Jupiter price

Top 10 Protocols on #Solana by Revenue in the Last 7 Days Solana’s ecosystem continues to thrive with #Axiom and #PumpSwap leading in weekly revenue, generating $13.3M and $12.1M, respectively. #Phantom, #Photon, and #Jupiter follow as top performers, showing strong user engagement and network activity. Data source 🔗@DefiLlama

Original title: Where is Onchain Volume Rotating? Original author: Stacy Muur Original compilation: Tim, PANews   Over the past 15 months, the DeFi liquidity landscape has been reshaped across chains, with projects driven by the hype fading out of the stage and liquidity quietly concentrating on strong fundamentals rather than market hype. Core insights After hitting an all-time high of $380 billion in January 2025, DEX trading volume fell by 35% in the following two months, suggesting that a short-term peak may have formed in January. Currently, the top 10 DEXs account for nearly 80% of the total trading volume; Uniswap and PancakeSwap alone account for about 40% of the share. Solana-based DEXs have quietly dominated the charts, with 5 spots in the top 10, and their market share growth is mainly driven by the trading volume brought about by the meme coin boom. Hyperliquid has revolutionized the landscape of perpetual contracts, rising from a rookie in the industry to capturing more than 60% of the market share by March 2025. All insights are based on publicly available data. Special thanks to DefiLlama for the high-quality statistics that continue to provide. A cycle defined by surges versus slowdowns At the beginning of 2024, DEX trading volumes performed strongly in March and May, before gradually slowing down by the middle of the year. The situation changed dramatically in the fourth quarter, with a surge in trading volume in November and December, and this momentum continued into January 2025, when it reached an explosive peak of $380 billion. However, the rally was short-lived. By February, market volume had plummeted to $245 billion, and the 35% precipitous drop ended a three-month vertical spike. The pullback set the tone for a more cautious second quarter. DEX Dominance: Head Protocol Takes the Lead The DEX market landscape remains highly concentrated. Currently, the top 10 protocols account for 79.5% of the daily trading volume, while the top five alone account for 59.1%. Uniswap and PancakeSwap account for about 40% of the DEX's trading volume, and are the only two platforms to date with cumulative trading volume exceeding one trillion US dollars. Their leading position stems from first-mover advantage, broad support for the multi-chain ecosystem, and deep liquidity. Uniswap Labs also launched Unichain, an Ethereum layer 2 network built on top of Optimism Superchain. The chain is designed to enable fast, low-cost transactions through native multi-chain interactions. Solana's quiet rise Strikingly, Solana's position in the DEX space is becoming increasingly prominent. There are currently five of the top 10 DEXs: Orca, Meteora, Raydium, Lifinity, and Pump.fun. It's all based on Solana's native development. Orca (8.02%) and Meteora (6.70%) alone account for about 15% of global decentralized exchange activity. This growth is due to low GAS fees, fast block times, and the Solana Meme coin boom. Pump.fun soaring into the top 10 is a testament to this fiery spotlight. Emerging Protocols: Fluid vs. Aerodrome Fluid (7.09%) is the most capital-efficient platform among the top five DEXs. The protocol is active on Ethereum, with more than $10 billion in monthly liquidations. It has been particularly impressive since the launch of the Arbitrum ecosystem, with transaction volumes surging from $426 million in February to $1.6 billion in March, demonstrating that its adoption rate is far faster than the industry average. Aerodrome, as Base's native project, demonstrates the continued growth of liquidity on Base L2. Although Hyperliquid does not rank high in the spot market, it dominates the perpetual contract market, with a market share of more than 60%. DEX market share of each chain: easy to grow, difficult to retain The past 15 months have clearly shown a phenomenon: most blockchain projects are able to attract attention, but only a few have remained attractive. From January 2024 to March 2025, the market share of chain-level decentralized exchanges has changed rapidly, and only a handful of projects are truly sticky. Solana has made the biggest breakthrough. It has steadily climbed in 2024, reaching a peak market share of 45.8% in January 2025, driven by the TRUMP and MELANIA Meme coin booms. However, by March, its market share had halved to 21.5%, but it still ranked first among public chains with an average proportion of 25.1%. Ethereum is the complete opposite. It started in early 2024 with a share of about 32%, fell to 15.3% in January 2025, and then rebounded to 26.4% in March. Of course, even if Ethereum loses growth momentum, its ecological resilience remains. Base is the most solid catch-up. It continued to grow from 3% in March 2024 to 12.4% in December 2025, and fell back to 7.4% in March 2025, maintaining an average share of 6.6% during the period. There is no hype, only slow but sticky growth. BNB Chain remained stable with an average share of 14.7%. There has been neither a sharp rise nor a sharp fall, and a stable flow of retail funds has always been maintained. Arbitrum got off to a strong start (16% share) but has slipped to 4.8% by January 2025, overtaken by both Base and Solana. Blast disappeared in the second month after peaking at 42.3% market share in June 2024. This is a typical case of clear incentive-driven transaction volume and zero user retention. Summary: The DEX dominance of each public chain has strong volatility. Solana has sprung up, Ethereum has achieved value restoration, Base has gradually expanded the ecosystem, and the market hype cycle has shown the characteristics of ups and downs. In the end, the dominant public chain is not the one with the largest volume, but the network with the highest actual usage rate. Centralized exchanges still dominate spot trading volumes Despite the explosive growth of DEXs in early 2025, centralized exchanges still dominate the spot market. Even in January, when DEX trading volume peaked, CEXs still accounted for nearly 80% of the total trading volume. While the dominance of centralized exchanges has slipped from 90% at the beginning of 2024 to a low of 79%, the broader trend is clear: while DEXs continue to grow, CEXs remain the default choice for most traders. Perpetual agreement market share The landscape of on-chain perpetual contracts has fundamentally shifted in 2024. More than two years after dYdX held the top spot in perpetual contract trading, Hyperliquid was born, redefining what it means to be dominant. The platform first reached the top in February, but was briefly overtaken by SynFutures in the middle of the year before regaining the top spot in August. As of March 2025, Hyperliquid has accounted for nearly 59% of the total perpetual contract trading volume, completely cementing its position as the platform of choice for professional traders. This rise has attracted a lot of market attention, and its product experience is closer to that of a centralized exchange than any previous decentralized exchange. In contrast, dYdX's market share has declined rapidly. From a 13.2% market share at the start of 2024 to just 2.7% in March 2025, users are turning to faster, cleaner, and more modern alternative platforms. Jupiter's perpetual contract took a different approach, climbing to second place with an 8.8% market share thanks to Solana's native liquidity and the diversion of its spot DEX. Although it rose rapidly, it lacked stamina and eventually fell behind Hyperliquid. Other projects such as SynFutures, Vertex Protocol and Paradex also briefly emerged. Perpetual contract chain: The execution layer completes the refactoring in one cycle The biggest shift in perpetual contract infrastructure over the past year has not been which protocols users prefer, but which chains are trusted to execute transactions. By March 2025, Ethereum and Arbitrum's share of perpetual contract volume has plummeted to 11.8%, in stark contrast to the combined market dominance of the two companies exceeding 65% in January 2024. At the heart of this transformation is Hyperliquid's self-developed blockchain. The chain has significantly increased its market share from 13.6% to 58.9% over the same period, replacing various Layer 1 and Layer 2 solutions that once defined industry standards as the default execution environment for perpetual contract transactions in less than a year. The benefits are not only in the faster trading speeds, but more importantly, in the reliability and low latency guarantees that professional traders demand. Solana has also experienced a strong rally, with its market share climbing to nearly 16% in late 2024, driven by the Jupiter and Phoenix projects. However, it eventually stabilized in the 10-11% range, failing to continue the breakthrough growth momentum. Although the Base and ZKsync ecosystems have shown vitality (with a peak market share of 6-7%), they have never been able to rank among the top public chains. Blast has emerged as a cautionary tale for the blast project, which had reached an 18.8% market share in June 2024, only to disappear at an equally alarming rate. In a field driven by product quality and user retention, hype alone is hard to last. The new industry execution standards are clear: performance-focused public chains have redefined the competitive benchmark, and traditional infrastructure no longer has a default advantage. The future of DeFi lies not in multi-chain scaling, but in protocols that translate industry narratives into user habits.

Author: long_solitude Compiler: Daisy, Mars Finance Does Crypto Tokenize Traditional Finance, or Does Traditional Finance Modernize Cryptocurrency? The financial industry has been undergoing a transformation of its business model. For decades, we've seen the rise of alternative investments such as private equity, venture capital, and especially private credit. Private credit has become one of the fastest-growing sectors in the financial sector. M&A star Ken Moelis recently lamented the decline of M&A bankers. Nowadays, alternative hybrid financing structures are more profitable than buying and selling companies. For crypto-focused investors like us, alternative financing can fully encompass tokenized elements of on-chain structured products and capital structures. But it would be a big shame if this opportunity was eventually seized by unemployed M&A bankers instead of profitable crypto project founders. To date, the only products that cryptocurrencies have really been accepted by the traditional financial system are stablecoins and Bitcoin. DeFi (decentralized finance) has not really taken off outside of the crypto space, and its performance is still highly tied to trading volume. One of the ways forward is to build a fully on-chain capital structure (debt, equity, and tokenized assets in between) from the bottom up. Traditional finance loves income and structured products. Although many of us have been rewarded a thousand times in the past due to hype concepts, the future development of institutionalized on-chain finance will require us to adapt to new challenges. We used to dismiss it For too long, we have had a lack of interest in real world assets (RWAs). In the past, we saw it as an outdated idea of "skeuomorphism" – nothing more than a digital shell of existing off-chain assets that are still subject to a traditional judicial system that is very different from "code is law". But now, we're taking a fresh look at this seemingly unimaginative but extremely practical opportunity. Limitations of on-chain private credit Tokenizing private credit on-chain essentially simply opens up new financing channels for borrowers. Platforms like Maple Finance really drive this process. But in the event of a capital impairment or default, lenders can only rely solely on the existing judicial system (and platform teams such as Maple) to recover funds. To make matters worse, such debt is often issued in emerging or frontier markets where the rule of law is weak. As such, it is by no means the perfect solution advocated by its proponents (see our earlier analysis for more context). Adverse selection dilemma Even more alarming is the issue of adverse selection. On-chain private credit for retail crypto investors is often of poor asset quality. Those opportunities with the best risk-adjusted returns will always be monopolized by giants such as Apollo and Blackstone, and will not flow into the blockchain market at all. The unique advantages of on-chain native business Thankfully, there are a number of on-chain native businesses that traditional institutions have not yet set foot in (but have achieved profitability). These projects now need to be bold and innovative in their financing methods based on their on-chain revenue-generating characteristics. As for the tokenization of US bonds? It's just a trick to add yield to DeFi strategies, or a shortcut for crypto-native users to circumvent fiat deposit and withdrawal restrictions to diversify their assets, and its substantive significance is quite limited. The exploration and dilemma of on-chain native debt There have been several attempts in history to issue pure on-chain debt (such as Bond Protocol and Debt DAO) secured by project tokens or future cash flows. But in the end, it didn't work, and the exact reason for this is not yet fully understood. There are several explanations: 1. Capital and user depletion in a bear market At that time, very few projects could generate substantial revenue, and the market was severely illiquid 2. The capital-light nature of DeFi One of the industry's most appealing traits is the ability to run multi-billion-dollar agreements with lean teams with near-zero marginal expansion costs 3. Alternative advantages of token OTC Selling tokens over-the-counter to specific investors not only provides financing, but also social credit and status endorsement – resources that can then be translated into TVL (total lock-up) growth and price increases 4. The crushing advantage of the incentive mechanism Compared with fancy incentives such as liquidity mining and point rewards, bond products are not competitive in terms of yield 5. Regulatory fog of debt instruments The regulations have not been clearly defined For these reasons, DeFi founders have been lacking the incentive to explore alternative funding channels. Programmable Income & Embedded Finance We firmly believe that on-chain enterprises should enjoy a lower cost of capital than traditional enterprises. By "enterprise" we mean DeFi-related projects in particular—after all, this is the only sector in the crypto space that actually generates revenue. The basis for this capital cost advantage is that all revenue is generated on-chain and is fully programmable. These programs are able to directly link future income to credit obligations. The debt dilemma of traditional finance In the traditional financial system, debt instruments often have covenants that bind a specific level of leverage to a company. Once the default clause is triggered, the creditor has the right to commence proceedings to take over the assets of the business. The problem is that creditors not only have to estimate the performance of the company's revenue, but also need to monitor costs at all times – because it is precisely the two variables that affect the terms and conditions that affect the terms and conditions. A structural breakthrough in on-chain credit Based on programmable income, on-chain credit investors can completely bypass the cost structure of the enterprise and lend directly against income. This means that businesses are able to access funding at a much lower interest rate than equity financing (based on PNL statements). Projects like Phantom, Jito, or Jupiter should have been able to secure hundreds of millions of dollars in funding from large institutional investors as collateral for their on-chain revenue. Flexible settings through smart contracts: When project revenues shrink, the proportion allocated to creditors is automatically increased (reducing the risk of default) When the income grows rapidly, the corresponding proportion is dynamically adjusted (maintaining the agreed credit term) This embedded financial architecture is redefining the way capital and value flow. Practical exploration of on-chain revenue financialization In the case of pump.fun, if it raises US$1 billion from a pension fund, the pension fund can take over the smart contract until the debt is paid off when the SGD binding rate drops (as has happened in the recent past). Although the feasibility of such radical measures is debatable, this direction is worth exploring. Advanced applications of on-chain revenue On-chain revenue not only fulfills the underlying credit obligations, but also enables: Automatic Settlement of Claims of Different Seniority in Capital Structure (Subordinated and Senior) Conditionally triggered repayment mechanism Debt auctions and refinancing Tranche and securitize revenue by business type Limitations of Token Financing Such income securitization should be a more economical financing option than selling tokens over-the-counter at a discount to hedge funds, which tend to hedge or sell at opportunistic times. Project revenue can be generated continuously, while the token supply is limited. While token sales are convenient, they are by no means sustainable for projects that aim to grow in the long term. We encourage teams that dare to be known to break new paradigms in funding, rather than sticking to the rules. A frame of reference for traditional e-commerce The above model is known as "merchant cash advance" or "factor rate loan" in traditional e-commerce. Payment processors such as Stripe and Shopify provide working capital to the merchants they serve through their own investment vehicles. The effective interest rate on these loans is often as high as 50-100% or more, and there is a lack of price discovery mechanisms – the merchant is firmly tied to the payment system as the price taker. A breakthrough in on-chain embedded finance This embedded (in-app) funding model will shine on-chain: Programmable payments support conditional payments, real-time money flow Implement more complex payment strategies (e.g., targeted customer discounts) Stripe, through merchant reach and the Bridge acquisition, is pioneering this algorithm-first model Promote the adoption of stablecoins between merchants and consumers But the key question is: can this model open up to permissionless capital and promote competition? Payment companies are unlikely to drop their moats and allow outside institutions to lend to their merchants. This may be the entrepreneurial opportunity for on-chain native crypto commerce and permissionless capital solutions. Weighted voting rights If the company's equity value is derived entirely from on-chain revenue (i.e., there is no other source of revenue), then equity tokenization is the inevitable choice. In the initial stage, it may not be in the form of standard equity, but can adopt a hybrid structure between debt and equity. Recently, Backed.fi launched a tokenized Coinbase stock to attract attention. The scheme holds the underlying shares through a Swiss custodian and can provide cash redemptions for users who have completed KYC. The token itself is an ERC-20 standard and enjoys the composability benefits of DeFi. However, this type of design only benefits secondary market participants, and Coinbase does not reap substantial benefits as an issuer – neither on-chain financing through the tool nor innovative use of equity instruments. While equity tokenization (and other assets) has become a hot concept lately, the truly exciting case has yet to emerge. We expect this type of innovation to be driven by platforms that have a wide range of distribution channels and can benefit from blockchain settlements, such as Robinhood. Another direction of equity tokenization is to build on-chain giants that can obtain near-unlimited financing at a very low cost with on-chain revenue, proving to the traditional market that half-baked solutions will not work - either turn all revenue on-chain into a fully on-chain organization, or remain on the NASDAQ. In any case, equity tokenization must implement new features or change equity risk characteristics: Can fully tokenized companies reduce their cost of capital due to their real-time on-chain P&L? Can an on-chain oracle verification event trigger a conditional equity offering that changes the current Market Offering (ATM) mechanism? Can employee equity incentives be unlocked based on on-chain milestones rather than time? Can a company charge the full amount of fees incurred for trading its own shares instead of passing it on to the broker? conclusion We are always faced with two development paths: top-down and bottom-up. As investors, we're always looking for the latter, but more and more things in the crypto space are being made possible through the former. Whether it's equity tokenization, credit instruments, or income-based structured products, the core question remains the same: Can new forms of capital formation be unlocked? Is it possible to create incremental functionality for financial instruments? Can these innovations reduce the cost of capital for businesses? Just as the traditional venture capital sector arbitrages private equity versus public markets (the trend is to remain privatized rather than listed), we predict that the binary opposition between on-chain and off-chain capital will eventually disappear – and there will only be good and bad financial solutions in the future. It is likely that we were misjudged that revenue-linked on-chain credit may not necessarily reduce the cost of capital (and may even be higher), but in any case, a true price discovery mechanism has not yet been formed. To achieve this, we need to go through the maturation process of on-chain capital markets, large-scale financing practices, and the onboarding of new market participants.

As the most popular "meme coin maker" and token creation platform on Solana, Pump.fun has attracted countless users and developers in recent years with its "fast, accurate, and ruthless" low-threshold token issuance function, and the enthusiasm that poured in like a tide can make Solana's nodes "laugh out loud". But recently, the market sentiment has been poured cold water, and the frenzy of the meme coin market has gradually cooled, and the demand has shrunk to the point that all kinds of narrative tokens have begun to doubt their lives. Pump.fun In a hurry, we are looking for a new growth point - the injection of social functions, trying to transform the platform from a simple "coin factory" to a "WeChat on the chain"! On March 13, 2025, Pump.fun officially launched a new DM (Direct Message) function, marking the platform's transformation from a token trading tool that "only talks about money and not heart" to a social ecology full of human touch. In this article, we will take a look at how Pump.funDM works, talk about its potential to transform into a social model, and compare and analyze other projects with social attributes (such as Jupiter, Zora, and Horse) to see what this "social revolution" can do. Come and Pump.fun the new DM function of the "Team Up to Score"Pump.fun is like setting up a "coin circle exchange group" for coin speculators, you can send private messages to others at any time, just like Bronze secretly asked the star boss: "Can this coin still be rushed?" You can also pull up investment partners to discuss the next 10 0x alpha coins. What's even cooler is that when chatting, you can also throw out the token link with one click, which is as easy as sending a red envelope, saving the trouble of copying and pasting, and promoting your own coins is more silky and smooth. How do I use the DM feature? Open the Pump.fun mobile app and sign in to your Solana Wallet account. Navigate to the message interface, click "+" or search to find the target user, and send a private message. If you need to create a group chat, you can invite other users to join and set the group chat topic (such as token discussion, project cooperation, etc.). In the chat, you can share token links, images, or text to quickly engage with the community. My personal experience,The whole interface is a little "thrifty",It's unexpectedly silky to use,It's particularly straightforward,The operation is so simple that the grandmother next door can also come to talk about speculation as long as she knows the words,It feels like the vx of the currency circle。 Pump.fun's DM function is launched, which is of great significance, allowing users to interact with each other no longer limited to public posts, but can communicate directly through private messages and group chats, where everyone can share token dynamics, investment experience, and even establish long-term cooperative relationships. What's more, the exposure of the token has also been greatly improved, and users can directly recommend and discuss the token in the chat, promoting its rapid spread in the community, eliminating the cumbersome traditional advertising, and making the promotion of the token more natural and efficient. Why is everyone transitioning to social? In fact, social attributes are not a new thing in the cryptocurrency circle, from KOLs shouting orders on Twitter to heated discussions in Telegram groups, social signals have become the vane for many people to judge the "next hot style". This wave of social interaction is pushed again, and it is estimated that the "square dance" in the currency circle can be danced more hilarious, who doesn't want to brush up on the sense of existence while trading? Jupiter's "Token Like" Jupiter, as a DEX aggregator of the Solana ecosystem, officially launched a new trick yesterday, introducing the token like function, users can express their "confession" recognition of a certain token or trading pair through likes, which can not only express their attitude, but also throw a social signal to the market, telling everyone: "Hey brothers, this coin is a bit interesting. Zora's "Sending Photos to Tokens" Zora was originally born in 2020 as an NFT minting and trading platform, but with the ebb and flow of the NFT market, it quickly transformed, from a single NFT market to the level of an on-chain social platform, and gradually developed into an ecosystem that integrates content tokenization and social interaction, comparable to on-chain "Ins". Zora launched the token ZORA in the spring of 2025, which is planned to be issued on Base with a total supply of 10 billion tokens, and made it clear that 10% of the total supply of tokens will be used for airdrops, and the biggest highlight of the project is its "Coins" feature, where every post can be automatically converted into tradable ERC-20 tokens. You send a selfie, and the system will generate tokens for you and provide liquidity on decentralized exchanges such as Uniswap, making buying and selling tokens as easy as punching in. Creators will not only earn from the initial sale, but will also continue to benefit from content distribution and secondary market transactions. Fans and creators interact beyond likes and comments, and even exchange tokens for value. This "creator-fan-communicator" triangle pulls every user into the economic cycle and becomes part of content distribution. HorseHorse under the "Zora Halo" is a social token platform based on Solana, emphasizing that users build communities through token interactions. Users can create personalized tokens on Horse and enhance community participation through social activities such as voting and tipping, the token HORSE was initiated by @js_horne, a member of the Zora team, and has its own Zora branding. The token was launched on the Base chain on March 13, and the current market value probably remained around $350,000 and fluctuated slightly, and when it was first launched in the early morning of March 13, it soared with a maximum market value of $2.24 million, an increase of up to five times, and then immediately fell back, which shows that the token's upward momentum is insufficient, perhaps Zora's "star halo" cannot be blessed for too long, and the project is still in a stage of exploration and development. Looking forward to Pump.fun's new tricks Pump.fun DM function has just begun, imagine that the platform may add more social tools, such as real-time voice chat, token voting, content mint, and more and more ways for users to interact, which is expected to create a new ecosystem with both trading and social attributes. Moreover, Pump.fun may also join forces with platforms such as Jupiter, Horse, and Zora, which can not only meet the new needs of the meme coin market downturn, but also inject new vitality into the diversified development of the Solana ecosystem, making the community more lively and diverse. However, social functions are getting stronger and stronger, and privacy and security must also keep up, and protecting the security of users' data and transactions cannot be dropped. Let's wait and see how Pump.fun will continue to innovate on the social path!