Jupiter acquires SolanaFM to increase Solana’s infrastructure and data capabilities

Solana’s largest decentralized trading platform, Jupiter Exchange, has taken over SolanaFM, one of Solana’s leading blockchain explorers.

The parties have described the move as a way to accelerate the development of their data and infrastructure capabilities in order to improve their functionality for the Solana community.

Optimism about the acquisition

In an X post published on September 20, the crypto exchange, which has a trading volume of more than $300 billion, expressed excitement about the acquisition, stating that the move would improve its capabilities tenfold of data and system.

In its own announcement of the acquisition, the SolanaFM team stated that the platform will continue to operate as usual, while helping to amplify Jupiter’s potential.

The explorer was founded in 2021 by three students from the Singapore Management University (SMU) and has since provided detailed information on transaction histories, smart contracts and on-chain token information of Solana blocks.

It has also received significant backing, including $4.5 million raised in a seed funding round in 2022. SBI Group’s Digital Asset Opportunities Fund led the round, which also saw participation from Zee Prime, Spartan Capital and K3 Ventures, among others.

The platform also benefited from an undisclosed seed funding round during its inception, which included contributions from Ethereum explorer Etherscan and crypto wallet provider Coinhako.

Jupiter announces key updates

Elsewhere at Breakpoint, Solana’s annual conference, Jupiter unveiled several major updates, including the release of the Metropolis API, a platform designed to streamline Solana development with a new token, price and exchange API .

Other notable updates include the Jupiter RFQ (Request for Quotation), which is expected to improve liquidity by allowing market makers to provide prices directly to the routing engine.

The exchange also unveiled its next-generation perpetual trading platform, which offers advance features such as limit orders, gas-free transactions, and an advanced Dove oracle system.

Alongside these developments, Jupiter also plans to launch Jupiter Mobile, an app designed to bring new people into Solana. It will allow users to exchange tokens using Apple Pay, Google Pay or credit cards with zero platform fees.

The positive news comes on the back of Jupiter’s recent warning to Solana users about a malicious Chrome extension draining their wallets.

Called “Bull Checker,” the offending extension allegedly targeted Reddit users, particularly those who were members of Solana’s various themed subreddits on the social platform. In its alert, Jupiter claimed that Bull Checker had the ability to add instructions to a normal crypto transaction that allowed it to send funds to a different wallet.

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