Prior to its scheduled token launch on Wednesday, Solana-based trading aggregator Jupiter resolved over $500 million in trades in the previous 24 hours, surpassing Uniswap v3 to become the largest trading platform by that measure.
CoinGecko statistics indicates that Jupiter has 550 tokens and over 5,550 trade pairs listed. With a volume of $166 million, the most active pair was USD Coin (USDC)/Solana (SOL). When a trade is requested, the platform executes the best available price for the asset and sends orders to multiple exchanges situated in Solana.
The wen (WEN) memecoin, which the makers of Jupiter released last week, recorded trade volumes of roughly $150 million in two trading pairings. On Monday, the wen token claim period will close.
Uniswap, an Ethereum-based platform, witnessed $483 million in deals, although Jupiter’s volumes outpaced it. Decentralised exchanges (DEX) with the highest volume are often those like Uniswap v3.
The Wednesday issuance of Jupiter’s JUP tokens is anticipated. The remarkably big airdrop, which represents 40% of JUP’s entire supply and about a million Solana wallets, is a testament to the cryptocurrency’s appeal to traders.
The tokens are expected by traders to increase activity on Solana, much to how a Jito airdrop in December preceded a meme-coin frenzy on the blockchain. Due to the renewed buzz, Solana’s flagship Saga phone announced a second device that month, with prices for SOL virtually doubling as a result of the increased demand.