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Bybit exchange to list Solana DEX Jupiter’s JUP token

News
Bybit exchange to list Solana DEX Jupiter’s JUP token

Major crypto exchange Bybit has recently announced its plans to list JUP, the native token of Jupiter, a leading liquidity aggregator on the Solana network.

As per the Jan. 26 announcement, the token is set to launch on Bybit’s spot and derivatives platforms on Jan. 31, marking a significant step in the implementation of Jupiter’s planned decentralized governance model.

Jupiter, which accounts for 65% of the volume on Solana’s decentralized exchanges, is known for its efficient execution and low slippage across various DEXs. The integration of JUP into Bybit is expected to garner attention from investors within the Solana sphere and those exploring varied cryptocurrency assets.

In preparation for the listing, Bybit conducted thorough due diligence on Jupiter. Ben Zhou, CEO of Bybit, commented on the decision, noting Jupiter’s significant role in handling Solana DEX volume. The company anticipates that JUP will offer new opportunities to its users within the decentralized finance (DeFi) sector.

Trading of JUP on Bybit is slated to begin at 3 PM UTC on Jan. 31, with withdrawals being enabled the following day at 10 AM UTC. Initially, JUP will be available on the spot market, with perpetual contracts to follow an hour later.

Meanwhile, trading volumes on Jupiter’s decentralized exchange have recently surged, reaching $513 million in the past 24 hours. The increase is attributed to the excitement surrounding a new memecoin airdrop and a rise in stablecoin swaps on the platform.

Jupiter’s trading volume has even surpassed that of Ethereum-based Uniswap’s V2 and V3 protocols, as per recent data from CoinGecko.

A little over $50 million worth of Jupiter’s trading activity was driven by transactions involving “Wen,” a memecoin available to Solana users who had previously interacted with Jupiter and owners of the Solana Saga phone.

The memecoin, designed as a trial by Jupiter’s developers, precedes the much-anticipated airdrop of the exchange’s native token JUP, which is scheduled for release on Jan. 31.

However, the majority of Jupiter’s trading volume in the past day came from the conversion of Solana (SOL) to Circle’s USD Coin (USDC) and Tether (USDT), representing $191 million of the day’s total volume.

The pre-market trading value of JUP tokens is hovering around $0.65, based on data from Aevo, a decentralized exchange. With the upcoming airdrop of 1 billion JUP tokens, the total estimated value at current prices may exceed $600 million.