Jupiter, a number one decentralized alternate (DEX) on Solana, has acquired a majority stake in Moonshot, a platform designed to streamline meme coin buying and selling.
This acquisition displays Jupiter’s strategic concentrate on capitalizing on the rising reputation of meme cash.
Jupiter Acquires Moonshot and SonarWatch
Jupiter revealed the acquisition on January 25, with its founder, Meow, highlighting Moonshot’s revolutionary workforce.
“The [Moonshot] workforce is amongst the neatest, most pushed group of individuals i’ve ever met & it has been extremely enjoyable jamming on the way forward for memes collectively,” Meow stated.
Though particular particulars stay underneath wraps, the transfer is predicted to boost Jupiter’s choices within the meme coin market. Moonshot’s distinctive functionality to allow customers to purchase meme cash utilizing Apple Pay enhances Jupiter’s experience in Solana-based token buying and selling.
Moonshot’s person base has grown considerably over the previous week, significantly following the launch of the Official Trump meme coin. Throughout the token’s debut, Moonshot facilitated practically $400 million in buying and selling quantity, establishing itself as a rising drive within the crypto house.
In the meantime, the acquisition additionally aligns with Jupiter’s efforts to enhance person expertise. The DEX has built-in portfolio monitoring via its latest buy of SonarWatch. This software will allow customers to observe their Solana-based exercise straight on the DEX platform.
“Whereas we’ve had a really profitable product, our focus is now shifting completely to Solana protection. Our purpose is to create the best-in-class Portfolio tracker! In consequence, our platform might be discontinued in a couple of months. Throughout this time, we’ll proceed including new protocols, however the software will not be accessible after the transition interval,” SonarWatch said.
The SonarWatch workforce introduced plans to discontinue the platform’s native SONAR token and burn the remaining provide. Additionally they knowledgeable SONAR holders that they may alternate their tokens for JUP.
Jupiter Introduces New Options
Jupiter can also be rolling out new options to broaden its capabilities. A proposed lending system will permit customers to deposit JLP tokens as collateral to borrow USDC.
This can supply larger yields for JLP holders and higher USDC utilization. Liquidations will happen seamlessly, releasing collateral towards liquidity swimming pools.
“Right now, we’re publishing an thought to let you deposit JLP and borrow USDC. This could drive larger utilization charges for USDC, and enhance APY for JLP holders. Liquidations might be carried out by redeeming JLP natively, releasing their collateral towards the pool,” Jupiter wrote on X.
Moreover, the buying and selling platform now gives “Extremely Mode,” which optimizes transaction processes by automating slippage changes, prioritizing dynamic charges, and boosting general effectivity. The DEX can also be making ready to launch Jupiter Defend, a safety software that protects person belongings.
“There may also be a complete improve to Handbook Mode, together with model new Routing and Broadcast choices to take advantage of highly effective,” Jupiter added.
All of those developments comply with Jupiter’s latest JUP token airdrop. The Solana-based DEX distributed 700 million tokens valued at greater than $500 million to over 2 million wallets. Though the preliminary distribution led to cost fluctuations, JUP worth has since proven indicators of restoration, with a ten% improve to $0.92 as of press time.
Jupiter stays one of many chief within the Solana DEX ecosystem. The platform processed $4.87 billion in buying and selling quantity inside the previous day and boasts an all-time buying and selling quantity of $2.18 trillion, per DeFiLlama information. January 2025 has been significantly notable, with the platform facilitating $155 billion in trades.
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