In a surprising shift within the decentralized exchange (DEX) space, Jupiter, a Solana-based DEX, has dethroned the Ethereum stalwart Uniswap in daily trading volume. On January 29, Jupiter’s trading volume soared past $500 million, snatching an 18% slice of the day’s total DEX market volume, while Uniswap trailed at $443 million. Despite a brief resurgence on February 3, Uniswap was unable to sustain its lead.
Jupiter’s Token Airdrop Impacts Rankings
Jupiter’s recent promotional strategy, including a JUP token airdrop, is speculated to have catalyzed Uniswap’s dip in rankings. Although Uniswap managed a momentary comeback, Jupiter regained its leading position swiftly, boasting a $538 million trading volume compared to Uniswap’s $531 million at the time of reporting.
Uniswap’s Performance and Trends
The UNI token, associated with Uniswap, has experienced a 6% price drop over the previous month, trading at $6.15. However, it has shown a minor uptick of 0.37% recently, along with a 2% increase over the past week. Despite an 18% fall in the 24-hour trade volume to just above $56 million, its overall market volume has grown by 0.45%, maintaining a value of over $3.6 billion.
This decline in Uniswap’s market presence corresponds with a decrease in network activity. Data reveals a notable 23% drop in the number of addresses engaging in UNI transactions in the last 30 days, coupled with a 27% fall in newly created addresses for the token, indicating waning investor demand.
The provided image showcases the recent fluctuations in UNI’s performance on the market.