- Jupiter announces the launch of their native DAO.
- Solana’s user numbers have declined in the past month.
Solana based decentralized exchange Jupiter [JUP] Coin announced that it has launched its own native autonomous decentralized organization (DAO), funded with 10 million USD. [USDC] The 100 Million JUP Tokens are worth approximately $132,000,000.
The official funding of 10M USDC, and 100M JUP has been made into a DAO wallet.
This budget allows the DAO to align incentives with J.U.P. Catributors and fund ideas using USDC.
Besides LFG selection, the DAO will also…
— Jupiter 🪐 (@JupiterExchange) March 27, 2024
The DEX announced on the 27th of March that DAO could fund their ideas using USDC, and distribute JUP to J.U.P Catributors to encourage a long term alignment.
Jupiter states that Jupiter’s plan is to increase the DAO budget annually to help it achieve its goals on a long-term basis.
State of Solana
The volume of transactions on Solana’s DEXes began dropping on March 15th, despite the meme coin frenzy this month. According to Artemis’ Data has dropped by 71% since then. Solana’s DEX totalled $1.1 billion as of the 27th March.
Source: Artemis
This decline is due to a general decrease in the activity of users on the network. Artemis reports that since the 18th of March, the daily number of unique active address has fallen by 40%.
A low level of user activity has led to a decline in protocol fees, and revenue. Data from DefiLlama showed that total transaction fees received by Solana have trended downward since 19th March. This has fallen by 60% in the last eight days.
The revenue generated from fees also decreased. On 27th of March, the revenue for the network was $1.4m. This is a 44% drop from its previous week.
SOL doesn’t lack anything in this area
SOL’s price rose by 70% over the last one month. SOL is still in demand among spot market participants despite the recent market decline.
SOL/USDT TradingView
The key indicators of the coin show that purchasing activity is continuing to exceed selling pressure. Its Relative Strength Index is 61.81 and its Money Flow Index is 73.10.
Click Here to Read Solana [SOL] Price Prediction 2024-25
These values showed traders had continued SOL accumulation in spite of the increase in profits-taking.
At the time of press, the Elder-Ray Index confirmed the bullish market trend. It estimates the relationship between buyers and sellers on the stock exchange. An Elder-Ray Index that is positive represents a strong bullish trend, indicating an increase in purchasing activity.
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Source: ambcrypto.com
