Solana-based decentralized exchange (DEX) Jupiter has surpassed the combined trading volume of Uniswap V2 and V3 protocols, reaching $480 million in the last 24 hours.
This surge in activity is attributed to the hype surrounding a new meme coin airdrop by Jupiter and heightened stablecoin swaps.
Jupiter’s trading volume surpassed that of the dominant Ethereum-based Uniswap, which saw a combined volume of $470 million during the same period.
At the heart of this trading frenzy is the “Wen” meme coin, which was airdropped to any Solana user who had interacted with Jupiter in the past six months, as well as owners of Solana’s Saga phone.
The meme coin was designed as an experiment by Jupiter developers ahead of the eagerly anticipated airdrop of the exchange’s native token, JUP, scheduled for January 31.
While the Wen meme coin contributed approximately $50 million to Jupiter’s daily trading volume, the bulk of the activity stemmed from the trading of Solana (SOL) into Circle’s USD Coin (USDC) and Tether (USDT), accounting for $191 million of the total volume.
Jupiter’s success in attracting trading volume highlights the growing popularity of Solana as a blockchain platform and the increasing adoption of decentralized exchanges.
The upcoming JUP airdrop has further fueled interest in the platform, attracting both retail and institutional investors.
The market excitement surrounding the JUP airdrop is part of a broader trend of airdrop announcements across the crypto ecosystem.
Recently, Ethereum scaling solution AltLayer announced a $100 million airdrop to its users, while Layer-2 Manta Network also airdropped its MANTA token to eligible community members.