Decentralized exchange (DEX) aggregator operating on the Solana blockchain, Jupiter, unveiled plans to implement a range of enhancements aimed at scaling and improving its infrastructure, processes, and user experience. The first upgrade efforts rollout will begin tomorrow.
Jupiter’s need for enhancement efforts became apparent over the past few weeks as it tackled various issues, such as severe lag in new token and market additions, quote API delays caused by overloading, challenges with Perps/JLP functionality due to Oracle issues, extended wait times for strict list verification, and transaction submission difficulties stemming from spam.
These challenges originated from various underlying factors, encompassing a significant surge in token number and market creation, a substantial rise in strict list applications necessitating extensive daily efforts from the team and CWG to screen through, spam tokens with overlapping names, Solana network congestion resulting in stale on-chain oracles and complications in establishing the necessary token accounts for routing, as well as spamming of RPC endpoints leading to user transaction failures.
In addressing these challenges, Jupiter intends to implement a series of upgrades, encompassing the redesign of market and token backend to frontend systems, reconsideration of the existing strict list approach by leveraging data and community input to effectively filter tokens, minimizing dependence on on-chain oracles, streamlining backend transaction submissions while enhancing frontend capabilities for users, and establishing comprehensive metrics to understand and monitor system performance across all levels comprehensively.
Jupiter: Technical Issues & Incoming UpgradesOver the last few months, we have working hard behind the scenes for a series of infrastructure, process and ux upgrades to scale and harden the myraid number of systems that run Jupiter.Recent IssuesThe urgency of these efforts…
— meow (@weremeow) April 10, 2024
Jupiter’s Trading Volume Surpasses $1.1 Billion, JUP Token Launch Drives Community Engagement
Jupiter offers a variety of exchange services, including a Swaps tool, a Payments API for specifying output token amounts, Limit Orders, and Dollar-Cost Averaging (DCA) options. They provide integration support for DEXs via the Jupiter Terminal and guidelines for token visibility on their platform. Presently, Jupiter‘s trading volume stands at $1,175,498,302 over the past 24 hours.
Recently, the exchange introduced its native governance token, JUP, through the launchpad, concurrently conducting an airdrop to nearly one million wallets on the Solana network, prompting a substantial engagement within the blockchain community.
As of the current writing, JUP is priced at $1.35, reflecting a more than 2% increase over the past 24 hours, based on data sourced from CoinMarketCap. That gives it a market capitalization of $1,830 billion and a fully diluted value of $13,557 billion.
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