The fierce race in the decentralized finance (DeFi) market intensifies, especially between Ethereum and Solana, two Layer 1 blockchain giants. The recent focus is on Jupiter, a liquidity aggregator that manages the majority of DEX volumes from Solana. Jupiter recently topped the list of DEXes by 24-hour volume, challenging Uniswap, which is widely recognized as the DeFi market leader on Ethereum.

This rise of Jupiter has sparked mixed reactions in the crypto community, including one from Uniswap founder Hayden Adams. He addressed Jupiter’s claim to market leadership, highlighting that Uniswap’s 24-hour volume, including its version 2 on Ethereum and deployments on other scaling solutions like Arbitrum One, Polygon and Optimism, was around $700 millions. Adams suggested that Jupiter’s dominance could be temporary and driven by speculation regarding airdrops.

Responding to Adams, Anatoly Yakovenko, co-founder of Solana, expressed an optimistic outlook on Jupiter’s future, hinting that the aggregator could eventually surpass Uniswap.

Jupiter’s growth linked to capital influx and airdrops

Jupiter’s remarkable growth is attributed to the influx of capital into the Solana ecosystem. Thus, driven by projects like Jito and Pyth, in addition to the promise of airdrops of JUP tokens for active users. This airdrop is expected to begin at the end of January, which could potentially boost activity on the platform even further.

Despite this positive trend for Jupiter, CoinMarketCap rankings place the aggregator in sixth place in terms of 24-hour trading volume. Only behind Uniswap v3 on Ethereum, which leads with more than US$466 million. Additionally, Uniswap remains the largest DEX in terms of total value locked (TVL), at around $4.1 billion, according to data from Defi Llama.

This scenario highlights the growing rivalry between Ethereum and Solana in the DeFi space, illustrating the dynamism and competitiveness of the sector. While Solana tries to consolidate its position, Ethereum, through platforms like Uniswap, maintains its leadership. Thus, highlighting the importance of continuous innovations and strategic adaptations in a constantly evolving market.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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