Benefiting from the surge in trading activity of meme coin WEN and stablecoins, the Solana-based DeFi aggregation platform Jupiter has surpassed Uniswap’s V2 and V3 protocol trading volumes on Ethereum, with a daily trading volume of over $520 million, making it the top DEX by trading volume.
According to CoinGecko data, in the past 24 hours, Jupiter on the Solana ecosystem has recorded a trading volume of over $520 million, accounting for 18.3% of the total DEX trading volume. This surpasses the combined trading volume of Uniswap’s V2 and V3 protocols on Ethereum, which is approximately $500 million.
Within Jupiter’s daily trading volume, the trading volume of WEN-related trading pairs exceeds $60 million. Meow, co-founder of Jupiter, announced on the 25th the opening of WEN claim for those who have interacted with Jupiter in the past 6 months or are owners of the Solana Saga mobile app. The WEN airdrop claim will end tonight at 11 pm. Qualified individuals can receive 643,652 WEN tokens each, with the current price of WEN at $0.0001650, a 60% increase in the past 24 hours. This means that the current value of the airdrop received by each eligible user has exceeded $100. According to Dune Analytics, 401 billion WEN tokens have been claimed, leaving 42.7% of the airdrop unclaimed.
Furthermore, within the past 24 hours, the majority of trading volume on Jupiter is attributed to stablecoin-related trading activity. The trading volume of the USDC/SOL and USDT/SOL trading pairs has exceeded $200 million, and the trading volume of the USDC/USDT trading pair has reached $58 million.
Jupiter’s native cryptocurrency, JUP, will be launched and airdropped on the 31st. The first airdrop of JUP will be open to 955,000 eligible users who have met the $1,000 trading volume requirement before the snapshot date in November 2023. The total supply of JUP tokens is 10 billion, and the initial distribution will be 10% of the total supply to the community. The airdrop distribution is as follows: an equal distribution to all wallets (2%), approximately 200 million tokens will be evenly distributed to all users who have used Jupiter before November 2, 2023, which is equivalent to around 200 JUP tokens per user. There will also be tiered scoring based on the unadjusted quantity (7%), distributed as follows:
– Level 1: The top 2,000 users will receive 100,000 tokens each (estimated trading volume exceeding 1 million)
– Level 2: The next 10,000 users will receive 20,000 tokens each (estimated trading volume exceeding 100,000)
– Level 3: The next 50,000 users will receive 3,000 tokens each (estimated trading volume exceeding 10,000)
– Level 4: The next 150,000 users will receive 1,000 tokens each (estimated trading volume exceeding 1,000)
Community members (including Discord, Twitter users, and developers, accounting for 1%) will have 100 million tokens allocated to the most valuable contributors and community members. Additionally, there will be three future rounds of airdrops.
According to Aevo, an on-chain options trading platform, the current futures price of JUP is $0.65, with a 9.9% increase in the past 24 hours. Based on the current price, the total value of the 1 billion JUP tokens airdropped will exceed $650 million, making it the largest airdrop in Solana’s history.