On Wednesday, decentralised exchange aggregator Jupiter initiated the claim period for users eligible for the airdrop of its native token, JUP. The token saw a trading volume exceeding $450 million on Jupiter’s platform alone in less than six hours. However, the robust performance of Solana’s network amidst significant activity stole the spotlight.
In a post on X (formerly Twitter), trader ‘Ted talks macro’ highlighted that Jupiter processed a staggering 1.2 million transactions within just one hour following the availability of JUP claims.
Mert Muntaz, CEO of Solana infrastructure provider Helius Labs, provided insights into Solana’s achievement, noting that the network handled up to 1,400 transactions per second. He emphasised that some transactions were intricate, involving complex swaps that fully utilised Solana’s composability.
Muntaz further mentioned that Helius’ RPC remained operational for the most part, even amid handling up to five times the average transaction volume.
Meanwhile, X user ‘Aylo’ reported issues with claiming JUP tokens, attributing them to the RPC being utilised. Switching to Helius’ hosted RPC reportedly resolved the problem.
Despite a strong start for WEN, another token from the Jupiter team, which surged by 93% within eight hours of its launch, JUP experienced a slower trajectory. According to trading data aggregator Birdeye, JUP has been trading within the $0.61 to $0.74 price range. Even its listing on centralised platforms like Binance, Bybit, and OKX failed to propel JUP out of this price range.
As of the time of writing, nearly 510,000 unique JUP trades have been executed on Jupiter, with buy orders amounting to over $290 million in volume, and sell orders generating $162 million in volume.