Crypto Analyzer

Solana-Based DEX Aggregator Jupiter Hits All-Time-High in Weekly Traders

Jupiter, a decentralized exchange (DEX) aggregator based on the Solana blockchain, has recently reached a significant milestone by hitting an all-time high in the number of weekly traders. Last week, Jupiter saw over 578,000 traders, marking the highest number of traders in a single week. This surge in activity comes just ahead of an eagerly anticipated airdrop set to take place on Wednesday, creating a buzz of excitement within the crypto community.

The Dune dashboard, created by data scientist Andrew Hong, provided insights into the demographics of the traders on Jupiter. The data revealed that the majority of the traders were small retail users, with approximately 58% of traders having a weekly trading volume of less than $100, and about 28% being traders with less than $1,000. Notably, there has been a substantial amount of activity from individuals utilizing Jupiter’s DCA (dollar cost-averaging) feature, according to the founder of Web3 incubation firm DreamNFTeam, Austin Warren.

In the decentralized finance (DeFi) space, liquidity is distributed across different DEXs, leading to variations in cryptocurrency prices on each platform. DEX aggregators like Jupiter play a crucial role in helping crypto traders find the best prices by consolidating liquidity from several DEXs, thereby offering a seamless trading experience.

The recent surge in the number of traders propelled Jupiter to briefly become the biggest trading platform by 24-hour trading volume, surpassing Uniswap. Currently, Jupiter holds the second position with a 24-hour trading volume of $594 million, trailing behind Uniswap V3, which boasts an almost $698 million trading volume, as per data from CoinGecko.

Additionally, the upcoming airdrop scheduled for Wednesday has attracted considerable attention, despite the fact that the surge in weekly traders occurred after the eligibility cut-off date for the airdrop. The airdrop has been noted as a contributing factor to the heightened excitement surrounding Jupiter, with the platform’s pseudonymous founder expressing regret to those who are not eligible for the imminent airdrop and hinting at potential future airdrops.

As Jupiter continues to make waves in the crypto space, the platform’s team is working to make its users feel appreciated, seen, and acknowledged. With a commitment to ongoing developments and airdrops, Jupiter aims to maintain its momentum and uphold its position as a leading Solana-based DEX aggregator.

The DEX trading aggregator’s account on social media platform X shared a message expressing love and appreciation for those who could not participate in the upcoming airdrop, hinting at future activities to come. As Jupiter continues to gain traction, the platform’s impact on the DeFi landscape is becoming increasingly evident, solidifying its position as a prominent player in the evolving crypto ecosystem.