Introduction
Token trading on Solana decentralized exchanges has once again surpassed that of Ethereum exchanges, marking the second time in recent months. This shift can be attributed to an upcoming token airdrop. On Sunday night, the 24-hour trading volume on Solana-based DEXes exceeded that of Ethereum, racking up around $705 million compared to $698 million. Although Ethereum has now reclaimed the top spot, the competition between the two networks remains fierce. Nevertheless, these temporary reversals indicate that Ethereum is under mounting pressure from Solana, which boasts faster and more affordable transactions.
The Impending Launch of JUP Token
The impending launch of JUP, the official token of Jupiter, a popular Solana decentralized exchange aggregator, seems to be the driving force behind the increased trading volume. Set to debut on Wednesday, JUP has attracted the attention of millions of eligible users, who hope to claim a share of the tokens. Recent data from CoinGecko reveals that Solana trading volume on Jupiter surpassed that of the leading Ethereum DEX, Uniswap V3. However, the rankings have since shifted.
Airdrop Eligibility and Future Plans
It remains uncertain if recent trading activity will impact Jupiter airdrop eligibility since the protocol took a snapshot of early users on November 2. The initial drop, scheduled for Wednesday, will consider approximately 955,000 wallets. Notably, Jupiter has additional tokens earmarked for future airdrops. The launchpad for Jupiter was previously utilized for the WEN meme coin drop, which served as a test run for the upcoming JUP drop. Despite over a million eligible wallets for the WEN airdrop, a substantial portion of the tokens, around 280 billion WEN, remains unclaimed as the claim window ended on Monday morning.