Solana’s DEX Jupiter Acquires a Majority Stake in Moonshot
Solana-based decentralized trade (DEX) aggregator Jupiter has acquired a majority stake in Moonshot, a self-custodial app that lets customers purchase memecoins utilizing Apple Pay. The deal’s specifics stay undisclosed, however the announcement was made by Jupiter’s pseudonymous founder, Meow, throughout the undertaking’s first community-focused convention, Catstanbul, in Turkey.
Moonshot has quickly gained reputation, particularly after the launch of Donald Trump’s “TRUMP” memecoin on January 18, which drove the app to the highest of the U.S. App Retailer’s finance class. In the course of the TRUMP token’s debut, Moonshot recorded almost $400 million in buying and selling quantity, with its day by day lively customers hovering to 1 million by January 20.
Jupiter is certainly one of Solana’s largest DeFi protocols, and this acquisition aligns with its aim of increasing the ecosystem. As a part of the bulletins at Catstanbul, Jupiter additionally revealed plans to burn $3 billion price of its JUP tokens and allocate 50% of revenue from buying and selling charges to purchase again JUP. This precipitated the JUP token value to surge to $1.27, boosting pleasure inside the neighborhood.
The acquisition follows a latest milestone for Jupiter, which accomplished an airdrop of 700,000 JUP tokens to over two million customers. With Moonshot’s development and Jupiter’s strategic strikes, the ecosystem is poised for additional innovation and adoption within the Solana DeFi area.
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