Bybit to List Jupiter’s Native Token JUP on its Exchange
Major crypto exchange Bybit has announced its plans to list JUP, the native token of Jupiter, a leading liquidity aggregator on the Solana network. The token will launch on Bybit’s spot and derivatives platforms on January 31, which is a significant step in implementing Jupiter’s decentralized governance model. Jupiter is known for its efficient execution and low slippage across various DEXs and accounts for 65% of the volume on Solana’s decentralized exchanges.
Integration of JUP into Bybit to Attract Attention from Investors
The integration of JUP into Bybit is expected to attract attention from investors within the Solana sphere and those exploring different cryptocurrency assets. Bybit conducted thorough due diligence on Jupiter in preparation for the listing. Ben Zhou, CEO of Bybit, commented that JUP will offer new opportunities to users within the decentralized finance (DeFi) sector.
Jupiter’s Trading Volume Surges Ahead of JUP Token Airdrop
Jupiter’s decentralized exchange has experienced a surge in trading volumes, reaching $513 million in the past 24 hours. This increase is attributed to excitement surrounding a new memecoin airdrop and a rise in stablecoin swaps on the platform. Recent data from CoinGecko shows that Jupiter’s trading volume has even surpassed that of Ethereum-based Uniswap’s V2 and V3 protocols.
Significant Trading Activity Driven by “Wen” Memecoin and Stablecoin Swaps
A significant portion of Jupiter’s trading volume came from transactions involving the “Wen” memecoin, which is available to Solana users who have interacted with Jupiter and owners of the Solana Saga phone. However, the majority of trading volume was from the conversion of Solana (SOL) to Circle’s USD Coin (USDC) and Tether (USDT), representing $191 million of the total volume.
JUP Tokens’ Pre-Market Trading Value and Estimated Total Value
The pre-market trading value of JUP tokens is around $0.65, according to data from Aevo, a decentralized exchange. With the upcoming airdrop of 1 billion JUP tokens scheduled for release on January 31, the total estimated value at current prices may exceed $600 million.
Hot Take: Bybit Listing JUP Token Expands Opportunities for Solana Investors
By listing Jupiter’s native token JUP, Bybit is expanding opportunities for investors within the Solana network. The integration of JUP into Bybit’s platforms will provide users with new avenues in the decentralized finance sector. With Jupiter’s trading volume surpassing that of Uniswap and the anticipation surrounding the JUP token airdrop, this collaboration holds promising prospects for both platforms. As the Solana ecosystem continues to grow, partnerships like this contribute to its overall development and offer increased liquidity options for traders.
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