Trading Volume of Jupiter DEX By Solana Outperforms Uniswap

Trading Volume of Jupiter DEX By Solana Outperforms Uniswap

A noteworthy breakthrough in the decentralized finance (DeFi) space is that Solana’s Jupiter decentralized exchange (DEX) has surpassed Uniswap, a top decentralized trading platform, in terms of trade volume, making it a strong competitor.

Famous cryptocurrency influencer, Ruholamin Haqshanas, in his piece on Techopedia, says that the fact that the trade volume of Jupiter DEX, which is based on the Solana blockchain, has surpassed Uniswap’s is a sign of Solana’s increasing prominence in the decentralized finance ecosystem.

It was gathered that 955,000 wallets had Jupiter before the stipulated deadline of the airdrop. Solana said that Jupiter will work as a governance token, allowing holders to get involved in relevant decision-making regarding the token. In its report released last month, Solana Foundation said its network will consistently maintain 3,000-2,500 active developers monthly in 2023. 

Solana Outperforms Ethereum in Trading Volume in (NFT) Section

Due to scalability and transaction cost issues, Ethereum has opened the door for newer platforms like Solana to provide competitive alternatives. In the past 24 hours, Solana recorded $704 million in trading volume against Ethereum with $741 million.

In December 2023, Solana celebrated a significant milestone of exceeding Ethereum for the first time in a 7-day DEX  trading volume. Market analysis from The Block also confirmed that Solana had exceeded Ethereum trading volume in a Non-fungible Token (NFT) the same day.

The recent forecast has it that the commencement of the Jupiter (JUP) airdrop, which is expected to happen on the 31st of January, will raise Solana’s influence exponentially. The public launching is expected to draw more investors and traders’ attention to Jupiter as a digital asset and Solana as a network.

Reason for Jupiter’s Impressive Increase Explained, Wen Unveiled

Benson Mawira from CryptoPolitan wrote that Solana’s ability to match Ethereum’s trade volume in less than a day indicates a change in user preferences and shows how emerging blockchain networks may compete with more established digital assets.

Two factors have been linked to the reasons for a possible increase in the price of Jupiter. First is the hype surrounding the airdrop of the new memecoin. Secondly is the major swap on stablecoin. Eligible airdrop recipients are expected to diversify their assets within the Solana ecosystem.

Those who missed the Wen (WEN) airdrop are expected to try their hands on any Solana DeFi programs. WEN memecoin has contributed over  $50 million to Jupiter’s (JUP) daily trading volume. Investigation into the activities of Solana revealed that the Solana mainnet beta went live sometime in March 2020, and has nurtured it’s developer base until it becomes the second biggest developers.

Solana Equals Ethereum in Net Trading Volume Uniswap Records $455 Million

An important turning point in the DeFi arena has been reached with Solana’s Jupiter DEX, which is now equal to Ethereum’s 24-hour activity and has surpassed Uniswap in trading volume. CoinGecko, in its latest published data on the CryptoPolitan platform, said that in the last 24 hours, Jupiter DEX had earned more than $510 million in net trading volume.

Conversely, Uniswap V2 and V3 recorded over $455 million and $76 million each. DeFiLlama also published its data. It says that the Solana network is currently equal to the Ethereum as per the trading volume. Wen coin is also a product of Solana and has had Coin (USDC)  and Tether (USDT) contributing about $191 million to the cumulative volume.

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Chad Butler
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Chad Butler

Chad Butler, a renowned name in crypto journalism, excels in translating complex blockchain topics into lucid prose. His astute analyses and timely updates make him a trusted voice in the cryptocurrency landscape. Through his articles, Chad consistently offers readers an informed and insightful perspective on the evolving digital market

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