Solana-based DEX aggregator Jupiter integrates payment provider Mercuryo

Rick Steves

“Solana is an environment that’s fast enough and has rich market density to attract a large number of users, so it made perfect sense to collaborate with Jupiter on their mission.”

solana

Jupiter, a leading decentralized trading aggregator on the Solana blockchain, has announced a strategic partnership with Mercuryo, a global payments infrastructure provider.

This marks Jupiter’s first collaboration with a payment provider, aiming to leverage Mercuryo’s On-Ramp services to attract more individuals to the Solana ecosystem and the broader crypto market.

Solana beat Ethereum in 2023

In 2023, the Solana ecosystem emerged as a top performer in the industry, surpassing Ethereum in several metrics. By December, Solana had nearly 16 million active addresses. Its DEX trading volume surged tenfold over the year, processing transactions worth approximately $50 billion in the last quarter alone.

As the top DEX aggregator on Solana, Jupiter’s objective is to increase on-chain user engagement by offering accessible financial products and a user-friendly interface.

Integrating a Mercuryo widget, Jupiter will enable clients to purchase USDC and Solana’s native SOL token using fiat currencies. This widget also facilitates token swaps, perpetual contract execution, Dollar-Cost-Averaging (DCA) strategies, and bridging funds to other protocols.

Partnership aimed at onboarding more users to Solana

Mercuryo distinguishes itself in the decentralized space by promoting payment use case growth and seamless on-chain integration, thus simplifying the experience for newcomers to the market. It focuses on efficient capital flow within the DeFi ecosystem and combines various payment and banking solutions into a single interface.

Arthur Firstov, Chief Business Officer at Mercuryo, said: “Mercuryo’s goal is to build a single UI for all of the best fintech use-cases and bring this logic on-chain. Solana is an environment that’s fast enough and has rich market density to attract a large number of users, so it made perfect sense to collaborate with Jupiter on their mission. At Mercuryo, we think such products are impactful and extremely helpful for moving decentralisation forward, and we are excited to be part of it.”

Siong Ong, Co-founder at Jupiter, added: “Jupiter is happy to collaborate with Mercuryo to onboard more users to Solana. The Mercuryo team has been very accommodating and is world-class in helping to make this happen.”

Jupiter scans multiple sources of liquidity within the Solana ecosystem

Jupiter is a decentralized trading aggregator operating on the Solana blockchain. It functions as a platform that consolidates various decentralized exchanges (DEXs) on Solana, allowing users to find the best trading routes and prices across these exchanges. Essentially, it scans multiple sources of liquidity within the Solana ecosystem to facilitate efficient and cost-effective trading of cryptocurrencies.

The aggregator pools liquidity from various DEXs on Solana, enabling traders to find better exchange rates and lower slippage, which is the difference between the expected price of a trade and the executed price. Apart from basic trading, Jupiter may offer advanced features like swapping tokens, executing perpetual contracts, setting up Dollar-Cost-Averaging strategies, and bridging funds to other protocols, especially when integrated with other platforms like Mercuryo.

The platform recently reached an all-time high in the number of weekly traders, surpassing 578,000 in a single week. This surge in traders occurred ahead of a much-anticipated airdrop of its native token, JUP, scheduled for the end of January. A large proportion of these traders were small retail users, with many using the platform’s dollar cost-averaging (DCA) feature.

In addition, Jupiter briefly became the largest trading platform by 24-hour trading volume, even surpassing Uniswap at one point. However, it later fell back to second place. The increased activity on Jupiter is particularly noteworthy as it reflects the growing interest and participation in the Solana-based DeFi space. The anticipation surrounding the upcoming JUP token airdrop has contributed significantly to this increased interest and activity on the platform.

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