Uniquely having integrations with almost all major DeFi applications on Solana, the logical next move for Step was to provide a dashboard with this broad range of data for our users. Step Onchain Analytics has been long in the making and we’re thrilled users can now access the early access beta.
The Analytics Beta currently offers on-chain data for SPL tokens, LPs and Farms on all popular Solana DeFi protocols. The platform is useful for liquidity providers and active yield farmers looking to maximize their edge through up to date and historical data, customized watchlists and other data not found elsewhere in the ecosystem.
Currently, the Beta platform tracks various data points such as price, liquidity and farm APYs indexed to last year.
This guide intends to help new users understand the features within the app and how they can get started using on-chain analytics to enhance their yield farming and DeFi strategies on Solana.
Below we'll provide specific details on how these tools can be used to improve one's experience throughout Solana DeFi.
The Watchlist feature allows users to not only track specific Solana token prices, but also specific markets and yield farms. All three categories have their own heading/section and can be customized to a user’s preference. The watchlist is found on the DeFi on Solana page.
-Use the “Add Asset” star icon whenever present to add a token, market or farm to your watchlist.
-To remove an item from your watchlist, click the highlighted star in the left column.
Results from the Search bar will include tokens, farms and on-chain markets.
The search bar is always located on the top left of any page. After typing in your search terms, click the best suited result from the search suggestion drop down.
We’re looking for the SAMO token, so we’ll click on the first result to bring up details and on-chain data for SAMO.
Upon landing on the SAMO token page, we immediately see the following:
Token Description - A description of the token and/or project it’s associated with.
Price - Historical token price as a linear chart with multiple timeframes.
Add Asset - Clicking this star will add the SAMO token to our watchlist on the Defi on Solana page.
Next, we can click the Liquidity tab to see total token liquidity and its on-chain distribution indexed back to last year. Change the timeframe in the upper right corner. Currently, it's set to one month.
We’ve also added SAMO to our watchlist by clicking the Add Asset star.
The Liquidity tab shows the total on-chain liquidity for SAMO and the top five largest liquidity pools comparative to one another. This is a useful top-down visualization of the token’s TVL (total value locked) throughout the ecosystem and how it trends between DEXs over time.
Scrolling down on this page, we can see all tradable On-Chain Markets/Liquidity Pools for this token, and additionally all current DeFi Farms incentivized with reward tokens.
Some useful practices with these lists, include sorting by Liquidity, 24H fees generated or current % APY. This feature can be used to track down the most profitable pools or farms to generate yield on tokens you hold, or for finding new LPs to integrate into farming strategies.
Let’s click onto the SAMO/USDC on-chain market as highlighted above, to see the data available for this specific liquidity pool on Orca.
For this Orca SAMO/USDC market, we can see the historical TVL, as well as the changes in the pool’s APY over time. The APY on Orca Whirlpools fluctuates significantly with trading volume and fees generated to the DEX and its liquidity providers.
The Value tab is the pool’s historical TVL and proportions of the tokens within. Like most other charts within the Analytics App, the timeframe can be adjusted in the top right corner.
Alpha: If you notice a sudden inflow of $ value to the pool it’s likely the APYs will decrease. This is because the trading fees the pool generates will now be distributed between more capital than before.
Keep tabs on those whales!
The APY tab is the only place on Solana where you can visualize changes and trends of yields through the historically indexed data. This, paired with the Value tab, can be a powerful tool for active farmers rotating capital around to maximize their yields.
Some liquidity pools will have additional incentivized Farms which earn additional rewards on top of trading fees through staking LP tokens.
The Lido incentivized stSOL/USDC pool provides additional LIDO and RAY reward tokens for supplying liquidity and then staking theLP tokens on Raydium.
From the stSOL/USDC on-chain market, we can see the available farm underneath and click onto its Farm page.
The Farms page is similar to On-Chain Markets, as it will show historical APY data and TVL.
The main difference is the Value tab displays the proportion of LP tokens staked vs. unstaked, as an additional layer of data to the token composition found on the markets page.
Farming incentives will usually run for a set period of time and savvy LPs will often move their capital around to follow different reward programs and initiatives.
We’re excited to roll out more features to the Step On-Chain Analytics app throughout the year and very happy to provide free early access to the beta.
As this is a beta, there likely will be bugs.
For any feature requests, bug reports or platform feedback, please come into the Step Discord and let us know!