Jupiter’s Ascendancy: Powering Solana’s Trading Landscape

Jupiter is now responsible for half of Solana’s computational workload, indicating its significant role within the network.

Siong, co-founder of Jupiter, Solana’s primary DEX aggregator, shared plans for the protocol’s mobile app launch.

At the Solana Crossroads 2024 conference, Siong announced a target release date for the mobile app, aiming for a rollout in “late May or early June.” He mentioned that a “test flight” version of the app is already operational, with Jupiter currently seeking approval from Apple for its mobile app submission.

This development aligns with Jupiter’s growing influence in Solana’s trading activities.

Siong estimated that Jupiter contributes approximately half of Solana’s computational load per block and receives over 250,000 user requests per second.

Data from Jupiter Station indicates nearly 1.85 million transactions hosted in the last 24 hours, translating to approximately $809 million in trade volume.

Additionally, the project introduced a perpetual contracts trading platform seven months ago, now holding a market share of roughly 70% to 75% for perps trading on Solana.

The Jupiter Perpetual Exchange currently boasts a total value locked (TVL) of $340.7 million and facilitated $424.5 million worth of volume in the past day, as reported by DeFi Llama.

Regarding the JUP token, Jupiter conducted an airdrop to 955,000 early adopters in January, with the token initially valued at a market cap of $900 million. However, the token faced a slump during its initial trading month, dropping 29% to a low of $0.47. This decline was further exacerbated by community backlash following Jupiter’s decision to sell 18.5% of JUP’s supply via its LFG Launchpad shortly after the airdrop.

Despite this, JUP showed signs of recovery in late February, reaching a peak of $1.75 in early April. Currently priced at $1.07, the token has experienced a 36.6% pullback.

In recent developments, Jupiter integrated support for Clone Protocol last week, enabling users to trade assets from external ecosystems on the platform.


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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