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Jupiter, the biggest decentralised exchange (DEX) in Solana, is gaining market share as demand for tokens in the ecosystem rise. As a result, JUP, the network’s token, has surged to a record high of $1, which was about 130% above its lowest level this year. Its market cap has soared to over $1.2 billion.
The most recent data by DeFi Llama shows that Jupiter’s Total Value Locked (TVL) has jumped to a record high of $304.8 million. Its derivatives has also soared sharply as the crypto bull run continues.
Another data by CoinGecko shows that the volume of tokens traded in Jupiter has been rising. The network handled over $1.18 billion worth of cryptocurrencies in the past 24 hours, giving it a 13.8% market share. It has become the second-biggest platform after Uniswap V3, which handled $1.3 billion.
Other popular Solana DEX platforms like Orca and Raydium have also gained market share recently. Orca handled coins worth over $637 million while Raydium processed $235 million worth of coins. This makes the two the 4th and 9th biggest DEX platforms in the industry.
Jupiter’s performance is mostly because Solana’s ecosystem is growing at one of the fastest rates in the sector. For example, the total value locked in its DeFi ecosystem has surged to over $9.27 billion, making it the third-biggest chain in the world after Ethereum and Tron. Solana may soon pass Tron if the trend continues.
Further, Solana is dominating the meme coin industry. While Dogecoin and Shiba Inu are still the biggest meme coins, Solana tokens like Bonk, Solama, and Dogwifhat have become the fastest-growing ones in the industry. The other popular Solana meme coins in Jupiter are Peng and Popcat.
Jupiter’s volume is also soaring as the price of Solana continues rising. SOL price surged to $173 on Thursday, a remarkable comeback for a coin that was trading at $78.76 on January 23rd.
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