there’s still people trying to get into the one trying to get there a few minutes of same. Um, um, but then I think normally it’s gonna just last for, for about maybe one, one to two days. And when we noticed that and then, uh, uh, we want to just change our way of calculating that. Uh, and, uh, uh, beside those, uh, uh, those data then because of the Solana transaction fees so low, uh, so there are entire number of projects on, so trying to make a lot of transactions, um, so that they can, uh, create the impression that, uh, there are their programs being used a lot and things, but I think that the whole ecosystem going to gradually people will recognize that, okay, Uh, the number of transaction is not really an indication of the good quality projects and things.
And so I think this one evolve, uh, with, uh, with the whole ecosystem when people, um, uh, when the knowledge of, uh, of the whole crowd being better than, uh, on those in great hack the right hacking is not become meaningful anymore and I think it is, it’s just part of the other space. We can never get rid of all of them.
We have to accept those, like to some degree. That’s my opinion on that.

[00:43:01] Vybe: Yeah, that’s interesting. I haven’t seen as much of it, uh, just from where we are, but, uh, I have seen some kind of, um, I guess, volume faking on, on markets, on serum, just like buying your order back and forth. You can kind of tell just by like, it’s usually like the same amount that gets bought every like couple seconds over and over again.

I kind of saw the same thing when I worked at, um, and an exchange doing, uh, market-making there too. But, uh, yeah, I guess it’s just gotta be careful out there and, uh, try not to get burned.

[00:43:35] Ben: Yeah, actually, uh, I really appreciate it what both of you said, I feel like if I were to sum up a little bit, um, and, and just, just to, just to clarify what Kyle was saying too, for everyone who kind of missed it, uh, you know, solscan trending, uh, is based on, uh, people who view the token page and, and, you know, there have been other projects who want to, if they want to gain that list, they can have bots view the page and, and solscan is actively doing things to filter out based on IP and whatnot, to try to get to a real, uh, a more real, um, uh, like a signal of interest.

But I think how you said something really, really interesting, uh, which is the all these tactics are sort of very short term, right there. They’re sort of like your day in the spotlight or something. And, um, I feel like that’s, that’s a pretty good, that’s a pretty good way of thinking about it is that like, you know, over time, uh, you know, these tricks don’t work and, and I think over time, you know, good projects get better and projects that are just focused on trying to game the system, just end up like, you know, Uh, you know, falling by the wayside or getting outed.

Uh, and so that’s, I feel like, um, you know, that’s a really nice way of, and maybe a simple way of, of sorting through, you know, what are, what are like quality, quality projects that you want to invest in, uh, over the long run.

So we’re, we’re just about up at the hour, mark. Uh, thanks guys. I think you’ve shared a lot of really good perspectives. Uh, is there any last things you want to share? Um, uh, for our audience right now, uh, any exciting updates coming out in the near term, uh, things you’re really, uh, uh, excited to share that maybe you haven’t. Yeah,

[00:45:31] Solscan: I think that, uh, uh, I just wanted to share with people is that, uh, like solana ecosystem is really something different and there are a lot of people exciting, uh, and motivated, uh, to, uh, to build, uh, uh, the real new financial system out of it uh, and, uh, the, the, the technical side, uh, there are a lot of, uh, talented developers working around, uh, around the cloud to deliver a new stuff in new projects and new, uh, new approaches. Uh, To the problems that we are having. Um, so even in the market, uh, like, uh, now it’s not really, uh, uh, as good. Um, but then, uh, we are still building and, uh, and we hope that, uh, if, uh, if you are researching, so now if you’re already building something, uh, then, uh, let’s work together.

It’s like, uh, from SolScan, we have a lot of things that we already been built in the last year and we can offer it if we can ask for some support, some help, some data, if you need, then if you need anything, just let us know. Uh, you can, uh, just say, get me directly or go into some scan discord, uh, um, uh, also scan, uh, tutors. And, um, then you can just DM or what you need to, we can talk about that.

[00:46:55] Vybe: Yeah, likewise, just to any dev teams, um, it’s still super early. There’s lots to build, um, uh, hit us up. Uh, we’d love to help any way we can.

[00:47:05] Ben: Awesome. Well, thanks a lot guys really, really appreciated, uh, again, you know, big fans of what you guys are doing.

I think we share a lot of the same beliefs, you know, Solana is uh, there is a lot of growth, uh, to be had, and we’re just at the very beginnings. Anyway. Thank you everyone for showing up, we had an amazing turnout. Uh, I believe over over 130, people showed up in the discord. Uh, we’ll find out with Twitter soon.

Uh, you guys have been fantastic and, um, um, hope to see you in the next.

Thank you everyone.

[00:47:36] Solscan: Thank you very much

[00:47:38] Vybe: Have a day, cheers!

[00:47:42 ]VO I’m Ben Chow and you’ve been listening to explored Solana with Jupiter. Thank you so much for listening. If you enjoyed this podcast, subscribe and let us know with rating.

Definition of terms:

  • Serum - Serum is a decentralized exchange software built on Solana where cryptocurrencies can be bought and sold by traders
  • UVM - The Universal Verification Methodology (UVM) is an open source SystemVerilog library allowing creation of reusable verification components and assembling
  • FUD - FUD is another commonly used piece of technical jargon found within the crypto world, and is an acronym for the feelings of “fear, uncertainty, and doubt”. The term itself refers to a particular mindset that is pessimistic in nature, when it comes to a certain asset or market.
  • Cream - The CREAM token allows users to lend, borrow, stake assets and help govern the network, allowing them to vote on assets to support or delist.
  • Chop - Chop Zone is a trading indicator that assists crypto traders to conclude if the crypto market is irregular (trading sideways) or not irregular (trading within a trend in both directions).
  • IQueryable - IQueryable is suitable for querying data from out-memory (like remote database, service) collections.
  • Candles - A candlestick represents the price activity of an asset during a specified timeframe through the use of four main components: the open, close, high and low.
  • Raydium - Raydium is an Automated Market Maker (AMM) and liquidity provider built on the Solana blockchain for the Serum Decentralized Exchange (DEX).
  • Mango - Mango is a decentralized, cross-margin trading platform with up to 5x leverage with integrated limit orders on Serum DEX’s on-chain order book.
  • Truffle - Truffle is a world-class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier.
  • Defi Space - DeFi is a trustless application, meaning the applications are not controlled or hosted by a central party such as a bank or a government.