This incredible amount of $520 million has been enjoyed by it, and the DEX is almost ready to launch a native token.
As a result of airdrops and expanding collaborations, the ecology of Solana is becoming more prominent.
On January 27, the Jupiter decentralized exchange (DEX), which was based on the Solana blockchain, surpassed the daily trading volume of Ethereum's Uniswap V3 in terms of trade volume.
As part of the Solana ecosystem, it functions as a liquidity aggregator. Despite the fact that the platform was first presented in 2021, it has already completed transactions totaling $66.64 billion.
The Trading Volume on the Jupiter DEX Is Soaring
With a stunning 24-hour trading volume of approximately $520 million for Jupiter on January 27, SolanaFloor, a platform powered by Step Finance, announced the amazing amount of traffic. As a result of this spike, it was able to exceed the Ethereum market that was recorded by Uniswap v3, which was $510 million at the time.
As of late, Jupiter has been moving on an ascending plane. The trade volume of the aggregator reached its highest point of sixteen billion dollars in December. By the end of this month, it is expected to have surpassed that sum, having already racked up more than $15 billion.
Members of the cryptocurrency community credit Solana's cheap costs for this significant achievement. At the same time that Adeniyi Abiodun, co-founder of the competing Sui blockchain network, recognized the accomplishment, Anatoly Yakovenko, co-founder of Solana, conveyed his shock with an emoji that looked like a mind-blown state of mind.
With regard to trade volume throughout the course of the previous day, CoinMarketCap ranks Jupiter as the fifth-largest decentralized exchange (DEX). Additionally, its capacity is lower than that of Uniswap v3, the Kine Protocol based on Polygon, the dYdX chain based on Cosmos, and Helix. According to Meow, the pseudonymous creator of the project, Jupiter is moving forward with plans to issue its own JUP coin before the end of the month. This is an intriguing development.
"Never forget that the introduction of a token is not the purpose of Jupuary. Every day, there are hundreds of instances like it. During this Jupuary, we will be working together to create new items that are essential, as well as symbols and community roots. Let us launch the symbol for DeFi 2.0 together in January, jumpstart the most elite force to push the meta ahead, and yeah, explore on building a new breakthrough launchpad," Meow remarked. "So let us launch the sign for DeFi 2.0 together."
After spending the previous week mostly around the $80 range, the price of Solana has undergone a significant upswing in the last twenty-four hours.
In point of fact, the value of SOL increased by more than 5% to roughly $100 before falling back down to $98. The company's market value has increased to $42.5 billion as a result of this rising trend.
When comparing this growing tendency to the astonishing 660% increase that Solana saw in the previous year, analysts anticipate that it may continue in the same direction.
"An amazing breakthrough for Solana. Ted, a crypto specialist, noted that it is painting such a robust framework via its actions.
Intriguingly, the cryptocurrency community is paying attention to Solana's ecosystem because of the number of airdrops that are aimed to attract new members and the various collaborations that it has. A significant factor that has led to the increased involvement and interest in the Solana network is this approach.
