- The DEX volume increased as it revealed that it had plans to reward its 955,000 users.
- Solana also discussed solving its challenges at the ongoing conference.
Jupiter Exchange, a swap aggregator on the Solana [SOL] blockchain, has announced that it would release a token with the ticker “JUP.” According to Solana DeFi trader DeFiSolar, the DEX announced the development at the ongoing BreakPoint conference in Amsterdam.
BREAKING 🚨@JupiterExchange announces 2 major features:
1) GMX style perps with already 200k liquidity live.
2) eUSD style stablecoin backed by liquid staked $SOL and giving 10+% APY to $SUSD stablecoin holders.In addition they’re announcing $JUP airdrop with 40% of the… pic.twitter.com/HHFqSFmRo8
— Solar ☀️ (@DefiSolar) November 2, 2023
Realistic or not, here’s SOL’s market cap in USDC terms
Breakpoint is a Solana community place located in the Netherlands. This location was developed specifically for meetings, stages, and conferences among builders focused on Solana.
Although Jupiter did not disclose when it would release the token, the Solana community showed that it was excited about the prospect.
Eyes on the rewards
One reason the enthusiasm rose was that the exchange noted that 40% of the total JUP supply would be airdropped to users who have contributed to the protocol. In crypto, an airdrop is a process of sending free tokens or coins to selected addresses that meet certain criteria.
As a result, transactions on the Jupiter DEX jumped. According to Jupiter Station, total transactions on the protocol had increased to 301,108 at press time. Also, the seven-day total trading volume climbed to $359.71 million.
Source: Jupiter Station
The increase in transaction volume could be attributed to a surge in user activity. Needless to say, it is also glaring that the increase was because users were hoping that they would qualify for the JUP airdrop.
USDC enters the picture
At the same time, it is noteworthy to mention that Solana has been thriving of late with and without incentive for users. Like the frontend Solana blockchain, Jupiter took the opportunity to announce that it was integrating a cross-chain protocol using Circle [USDC].
Thrilled to announce our plans to integrate @circle's Cross-Chain Transfer Protocol (CCTP) powered by @wormholecrypto, to bring native USDC to Solana.
CCTP ensures secure USDC transfers through a native burn-and-mint process, simplifying USDC transfers.https://t.co/75G3BjnVA7 pic.twitter.com/F3pD9ZcwbM
— Jupiter 🪐 (@JupiterExchange) November 2, 2023
Concerning the USDC transfer protocol, the DEX revealed on X (formerly Twitter):
“With this integration, Solana’s ecosystem stands to benefit from increased liquidity and reduced fragmentation from fewer wrapped USDC versions. Users will enjoy efficient, zero-slippage cross-chain transfers directly through the Jupiter interface.”
Meanwhile, there were other developments at the Breakpoint 2023 event. There, Solana unveiled its partnership with Amazon AWS. According to the project, the collaboration would enable the availability of its nodes through the Node Runner app.
How much are 1,10,100 SOLs worth today?
Also, it would serve as a way to adopt decentralized applications on Solana’s cost-efficient transaction blockchain. With respect to the previous network outage challenges, Solana introduced Firedancer, a scaling solution to help fix the problem.
At press time, Solana’s Total Value Locked (TVL) was 412.25 million. The TVL represents a 21.70% increase in the last 30 days, indicating that trust was slowing getting back to the Solana ecosystem.
