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Jupiter DEX Integrates Clone Protocol: Simplifying Non-Native Asset Trading on Solana

Using the Clone Protocol, traders now have the ability to exchange non-native assets on Solana without resorting to bridges.

Jupiter, Solana’s leading decentralized exchange (DEX) aggregator by 24-hour trading volume, announced today its integration of the Clone Protocol, facilitating the trading of non-native Solana tokens.

Now, users can easily trade assets like Dogecoin, Arbitrum, Optimism, SUI, or BNB without the need for bridging, with additional assets slated for inclusion in the near future. A post by the Clone Protocol suggests that soon, the entirety of the crypto market will be accessible on Solana.

This integration eliminates the necessity for bridging services, as users can directly utilize the Clone Protocol, which employs clAssets as wrapped versions of tokens from other chains, designed to mirror the price movements of their original counterparts.

Following today’s integration, Jupiter’s native JUP token experienced a 5% surge to $1.12, with a market capitalization just over $1.5 billion. Despite this increase, it remains 44% below its peak of $2 on January 31st.

The integration aims to bolster the Jupiter exchange’s reach, already demonstrating significant success within the Solana network. According to DefiLlama, Jupiter leads DEX aggregators with a 24-hour trading volume of $800 million, followed by DODO with $152 million and 1inch with $139 million.

Jupiter’s website highlights substantial trading volumes, with over $174 billion traded to date. While impressive, this activity has seen a decline since its peak in February, with April recording only $5 billion in trades compared to February’s $47 billion and March’s $35 billion.

Although Clone Protocol currently exhibits modest metrics according to DefiLlama, with a total value locked (TVL) of approximately $670,000, its integration into the Jupiter ecosystem is poised to drive significant growth.

The broader category of wrapped tokens boasts a market capitalization of $10.9 billion, predominantly led by Wrapped Bitcoin (WBTC) on Ethereum, accounting for $9.8 billion. Nonetheless, other tokens such as Coinbase wrapped staked ETH (CBETH) and wrapped Centrifuge (WCFG) also garner trader interest, with market capitalizations of $597 million and $255 million, respectively.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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