Solana's activity in the on-chain perpetual contract market is on the rise. According to Blockworks Data, the Solana perpetual contract DEX recorded over $183 billion in trading volume in the second quarter of this year, setting a new quarterly record. At the same time, competition among on-chain platforms is accelerating, with Phoenix and Jupiter both recently advancing their respective product and incentive programs.

Phoenix launches 28-day reward program

Phoenix Trade has announced a new round of trading incentives, planning to distribute a total of $420,000 in rewards over the next 28 days, averaging $15,000 per day, to traders on its platform.

Phoenix stated that reward calculations will take into account trading volume, open interest, and referred trading volume. Users who remain consistently active will receive additional bonuses. However, the platform did not disclose a more detailed allocation formula.

Solana's quarterly trading volume rose to over $183 billion.

Data from Blockworks Data shows that Solana's on-chain perpetual contract DEX saw a total trading volume exceeding $183 billion in the second quarter, setting a new record. This indicates that Solana's perpetual contract market is expanding beyond leading platforms like Hyperliquid.

However, the report also noted that a significant portion of this trading volume came from GMTrade's forex trading pairs. The platform offers leverage of up to 500 times for these pairs, so high trading volume does not necessarily equate to a simultaneous increase in broader market demand.

Jupiter begins expanding its tradable assets.

On the other hand, Jupiter is also adjusting its perpetual contract products. Previously, Jupiter's perpetual contract trading was mainly designed around JLP, and the counterparty structure limited the range of assets that could be listed on the platform. For a long time, users could only trade a few mainstream assets such as BTC, ETH, and SOL.

With the launch of its new product GUM (Global Unified Market), Jupiter has begun supporting more perpetual contract instruments, including JUP and SPCX. Currently, GUM is still in the invitation-only testing phase, so its trading volume and open interest are temporarily lower than Jupiter's existing perpetual contract platform.

Additional information:The report points out that GUM's perpetual contract settlement runs on a dedicated settlement layer, and related economic and transaction activities do not flow directly back to the Solana mainnet.