Jupiter Airdrop Propels Solana DEXs to Outpace Ethereum in Daily Trading Activity

Solana based Jupiter airdrop has generated substantial excitement, driving decentralized exchange (DEX) trading activity on the layer1 blockchain network beyond that of Ethereum. Data from DeFi Llama shows that Solana-based DEXs facilitated trades totaling $1.14 billion in the last 24 hours, surpassing the approximately $1.13 billion traded on Ethereum-based platforms during the same period.

This achievement underlines the remarkable growth and widespread adoption witnessed within Solana’s DeFi ecosystem, capturing the crypto community’s attention. Notably, last December marked the first instance of Solana DEXs outpacing Ethereum, propelled by heightened memecoin and stablecoin activity. Data from DeFillama shows that Solana-based DEXs facilitated trades totaling $1.14 billion in the last 24 hours, surpassing the approximately $1.13 billion traded on Ethereum-based platforms during the same period.

On Jan. 31, decentralized exchange aggregator Jupiter executed a noteworthy airdrop, distributing approximately $700 million worth of its native token, JUP, to nearly a million wallets. The trading platform is the most dominant protocol on Solana, facilitating trades worth $11 billion in January. Its airdrop garnered substantial attention from the crypto community, leading to rapid listings on major centralized exchanges like Bybit and Binance.

On its first trading day, the asset witnessed an impressive volume surpassing $1.4 billion, propelling the token’s value to a peak of $0.72 before settling at $0.62 as of press time..