Ethereum

Solana

Jupiter

Phantom

The Solana-based decentralized exchange (DEX) ecosystem has recently surpassed Ethereum in trading volume, thanks to the significant excitement generated by the Jupiter airdrop. 
According to <a href="https://defillama.com/dexs/chains" rel="nofollow noopener" target="_blank">DeFillama</a>, Solana-based DEXs saw trades amounting to $1.14 billion in the last 24 hours, slightly edging out the $1.13 billion traded on Ethereum-based platforms during the same timeframe. 
A notable factor in this surge was the airdrop by decentralized exchange aggregator Jupiter on January 31, which distributed around $700 million worth of its native token, JUP, across nearly a million wallets. 
Jupiter, being the most dominant protocol on Solana, facilitated trades worth $11 billion in January alone. 
<img loading="lazy" decoding="async" class="size-full wp-image-30049 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/02/image_2024-02-02_17-35-41.png" alt="image 2024 02 02 17 35 41" width="920" height="561" title="Solana DEXs eclipse Ethereum in trading volume following Jupiter airdrop 19" srcset="https://crypto.ro/en/wp-content/uploads/2024/02/image_2024-02-02_17-35-41.png 920w, https://crypto.ro/en/wp-content/uploads/2024/02/image_2024-02-02_17-35-41-300x183.png 300w, https://crypto.ro/en/wp-content/uploads/2024/02/image_2024-02-02_17-35-41-768x468.png 768w, https://crypto.ro/en/wp-content/uploads/2024/02/image_2024-02-02_17-35-41-750x457.png 750w" sizes="(max-width: 920px) 100vw, 920px"> 
The airdrop not only attracted significant attention but also led to the rapid listing of JUP on major centralized exchanges, including Bybit and Binance. 
The token saw a remarkable trading volume of over $1.4 billion on its first day, reaching a peak value of $0.72 before stabilizing at $0.62, as reported by CoinMarketCap. 
<img loading="lazy" decoding="async" class="size-full wp-image-30048 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap.png" alt="JUP 1D graph coinmarketcap" width="1200" height="800" title="Solana DEXs eclipse Ethereum in trading volume following Jupiter airdrop 20" srcset="https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap-300x200.png 300w, https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap-1024x683.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap-768x512.png 768w, https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap-750x500.png 750w, https://crypto.ro/en/wp-content/uploads/2024/02/JUP_1D_graph_coinmarketcap-1140x760.png 1140w" sizes="(max-width: 1200px) 100vw, 1200px"> 
Lookonchain, an on-chain investigator, highlighted that three airdrop participants secured over $1 million in gains, receiving a collective 5.5 million JUP tokens, estimated to be worth around $3.6 million, distributed across 27,600 wallets. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 We found 3 airdrop hunters who made over $1M in the <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$JUP</a> <a href="https://twitter.com/hashtag/airdrop?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#airdrop</a>! 
 They received an airdrop of 5.5M <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$JUP</a>(worth $3.6M) through ~27,600 wallets!<a href="https://t.co/4ZdvVbdacM" rel="nofollow" target="_blank">https://t.co/4ZdvVbdacM</a><a href="https://t.co/iYeazm21Aa" rel="nofollow" target="_blank">https://t.co/iYeazm21Aa</a><a href="https://t.co/1UdnEXidYU" rel="nofollow" target="_blank">https://t.co/1UdnEXidYU</a><a href="https://t.co/Jtm1PqB63P" rel="nofollow" target="_blank">https://t.co/Jtm1PqB63P</a> <a href="https://t.co/fBM47zfEWG" rel="nofollow" target="_blank">pic.twitter.com/fBM47zfEWG</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1753319830068003181?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">February 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The event has notably enhanced activity on the <a href="https://crypto.ro/en/cryptocurrencies/solana">Solana</a> network, with the web3 wallet Phantom experiencing traffic levels triple those seen after the WEN meme token launch. Blockchain analytical firm Artemis noted that anticipation for the airdrop had driven active addresses on Solana to exceed 1 million earlier in the week. 
Despite this increased activity, Solana’s network maintained exceptional stability, addressing previous concerns of potential downtimes that have affected it in the past. This development marks a significant achievement for Solana’s DeFi ecosystem, setting a new benchmark in the competitive landscape of blockchain networks.

Solana DEXs eclipse Ethereum in trading volume following Jupiter airdrop

crypto.ro global

Other articles published on Feb 2, 2024

CAKE price craters 32% in January: Are February’s predictions better?

Polkadot (DOT) and Avalanche (AVAX) Holders Move to Pullix (PLX) as it Enters Stage 7 Presale Qui...

Top Institutions Holding Bitcoin Buy $860M in One Week; 3.3% Locked in ETFs

Lark Davis Shares His Exit Strategy for the 2024 Crypto Bull Run and 3 Altcoins with Bullish Pote...

Will Ethereum bear the brunt of Celsius Network’s actions

Crypto Bankruptcy Claims Platform OPNX to Shut Down

Join our free newsletter for daily crypto updates!