Jupiter DEX aims to expand beyond an aggregator for Solana, and turn into an “everything market”. The app’s lead developer proposed the Giant Unified Market (GUM), which would encompass both crypto and traditional assets.
The lead developer of Jupiter DEX went public again with a proposal for an everything market, known as Giant Unified Market (GUM). Currently, Jupiter DEX only aggregates Solana-based trading for old and newly minted tokens.
GUM is more than a sweet treat, it’s the future of finance.
We want to help establish the Giant Unified Market, a world where everything is available on-chain, with a single swap.
Whether it is cat or dog memes, real world assets such as bonds or equities, or consumable… pic.twitter.com/mAWVP8nShG
— Jupiter 🪐 (@JupiterExchange) July 9, 2024
Jupiter is among the most actively growing projects on Solana, and the only one in the top 10 that grew its activity in the past month. Yet the DEX aggregator has a long way to go, as it is only carrying around $453M in value locked. Despite this, Jupiter DEX noted more than 14% growth in the past month, while other apps on Solana saw a slide in users and volumes.
In July, Jupiter DEX saw an uptick in activity, as well as a robust level of developers. More than 180 developers are engaged with Jupiter’s technology, though @weremeow is still the most prominent one to outline the project’s plans.
JUP still waits to reclaim $1
Jupiter DEX is on track to reveal its plans for H2. At the same time, its community is bullish on JUP, mentioning a hike as high as $10.
JUP is trading at $0.80, down 50% from its yearly peak. Volumes have thinned out since the initial euphoria in March. Now, the biggest utility factor for JUP is staking, as well as Active Staking Rewards (ASR).
All JUP owners can vote on platform proposals, to receive more JUP, as well as other token airdrops. The claiming of new tokens and more JUP rewards is also driving some network congestion.
The ASR page is currently dealing with lots of traffic, adding load to our infra.
If you’re struggling to claim, try changing your RPCs!
Or you can wait for a while for the activity to settle down before claiming.
Remember you have a month to claim! https://t.co/x0mSMUxn9o
— Jupiter 🪐 (@JupiterExchange) July 6, 2024
With ASR, the supply of JUP tokens is set to grow in the coming years. Only around 1.3B tokens are in circulation, with up to 10B to enter the market over time. As Jupiter grows its public profile, it is also getting closer to faster token unlocks, until the fully diluted valuation is reached.
Additionally, JUP is still in the retrodrop period, active until the end of July, which will further dilute the tokens in circulation.
Also Read: Jupiter team faces rug-pull allegations as JUP price plummets
Jupiter DEX aims to turn into a community-driven project, by rewarding its users more widely. Recently, a new tokenomics was introduced to make sure users get rewarded first. Jupiter is following the model of Solana in trying to build a large supportive community. For now, the biggest incentive remains airdrop farming through votes and staking JUP.
Jupiter JUP token logs failed transactions
At this level of activity, the native JUP token of the Jupiter DEX is seeing more than 90% failed transactions. As of July 10, most transactions for JUP are listed as failed. In the past months, the problem was mostly limited to Raydium, due to the high activity around meme tokens.
For Raydium, still around 50 to 75% of transactions are failing, but this is mostly due to the outflow of activity. In the case of Jupiter, the failed transactions suggest significant activity. Overall, Solana continues to pose the problem of failed transactions.
Also read: Jupiter DEX aggregator may switch tokenomics to community-first, slash excess supply
One of the reasons may be due to big players that can spam wallets and lead to failed transactions. The other reason may be MEV bot activities, which prevent regular users from using the full functionality of Jupiter and other Solana apps.
Jupiter users can now use the technology of Chaos Labs, which has introduced monitoring for the DEX aggregator. The new monitoring functions will allow Jupiter DEX traders to track whale behaviors and engage in copy-trading. Jupiter DEX now carries more than $166M in daily volumes.
Early JUP adopters have claimed that sometimes, Jupiter solves the problem of failed transactions, depending on overall network activity. In the early days of JUP, buyers also found it impossible to buy using Phantom wallet, again due to failed transactions.
Cryptopolitan reporting by Hristina Vasileva
