Jupiter DEX Introduces “Everything Market” on the Solana Platform

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Jupiter DEX, a prominent player on the Solana platform, aims to transform itself into an “everything market” by expanding beyond its current role as an aggregator.

The lead developer recently proposed the Giant Unified Market (GUM), encompassing crypto and traditional assets. This ambitious plan seeks to broaden Jupiter DEX’s reach and functionality.

Proposal for Giant Unified Market (GUM)

The lead developer of Jupiter DEX has introduced the concept of the Giant Unified Market (GUM). This market aims to integrate crypto and traditional assets, providing a comprehensive trading experience. Jupiter DEX currently serves as an aggregator for Solana-based tokens, including old and newly minted ones.

Despite its growth, Jupiter DEX has a long way to go, with around $453 million in value locked. However, it has shown resilience, noting over 14% growth in the past month, while other apps on Solana experienced declines in users and volumes.

In July, Jupiter DEX saw increased activity and a robust developer presence, with more than 180 developers engaged in its technology. @weremeow, the lead developer, continues to outline the project’s plans and vision for the future.

JUP token and community engagement

Jupiter DEX is preparing to reveal its plans for the second half of the year. The community remains bullish on the JUP token, with some anticipating a price surge of up to $10. Currently, JUP is trading at $0.80, down 50% from its yearly peak. Trading volumes have decreased since the initial excitement in March. The leading utility for JUP now lies in staking and Active Staking Rewards (ASR).

JUP owners can vote on platform proposals and receive additional JUP tokens and other token airdrops. This incentivizes network participation but also contributes to some network congestion. The supply of JUP tokens is set to increase, with only 1.3 billion tokens currently circulating out of a total potential supply of 10 billion. As Jupiter DEX gains more visibility, it is approaching faster token unlocks until the fully diluted valuation is achieved.

The retro drop period, active until the end of July, will further dilute the circulating tokens. Jupiter DEX aims to become a community-driven project that widely rewards its users. A new tokenomics model has been introduced to prioritize user rewards, similar to Solana’s strategy of building a large supportive community. The primary incentive remains airdrop farming through votes and staking JUP.

Challenges with JUP transactions

Despite its progress, the native JUP token faces significant transaction issues. As of July 10, over 90% of JUP transactions were listed as failed. This problem has persisted, primarily affecting transactions on Raydium due to high activity around meme tokens. For Raydium, 50 to 75% of transactions fail due to decreased activity. In Jupiter’s case, the high rate of failed transactions indicates significant activity.

Solana’s overall network continues to need help with failed transactions. Large players spamming wallets and MEV bot activities are among the reasons regular users cannot fully utilize Jupiter and other Solana apps. Jupiter users can now use Chaos Labs’ monitoring technology to address these issues. This new feature allows traders to track whale behaviors and engage in copy-trading, contributing to Jupiter DEX’s daily volumes exceeding $166 million.

Early adopters of JUP have noted occasional improvements in transaction success rates, depending on overall network activity. Initially, buyers faced challenges using the Phantom wallet due to failed transactions. Jupiter DEX’s efforts to expand into an “everything market” and address transaction challenges highlight its commitment to growth and user engagement on the Solana platform.

The post Jupiter DEX Introduces “Everything Market” on the Solana Platform first appeared on Coinfea.

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