Solana DEX Jupiter flips Uniswap amid stablecoin, Wen airdrop frenzy

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Trading volumes on the Solana-based decentralized exchange Jupiter have topped the charts at $480 million in the last 24 hours amid a frenzy for a new memecoin airdrop and heightened stablecoin swaps.

The trading activity has even seen Jupiter beat out the Ethereum-based volumes on Uniswap from both v2 and v3 protocols by $10 million, with the combined trading volume of those protocols only amounting to $470 million in the last 24 hours, per CoinGecko data.

Jupiter has notched $480 million in trading volume in the last 24 hours. Source: CoinGecko A little over $50 million worth of Jupiter’s total daily trading volume came from traders buying and selling Wen, a new memecoin that could be claimed by any Solana user who had interacted with Jupiter in the last six months, as well as owners of Solana’s Saga phone.

The Wen memecoin was airdropped to any Solana wallet that had interacted with Jupiter in the last six months. Source: Wen The memecoin was designed as an experiment by Jupiter developers, ahead of the eagerly-awaited airdrop of the exchange’s native JUP token, which is currently slated for launch on Jan. 31.

However, the bulk of the volume on Jupiter over the last day was the swapping of Solana’s for USD Coin and Tether, which accounted for $191 million of the total daily volume.

Pre-market JUP tokens are trading for around $0.61 at the time of writing, according to data from perpetuals being traded on the decentralized exchange Aevo. The estimated total value of the 1 billion token JUP airdrop could exceed $600 million at current prices.

The market excitement around Wen and JUP comes amid a large amount of recently announced airdrops from various projects in the crypto ecosystem.

On Jan. 25, Ethereum scaling solution AltLayer announced a $100 million airdrop to its users.

Meanwhile, multilayer rollup deployer Dymension is planning to launch its mainnet sometime in the coming days and will airdrop a total of 70 million DYM tokens — worth around $210 million at pre-market prices — to eligible users.

Source : Cointelegraph by Tom Mitchelhill / Jan 29, 2024

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