Jupiter airdrop moves Solana DEXs to exceed Ethereum in day-to-day trading activity Oluwapelumi Adejumo · 3 weeks ago · 2 minutes checked out
Jupier airdropped $700 million worth of its JUP tokens to almost a million wallets.
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Upgraded: Feb. 2, 2024 at 1:54 pm UTC
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Solana-based Jupiter airdrop has actually created considerable enjoyment, driving decentralized exchange (DEX) trading activity on the layer1 blockchain network beyond that of Ethereum.
Information from DeFillama reveals that Solana-based DEXs helped with trades amounting to $1.14 billion in the last 24 hours, going beyond the roughly $1.13 billion traded on Ethereum-based platforms throughout the exact same duration.
This accomplishment highlights the impressive development and prevalent adoption experienced within Solana’s DeFi community, catching the crypto neighborhood’s attention. Significantly, last December marked the very first circumstances of Solana DEXs surpassing Ethereum, moved by increased memecoin and stablecoin activity.
While the day-to-day figures show Solana’s short-lived lead, it’s important to keep in mind that the weekly deal volume of Solana-based DEXs stands at $6.113 billion, somewhat routing behind Ethereum’s $7.852 billion.
Jupiter airdrop
On Jan. 31, decentralized exchange aggregator Jupiter carried out a notable airdrop, dispersing roughly $700 million worth of its native token, JUP, to almost a million wallets. The trading platform is the most dominant procedure on Solana, helping with trades worth $11 billion in January.
Its airdrop gathered considerable attention from the crypto neighborhood, resulting in fast listings on significant central exchanges like Bybit and Binance. On its very first trading day, the property saw a remarkable volume exceeding $1.4 billion, moving the token’s worth to a peak of $0.72 before settling at $0.62 since press time, according to CoinMaketCap information.
On-chain detective Lookonchain determined 3 airdrop individuals who generated over $1 million in gains. These people got a cumulative airdrop of 5.5 million JUP tokens, valued at an approximated $3.6 million, dispersed throughout roughly 27,600 wallets.
The launch and airdrop of Jupiter’s token considerably improved activity on the Solana network. Especially, the web3 wallet Phantom reported extraordinary traffic levels, tripling the overall volumes seen after the current WEN meme token launch.
Blockchain analytical company Artemis supported this, mentioning that the anticipation of the airdrop had actually driven active addresses on Solana to more than 1 million earlier in the week.
In spite of the rise in activity, Solana’s network showed extraordinary stability, eliminating issues of possible downtime that had actually pestered it in the past.
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