Solana Challenges to Dethrone Ethereum as DeFi Trading Surges Ahead of Jupiter Airdrop
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Solana Challenges to Dethrone Ethereum as DeFi Trading Surges Ahead of Jupiter Airdrop

  • Solana briefly surpassed Ethereum in decentralized exchange (DEX) trading volume, reaching $705 million compared to Ethereum’s $698 million, with the surge attributed to the anticipation of the Jupiter token airdrop.
  • The impending launch of JUP, the official token of the Solana decentralized exchange aggregator Jupiter, has intensified the competition, while Solana’s recent success in meme coin trading and decentralized finance (DeFi) transactions adds to its momentum.

The world of decentralized finance (DeFi) has witnessed a captivating shift as Solana, the blockchain network known for its high-speed and low-cost transactions, temporarily outpaced Ethereum in token trading volume on decentralized exchanges (DEXes). This phenomenon occurred in December during the meme coin mania, and the trend has resurfaced, attributed this time to the anticipation surrounding an impending token airdrop.

As of Sunday night, Solana’s DEX trading volume over the last 24 hours reached approximately $705 million, surpassing Ethereum’s $698 million, according to data from DeFi Llama. Although Ethereum has regained its lead as of now, the competition remains fierce, with Ethereum boasting about $742 million in DEX trading compared to Solana’s steadfast $705 million. However, Ethereum maintains a substantial lead in seven-day trading volume, standing at $8.9 billion compared to Solana’s $4.5 billion.

WEN Airdrop: 41% of Solana Meme Coin Still Unclaimed as Deadline Looms

The ongoing success of Solana’s decentralized exchanges can be partially attributed to the WEN token, a meme coin created to humorously mirror the crypto community’s persistent inquiries about new token releases. As the Solana meme coin’s airdrop deadline approaches, a surprising 41% of WEN tokens remain unclaimed, raising anticipation within the crypto community.

Now, the spotlight is on the imminent launch of JUP, the official token of the popular Solana decentralized exchange aggregator, Jupiter. Set to debut on Wednesday, JUP has captured the interest of nearly a million wallets eligible to claim a share of its tokens. CoinGecko reports that Solana trading volume on Jupiter surpassed that of Ethereum’s leading DEX, Uniswap V3, late Sunday, though rankings have since shuffled as of Monday morning.

Meme Coin Mania Helps Push Solana DeFi Volume Over Ethereum for First Time

The recent surge in Solana’s decentralized exchange transaction volume marks a groundbreaking achievement for the blockchain network. Over the past seven days, Solana’s DEX volume has soared to $9.03 billion, as reported by Defi Llama, surpassing Ethereum’s $8.836 billion during the same period.

As excitement builds around the Jupiter airdrop, scheduled for Wednesday, it remains uncertain whether recent trading activities will influence eligibility. Jupiter had previously conducted a snapshot of early users on November 2, identifying 955,000 wallets eligible for the upcoming airdrop. Despite the snapshot date, Jupiter hints at additional token distributions in future airdrops, keeping the crypto community on the edge of their seats. The battle for supremacy in the DeFi realm continues, with Solana making waves and challenging Ethereum’s long-standing dominance.

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