Jupiter token rebounded to its highest ranges in months as merchants react to the upcoming launch of a decentralized lending platform.
The Solana-based DeFi protocol Jupiter (JUP) is again within the highlight. On Monday, Might 26, Jupiter token was buying and selling gained 15% in 24 hours. Buying and selling at $0.61, the token rebounded to the degrees final seen in March, as merchants reacted to the protocol’s enlargement plans.
The first catalyst behind JUP’s rise is the anticipated launch of Jupiter Lend, a decentralized lending platform set to go dwell in the summertime of 2025. Introduced on Thursday, Might 22, the platform goals to turn out to be “probably the most superior cash market on Solana.”
In keeping with the protocol, Jupiter Lend will provide a loan-to-value ratio of as much as 90%, considerably larger than the 75% supplied by most crypto lending platforms. Platform charges are anticipated to be as little as 0.1%.
Jupiter rises on DeFi development on Solana
Because the largest dApp on Solana, Jupiter DEX aggregator advantages considerably from Solana’s (SOL) rising ecosystem. Notably, by July, 42% of all Solana DEX transactions are routed by way of Jupiter. On the identical time, the platform has 95% of the DEX aggregator market share.
Because of this, the newest enhance in Solana’s DeFi metrics additionally contributed to Jupiter’s development. Particularly, the worth of all memecoins on Solana has reached $14 billion, considerably larger than the July low of $6 million.
Solana’s community exercise can also be accelerating. Weekly transactions rose 7.3% to 462.5 million, whereas lively addresses climbed above 34.7 million. Notably, Solana now processes extra weekly transactions than all different chains mixed. When it comes to lively addresses, it leads by a large margin, with Base in second place at 9.2 million.
