galaxy research highlights an intriguing trend on the Solana blockchain: daily volume bridged to Solana has increased 335% over the past seven days.
galaxy research highlights an intriguing trend on the Solana blockchain: daily volume bridged to Solana has increased 335% over the past seven days.
According to Galaxy Research, the increase in bridge activity corresponds with one of Solana’s largest token airdrops, the Jupiter airdrop. Most bridge funds come from Ethereum, he said.
On Wednesday, Jupiter, the network’s leading DEX aggregator, distributed the largest Solana-based airdrop to date. One billion tokens, or 10% of the total supply, were airdropped to Jupiter users by November 2, 2023. The airdrop was a major stress test for the Solana network, with questions over its ability to handle such a large number of transactions.
A total of 40% of the supply will be airdropped to users in three more phases over the next year (precise schedule to be determined). An additional 10% is earmarked for community taxpayers and grants.
The remaining 50% of the supply will be allocated to Jupiter team members, strategic reserves and liquidity provisions, subject to different locks and awards.
The Jupiter airdrop is an important milestone in Solana’s return over the past year and is a good barometer of the network’s progress.
In the short term, planned improvements to the Solana scheduler as part of version 1.18 should further reduce “scheduling jitter,” which encourages users to flood the network with spam while a state is in dispute.
At the time of writing, SOL price had fallen 3.04% in the previous 24 hours to $99.15.
According to the TIEThe monthly unlock of SOL tokens associated with Alameda is scheduled for February 7 and 11. These monthly unlocks represent approximately 2% of Solana’s average trading volume and are planned to continue until September 2027 and January 2028, respectively, with a massive unlock of 7.5 million SOL planned for March 1, 2025.
