DeFi
Jupiter aims to launch a mobile app by July
Jupiter now represents 50% of Solana’s computing load.
Siong, co-founder of Jupiter, Solana’s primary DEX aggregator, revealed a target launch date for the protocol’s mobile app.
Speaking during the Solana Crossroads Conference 2024, Siong revealed that the project aims to roll out its mobile app “in late May or early June.” Siong noted that a “flight test” version of the app is already “up and running,” with Jupiter currently in the process of submitting the mobile app to Apple for approval.
The news comes as Jupiter represents a dominant share of commercial activity on Solana.
Siong estimates that Jupiter accounts for about 50% of Solana’s compute load per block and receives more than 250,000 user requests per second.
According to Jupiter Station, Jupiter hosted almost 1.85 million transactions in the last 24 hours, which equates to a trading volume of almost $809 million.
The project also launched a perpetual contracts trading platform around seven months ago, which has since grown to capture a market share of around 70-75% for individuals trading on Solana.
The Jupiter Perpetual Exchange currently has a total value locked (TVL) of $340.7 million and generated $424.5 million in volume over the last 24 hours, according to DeFi Llama.
JUP roller coaster
Jupiter also launched its JUP token to 955,000 early users in January, with the token debuting at a 900 million dollars market capitalization, according to CoinGecko.
Like many jettisoned assets, JUP collapsed in its first month of trading, falling 29% to post an all-time low of $0.47 two weeks after its launch. The downward momentum was intensified by the reaction of the Jupiter community in response to Jupiter’s decision to sell 18.5% of JUP’s supply via its LFG Launchpad just days after the drop.
However, JUP began to regain strength in late February, reaching a record high of $1.75 in early April. The token has since fallen 36.6%, last changing hands for $1.11.
JUP/USD. Source: CoinGecko.
Last week, Jupiter added support for Cloning protocolallowing users to trade assets outside of the Solana ecosystem from the platform.