This is a segment of the LightSpeed Newsletter. Subscribe to read the full edition.
Phantom has acquired Solana Trading and Analytics Platform Solsniper. BlockWorks is an exclusive learning experience. Phantom refused to disclose the terms of the transaction.
Solsniper is one of many platforms that provide MemeCoin traders with advanced features and tracking tools. Solsniper’s web app will continue to operate as a standalone platform, with Solsniper’s team led by co-founder and CEO Max Zhuang joining Phantom.
Phantom cut his teeth as Crypto Wallet, but the acquisition probably shows plans for a well-funded platform to deepen trading capabilities, particularly after Phantom began offering permanent futures trading via high lipids.
Solana’s Memecoin trend has been beneficial for token creation platforms such as Pump.fun and Letsbonk, but has also been extremely beneficial for picks and shovels that facilitate discovery, tracking and trading of their members.
Dex Screener, which provides a popular token token list, made $2.9 million just by charging the MemeCoin project to update token information, Solana Onchain analyst Adam_Tehc recently pointed out.
Over time, popular trading venues began consolidating these picks and shovel-like services. Both Jupiter and Pump.Fun offer internal trading terminals. With the acquisition of Solsniper, Phantom has yet to make an announcement on that front, but may be poised to do the same.
“Today, we see a variety of experience levels in Crypto, from new people to professional traders. This acquisition will help Phantom provide more advanced tools to grow along with the expertise of its users. Solsniper has done an incredible job of building the platform.
Solsniper, which makes the deal even more sweet, also offers the Telegram Trading Bot, a popular product among some Memecoin traders.
Picks and shovels may be valuable to trading platforms, as value flows to where users are actually there and the platform. This is why watchers in the Memecoin industry tend to be bullish with Axiom. This is trying to attract end users while maintaining agnosticism on a particular network or platform.
