Yesterday, the Jupiter mobile app for DeFi’s popular platform was released.
Jupiter’s pseudonymous founding meow told X on Monday that while the team developed the app they built many features and then dropped them, the final version stayed pretty close to Jupiter’s most popular feature, swaps. Jupiter does not appear to make money on fees for the app. The initiative, therefore, is solely a way of increasing Jupiter’s distribution.
App has only two tabs: one for swapping and the other for displaying your wallet balance. Jupiter has partnered up with MoonPay for fiat onramps. I was able fund my wallet using SOL with Apple Pay within ten minutes. The process wasn’t completely seamless — I could only pay with my debit card rather than with a credit card, which I only learned by trial and error — but it felt smooth overall.
Moonpay, once set up, and with a connected wallet, only takes 4 taps to add more SOL. It’s a frictionless process, similar to Robinhood.
It isn’t the best designed crypto app that I have used. Moonshot is a better-designed app, and even within the memecoin community. It has features like real-time price charts. Jupiter doesn’t have them.
“[C]urrent onboarding for the app is still 2/10 – we are no where near ready for mainstream adoption,” Meow sent me a message.
But it seems like for now, Jupiter may be betting that users want the best prices above all else — and taking aim at Phantom in the process. Jupiter, a swap-aggregator, algorithmically routes transactions across several decentralized exchanges for the user’s best possible price. Also, it does not charge swap fees. This makes the prices even lower. Even though Jupiter has released other DeFi features such as perpetual swaps, a token Launchpad and a launchpad for tokens, the swaps are still what makes Jupiter so powerful in Solana DeFi.
Phantom — which has a lot of distribution by dint of being arguably the most popular Solana wallet — also offers swaps through a mobile wallet, but its swap prices are consistently worse than Jupiter’s. Jupiter’s fee-generating products aren’t currently live on the mobile app, meaning this is currently a pure play for distribution — and Phantom is the most likely target for disruption.
The Solana Seeker is about to be released, and it’s clearer than ever that Solana believes the future of crypto will be decided on mobile. Jupiter, an old competitor in the crypto market has just launched.
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