The Jupiter team has introduced Jupnet, an omnichain network that will help aggregate all of crypto in one single decentralized ledger.
Background
- This initiative will maximum ease of use for both users and developers
- Three major systems will drive Jupnet — the Decentralized Oracles that Validate and Execute (DOVE) network, the Omnichain Ledger network, and the Aggregated Decentralized Identity (ADI)
- The team envisions a world where one account can access all chains, all currencies and all commodities — aka the 1A3C vision
Why should you pay attention?
- Users and applications can hold their funds and transact freely across as many chains as they want
- It’d be similar to a centralized exchange, but in a fully decentralized manner
- The team doesn’t want users to use wallets as the predominant UX, but instead use much friendlier approaches like accounts
- This will be done via a fully on-chain identity and authentication system that’ll be merged with omnichain liquidity management, and programmable control
- Alongside, Jupnet will also host the global unified market — where all the possible tradable assets will be connected in one single network
Who said what?
- In a blogpost, the pseudonymous founder Meow said,
“When Jupiter first started, we focused on aggregating liquidity in Solana, and now we are moving to the next major objective — aggregating everything”
- He elaborated,
“We are moving to a world of million chains, billion people and trillion tokens, and we desperately need infrastructure to be able to connect these milion chains into one usable system, ux that is usable by a billion people, and faciliate liquidity fluently for a trillion tokens”
- Chalking out how the journey would likely look like, Meow said,
- “It will not be easy, it will take a long time, and there is no guarantee that Jupnet will be good enough. But we will try, because we only have one single goal in mind for jupnet — Aggregate everything”
Zooming out
- Meow believes that the network will be able to empower “a lot of really cool apps”
- Jupnet is currently in in its early testnet version
- The team expects to roll out the first public beta “in the next couple of months”
In other Jupiter-related news
- Jupiter recently acquired a majority stake in Moonshot — an app that helps users buy memecoins via Apple Pay
- Alongside, the team also announced the acquisition of SonarWatch — a portfolio-tracking tool that will be integrated into Jupiter’s platform
- Furthermore, the protocol also conducted its second token airdrop last week, distributing around $600 million worth of JUP to users
- Furthermore, the team unveiled a series of updates to the platform
- Ultra Mode, for starters, automates key features like real-time slippage estimation, dynamic priority fees, and optimized transaction handling
- Another new security tool called Jupiter Shield is also expected to go live soon
