Galaxy Research draws attention to a fascinating development on the Solana blockchain: Over the last seven days, the daily bridging traffic to Solana has climbed by 335%.
Increased bridge activity is correlated with one of Solana’s biggest token airdrops of far, the Jupiter airdrop, according to Galaxy Research. Ethereum has been the source of most crossed funds, according to the report.
https://x.com/glxyresearch/status/1753492851575406834?s=20
Jupiter, the main DEX aggregator on the network, released the biggest Solana-based airdrop to date on Wednesday. Before November 2, 2023, one billion tokens, or 10% of the total supply, were airdropped to Jupiter users. There were concerns about the Solana network’s capacity to manage so many transactions, thus the airdrop served as a major stress test for it.
Over the course of the next year, consumers will get a further three stages of airdropping 40% of the supply (exact timing to be confirmed). 10% more is set aside for grants and community contributions.
Subject to certain lockups and vesting, the remaining 50% of the supply will be distributed to the Jupiter team, strategic reserves, and liquidity contingencies.
The Jupiter airdrop represents a significant turning point in Solana’s recovery over the past year and serves as an excellent gauge of the network’s development.
Short-term fixes for “scheduling jitter,” which incentivizes users to overwhelm the network with spam while there is a disputed state, are planned for Solana’s scheduler as part of v1.18.
The price of SOL was $99.15 at the time of writing, down 3.04% over the previous day.
The TIE states that the monthly unlocking of Alameda-related SOL tokens is scheduled on February 7 and 11. These monthly unlocks, which amount to around 2% of Solana’s average trading volume, are intended to last until January 2028 and September 2027, respectively. On March 1, 2025, a massive release of 7.5 million SOL is planned.
