The Solana-based decentralized exchange (DEX) ecosystem has recently surpassed Ethereum in trading volume, thanks to the significant excitement generated by the Jupiter airdrop.
According to DeFillama, Solana-based DEXs saw trades amounting to $1.14 billion in the last 24 hours, slightly edging out the $1.13 billion traded on Ethereum-based platforms during the same timeframe.
A notable factor in this surge was the airdrop by decentralized exchange aggregator Jupiter on January 31, which distributed around $700 million worth of its native token, JUP, across nearly a million wallets.
Jupiter, being the most dominant protocol on Solana, facilitated trades worth $11 billion in January alone.
The airdrop not only attracted significant attention but also led to the rapid listing of JUP on major centralized exchanges, including Bybit and Binance.
The token saw a remarkable trading volume of over $1.4 billion on its first day, reaching a peak value of $0.72 before stabilizing at $0.62, as reported by CoinMarketCap.
Lookonchain, an on-chain investigator, highlighted that three airdrop participants secured over $1 million in gains, receiving a collective 5.5 million JUP tokens, estimated to be worth around $3.6 million, distributed across 27,600 wallets.
We found 3 airdrop hunters who made over $1M in the $JUP #airdrop!
They received an airdrop of 5.5M $JUP(worth $3.6M) through ~27,600 wallets!https://t.co/4ZdvVbdacMhttps://t.co/iYeazm21Aahttps://t.co/1UdnEXidYUhttps://t.co/Jtm1PqB63P pic.twitter.com/fBM47zfEWG
— Lookonchain (@lookonchain) February 2, 2024
The event has notably enhanced activity on the Solana network, with the web3 wallet Phantom experiencing traffic levels triple those seen after the WEN meme token launch. Blockchain analytical firm Artemis noted that anticipation for the airdrop had driven active addresses on Solana to exceed 1 million earlier in the week.
Despite this increased activity, Solana’s network maintained exceptional stability, addressing previous concerns of potential downtimes that have affected it in the past. This development marks a significant achievement for Solana’s DeFi ecosystem, setting a new benchmark in the competitive landscape of blockchain networks.