Solana

Jupiter

ApeCoin

A seven-year-old defunct Ethereum-based protocol may have briefly benefitted from the $700 million airdrop for Solana-based exchange aggregator Jupiter due to its similar price ticker.
On Jan. 31, hours before the launch of Solana-based Jupiter’s JUP airdrop, an Ethereum-based token with the same ticker spiked more than 430% before plummeting just hours later. 
<a href="https://coinmarketcap.com/currencies/jupiter/" target="_blank" rel="noopener nofollow">According</a> to data from CoinMarketCap, the price of Ethereum-based JUP went from $0.005 on Jan. 30 to $0.026 on Jan. 31 before plummeting back to its current price of $0.007.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/0bbea48b-cd8e-496f-85e2-aa826ba1106e.png" alt="" title="">
 <figcaption style="text-align: center;">
 The price of a different Jupiter protocol. Source: CoinMarketCap
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Launched in 2017, the Ethereum-based Jupiter is a protocol designed for creating and hosting decentralized applications (DApps), however, its official website says the protocol is “no longer active.” 
On the other hand, the Solana-based Jupiter is a decentralized exchange aggregator that allows users to swap, place limit orders and deploy dollar-cost average buying strategies for tokens on the Solana network. 
The outsized upward price action on the Ethereum-based JUP arrived just hours before the Solana-based exchange aggregator Jupiter opened claims on its roughly $700 million airdrop to early users. 
<h2 data-ct-non-breakable="true" id="solana-clears-millions-of-non-vote-transactions-in-hours">Solana clears millions of “non vote” transactions in hours</h2>
Jupiter’s airdrop — one of the largest ever to occur on Solana — went off without a hitch, according to a Solana Foundation executive.
<blockquote class="twitter-tweet">
 State Of Jupiter: Jupuary 2024 1. Most used trading platform in defi 2. Direct 80% of organic volume 3. Most used program in Solana 4. Top 2 by vol on Coingecko 5. Most integrated platform on Solana 6. One of the top perp platforms ($1.4B volume last week) Deets:… <a href="https://t.co/UEnwgyc2eu">pic.twitter.com/UEnwgyc2eu</a>— Jupiter (@JupiterExchange) <a href="https://twitter.com/JupiterExchange/status/1752478419852599397?ref_src=twsrc%5Etfw">January 30, 2024</a>
</blockquote> 
Speaking to Cointelegraph, the Solana Foundation’s head of strategy, Austin Federa, said that the Solana network performed admirably, as it handled a total of 2.5 million non-vote transactions in the first two and a half hours of Jupiter claims going live. 
Federa said that while Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) gas fees did spike significantly at the peak of the claiming frenzy, he jokingly added that gas reached the “astronomical fee” of 0.01 SOL, roughly $1.02 at current prices. 
Federa contrasted this with the outsized gas fees paid by users of the Ethereum network during popular airdrops <a href="https://cointelegraph.com/news/bayc-s-apecoin-up-50-this-week-as-its-creator-raises-450m-in-new-funding">such as the launch of ApeCoin in March 2022</a>. 
<blockquote data-ct-non-breakable="true">
 “If you look at like the ApeCoin airdrop, which was probably the biggest hype Ethereum airdrop, people were paying $3,500 in gas fees to claim.”
</blockquote>
However, the airdrop event also saw&nbsp;<a href="https://twitter.com/sol_nxxn/status/1752796896119165167" target="_blank" rel="noopener nofollow">numerous</a> complaints from users of third-party apps such as Phantom Wallet and Solflare in the first hour of the airdrop. Federa said the issue was remote procedure call (RPC) nodes — the interface between user wallets and the network — and not the base layer of Solana itself. 
“The base layer 1 held exactly as you would expect it to during a large influx of user activity, the RPC layer was fine — mostly unimpacted — and validators kept producing blocks in the network,” said Federa. 
Related: <a href="https://cointelegraph.com/news/spanish-embassy-spotted-hunting-crypto-airdrops">Spanish embassy spotted hunting crypto airdrops on X</a>
Meanwhile, a seventeen-year-old pseudonymous crypto investor who goes by the X handle notshort claims to have raked in over $1 million from the Solana-based JUP airdrop. 
Of all eligible wallets, 41% have now claimed their JUP tokens, with a total of 566 million JUP — 57% of the total airdrop allocation — being claimed since the airdrop went live at 10:00 am Eastern Time on Jan. 31, <a href="https://dune.com/osk2020/jup" target="_blank" rel="noopener nofollow">according</a> to Dune Analytics data from Osk2020.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/72fbf3e7-5394-4669-acad-d20ec1c8ba52.png" alt="" title="">
 <figcaption style="text-align: center;">
 More than 176,000 wallets claimed their airdrop within the first hour. Source: Dune Analytics
 </figcaption>
</figure>
X Hall of Flame: <a href="https://cointelegraph.com/magazine/nic-carter-bitcoin-maxis-losing-doge-x-hall-of-flame/">Nic Carter vs the Bitcoin Maxis, ‘no regrets’ about losing $10M DOGE</a>

Traders pumped and dumped another ‘JUP’ during $700M Jupiter airdrop

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Cointelegraph

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