Jupiter Airdrop Boosts Solana's Daily Trading Activity Surpassing Ethereum

By: Eliza Bennet

The Solana-based Jupiter airdrop has created a buzz, pushing decentralized exchange (DEX) trading activity on the layer1 blockchain network past Ethereum.

Recent data indicates that Solana-based DEXs facilitated trades totaling $1.14 billion in the past 24 hours, out rating approximately $1.13 billion traded on Ethereum-based platforms during the same period.

This achievement emphasizes the remarkable growth and widespread adoption witnessed within Solana's DeFi ecosystem. It's imperative to note that the weekly transaction volume of Solana-based DEXs is $6.113 billion, slightly trailing behind Ethereum's $7.852 billion.

On January 31, decentralized exchange aggregator Jupiter executed a significant airdrop, distributing approximately $700 million worth of its native token, JUP, to close to a million wallets. The airdrop attracted substantial attention from the crypto community, resulting in rapid listings on centralized exchanges like Bybit and Binance.