Jupiter DEX Experiences Issues Amid Bitcoin’s Record High

On the evening of March 6, Bitcoin, the leading cryptocurrency, reached an all-time high (ATH) of $69,000, causing widespread market turbulence, including significant impact on the Solana-based derivatives exchange Jupiter Perps.

Several users reported on the project’s Discord that their derivative transactions failed to execute, resulting in the loss of SOL fees and even the liquidation of their positions. The exact amount of losses remains unclear.

A few hours later, Jupiter's official Twitter account announced that the DEX was back to normal operation. The issue was attributed to the surge in transaction volume following Bitcoin’s record high, which caused network congestion.

The platform's founder, Meow, stated that the trading volume on Jupiter had increased 100 times compared to normal levels the previous evening. He also promised to provide updates (on Discord) and implement compensation measures for affected users.

Currently, the JUP token is trading around $0.55, down approximately 5% over the past 24 hours.

Jupiter gained significant attention following a major airdrop to its community in February. According to their announcement, the Solana-based DEX allocated 4 billion JUP tokens, equivalent to 40% of the total supply, as rewards for users through airdrops and retroactive rewards distributed across four different phases.