Jump Crypto is attempting to redesign a crucial component of Solana’s architecture to improve the throughput and dependability of a network that has been beset by numerous outages and slowdowns.
Jump Trading Group, a major TradFi player with headquarters in Chicago, is developing a new validator client, a piece of software that aids with blockchain security. Additionally, according to a statement made public on Tuesday, Jump Crypto would “propose significant enhancements to Solana’s open-source core software.”
Solana, unlike Ethereum and other blockchains used in decentralised finance (DeFi), was seen as being able to keep up with the extremely fast pace of trading in older markets like stocks and derivatives, so it became a key focus for Wall Street and other conventional finance firms like Jump last year. But the anticipation wasn’t always borne out, with SOL blockchain faltering in a number of high-profile cases. Newer blockchains, meanwhile, pose a challenge to Solana’s market share.
Dan Albert, executive director of the SOL foundation, stated,
“Jump has unparalleled experience with over 20 years of scaling networks and building highly performant software systems. Their contributions to the Solana Network will improve mission-critical systems, helping the network scale to billions of users.”
‘Jump’ing at Solana endeavor
Jump Trading’s chief science officer, Kevin Bowers, will be in charge of the initiative. Jump Crypto will develop the validator client using the C++ programming language, which has a long history in the quantitative trading communities where Jump roams, through an initiative called Firedancer.
Jump Crypto has direct knowledge of the risks associated with placing an excessive amount of reliance on the capabilities of a single organisation. Wormhole, a cross-blockchain bridge that was compromised earlier this year, is one result of it. To compensate damages resulting from the $320 million exploit, Jump Crypto coughed up cash.
The company has grown beyond its trading-only roots in the last year, going into creating vital components of infrastructure for Solana and other well-known tier 1 blockchains. The organization, which was founded in the Chicago trading pits, has led the way in computerized trading for more than 20 years. It is one of the companies that constructed the foundation for markets like stocks and derivatives so that they can run at the speed of light.
The SOL blockchain upgrade, which Jump Crypto is a part of, comes at a tumultuous period for the once-hot blockchain. In addition to an early August $5 million attack that affected thousands of user wallets, it experienced a significant outage in June that kept it unavailable for more than four hours. Despite the fact that Jump is a key supporter of the hottest new “Solana-killer” blockchain Aptos, it seems like the company is digging down on SOL.