Jupiter Aims To Launch Mobile App Launch By July

Jupiter now accounts for 50% of Solana’s computational load.

Siong, the co-founder of Jupiter, Solana’s leading DEX aggregator, unveiled a target launch date for the protocol’s mobile app.

Speaking during the Solana Crossroads 2024 conference, Siong revealed that the project is aiming to roll out its mobile app during “late May or early June.” Siong noted that a “test flight” version of the application is already “up and running,” with Jupiter currently in the process of submitting the mobile app to Apple for approval.

The news comes as Jupiter is driving a dominant share of trading activity on Solana.

Siong estimated that Jupiter accounts for roughly 50% of Solana’s computational load per block, and is receiving more than 250,000 requests from users per second.

According to Jupiter Station, Jupiter hosted nearly 1.85 million transactions in the past 24 hours, equating to nearly $809 million in trade volume.

The project also launched a perpetual contracts trading platform roughly seven months ago, which has since grown to capture a roughly 70% to 75% market share for perps trading on Solana.

The Jupiter Perpetual Exchange currently boasts a total value locked (TVL) of $340.7 million and drove $424.5 million worth of volume in the past 24 hours, according to DeFi Llama.

JUP rollercoaster

Jupiter also airdropped its JUP token to 955,000 early adopters in January, with the token debuting at a $900 million market cap, according to CoinGecko.

Like many airdropped assets, JUP slumped during its first month of trade, falling 29% to post an all-time low of $0.47 two weeks after launching. The downward momentum was intensified by backlash from Jupiter’s community in response to Jupiter moving to sell 18.5% of JUP’s supply via its LFG Launchpad just a couple of days after the airdrop.

However, JUP began to regain steam in late February, rallying to a record high of $1.75 in early April. The token has since pulled back by 36.6%, last changing hands for $1.11.