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Jupiter acquires Rain.fi to bolster credit market growth as JUP hovers near record low

Jupiter acquires Rain.fi to bolster credit market growth as JUP hovers near record low

Rain will operate as Rain.fi for the next few months, after which its key features will roll into Jupiter and the app will be shut down.

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by Vivian Nguyen

Prominent DEX Jupiter has acquired Rain.fi, a platform designed to scale the credit market on Solana, to enhance its ecosystem and boost on-chain credit market growth, according to a Thursday announcement.

Rain.fi noted that the Rain app will keep running for several months as the team prepares for a smooth, gradual sunset and migrates key features under the Jupiter umbrella. stJUP deposits have ended, and users are advised to start unstaking from Liquid, though rewards will continue until the next ASR cycle. stCOLLAT staking is unaffected.

The deal arrives at a time when Jupiter’s JUP token is extending its decline amid a market-wide downturn that has pushed Bitcoin down to $90,000.

JUP was changing hands at around $0.21 at press time, hovering near record lows, per CoinGecko data.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
BUSINESS

Jupiter acquires Rain.fi to bolster credit market growth as JUP hovers near record low

Jupiter acquires Rain.fi to bolster credit market growth as JUP hovers near record low

Rain will operate as Rain.fi for the next few months, after which its key features will roll into Jupiter and the app will be shut down.

by Vivian Nguyen

Share

Add us on Google

Prominent DEX Jupiter has acquired Rain.fi, a platform designed to scale the credit market on Solana, to enhance its ecosystem and boost on-chain credit market growth, according to a Thursday announcement.

Rain.fi noted that the Rain app will keep running for several months as the team prepares for a smooth, gradual sunset and migrates key features under the Jupiter umbrella. stJUP deposits have ended, and users are advised to start unstaking from Liquid, though rewards will continue until the next ASR cycle. stCOLLAT staking is unaffected.

The deal arrives at a time when Jupiter’s JUP token is extending its decline amid a market-wide downturn that has pushed Bitcoin down to $90,000.

JUP was changing hands at around $0.21 at press time, hovering near record lows, per CoinGecko data.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.