Jupiter has made a significant move in the decentralized finance (DeFi) sector by acquiring a majority stake in Moonshot, an app that allows users to purchase memecoins using Apple Pay. This strategic acquisition follows Moonshot’s surge in popularity, particularly after the launch of the Donald Trump Official Trump (TRUMP) memecoin, which helped the app reach the top of the US App Store’s finance category.
Acquisition of Moonshot
Jupiter’s founder expressed excitement about the acquisition and praised the Moonshot team’s intelligence and drive. During the debut of the TRUMP memecoin, Moonshot saw trading volumes nearly reach $400 million, and by January 20, it had gained 1 million daily active users, reflecting a growing interest in memecoins.
Launched in July 2024, Moonshot operates as a self-custodial app powered by TurnkeyHQ. Its integration into Jupiter’s ecosystem is expected to enhance user experience and expand the platform’s offerings, making it more appealing to a broader audience.
Integration of SonarWatch
In addition to acquiring Moonshot, Jupiter has also secured SonarWatch, a portfolio-tracking tool that will be integrated into its platform. SonarWatch will discontinue its standalone service, with its features migrating to Jupiter’s portfolio tracker website.
As part of this transition, SonarWatch’s native token, SONAR, will be phased out. Holders will have the opportunity to exchange their tokens for Jupiter’s native token, JUP, which aligns with Jupiter’s strategy to enhance its functionality and provide improved portfolio management tools.
Platform Updates
Jupiter has introduced several updates to its platform, including “Ultra Mode,” which automates key features like real-time slippage estimation and optimized transaction handling. A new security tool called Jupiter Shield has been launched to enhance user protection during transactions.
The Manual Mode has been upgraded to include Routing and Broadcast options, giving users more control over their trading activities. Additionally, new features such as limit orders and one-click trading have been added to the perpetual side, enriching the trading experience for users.
Market Response
The value of JUP has surged by 10% in the last 24 hours, trading at $0.93, reflecting positive market sentiment regarding these developments. As Jupiter continues to expand its offerings and integrate new tools, it positions itself as a strong player in the DeFi space.
This proactive approach may set a precedent for others in the industry, highlighting the importance of innovation and user-centric solutions in a competitive market. Jupiter’s commitment to continuous improvement and innovation is evident in its recent strategic moves.
📎 Related coverage from: cointelegraph.com
