Reporter
Solana [SOL] just recently went through an airdrop occasion. The network went through a tension test due to the considerable variety of users taking part in the airdrop.
This incident caused noteworthy changes in particular vital network metrics.
Jupiter airdrops on Solana
On the 31st of January, Jupiter, the biggest Decentralized Exchange (DEX) on Solana, performed an airdrop occasion on the network. The airdrop created substantial attention from users.
Before the airdrop, Jupiter accomplished noteworthy turning points, going beyond significant networks like Ethereum [ETH] in day-to-day volumes.
According to information from CoinMarketCap, the freshly introduced JUP token tape-recorded a trading volume of over $1.2 billion in the last 24 hours.
AMBCrypto’s analysis of the JUP token revealed that it opened its trade at around $0.03. The token experienced a rise, reaching $0.8 before concluding trading at around $0.66.
At the time of this writing, it was trading at around $0.5, revealing a loss of over 11%.
CoinMarketCap’s information likewise revealed that the token had actually lost over 60% of its market capitalization in the last 24 hours. Since this writing, the marketplace cap was around $790.8 million.
Source: Trading View
Solana remains online in spite of traffic
The current Solana airdrop occasion accentuated previous issues about the network’s efficiency. This triggered observers to question its capability to manage the increased traffic.
A post on X (previously Twitter) exposed that the network experienced a 45% deal loss throughout the airdrop. Regardless of this, the network effectively taken in the whole traffic.
An assessment of the network’s uptime revealed that all platforms on the Solana network preserved 100% performance. An evaluation of the network’s status likewise exposed that there had actually been no downtime in the last 90 days.
Solana sees record volume
AMBCrypto’s assessment of DefiLlama’s information revealed that Solana’s volume reached among its acmes in history on the 31st of January. The chart revealed an increase in volume to around $1.5 billion.
This was notable, provided the network’s historic information. The analysis likewise revealed that the Total Value Locked (TVL) experienced a substantial boost leading up to the airdrop occasion.
Source: DefiLlama
Beginning around the 23rd of January, the TVL increased from around $1.3 billion to go beyond $1.6 billion by 30 January. Since this writing, it was around $1.6 billion, somewhat decreasing from the peak.
This information recommended increased activity and worth within the Solana network before the airdrop.
SOL stops working to fly
In spite of the airdrop occasion, AMBCrypto’s analysis of Solana’s day-to-day timeframe chart revealed that it had no favorable influence on the cost pattern.
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