Crypto traders and airdrop hunters have claimed nearly 545 million JUP tokens in the first eight hours of Jupiter’s highly-anticipated airdrop that went live Wednesday morning, according to blockchain analytics firm Flipside Crypto.
Nearly 367,000 addresses have claimed about $340 million worth of Jupiter’s governance token, which means nearly $284 million worth of JUP remains unclaimed at current market prices. Jupiter’s airdrop launch page says traders will be able to claim their JUP tokens until July 31, 2024.
About 955,000 addresses on Solana are eligible to claim the one billion JUP tokens allocated to Jupiter’s airdrop, which was meant to rally community members and reward early users of the decentralized exchange swapping aggregator.
While Jupiter’s launch page currently says the Solana network is “very congested” which may result in transactions not getting processed, the layer 1 blockchain has remained operational in the midst of the heightened activity stemming from the airdrop.
On Wednesday, Jupiter surpassed Uniswap as the largest decentralized exchange by 24-hour trading volume with about $1.2 billion, compared to Uniswap’s $841 million, data from CoinGecko shows.
Jupiter’s airdrop “was highly anticipated after the success of the JITO airdrop, and Jupiter was clearly prepared in terms of liquidity, marketing, etc,” wrote Flipside data scientist Carlos Mercado to Unchained via Telegram. “Overall [Jupiter’s airdrop] looks successful in terms of distribution and market interest.”
The price of JUP has increased 3.8% in the past hour to change hands at 65 cents, making its market cap stand at $911 million.