Binance has officially listed Solana-based decentralised exchange Jupiter’s native token, JUP, on its platform. According to an official statement, the token was scheduled to be listed on January 31, 2024, by 15.30 hours (UTC), with a “seed tag”, which is used to identify tokens of projects in their initial stages of development.
#Binance will list @JupiterExchange $JUP with Seed Tag applied.
https://t.co/lLWFWZix3C pic.twitter.com/fq8aB9g0Nw
— Binance (@binance) January 31, 2024
The announcement comes right after CoinGecko revealed Jupiter’s impressive rise in the decentralised exchange (DEX) landscape. The data shows that Jupiter now ranks second in trading volume, with only Uniswap V3 (Ethereum) ahead. Over the last 24 hours, JUP has reached $629.32m in trading volume.
Jupiter took a different approach to staking, governance, and tokenomics, and it has made it popular among members of the Solana community. The DEX offers a variety of features, including DEX Aggregation, Limit Orders, DCA (Dollar-Cost Averaging), Bridge Comparator, and perpetual trading. Jupiter’s aggregator service is free of charge, but it takes fees for DCA, perpetual swaps, and limit orders.
Binance’s decision to list JUP shows the DEX’s growing influence within the DeFi sector. With the exchange gunning to be a major player in the DeFi space, Binance’s listing might be a vote of confidence in its future.
Speculations about the possibility of Binance’s announcement significantly impacted the token’s market performance. Just 24 hours before the official announcement, the token’s price surged by 57.12%, and it recorded a trading volume that surpassed $16 billion in December 2023.
In another development, the Jupiter team recently announced that the platform would conduct a community airdrop of the JUP token on January 31, 2024. The airdrop will be available to over one million Solana wallets, and it will open the path for more projects to be created within the Solana ecosystem. This is expected to be one of the largest airdrops in the Solana ecosystem.
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