Solana-based decentralized exchange Jupiter has taken a significant step forward with the launch of its native decentralized autonomous organization (DAO). The company has infused the DAO with a substantial budget of 10 million USDC and 100 million JUP tokens, totaling approximately $132 million.
The DAO is designed to empower Jupiter by providing it with the capability to fund new ideas using USDC and incentivizing long-term alignment with J.U.P Catributors through the distribution of JUP tokens. The operational budget will be replenished annually, ensuring that the organization can pursue its goals effectively over the long run.
While Jupiter is making strides, the Solana network has experienced a decline in user activity. Daily transactions on Solana-based DEXes began to decrease on March 15th, plummeting by 71% according to Artemis data. Additionally, the number of unique active addresses on the network has dropped by 40% since March 18th. These factors have resulted in a significant decrease in both protocol fees and revenues for Solana. Total transaction fees received by the network have decreased by 60% in the past eight days, leading to a corresponding 44% decline in revenue.
Despite Solana’s challenges, its native cryptocurrency SOL has shown resilience in the market. SOL’s price has risen by 70% over the past month, and demand for the token remains strong among spot market participants. Key momentum indicators, such as the Relative Strength Index (RSI) and the Money Flow Index (MFI), suggest that buying activity continues to outpace selling pressure. Furthermore, the positive Elder-Ray Index value indicates a bullish trend, signaling an increase in buying activity.
In conclusion, Jupiter’s launch of its native DAO demonstrates their commitment to innovation and long-term sustainability. While Solana faces a decline in user activity, SOL’s positive market performance indicates continued investor interest. Both developments contribute to the dynamic landscape of decentralized finance and showcase the potential for growth and adaptation within the industry.
Jupiter’s launch of its native decentralized autonomous organization (DAO) on the Solana network is a significant milestone for the company. With an infusion of 10 million USDC and 100 million JUP tokens, totaling approximately $132 million, the DAO aims to empower Jupiter by funding new ideas and incentivizing long-term alignment with J.U.P contributors.
However, despite Jupiter’s progress, the Solana network has experienced a decline in user activity. According to Artemis data, daily transactions on Solana-based decentralized exchanges (DEXes) have dropped by 71% since March 15th. The number of unique active addresses on the network has also decreased by 40% since March 18th. These factors have led to a significant decrease in protocol fees and revenues for Solana, with transaction fees falling by 60% in the past eight days and revenue declining by 44%.
Despite these challenges, Solana’s native cryptocurrency SOL has shown resilience in the market. SOL’s price has risen by 70% over the past month, indicating strong demand among spot market participants. Key momentum indicators, such as the Relative Strength Index (RSI) and the Money Flow Index (MFI), suggest ongoing buying activity outpacing selling pressure. Additionally, the positive Elder-Ray Index value indicates a bullish trend and increased buying activity.
In the larger context of the industry, Jupiter’s launch of its DAO and Solana’s challenges highlight the dynamic nature of the decentralized finance landscape. The industry continues to witness innovation and efforts towards sustainability, as exemplified by Jupiter’s commitment to long-term goal pursuit. The market performance of SOL demonstrates continued investor interest and highlights the potential for growth and adaptation within the industry.
For more information about Solana and its ecosystem, you can visit the Solana website. The website provides insights into the technology, community, and applications built on the Solana blockchain.