Solana DEX aggregator Jupiter JUP -9.12% facilitated a record $1.38 billion in trading volume over the past 24 hours.

The figure equates to more than double the daily trading volume Jupiter saw in recent days, making it the top DEX platform over the last 24 hours.

Yesterday’s highly-anticipated Jupiter token launch and airdrop saw activity on the Solana network surge, with web3 wallet Phantom saying it had never seen traffic at such levels — witnessing three times the total traffic volumes it saw following the recent WEN meme token launch.

Jupiter daily trading volume. Image: Jupiter.

JUP token launch and airdrop

Jupiter’s new governance token started trading at 10 a.m. ET yesterday, with the tokens initially priced at $0.40 on Jupiter's native liquidity pool — in line with the pool’s price curve. Centralized exchanges, including Bybit, Binance, Bitfinex and OKX, subsequently began offering trading for the token.

JUP is currently trading at $0.60, according to The Block’s price page — up 50% from its initial trading price. That gives it a market cap of $808 million and a fully diluted value of $6 billion.

Some 1.35 billion tokens, or 13.5% of its total 10 billion supply, are in circulation at launch.

Jupiter opened its initial token airdrop at the same time. The retrospective airdrop rewards early users who traded at least $1,000 on the platform before Nov. 2, targeting 955,000 wallet addresses. Currently, 62.9% of JUP tokens have been claimed across over 450,000 addresses, according to a Dune Analytics dashboard.

In total, the project plans to airdrop four billion tokens, or 40% of Jupiter’s total supply, to users over four phases. According to Jupiter, future airdrop rounds will also reward new users.

User complaints about launch pool

The token launch has not passed without its controversy. Some users complained about the token launch pool being used by the team to sell tokens to the public.

In response, the project’s pseudonymous founder, Meow, said the team was transparent about the mechanics of the launch pool. The founder claimed that the team’s sales ratio was reduced from 20% to 5%, then to 2.5% of the token supply. Meow added that the team could have raised more funds if it had wanted to via an initial DEX offering or over-the-counter sales — implying that it chose a more transparent approach.

“By doing it this way, airdrop recipients get a massive pool to constantly sell into, while prospective buyers have assurance that there is a big pool to absorb big selling pressure from airdrops that will cause them immediate massive rekt,” Meow said.