Solana-Based Jupiter Flips Uniswap, Records Over $870M in Trading Volume

Jupiter Exchange, a Solana-based decentralized exchange (DEX), has flipped the leading Ethereum-based DEX, Uniswap, in daily trading volume. According to on-chain data at press time, Jupiter had a trading volume of $823 million, whereas Uniswap held around $774 million, making it the third-largest DEX by trading volume. Notably, this would be the second time Jupiter would supersede Uniswap in trading volume this year.

Jupiter Flips Uniswap

Jupiter’s sudden increase can be attributed to several activities within its ecosystem. One such factor is the recent listing of Jupiter’s JUP perpetual trading on the American exchange, Coinbase.

The Solana-based DEX also saw a significant increase due to its recent integration with Drift, a decentralized finance (DeFi) project based on Solana. This announcement came amid an airdrop of 12% of DRIFT’s total supply to users on May 16th. Other tokens that have contributed to the increasing activities on Jupiter include MICHI, WIF, and JITOSOL. 

On-chain data also shows increasing activities involving the GME/SOL trading pair, amounting to over $32 million in trading volume. This week, GameStop’s $GME meme stock took the headlines as a popular retail trader resurfaced on social media. Memecoins tapping into the GME narrative saw meteoric price increases within hours. It remains uncertain how long the hype will keep up.

SOL Responds

Since Raydium, another leading Solana-based DEX, also supersedes Uniswap in trading volume, it shows that the Solana ecosystem has a significant network engagement from users.

The latest uptrend in Jupiter and Raydium has a ripple effect on Solana’s SOL coin. Over the past 24 hours, SOL has inched closer to $170. In recent weeks, SOL traded below $150. At the time of writing, the coin traded above $169, representing a 4% surge.

Solana’s market capitalization has currently risen by 3.9% to over $76 billion. Its uptrend can also be tied to a recent integration of SOL staking on the Robinhood app for users in the European Union (EU).