Solana’s decentralized exchange aggregator, Jupiter, achieved a remarkable milestone by facilitating a staggering $1.38 billion in trading volume within the past 24 hours. This record-breaking figure marks a significant surge compared to recent trading activity, firmly establishing Jupiter as the leading decentralized exchange (DEX) platform during this period.
The substantial uptick in trading volume coincided with yesterday’s highly anticipated launch and airdrop of Jupiter’s new governance token. The Solana network experienced a surge in activity, with web3 wallet Phantom reporting unprecedented traffic levels, surpassing even the notable increase observed following the recent WEN meme token launch.
Jupiter’s governance token, JUP, commenced trading at $0.40 on the platform’s native liquidity pool, in alignment with the pool’s pricing curve. Subsequently, major centralized exchanges such as Bybit, Binance, Bitfinex, and OKX commenced trading for the token, contributing to its rapid ascent in value. As of the latest data from The Block’s price page, JUP is trading at $0.60, reflecting a remarkable 50% increase from its initial trading price. This surge places the token’s market capitalization at $808 million, with a fully diluted value reaching $6 billion.
At launch, 1.35 billion tokens, equivalent to 13.5% of the total 10 billion supply, were in circulation. The token’s initial airdrop, targeting early users who traded at least $1,000 on the platform before November 2, commenced concurrently. Currently, over 62.9% of JUP tokens have been claimed across more than 450,000 addresses, as indicated by a Dune Analytics dashboard.
In line with its airdrop strategy, Jupiter plans to distribute a total of four billion tokens, representing 40% of the project’s total supply, across four phases. Future airdrop rounds will extend rewards to new users, further fostering community engagement and participation in the Jupiter ecosystem.