As a seasoned crypto investor with roots deeply entrenched in the blockchain ecosystem since its inception, I’ve witnessed numerous milestones and transformations that have shaped this fascinating landscape. The recent announcements by Jupiter at the Solana Breakpoint event are undoubtedly a testament to the rapid evolution of decentralized finance (DeFi).
At the Solana Breakpoint event held in Singapore on September 20, 2024, Jupiter, a leading decentralized exchange aggregator, announced significant acquisitions. Specifically, Siong Ong, one of Jupiter’s co-founders, unveiled the purchase of blockchain explorer SolanaFM and trading terminal Coinhall. This strategic move aims to bolster the platform with enhanced data and trading capabilities.
SolanaFM, a prominent supplier of blockchain information for the Solana network, provides sophisticated indexer and explorer resources. In 2022, it received $4.5 million in investment from SBI Group. The collaboration with Jupiter is anticipated to substantially upgrade the platform’s data foundation. SolanaFM expressed its aim to boost Jupiter’s potential by tenfold, as stated in a post on their platform X (previously known as Twitter).
We’re thrilled to share the news that SolanaFM has been taken over by Jupiter Exchange, a prominent player in the decentralized exchange space on the Solana network!
— SolanaFM (@solanafm) September 20, 2024
Jupiter Expands with Cross-Chain Focus
Beyond the purchase of SolanaFM, Ong also verified the purchase of Coinhall, a prominent DEX aggregator within the Cosmos blockchain environment. With over 225,000 users spread across 23 different blockchains, Coinhall is crucial for decentralized multi-chain trading. This acquisition bolsters Jupiter’s cross-chain trading infrastructure, widening its liquidity network to encompass blockchains like Solana and Cosmos.
Without revealing the specific monetary aspects of the acquisitions, Ong mentioned that these deals align with Jupiter’s objective of developing a more interactive and user-centric platform. The combination of SolanaFM and Coinhall underscores Jupiter’s continuous endeavor to expand its infrastructure and offer users enriched, data-driven interactions.
Beyond these purchases, Jupiter is also rolling out fresh offerings designed to boost user interaction. One of the upcoming launches is Jupiter Mobile, a collaboration between Jupiter and MoonPay. This app, set for release soon, will facilitate cryptocurrency trading using Apple Pay or Google Pay, offering a fee-free experience that appeals to both novice and seasoned traders.
Make millions onboard on Solana – with Jupiter MobileWe want to make it friction-free to use Solana with Jupiter Mobile.Jupiter Mobile will launch soon, with 0 platform fees, full onramp using Apple/Google Pay or Credit Cards.Coupled with a 1-tap swap experience, onboarding…
— Jupiter 🪐 (@JupiterExchange) September 20, 2024
Jupiter Advancements in DeFi Tools
Jupiter is reinforcing its influence in the field of decentralized finance (DeFi) as it prepares to launch Metropolis, a versatile API platform designed to cater to token liquidity requirements, price determination, and exchange services. As per Ong, this platform gathers all liquidity necessities into a unified collection of APIs, offering developers a streamlined approach for handling liquidity management.
Apart from that, Jupiter launched a revamped edition of their meme coin trading platform called Ape.Pro. This upgraded version offers mobile trading, the ability to create meme coins, and social login options for easy access. By venturing into the meme coin market, Jupiter is capitalizing on current trends and reinforcing its robust infrastructure at the same time.
As a researcher, I’m observing that the purchases of SolanaFM and Coinhall by Jupiter mark a substantial stride within the Solana and Cosmos ecosystems. Not only that, but the debuts of Jupiter Mobile, Metropolis, and Ape.Pro are solidifying Jupiter as a trailblazer in Decentralized Finance (DeFi), providing a diverse array of tools for traders, developers, and enthusiasts across numerous blockchains, positioning itself as an innovative force within the DeFi landscape.
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2024-09-20 14:21