Solana-based decentralized exchange (DEX) Jupiter has surpassed the combined trading volume of Uniswap V2 and V3 protocols, reaching $480 million in the last 24 hours.
Solana-based decentralized exchange (DEX) Jupiter has surpassed the combined trading volume of Uniswap V2 and V3 protocols, reaching $480 million in the last 24 hours. This surge in activity is attributed to the hype surrounding a new memecoin airdrop by Jupiter and heightened stablecoin swaps. Jupiter's trading volume surpassed that of the dominant Ethereum-based Uniswap, which saw a combined volume of $470 million during the same period.
At the heart of this trading frenzy is the "Wen" memecoin, which was airdropped to any Solana user who had interacted with Jupiter in the past six months, as well as owners of Solana's Saga phone. The memecoin was designed as an experiment by Jupiter developers ahead of the eagerly anticipated airdrop of the exchange's native token, JUP, scheduled for January 31.
While the Wen memecoin contributed approximately $50 million to Jupiter's daily trading volume, the bulk of the activity stemmed from the trading of Solana (SOL) into Circle's USD Coin (USDC) and Tether (USDT), accounting for $191 million of the total volume.
Jupiter's success in attracting trading volume highlights the growing popularity of Solana as a blockchain platform and the increasing adoption of decentralized exchanges. The upcoming JUP airdrop has further fueled interest in the platform, attracting both retail and institutional investors.
The market excitement surrounding the JUP airdrop is part of a broader trend of airdrop announcements across the crypto ecosystem. Recently, Ethereum scaling solution AltLayer announced a $100 million airdrop to its users, while Layer-2 Manta Network also airdropped its MANTA token to eligible community members.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
