- Currently, half of Solana’s computing load is attributed to Jupiter.
Siong, a co-founder of Jupiter, the top DEX aggregator in Solana, disclosed the anticipated release date of the protocol’s mobile application.
Siong disclosed during the Solana Crossroads 2024 conference that the project intends to launch its mobile application in “late May or early June.” According to Siong, a “test flight” version of the app is already “up and running,” and Jupiter is in the process of approving the mobile app with Apple.
Jupiter is driving a dominant percentage of trading activity on Solana. According to Siong, Jupiter processes over 250,000 requests from users every second and contributes over 50% of Solana’s processing load per block.
Jupiter held 1.85 million transactions in the last 24 hours, or around $809 million worth of trade volume, according to Jupiter Station.
About seven months ago, the project also introduced a perpetual contracts trading platform, which has since expanded to account for between 70% and 75% of the market for perps trading on Solana.
According to DeFi Llama, the Jupiter Perpetual Exchange currently has a total value locked (TVL) of $340.7 million and has driven $424.5 million worth of volume in the last day.
According to CoinGecko, Jupiter also airdropped its JUP token to 955,000 early adopters in January. At launch, the token had a $900 million market valuation.
JUP suffered during its first month of trading, plummeting 29% to reach an all-time low of $0.47 two weeks after introduction, similar to many other assets that were airdropped. A few days following the airdrop, Jupiter moved to sell 18.5% of JUP’s supply via its LFG Launchpad, which sparked anger from the planet’s populace and accelerated the downward spiral.
But in late February, JUP started to gain momentum again, and in early April, it reached a record high of $1.75. Since then, the token has retreated by 36.6%, and it was last traded for $1.11.
Jupiter added support for Clone Protocol last week, enabling users to exchange assets from the platform that are not part of the Solana ecosystem.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
