Solana
Jupiter enables trading of non-native Solana tokens including DOGE and BNB
Using the Clone Protocol, users can now trade non-native Solana assets without the need to use bridges.
Solana’s leading decentralized exchange (DEX) aggregator by 24-hour volume, Jupiter, revealed today it integrated the Clone protocol, allowing trading of non-native Solana tokens.
Users can now trade Dogecoin, Arbitrum, Optimism, SUI or BNB without the need to bridge; with new advantages future. “Soon all crypto will be at your fingertips on Solana, read a Message by the Clone protocol.
The current integration means that instead of using gateways, users leverage the Cloning protocol, which uses a clAsset as a wrapped version of a token from another chain. These are designed to replicate the price of their original tokens.
Jupiter native JUP token jumped up 5% to $1.12 today, with a market cap just over $1.5 billion. It is still down 44% from its Jan. 31 high of $2.
JUP Price – CoinGecko
The integration aims to expand the Jupiter exchange, which is already widely successful on the Solana network. According to DefiLlama, it leads DEX aggregators with $800 million in 24-hour volume, followed by DODO with $152 million and 1inch with $139 million.
The Jupiter website features impressive transaction volumes. The platform has seen over $174 billion change hands, compared to that of Uniswap. 2 trillion dollars, even if activity has been declining since its peak in February. April saw only $5 billion in transactions, while February saw the stock market’s all-time high of $47 billion, and March saw $35 billion.
Clone Protocol is a small protocol according to ChallengeLlama, with just $670,000 in total value locked (TVL). However, these numbers are expected to increase after joining the Jupiter ecosystem.
The entire wrapped token category has a market capitalization of $10.9 billion, although it is dominated by the $9.8 billion of Wrapped Bitcoin (WBTC) deposited on Ethereum. However, other tokens receive interest from traders, with Coinbase wrapped ETH (CBETH) boasting a market cap of $597 million, and wrapped Centrifuge (WCFG) having a market cap of $255 million.