Solana-based Jupiter temporarily becomes the largest trading platform — expectations gather for token issuance | CoinDesk JAPAN

Solana-based transaction aggregator Jupiter has processed more than $500 million in transactions in the past 24 hours, ahead of token issuance scheduled for January 31st. By that metric, it overtook Uniswap v3 to become the largest on-chain trading platform.

According to CoinGecko data, Jupiter has 550 tokens and over 5,550 trading pairs listed. The USD Coin (USDC)/Solana (SOL) pair was the most active, with a trading volume of $166 million. The platform routes orders to multiple Solana-based exchanges and executes at the best available price when a trade is requested.

Meanwhile, WEN, a meme coin launched by Jupiter developers last week, recorded a trading volume of approximately $150 million (approximately 22.5 billion yen) in two trading pairs. The WEN airdrop acquisition period ends on the 30th.

Jupiter’s trading volume exceeded the $483 million (approximately 72.45 billion yen) of Ethereum-based Uniswap v3. Uniswap v3 is normally the largest decentralized exchange (DEX) by trading volume.

Jupiter’s new token, JUP, is scheduled to be issued on the 31st. Nearly 1 million Solana wallets are eligible to receive an unusually large airdrop of 40% of JUP’s total supply.

Traders believe the token will boost Solana activity, as was the JTO airdrop conducted by Jito, a Solana-based liquid staking token protocol, before the meme coin frenzy on the blockchain in December. Are expected. The increased demand at that time helped SOL prices nearly double and even led to Solana announcing its second device after the Saga smartphone.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Solana Trading Aggregator Jupiter Sees Trading Volumes Jump Ahead of JUP Issuance