Bybit to List JUP on January 31

The incorporation of the native token of Jupiter (JUP) into Bybit is expected to attract Solana-focused investors.

Bybit, a prominent cryptocurrency exchange, recently declared its intention to list JUP, the native token of Jupiter, the Solana network’s preeminent liquidity aggregator.

The token is scheduled to debut on Bybit’s spot and derivatives platforms on January 31, as announced on January 26. This represents a substantial advancement in executing Jupiter’s intended decentralized governance framework.

Jupiter, responsible for 65% of the volume on decentralized exchanges operated by Solana, is renowned for its streamlined operations and minimal disruption across many DEXs.

The incorporation of JUP into Bybit is anticipated to attract the interest of investors specializing in Solana and those interested in investigating a variety of cryptocurrency assets.

Bybit’s Due Diligence: Exploring Jupiter’s Impact on Solana’s DEX Landscape

While preparing for the listing, Bybit performed an extensive investigation into Jupiter. The CEO of Bybit, Ben Zhou, commented on the decision, highlighting Jupiter’s substantial contribution to the management of Solana DEX volume.

The organization foresees that JUP will provide its consumers with novel prospects in decentralized finance (DeFi).

The trading of JUP on Bybit is scheduled to commence on January 31 at 3 PM UTC, and withdrawals will be permitted the following day at 10 AM UTC. JUP will be initially offered on the spot market; an hour later, perpetual contracts will become available.

In the interim, Jupiter’s decentralized exchange has experienced a significant surge in trading volumes, with a 24-hour surge to $513 million. Stablecoin exchanges on the platform and the anticipation surrounding a new memecoin airdrop are factors in the increase.

As of late, CoinGecko data indicates that Jupiter’s transaction volume has exceeded that of Uniswap’s V2 and V3 protocols, which are both based on Ethereum.

Approximately $50 million of Jupiter’s trading volume was influenced by transactions involving “Wen,” a memecoin accessible exclusively to Solana users and proprietors of the Solana Saga phone who had previously interacted with Jupiter.

The developers of Jupiter created the memecoin as a trial run before the January 31 release of the exchange’s native token, JUP, which is eagerly awaited via airdrop.

In contrast, the conversion of Solana (SOL) to Circle’s USD Coin (USDC) and Tether (USDT) accounted for the majority of Jupiter’s trading volume on the previous day, amounting to $191 million of the total volume.

The pre-market trading value of JUP tokens is approximately $0.65, according to data from decentralized exchange Aevo. The forthcoming airdrop of 1 billion JUP tokens can potentially increase the total estimated value beyond $600 million at current prices.