decrypt.co
Solana users could be in for another treat following the blockchain’s recent boom: Nearly one million SOL wallets are eligible for four billion tokens from decentralized finance aggregator Jupiter.
The four billion tokens are 40% of Jupiter’s total JUP tokens, according to a Wednesday announcement on X (formerly Twitter).
The airdrop takes place from next week with one billion Jupiter tokens to users who have made a minimum of $1,000 in swap volume on the protocol.
Jupiter is one of the biggest DeFi projects in the Solana space. The swap aggregator—which claims to be “built for smart traders who like money”—allows users to find the best rate when trading tokens.
It has processed $97.8 million in transactions over the past 24 hours, according to CoinGecko.
Airdrops are a way of attracting users to a project by creating hype: the project dishes out free tokens or coins to users in the hope of making it grow.
Solana has gained renewed interest the past couple of months. The project—and its native token, SOL—had taken a hit following the collapse of crypto megabrand FTX last year. This is because the disgraced exchange was heavily invested in Solana and hoarded a lot of SOL.
But since then, the sixth biggest crypto project has made an unlikely comeback. The likes of Visa and Shopify have said they will use its blockchain and the price of SOL has boomed.
This is also because of a short squeeze, a phenomenon in markets when traders who bet on an asset going down in price exit their positions and buy to avoid further losses, according to Patrick Felder, founder & CIO at Prismatic Capital.
Edited by Stacy Elliott.