This Solana DEX Reached $520 Million in Daily Trading Volume

9 months ago 2

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On January 27, the Jupiter decentralized exchange (DEX) built on the Solana blockchain outpaced Ethereum’s Uniswap V3 in daily trading volume.

It is a liquidity aggregator in the Solana ecosystem. Although the platform was introduced in 2021, it has processed $66.64 billion of transactions.

Jupiter DEX Soaring Trading Volume

SolanaFloor, a Step Finance-powered platform, reported a remarkable 24-hour trading volume of nearly $520 million for Jupiter on January 27. This surge helped it surpass Uniswap v3’s Ethereum market, which recorded $510 million at the time.

Jupiter has been on an upward trajectory. Indeed, the aggregator’s trading volume peaked at $16 billion in December. It is poised to surpass that figure this month, having already clocked over $15 billion.

Crypto community members attribute this milestone to Solana’s low fees. Anatoly Yakovenko, Solana’s co-founder, expressed his astonishment with a mind-blown emoji, while Adeniyi Abiodun, co-founder of the rival Sui blockchain network, acknowledged the achievement.

Meanwhile, CoinMarketCap positions Jupiter as the fifth-largest DEX by trading volume in the past day. Its volume trails behind Uniswap v3, Polygon-based Kine Protocol, Cosmos-based dYdX chain, and Helix. Interestingly, Jupiter is poised to launch its native JUP token by the month’s end, as confirmed by the project’s pseudonymous developer, Meow.

“Remember, Jupuary is not about launching a token. There are thousands of that everyday. This Jupuary is about creating symbolism, community roots, and crucial new products together. So this Jupuary, let us launch the symbol for DeFi 2.0 together, kickstart the most elite force to push the meta forward, and wtf, experiment on building a new groundbreaking launchpad,” Meow said.

Solana (SOL) Price Approaches $100

Solana has experienced a robust resurgence in the past 24 hours, following a week of predominantly hovering around the $80 mark.

Indeed, SOL’s value surged over 5% to approximately $100 before retracing to $98. This upswing has propelled its market capitalization to $42.5 billion.

Analysts foresee the potential continuation of this upward trend, drawing parallels to Solana’s remarkable 660% surge last year.

“A nice breakout of Solana. It is painting such a solid structure,” crypto analyst Ted wrote.

Intriguingly, Solana’s ecosystem is garnering attention within the crypto community due to the abundance of airdrops designed to attract new members and its many partnerships. This strategy has contributed to the Solana network’s heightened engagement and interest.