Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading Group, announced on Tuesday plans to develop a new open source validator client for the Solana network to boost throughput and reliability.
See related article: Solana validators complete restart; Laos ends crypto ban
Fast facts
- Jump Crypto will “propose a major upgrade to Solana’s open source core software,” its press release said.
- “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,” said executive director of Solana Foundation Dan Albert.
- Solana is one of the fastest blockchain networks, but it experienced a massive wallet exploit this month for unknown reasons, and it experienced a seven-hour network outage due to heavy traffic congestion in March.
- Jump Crypto-empowered Solana cross-chain bridge Wormhole was exploited for US$320 million in February, and Jump Crypto said it made up for the loss out of its own pocket.
- Jump Crypto also extended Wormhole to the Terra blockchain last October; however Terra’s UST stablecoin decoupled dramatically a few months later and prompted users to flee the network.
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