Jupiter Exchange's Trading Volume Hits $480M, Fueled by Wen Memecoin & Stablecoin Swaps
Summary:
Jupiter, a Solana-based decentralized exchange, recorded trading volumes over $480 million within 24 hours, significantly outpacing Ethereum-based Uniswap. Much of this activity was due to a new memecoin airdrop, "Wen", and a surge in stablecoin swaps. The rush comes before the expected release of Jupiter's own native token, JUP, pegged for a January 31 launch. Predominantly, volumes revolved around the exchange of Solana (SOL) into USD Coin (USDC) and Tether (USDT).
The Solana-based decentralized exchange Jupiter has seen a surge in trading volumes, surpassing $480 million within a single day, fueled by the release of a new memecoin airdrop and an increase in stablecoin swaps. The flurry of activity on Jupiter has led to it outperforming Ethereum-based Uniswap's V2 and V3 protocols by $10 million, as the combined trading volume of these protocols only reached $470 million in the same 24 hours, according to CoinGecko data. Jupiter recorded $480 million in daily trading volume. A little more than $50 million of Jupiter's total trading volume for the day came from transactions involving the memecoin "Wen". This was made available to any Solana user who had used Jupiter in the previous six months, as well as to owners of Solana's Saga phone. The Wen coin was dropped into any Solana wallet that had previously interacted with Jupiter over the last six months. Jupiter developers conceived the memecoin as a trial run before the much-anticipated airdrop of their native token, known as JUP, which is scheduled to launch on January 31. However, the majority of Jupiter's volumes in the past day hinged on the conversion of Solana (SOL) into Circle's USD Coin (USDC) and Tether (USDT), which made up $191 million of the total daily volume. Pre-market JUP tokens are currently trading at approximately $0.61, according to data from Aevo's decentralized exchange. With 1 billion tokens expected to be dropped, the total value of the JUP airdrop could exceed $600 million at the present rates. The anticipation surrounding WEN and JUP is part of a wave of recent announcements of airdrops from various crypto projects. For instance, on January 25, Ethereum's scaling solution AltLayer announced a $100 million airdrop for its users. In addition, Dymension, a multilayer rollup deployer, plans to go live with its mainnet in the coming days and will drop a total of 70 million DYM tokens, worth approximately $210 million at pre-market prices, to eligible users.
Published At
1/29/2024 4:20:00 AM
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