What's up everyone and welcome to another cantfoldaces blog post!
Jupiter! the biggest planet on the Solar system... Wait! I mean A big boy made its name on the cryptosphere being the most popular and clinching the number one spot on the Solana ecosystem.
To the point that it's massively trending on X (former twitter) taking the first place on the trend list with 3.56M posts till now!
What is Jupiter?
Jupiter Exchange (JUP), a solana-based decentralized exchange agregator. Aiming to become the ultimate centralized exchanger replacement.
No particular information on the devs behind the project as they like to keep everything private, however the put all the effort into making a slick and great design of the website and into detailed whitepaper and all these blog posts stuff. Most importantly, the devs take the name of Meow and that's what we only know up-to-date.
How does it works?
The price of any crypto coin and fluctuate at any given time and sometimes we find ourselves buy/selling at a higher slippage than intended. This is where Jupiter comes into action by providing the best deals for any given transaction.
Operation on a high-speed, low fees solana network, Jupiters connects all of DEX markets and pools on the latter network, not only it looks for the best price offered by different provided markets but interestingly by rooting through an intermediate token if an even better price is provided:
As an example, instead of going through a single SOL/USDC trade, a second low slippage, high profitable route can be found through SOL -> bSOL -> USDC.
Another feature used on a high volume transaction is splitting it into smaller trades size in order to reduce slippage in any given pool and spread it across most connect DEXs!
Jupiter Airdrop
This is the ready that made everyone crazy about the Jupiter Protocol. Jupiter destributed a massive Airdrop, probably the biggest one of Solana Network at a value of $700 Milllion worth of $JUP Token to eligible participants
The airdrop was distributed to eligible participants who took part in interacting with Jupiter Protocol before the snapshot taken on November 2nd.
Keep in my that this is the 1st airdrop wave where 1 Billion $JUP where allocated for this Airdrom and 3 more waves are yet to come with another 1 Billion $JUP allocated to each one of future airdrops (Snapshot not given yet).
For your information, $JUP wasn't the first airdrop that happened on Jupiter but it was preceded by $WEN airdrop and many people made some couple of hundreds of dollars for free.
Jupiter Price
Not too long after the airdrop hype, Binance announced that they will list $JUP on their trading platform.
Bear in mind, getting a coin listed on Binance requires an astronomical sum of BNB. But regarding this particular situation, The Solana-based DEX has taken the lead as a top Decentralized Exchanges by 24H Trading Volume, leading to Binance design to list this Token for ZERO fees. (obviously they compensate by trading fees).
Currently the price is trading at $0.64 with the price holding pretty much very well at a current volume of 284 Million $USDT in only 4 Hours since launch!
Conclusion
Would the Airdrop Era be back!? My biggets airdrop was around $400 and I was super happy to find such a surpriseon my crypto wallet! So congrats to any member we benefitted from this airdrop and feel free to share your joy on the comments!
Thanks a lot for reading till now and have a great day!