Jupiter Exchange, the decentralized finance (DeFi) platform, has leapfrogged major market competitors to earn the second-highest daily fee ranking, only surpassed by Tether, the stablecoin issuer. Over a 24-hour period, the decentralized exchange (DEX) generated an impressive $2.73 million in revenue, surpassing fellow Solana platform, Pump.fun.
According to data aggregated by DefiLlama, Jupiter Exchange has earned a staggering $10.88 million in fees in the past day, approximately $7.3 million short of Tether’s earnings. However, Jupiter outperformed other major DeFi platforms such as Uniswap, PancakeSwap, sister platform Meteora, and Hyperliquid, a newcomer in the perpetual futures trading space. Except for Uniswap, none of these competitors generated over $5 million in fees in the past 24 hours.
In terms of revenue generated over the same period, Tether came out on top, amassing $18.19 million, three times more than its closest competitor, Circle. Hyperliquid secured the third spot, with $3.53 million, and Jupiter overtook Pump.fun with a 24-hour revenue of $2.42 million.
Looking at the past week, Jupiter’s fee earnings amounted to $23.31 million, surpassed only by Tether’s $127.26 million, Circle’s $41.54 million, and PancakeSwap’s $36.15 million. Other Solana-based platforms in the top ten included Meteora, Jito, and Pump.fun, which respectively earned $19.52 million, $15.69 million, and $14.55 million over the last week.
Jupiter’s improved performance comes amid upheaval in the Solana DeFi landscape. Last week, Meteora, a platform co-founded by Jupiter’s pseudonymous lead, Meow, faced leadership changes after co-founder Ben Chow resigned following allegations of financial misconduct. The controversy surrounding the LIBRA meme coin, which saw a sharp rise and subsequent crash following an endorsement from Argentine President Javier Milei, has also caused some unease in certain DeFi circles.
In terms of the market performance, data from CoinGecko shows that the DeFi sector has increased by a modest 0.6% since yesterday, with the total market cap standing at $102 billion. Jupiter’s native JUP token has been one of the better-performing cryptocurrencies in the sector, registering a 9.5% price increase over the past 24 hours. Only Maker (MKR) and Hyperliquid’s HYPE outperformed JUP, posting gains of 21.4% and 11.9% respectively.
In a week-long view, JUP has proven resilient, suffering only a 1.0% loss in value, the least among DeFi market heavyweights. The most significant losers were Aave (AAVE), down 17.8%, Chainlink (LINK) which lost over 14% of its value, and Uniswap’s UNI token, which declined by 13.8%.
The ascension of Jupiter Exchange in a competitive DeFi landscape underlines the platform’s ability to navigate market turbulence and deliver impressive results. It serves as a testament to the growth potential of the DeFi sector, despite the inherent volatility.
