Howdy!

The Buffalo Bills lost to the Kansas City Chiefs yet again last night, and I’m just at a loss for words. Why do I keep putting myself through this pain?

Today, we’ve got Jupiter’s Moonshot stake, SOL ETF filings, and a potential change coming to mSOL.

Jupiter takes majority stake in Trump-favored memecoin app

A feline-branded conference held in Istanbul this weekend gave away some of the future ambitions of Solana’s top swap app, Jupiter. 

At so-called Catstanbul, Jupiter and its colorful founder known as meow made headlines for turning on protocol fees that will lead to token buybacks. It’s also launching a $10 million AI fund alongside AI agent upstart Eliza Labs as well as a multi-blockchain network that would expand beyond Solana. 

But the most interesting announcement — to me at least — came when Jupiter said it had taken a majority stake in Moonshot, a memecoin app that Donald Trump directed buyers to use during his memecoin launch.

Jupiter’s killer feature is its swap interface, which routes user trades across DEXs to achieve the best possible price. For all intents and purposes, Jupiter is where users get the most bang for their buck when swapping one Solana token for another. 39% of Solana DEX trades go through Jupiter, according to a Dune dashboard, and Jupiter currently has no real competitor as far as DEX aggregation goes.

But Jupiter has been hinting at bigger ambitions for a while. In May, it announced its giant unified markets initiative which promised to bring all kinds of assets onchain and index them with Jupiter. But for all the talk of GUM, most Solana blockspace is still being chewed up by memecoins, so Jupiter took a majority stake in Moonshot.

Moonshot is a memecoin app that is easy for normies to use. It caught a considerable boost when the TRUMP memecoin’s website directed users to Moonshot, which rocketed the app to a stint at #1 on the App Store’s finance charts. It’s unclear whether the Trump team cut some sort of deal with Moonshot. A source at Jupiter also declined to comment on the terms of the Moonshot deal.

By acquiring most of Moonshot, which is focused on unsophisticated users, Jupiter now benefits from experienced and inexperienced memecoin traders alike. It also now collects fees on all that trading: In Istanbul, Jupiter announced that it would begin collecting a 0.1% fee on its default swap feature, which had previously been free. Half of these fees will go toward buybacks of the platform’s JUP token, which briefly surged in price. Moonshot also collects trading fees.

Plus, with Moonshot’s central role in the TRUMP memecoin launch, Jupiter may be getting not just a stake in an app but something much more important in these windfall days for crypto — a connection to President Trump.

— Jack Kubinec

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Everyone wants a piece of the XRP and SOL ETF pie:

This data from Kaiko shows that SOL and XRP both have 10 active crypto ETF filings in the US. Funnily enough, both assets also have four futures filings despite there not being active futures markets for either one.

As for when these ETFs could get the SEC’s approval, Kaiko looked to 1% market depth, which is a measure of how easily an asset’s price can move. The SEC only wants to approve ETFs for stable and non-manipulable assets, so it might not be a good look that SOL and XRP only have 24% and 18% of BTC’s market depth, respectively.

— Jack Kubinec

Unstaking mSOL feels clunky. You know it, I know it, and apparently Marinade Finance does too. Product lead Rob Tarabcak has proposed scrapping the current system of claimable tickets for delayed unstaking and replacing it with staked SOL accounts. Alongside this, a 10 bps fee would be introduced on delayed unstake transactions, aiming to protect Marinade’s treasury and discourage exploitative behaviors like toxic flow events.

The proposal addresses key risks in the existing system while aligning with staking norms on Solana. By transitioning to direct stake accounts, Marinade would streamline user experience, improve security and ensure greater protocol resilience. The changes also give users a clearer choice: Would you rather wait longer for lower fees, or opt for instant liquidity and pay a spread?

Takeaway: For users, acceptance of this proposal would mean a smoother staking experience that mirrors Solana’s native mechanics. While the added fee may feel like a drawback, it’s designed to protect the protocol and bolster long-term stability.

— Jeffrey Albus

A message from Yash Agarwal, co-founder and CEO of Send AI: