Jupiter, a newly launched Solana-based trading aggregator, settled more than $500 million worth of transactions in the last 24 hours.
This surge in transaction volume has been linked to users swapping stablecoins and the WEN ($WEN) memecoin for Solana-based tokens.
The Solana DEX supports over 550 coins and has listed more than 5,903 trading pairs.The USD/SOL ranks as the most traded crypto pair on the platform, with $168,706,747 worth of transactions, indicating that many individuals also swapped the USDC stablecoins for Solana tokens.
This recent surge in trades shortly positioned Jupiter as the largest on-chain trading platform by that metric, replacing UniSwap for a few hours. Prior to the Sunday swap frenzy, Ethereum-based UniSwap was the largest on-chain DEX with a trading volume of about $396 million. As per data from crypto data aggregator CoinGecko, the total of UniSwap’s v2 and v3 protocols only summed to $470 million, whereas Jupiter alone had over $480 million.
However, the latest CoinGecko data as of press time reveals that UniSwap v3 has out-ranked Jupiter with a staggering $571,657,022 in Trading volume. Jupiter’s trading volume continues to grow, as the DEX currently has $519,783,195 worth of trading volume in the past 24 hours.
The development happens as Jupiter prepares for its forthcoming governance token issuance on Wednesday, January 31, 2024. The JUP native token will be distributed to users who interacted with the DEX before November 2023, according to the SolanaFloor platform on X.
In another development, Solana has seen a notable growth of 7.8% in its $SOL tokens price in the last 7 trading days. The crypto has a market capitalization of $41.4 billion and a 24-hour trading volume of $2 billion, according to CoinGecko data
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The post Solana-Based DEX Jupiter Sees Leap in Trading Volumes Ahead of Its Token Issuance appeared first on DeFi Planet.
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