Jupiter, a decentralized exchange aggregator on the Solana blockchain, saw its native token, JUP, surge by over 12%.
This price spike follows the announcement of two significant acquisitions at the 2024 Solana Breakpoint conference. As the broader crypto market takes a breather, Jupiter’s strategic moves are anticipated to strengthen its position within the decentralized finance (DeFi) sector.
Jupiter acquires SolanaFM and Coinhall
Jupiter confirmed its acquisition of SolanaFM and Coinhall, two well-established platforms within the crypto ecosystem. SolanaFM is a comprehensive analytics platform that offers access to Solana blockchain’s historical data and metrics. Jupiter stated that integrating SolanaFM would significantly enhance its infrastructure and data capabilities, allowing for more robust services.
Coinhall, a leading aggregator in the Cosmos network, also joined Jupiter’s expanding ecosystem. Jupiter currently holds the top spot as the leading decentralized exchange aggregator by trading volume in Web3 and is Solana’s premier perpetual decentralized exchange (Perp DEX). With Coinhall on board, Jupiter will leverage its expertise in pro-trading terminals, real-time infrastructure, and cross-chain operations to create a more versatile platform.
Expansion plans and community integration
Although Coinhall will continue to operate independently under the Jupiter umbrella, it will focus its efforts on both the Cosmos and Ethereum Virtual Machine (EVM) ecosystems. The integration is expected to solidify Jupiter’s position in multiple blockchain networks. In line with this, the previous plans for Coinhall’s Hallchain project have been scrapped, with the team shifting its focus to Jupiter’s future growth.
Jupiter also plans to onboard Coinhall’s existing community, which boasts over 225,000 traders. The platform is working on strategies to convert Hallswap users into Jupiter users, expanding its user base.
Jupiter Mobile to launch soon
Jupiter announced plans to launch Jupiter Mobile, an application designed to simplify Solana usage. The mobile platform will feature zero platform fees and allow users to pay via Apple Pay, Google Pay, or credit cards. Jupiter Mobile promises a seamless one-tap swap experience, aiming to make decentralized trading more accessible to a broader audience.
Solana reclaims $150 after price surge
Both Solana and Jupiter experienced significant price movements following these developments. JUP, Jupiter’s native token, saw a 12% price increase, bringing its trading volume up by 35% to $115.8 million within 24 hours. At the time of writing, JUP is trading at approximately $0.87.
Meanwhile, Solana (SOL) rallied nearly 9% in the same timeframe, pushing its price back above the crucial $150 mark. Solana’s 24-hour trading volume rose 6%, reaching $3.11 billion. SOL is currently trading at around $150.92.
The recent announcements have driven momentum for Jupiter and Solana, and market analysts are monitoring how these developments will shape the future of decentralized trading on the Solana blockchain.