cryptopolitan.com
In a significant development in decentralized finance (DeFi), Solana’s Jupiter-based decentralized exchange (DEX) has recently outperformed Ethereum’s leading DEX, Uniswap, in a key metric.
According to data from CoinGecko, Jupiter DEX recorded over $510 million in trading volume in the last 24 hours, surpassing Ethereum’s Uniswap V3 and V2, which recorded $455 million and $76 million, respectively.
WEN airdrop fuels Solana ecosystem
The surge in trading volume on Jupiter DEX is attributed, in part, to the recent WEN airdrop that occurred on its launchpad. This airdrop injected new capital into the Solana ecosystem, particularly benefiting Jupiter.
The WEN airdrop has bolstered Jupiter’s performance and underscores a growing trend in the cryptocurrency ecosystem, where the Solana network is increasingly competing with Ethereum.
Data from DeFiLlama reveals that beyond Jupiter’s impressive performance, the Solana network is on par with Ethereum regarding trading volume. Over the last 24 hours, Solana recorded a trading volume of $704 million, compared to Ethereum’s $741 million. This signifies a remarkable convergence in trading activity between the two networks.
Solana’s recent achievements
December 2023 marked a significant milestone for Solana, surpassing Ethereum in 7-day DEX volume for the first time in history. Data from The Block also indicates that Solana outperformed Ethereum regarding non-fungible token (NFT) trading volume during the same period.
While Ethereum has long been the home of leading decentralized applications (dApps) and has dominated the DeFi landscape, Solana’s consistent growth is beginning to challenge that status quo.
One of Solana’s key advantages over Ethereum is its speed and cost-effectiveness. Ethereum’s gas fees have been a persistent concern for users, hindering the mainstream adoption of decentralized exchanges (DEXs).
The rising popularity of Solana is attributed to its ability to offer faster and more cost-effective transactions. This has attracted more liquidity to the Solana network, making it an enticing option for DeFi users.
The upcoming JUP airdrop
The momentum in Solana’s favor is expected to intensify with the upcoming JUP airdrop scheduled for January 31st. This highly-anticipated event is poised to draw significant attention and trading activity to Jupiter and the Solana network.
Eligible airdrop recipients are likely to diversify their holdings within the SOL ecosystem. In contrast, those who missed the WEN airdrop may seek opportunities in other Solana-based DeFi projects, hoping to become eligible for future native token distributions.