- Jupiter, a Solana-based DEX, recorded trading volumes of $480 million in a 24-hour period.
- The surge in trading volume was driven by a new memecoin airdrop and increased activity in stablecoin swaps.
- A report shows that out of $2.61 billion stolen from the crypto market, $674 million was recovered from 600 large-scale hacks.
- Polygon Labs has proposed a framework to classify DeFi as “critical infrastructure.”
Jupiter DEX Takes the Lead with $480 Million in Trading Volume
Jupiter, a decentralized exchange (DEX) built on the Solana blockchain, has surpassed leading DEX Uniswap with $480 million in trading volume in a single day. This surge in trading activity can be attributed to the hype surrounding a new memecoin airdrop and increased activity in stablecoin swaps. Solana’s scalability and low transaction fees have contributed to the popularity of Jupiter as a trading platform.
Recovery of Stolen Crypto Funds and DeFi as Critical Infrastructure
A recent report reveals that out of the $2.61 billion stolen from the crypto market in 2023, $674 million has been recovered from 600 large-scale hacks. This highlights the efforts being made to combat fraud and strengthen security measures in the crypto space.
Polygon Labs, a research and development arm of the Polygon network, has proposed a framework to classify decentralized finance (DeFi) as “critical infrastructure.” This classification aims to establish the importance of DeFi in the overall financial ecosystem and prioritize its stability and security.
The success of Jupiter DEX on the Solana blockchain demonstrates the growing popularity and potential of alternative blockchain platforms for decentralized exchanges. As the demand for DeFi and crypto trading continues to rise, scalability and low transaction fees will be crucial factors in determining the success of DEX platforms. The recovery of stolen funds and the classification of DeFi as critical infrastructure are positive steps towards creating a more secure and robust crypto ecosystem.