Galaxy Research has identified an interesting trend within the Solana blockchain. They observed a remarkable surge in daily bridged volume to Solana, which has skyrocketed by 335% over the past week.
Galaxy Research notes a surge in bridge activity, coinciding with Solana’s significant token airdrop through Jupiter. This airdrop, one of Solana’s largest, distributed one billion tokens, with a majority of the bridged funds originating from Ethereum.
Solana’s Jupiter Airdrop and Future Plans
Over the past 7 days, daily bridged volume to Solana has increased 335%.
Increased bridge activity coincides with one of the largest token airdrops ever on Solana, the Jupiter airdrop. The majority of bridged funds have been coming from Ethereum. pic.twitter.com/jXdrjUprar
— Galaxy Research (@glxyresearch) February 2, 2024
On Wednesday, Jupiter, the main DEX aggregator on the network, carried out the most extensive Solana-based airdrop ever seen. They distributed one billion tokens, which equated to 10% of the total supply, to Jupiter users who had joined before November 2, 2023. This massive airdrop served as a significant stress test for the Solana network, as there were concerns about whether it could manage such a substantial volume of transactions.
The Jupiter airdrop will continue in three additional phases over the next year, with 40% of the supply earmarked for distribution, and 10% allocated for community contributors and grants. The remaining 50% will be assigned to Jupiter team members, strategic reserves, and liquidity provisions, with varying lockups and vesting schedules.
This airdrop marks a significant milestone in Solana’s recent resurgence and serves as an indicator of the network’s advancement.
Solana plans to enhance its scheduler with version 1.18, aiming to reduce “scheduling jitter” and discourage network spam during contested states. As of the latest update, the SOL price experienced a 3.04% decrease in the previous 24 hours, settling at $99.15.
Monthly Token Unlocks and Future Unlock Events
According to The TIE, monthly token unlocks associated with Alameda are scheduled for Feb. 7 and 11. These unlocks, representing about 2% of Solana’s average trading volume, will continue until September 2027 and January 2028, respectively. A significant unlock of 7.5 million SOL is slated for March 1, 2025.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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