The Solana-based Jupiter airdrop has generated substantial excitement, driving decentralized exchange (DEX) trading activity on the Layer 1 blockchain network beyond that of ethereum.
Data from DeFillama shows that Solana-based DEXs facilitated transactions totaling $1.14 billion in the last 24 hours, surpassing the approximately $1.13 billion traded on ethereum-based platforms during the same period.
This achievement underscores the notable growth and widespread adoption seen within Solana's DeFi ecosystem, capturing the attention of the crypto community. Notably, last December marked the first instance of the Solana DEX outperforming ethereum, driven by increased memecoin and stablecoin activity.
While the daily figures demonstrate Solana's momentary leadership, it is essential to note that the weekly transaction volume of Solana-based DEXs amounts to $6.113 billion, slightly behind ethereum's $7.852 billion.
Jupiter Air Launch
On January 31, decentralized exchange aggregator Jupiter executed a notable airdrop, distributing approximately $700 million in its native token, JUP, to nearly one million wallets. The trading platform is the most dominant protocol on Solana. facilitating exchanges valued at $11 billion in January.
Its airdrop attracted substantial attention from the crypto community, leading to rapid listings on major centralized exchanges such as Bybit and binance. On its first day of trading, the asset witnessed impressive volume exceeding $1.4 billion, driving the token's value to a high of $0.72 before settling at $0.62 at press time. edition, according to CoinMaketCap. data.
Chain Researcher Lookonchain identified three airdrop participants who racked up more than $1 million in winnings. These individuals received a collective airdrop of 5.5 million JUP tokens, valued at approximately $3.6 million, distributed across approximately 27,600 wallets.
The launch and airdrop of the Jupiter token significantly boosted activity on the Solana network. In particular, the web3 Phantom wallet reported unprecedented levels of traffic, tripling the total volumes seen after the recent launch of the WEN meme token.
Blockchain analytics firm Artemis corroborated this, pointing out that anticipation of the airdrop had pushed active addresses on Solana to more than 1 million earlier in the week.
Despite the increase in activity, the Solana network demonstrated exceptional stabilityallaying concerns about potential downtime that had plagued him in the past.
