Token buying and selling on Solana decentralized exchanges briefly flipped those of Ethereum exchanges in December as meme gold coin mania raged, and today it’s happened again—this time related for an impending token airdrop.
By Sunday night, moving 24-hour buying and selling volume on Solana-based decentralized exchanges (DEXes) capped Ethereum exchanges, based on data from DeFi Llama, about $705 million on Solana throughout the span when compared with $698 million on Ethereum.
Ethereum has returned on the top at this moment, however the systems remain close: DeFi Llama shows about $742 million in Ethereum DEX buying and selling during the last 24 hrs, while Solana remains steady around $705 million. Ethereum is well ahead when it comes to seven-day volume, however, at $8.9 billion when compared with under $4.5 billion for Solana.
Nevertheless, the current short-resided reversals reveal that the lengthy-dominant Ethereum is facing growing pressure from Solana, because the rival chain offers less expensive and faster transactions. Which was the situation in December when buying and selling on Solana meme coins like BONK and Dogwifhat (WIF) helped spike DEX volume.
Now, the offender seems is the impending launch of JUP, the state token from the popular Solana decentralized exchange aggregator Jupiter. It’s set to debut on Wednesday with nearly millions of wallets qualified to assert a share of JUP tokens.
Based on data from CoinGecko, Solana buying and selling volume on Jupiter capped those of leading Ethereum DEX Uniswap V3 late Sunday, though similar to using the broader chains, individuals places have previously swapped by Monday morning.
Uniswap V3 has over $629 million price of buying and selling volume in the last 24 hrs, while Jupiter has about $571 million in DEX buying and selling on Solana in that span.
It’s unclear whether any recent buying and selling will really factor into Jupiter airdrop eligibility, however, because the protocol required an overview of early users on November 2. It stated that some 955,000 wallets could be qualified for that eventual drop, that is now set to occur on Wednesday. However, Jupiter has additional tokens planned for future airdrops.
Jupiter’s launchpad was utilized for last week’s WEN meme gold coin drop like a test run in front of the JUP drop. Greater than a million wallets were qualified for that WEN airdrop, although the claim only lasted until Monday morning—with over 280 billion WEN left unclaimed.
Edited by Ryan Ozawa.
