Solana Trading Aggregator Jupiter Sees Trading Volumes Jump Ahead of JUP Issuance

Solana-based trading aggregator Jupiter settled over $500 million in trades in the past 24 hours ahead of its planned token issuance on Wednesday, overtaking Uniswap v3 to become the biggest trading platform by that metric.

Jupiter has 550 tokens and more than 5,550 trading pairs listed, CoinGecko data shows. The USD Coin (USDC)/Solana (SOL) pair was the most active, with $166 million in volume. The platform routes orders to several Solana-based exchanges and executes the best available price for an asset when a trade is requested.

Meanwhile, the wen (WEN) memecoin issued last week by Jupiter developers chalked up about $150 million in trading volumes across two trading pairs. A claim period for wen tokens ends Monday.

Jupiter’s volumes leapfrogged Ethereum-based Uniswap’s v3, which saw $483 million in trades. Uniswap v3 is usually the biggest decentralized exchange (DEX) by volume.

Jupiter’s JUP tokens are expected to be issued on Wednesday. Nearly 1 million Solana wallets have qualified for a slice of the unusually large airdrop: 40% of JUP’s total supply, a size that reflects Jupiter’s popularity with traders.

Traders expect the tokens to boost activity on Solana, just as a Jito airdrop preceded a meme-coin frenzy on the blockchain in December. The increased demand contributed to Solana’s SOL prices nearly doubling in that month, even leading Solana’s flagship Saga phone to announce a second device on the renewed hype.

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2024-01-29 13:36