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Jupiter Exchange Surpasses Major DeFi Players in Daily Fees
Jupiter Exchange has surpassed major decentralized finance (DeFi) players, securing the second-highest daily fee ranking after stablecoin issuer Tether.
Additionally, the decentralized exchange (DEX) generated $2.73 million in revenue over a 24-hour period, going above fellow Solana stalwart Pump.fun.
Jupiter Usurps Pump.fun
According to data from DefiLlama, the exchange has earned $10.88 million in fees since yesterday, about $7.3 million less than the amount Tether raked in.
However, Jupiter performed markedly better than Uniswap, PancakeSwap, sister platform Meteora, and Hyperliquid, a rising star in the perpetual futures trading space. Apart from Uniswap, none of these competing protocols earned more than $5 million in fees in the last 24 hours.
In terms of revenue in the same period, Tether is heads and shoulders above everyone, with its $18.19 million being three times more than its closest competitor, Circle. Hyperliquid was third, bringing in $3.53 million, while Jupiter went above Pump.fun with a 24-hour revenue of $2.42 million.
Seven-Day Fee Earnings
Over seven days, the DEX’s fee earnings stand at $23.31 million, only bettered by Tether’s $127.26 million, Circle’s $41.54 million, and PancakeSwap’s $36.15 million. Other Solana-based platforms in the top ten include Meteora, Jito, and Pump.fun, which respectively received $19.52 million, $15.69 million, and $14.55 million in the last week.
Market Performance
Data from CoinGecko shows the decentralized finance category is up by a slight 0.6% since yesterday, with its collective market cap at $102 billion.
Jupiter’s JUP token is among the better-performing cryptocurrencies in the sector, gaining 9.5% on its price over the previous 24 hours. Among the segment’s top ten assets by market cap, it was only bettered by Maker (MKR), up 21.4%, and Hyperliquid’s HYPE, which registered an 11.9% uptick.
Across seven days, JUP also suffered the least loss among DeFi heavyweights, dropping just 1.0% of its value. The biggest large-cap losers were Aave (AAVE), down 17.8%, Chainlink (LINK), which shed more than 14% of its value, and Uniswap’s UNI token, which declined by 13.8%.
Conclusion
Jupiter Exchange’s impressive performance in daily fees is a testament to its growing popularity and reliability in the Solana ecosystem. As the decentralized exchange continues to attract more users, it is likely to maintain its position among the top players in the DeFi space.
FAQs
- What is Jupiter Exchange? Jupiter Exchange is a decentralized exchange (DEX) built on the Solana blockchain.
- What is the current market cap of the decentralized finance category? The collective market cap of the decentralized finance category is $102 billion, according to CoinGecko.
- How much revenue did Jupiter generate in the last 24 hours? Jupiter generated $2.73 million in revenue over a 24-hour period.
- What is the current price of the JUP token? The JUP token is currently trading at a 9.5% increase over the previous 24 hours.
- How does Jupiter’s performance compare to other DeFi platforms? Jupiter performed better than Uniswap, PancakeSwap, Meteora, and Hyperliquid, but fell short of Tether’s daily fee earnings.
