💰Jupiter's TVL Rises 46% Despite DeFi Downturn, But There's a Caveat

While the price of $SOL struggles, Solana's DeFi outperformers are increasing their TVL, setting the stage for potential new highs in better market conditions. Following the highs of Q2, fear and uncertainty have returned to crypto markets recently.

During this period of uncertainty, Solana's DeFi ecosystem has seen a reduction in TVL, with most protocols losing between 13-18% in USD value monthly.However, some protocols have managed to grow their TVL despite the overall market decline. Which protocols have managed to attract liquidity and increase their TVL in these challenging times?

🔥NX Finance and Lulo Lead Monthly TVL Growth

Solana's DeFi sector has gained momentum and attention throughout 2024. Yet, the past 30 days have shown a shift in sentiment, with many Solana protocols experiencing significant TVL drops.

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💰Jupiter’s perpetual DEX platform shows no sign of relinquishing its iron grip on derivatives dominance.

One of Solana’s largest DeFi protocols, Jupiter’s perpetual DEX is currently the largest onchain derivatives market in the crypto industry. Boasting over $657M in TVL, Jupiter dominates perpetual market share.

According to DeFiLlama data, the Solana-based platform currently accounts for 18.82% of onchain derivatives TVL across the industry. While Jupiter boasts the highest TVL across all perpetual DEXes, its closest rival still witnesses higher trading volumes.

During August, Hyperliquid handled $34.6B in trading volume compared to Jupiter’s $15.1B. It’s worth noting that Hyperliquid’s high volume could attributed to its points program, which is expected to influence token allocations ahead of the protocol’s upcoming airdrop.

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@Binance Announcement Binance just list #JupiterExchange $JUP with Seed Tag applied. it's time buy this coin.
Buy your own risk .
#Write2Earn #JUP #TrendingTopic #xrp

Binance reported that it will include the Jupiter Exchange token (JUP) under the applied seed tag and will open operations for these spot trading pairs on January 31, 2024 at 15:30 (UTC).

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Hey JUPsters!⚡ #Jupiter Exchange is about to burn a MASSIVE chunk of $JUP tokens! 🔥The vote to burn 30% of the total supply ends TODAY at 3 PM UTC. ⏰

This means less #JUP in circulation, which could be HUGE for token holders like YOU! 🚀

So far, the community is LOVING this idea with over 94% voting YES! But we need your vote to make it happen! 🗳️

Don't miss out on this chance to shape the future of Jupiter! Head over to the platform and cast your vote now! 💨 DYOR!! #JupiterExchange #Altcoins