Solana Achieves Record Sign-ups, Eyes Jupiter Token (JUP) Airdrop
Solana witnesses its peak transaction volume achieving highest-ever level of daily new addresses, bolstered by WEN and JUP token airdrops.
The best-performing altcoin in 2023, Solana (SOL), is demonstrating a robust beginning in 2024. The layer-one network witnessed its peak transaction volumes since October 2022 earlier this month, achieving its highest-ever level of daily new addresses as a seven-day moving average just yesterday.
While the peak month for the network’s total sign-up count was May 2022, January has now surpassed the second-place position, previously held by December 2023. In January, the network accumulated over 10 million new addresses and continues to grow.
The success of meme coins built on the Solana blockchain has influenced the increase in sign-ups. Presently, the recently popular meme token, WEN, is in the process of being airdropped to more than a million users.
According to CoinMarketCap, the WEN token has observed a 24-hour increase of 45.47%, briefly reaching 0.00016 USDT before currently being quoted at 0.0001482 USDT.
The WEN meme token airdrop also functions as a test for Jupiter (JUP), which stands as Solana’s largest decentralized exchange aggregator (DEX) serving as a preparation for Jupiter’s scheduled airdrop of its governance token, JUP, set to take place this Wednesday.
The JUP’s initial airdrop is accessible to 955,000 eligible users who met the $1,000 swap volume requirement by the snapshot date in November 2023. However, co-founder of Jupiter stated that the most effective approach for the JUP airdrop has yet to be finalized. Officials might consider sponsoring marketing activities associated with JUP or opt to acquire tokens directly from the open market instead of utilizing reserves.
Notably, over the past 24 hours, the transaction volume on Jupiter amounted to approximately US$510 million, surpassing the combined transaction volume of the Uniswap V2 and V3 protocols on Ethereum, which stands at roughly $470 million.
Solana’s Resurgence and Innovations
Solana’s recent resurgence is partially attributed to a narrative emphasizing its design choices and emphasis on scalability. This positions it as one of the few public blockchains deemed capable of hosting a product with mainstream adoption.
Recently, the Solana Foundation introduced token extensions as the next generation of the SPL Token standard, marking a notable advancement in blockchain capabilities. The announcement emphasized the expanded possibilities enabled by extensions, particularly for legitimate business use cases, including payments and stablecoins.
This introduction facilitates token transfers that trigger programs requiring Know Your Customer (KYC)/Anti-Money Laundering (AML). Solana says it is the first network to offer an integrated developer and user experience within a single token program on a public network.
Solana’s strong performance at the outset of 2024 and innovative developments suggest its significant potential to advance further into the year. This solidifies its position as a leading blockchain platform focusing on scalability and diverse use cases.
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