About the editor: Spencer Noon is Co-founder & General Partner at Variant Fund. Web3 founder looking to connect? Reply back to this email.

Coverage on Solana NFTs, BONK, Jupiter, Magic Eden, and Solana DeFi.

• Along with many other cryptocurrencies lately, Solana has seen its fair share of price swings on its token. Nevertheless, when looking at Solana NFT transactions, increases in the average trade size become clear, both in terms of US dollars and # of SOL.

• Despite the recent news of DeGods and Y00ts migrating off of Solana, they are still showing strong sales numbers. Y00ts is now the 2nd highest volume collection of all time, passing Okay Bears which now ranks 3rd. ABC has also been showing strength lately and is now the 4th highest volume collection of all time.

• Solana NFT wash trading peaked towards the end of 2022, but has quickly declined shortly before the new year. This is not uncommon behavior as traders look to book capital losses before the end of the year to lower their tax burden.

• Orca is used by both professionals (market makers, institutions, arbitrage, etc.) and retail users. Close to 30k unique users executed $BONK trades on Orca in a single day, reflecting Orca's position in the community and interest in $BONK.

• ~90% of $BONK trading activity has been executed on Orca. These trades were executed across more than 50 pools and on 34 distinct token pairs. Users are able to deploy $BONK pools for less than 0.3 SOL. It should be noted Orca market share for $BONK includes volume originated on Jupiter.

• Orca plays a central role in Solana DeFi. Many other protocols engage with or are composed directly on top of Orca. Kamino, for example, is an automated liquidity management protocol that places liquidity in Orca's pools. Kamino liquidity accounts for more than 50% of TVL on Orca's BONK-SOL pool.

• Jupiter is the dominant liquidity aggregator for Solana. Since launching on November of 2021, Jupiter has done over $27b in trade volume from over a half a million users. Recently, the $BONK craze has driven lots of trading activity for Jupiter, even more than before the FTX collapse. This volume pushed Jupiter to be the #1 most used project on Solana, recently peaking at 41% of Solana's daily non-voting transaction volume.

• $BONK has also dramatically increased the number of users trading on Jupiter per day by over 4x from around 8k DAU to a peak of 41k DAU in a very short period.

• Jupiter recently launched Limit Order trading, which fills orders using Jupiter. Bonk has been a driver of new limit order users, growing DAU by 12x to a peak of 903 DAU. Many of these users converted to using limit orders for trading other tokens.