Web traffic data from Similarweb shows that Jupiter, a decentralized protocol on Solana, ranked second in October’s most visited DEX protocol. Its 2.9 million visits is an over 59% increase from its September 1.86 million. Uniswap leads the pack, with Raydium holding the third position.
Jupiter is not an absolute DEX but acts as a DEX liquidity aggregator. It claims to provide the best rates for users by pulling liquidity and pricing data from all other Solana exchanges, such as Raydium and Orca.
Why the Increase in Monthly Visitors?
Though launched in 2021, Jupiter gained significant traction after launching its JUP token in January. The token’s utility, including staking and governance, boosted user engagement and trading volume, putting Jupiter’s position among the top Solana protocols.
The token’s launch was the genesis of many events that incentivized users. Jupiter launched the JUP 4 JUP (J4J) initiative, which aims to reward active users and put more JUP in the hands of the community. One of these events is the Active Staking Reward (ASR), which comes quarterly for stakers who participated in voting rounds.
Another important event for the Jupiter community is the Jupuary, which distributes JUP tokens via airdrop to its users in January. Users who actively traded with the exchange were prioritized during the event. Snapshot for last year’s eligible users was executed in November, and most users may have viewed October as the last month to participate, hence the increase.
Generally, October saw a significant shift in market sentiment, driven by favorable macroeconomic factors, including decreased US federal rates. This optimism led to better market sentiment and upward price movements, improving and positioning the market for further growth and stability. Most Solana users gunning for the best price may have turned to Jupiter.
What’s Currently Trending in Jupiter?
The Jupiter community is currently deliberating on the requirements for the next Jupuary event, scheduled for January 2025, following the snapshot taken on November 2 and the co-founder’s suggestion to exclude stakers from rewards. The team wants to put up a voting round for the community to decide what it deems best for the event.
Meanwhile, the JUP price is $1.1 at press time, down 7% in the last 24 hours. Its day trading volume is $290.34 million, and its market capitalization is $1.5 billion.
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