Jupiter has emerged as the shiny new start in the DeFi ecosystem on Solana. It’s not exactly a classical DEX as Uniswap, but its more as a DEX aggregator pulling liquidity from different apps and DEXs. It integrating different aspects of DeFi and at the same time building some features of its own like individual pools etc.
The Jupiter app had a form of soft launch back in the summer of 2023, while it really took of in January 2024 with the launch of its native token JUP. There was an airdrop for the token as well.
Here we will be looking at:
- Trading volume
- Total value locked
- Number of users
- Top exchanges
- Top Pairs and pool providers
- Price
The data is taken from places like the official Jupiter stats, Defi Lama, Dune Analytics, Coingecko etc.
Trading Volume
Trading volume is extremely important. That is where the fees come from and the APR for liquidity providers. No trading volume means no fees and no capital in the protocol.
The chart for the trading volume looks like this.
This is a chart for the daily trading volume. It’s quite volatile.
Prior to December 2023 the trading volume was quite low on Jupiter and then it increased a lot in December reaching one billion per day. A small pull back and a growth again in March 2024 up to 2B daily. In the recent period the trading volume has been in the range of 600M to 900M daily.
Quite impressive for such a new app.
On a monthly basis the chart looks like this:
Here we can notice the increase in December up to 15B per month, then another leg up in March 2024 to almost 40B per month. In May the trading volume was at 23B.
Total Value Locked
Here is the chart for the TVL on Jupiter
When it comes to Jupiter the TVL is sort of side metric since it doesn’t include the pools that it integrates from other protocols. It has some own liquidity through and as we can see it is at 400M now.
Active Users
How many users does Uniswap have? Here is the chart.
A constant growth in terms of active accounts here. On average in the last period there has been 250k DAUs, daily active accounts, while on some occasions it has reached almost 400k.
Because of the low fees on Solana we can assume a lot of these accounts are bots, but still the numbers remain high and the trend is up. On a monthly basis the numbers are in the millions MAUs.
Top Exchanges
If we take a look at the data for the trading volume on the other exchanges provided by some of the aggregators like coingecko the numbers looks like this.
This ranking combines both, CEXs (centralized exchanges) and DEXs.
We can see that Jupiter is now in the top 10 exchanges in the world by trading volume that is quite an achievement having in mind the short period of time it has been operating in. It has almost 1B daily trading volume.
There are few more DEXs that are in the top exchanges like Uniswap and Raydium, another Solana exchange.
Top Trading Pairs on Jupiter
Here is the chart for the top trading pairs ranked by liquidity.
The USDC-SOL is on the first spot here with 2B trading volume in the last month.
After this trading pair there is a sharp drop to around 400M where it is the number one meme on Solana WIF, followed by the stablecoin pair. Some SOL derivatives pairs in the top as well.
In terms of liquidity pools providers the chart looks like this:
The Raydium DEX is on the top followed by Orca and then Meteora. Jupiter aggregates all the pools from this exchanges providing users a great experience.
Price
The chart for the JUP price looks like this.
As mentioned JUP is newly launched token starting from January 2024. It started trading around 0.6, then increased to 1.6 USD dropped and sort of stabilized around the dollar mark. In terms of market cap Jupiter now has around 1B in market cap valuation ranking it around the 70 spot.
All the best
@dalz
