In the wake of Solana's impressive performance in 2023, competition with Ethereum, the reigning DeFi powerhouse, has intensified. The spotlight now shines on Jupiter, a liquidity aggregator driving the majority of Solana's DEX volumes, as it claims the top spot in the 24-hour volume ranking, seemingly surpassing Ethereum's Uniswap.
DEXes ranking by 24-hour volume. Source:CoinGecko
As Jupiter dominates CoinGecko's DEX ranking with over $521 million in 24-hour volume, Uniswap founder Hayden Adams challenges this claim. Adams contends that Uniswap's actual 24-hour volume, inclusive of its Ethereum deployments (including version 2) and scaling solutions like Arbitrum One, Polygon, and Optimism, is around $700 million. He dismisses Jupiter's rise as temporary, fueled by airdrop speculation.
"Have seen this tweet from many protocols over the years often around an airdrop. The real challenge is being #2 in these screenshots every damn time," Adams asserts.
Solana co-founder Anatoly Yakovenko responds to Adams, expressing the sentiment that Jupiter will inevitably surpass Uniswap, stating, "only a matter of time." This indicates a divide in perspectives within the cryptocurrency community regarding Jupiter's potential dominance.
Jupiter's recent surge in trading volume, reaching $16.6 billion in December 2023 from $3.9 billion the previous month, is attributed to capital inflow via airdrops from projects like Jito and Pyth. Additionally, Jupiter incentivizes user activity with promises of JUP token airdrops, scheduled for distribution starting January 31.
Jupiter’s monthly trading volume. Source:Jupiter Station
In conclusion, the unfolding drama between Jupiter and Uniswap underscores the escalating competition between Solana and Ethereum. While Jupiter's ascent is fueled by airdrops and capital influx, the controversy surrounding its position in the DEX ranking highlights the ongoing narrative of blockchain platforms vying for supremacy in the decentralized finance landscape.
Peter Schiff warns of Bitcoin ETF instability amid market volatility. Predicts long-term bear market pressure may lead to investor exits. Analysts suggest zero net flows in ETFs not indicative of underlying issues.
EdmundSEC, Gary Gensler, Uniswap, SEC plans to sue Uniswap Golden Finance, Gary is ready for the DeFi battle.
JinseFinanceOn the evening of February 23, Erin Koen, head of governance at the Uniswap Foundation, launched a proposal to the Uniswap Governance Forum, proposing to use a fee mechanism to reward UNI token holders who have entrusted and pledged their tokens.
JinseFinanceWhat does the Uniswap Foundation’s latest proposal say? The price of UNI rose from US$7 to US$12 in a short period of time, an increase of more than 70%.
JinseFinanceThe V4 hooks under development bring programmability to Uni. This property will enhance the composability of the pool and provide more refined capital efficiency control, leaving a lot of room for imagination.
JinseFinanceJupiter's JUP token airdrop, scheduled for January 31, is poised to be a significant event in the Solana ecosystem, with almost a million eligible wallets. The comprehensive guide covers eligibility criteria, distribution plans for 10 billion JUP tokens, and the unique aspects of this anticipated event.
JoySchiff reiterates Bitcoin skepticism post-ETF launch, anticipating zero value. Mocks $10 million scenario, linking it to dystopian hyperinflation.
Huang BoPeter Schiff questions Bitcoin vs. gold comparison, criticizing claims of Bitcoin's superiority. Bitcoin at $40,214.47 faces market fluctuations, while gold struggles amid geopolitical tensions. Debate continues to shape financial perceptions.huang
Huang BoGold advocate Peter Schiff warns of a potential BTC market collapse if the SEC approves a spot Bitcoin ETF. Matrixpoint predicts a delay until Q2 2024, citing Democrats' influence on SEC commissioners. Market sentiment shifts from optimism to skepticism, and analyst Eric Balchunas sees a slim chance of approval, raising concerns about a possible "rug pull of a decade." Uncertainty prevails as the crypto community awaits the SEC's decision.
BerniceElliptic's findings reveal a hacker's exploitation of THORSwap on FTX, converting Ethereum to Bitcoin. THORSwap resumed after addressing suspicious activity, introducing new terms, causing controversy over decentralization. ShapeShift's Erik Voorhees distinguishes THORChain as decentralized but THORSwap as centralized in decision-making. THORSwap now collaborates with an "industry leader" to prevent illicit fund flows. Their return coincides with Elliptic's report on the hacker's $120 million Ether-to-Bitcoin conversion.
Bitcoinworld