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, May 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 reside in the summertime of 2025. Introduced on Thursday, May 22, the platform goals to develop into “the most advanced money market on Solana.”
In accordance with the protocol, Jupiter Lend will provide a loan-to-value ratio of as much as 90%, considerably greater than the 75% supplied by most crypto lending platforms. Platform charges are anticipated to be as little as 0.1%.
Jupiter rises on DeFi progress on Solana
As the most important 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 via Jupiter. On the identical time, the platform has 95% of the DEX aggregator market share.
For that reason, the most recent enhance in Solana’s DeFi metrics additionally contributed to Jupiter’s progress. Particularly, the worth of all memecoins on Solana has reached $14 billion, considerably greater 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 energetic addresses climbed above 34.7 million. Notably, Solana now processes extra weekly transactions than all different chains mixed. When it comes to energetic addresses, it leads by a large margin, with Base in second place at 9.2 million.
