While I'm not actively trading, I visit Jupiter (DEX aggregator on Solana) occasionally. Today, I discovered a newly launched app by the exchange through info from the platform, indicating it is "a new way to trade tokens."
Accordingly, it is an application built around a secure vault that only a user's wallet can access and it requires one to "deposit SOL to start aping" (trading). My curiosity led me to the app for a quick exploration.
Here's how it went:
Clicking on "CONNECT WALLET" asked me to create a password.
After doing so, the wallet popped up with a transaction to be approved with a fee in the form of SOL (0.00539 which is worth about 63 cents at current prices). That's quite a fee considering Solana blockchain is supposed to have cheap transaction fees. I had second thoughts about confirming it but did anyway after checking the details.
And with that, I was in!
The vault was created as indicated by a pop-up at the bottom left corner of the screen. A grid of newly listed meme coins is displayed too.
And now what?
The answer was found before me, deposit SOL to start trading Aping! A default amount of 0.5 SOL was on the field so I thought it was the minimum required deposit but when I changed it to 0.001 SOL (12 cents worth, lol) for a test deposit, it went through.
Navigating to the "Vault" tab, the deposited SOL was there. So when I connected my wallet, created a password, and confirmed the transaction, Ape created a vault meant only for me, hence the QR code provided is not to be shared with anyone else or he will have access to any SOL you have deposited to it.
Interface
The interface is not the prettiest but quite straightforward, with no confusing pages or anything. Just two tabs - TRADE where one can view newly-listed meme coins with the search field allows users to find tokens by entering the contract address. And the VAULT tab which displays a user's available balance, history, and settings.
➡️Token Discovery & Rug Check
Newest tokens listed are displayed right when logging on (connecting your wallet). It allows users to see tokens as soon as they are launched.
Clicking on a token's logo or name displays its profile, i.e. a link to its charts on Birdseye and Dexscreener, and a rug check result which should be quite handy for one who wants to trade.
Per their announcement on X, Ape is still in the alpha phase and feedback is welcome. The features are limited but I read that Profit & Loss History is on the horizon. It will be interesting to see what more will be rolled out.
It was mentioned that trading fees are reduced (0.069%) during its promotional period.
Summary & Personal Thoughts
Jupiter recently launched Ape which it says to be its biggest this year, referring to it as the safest and fastest way to trade on Solana. The app features a vault created for each user by connecting a supported wallet (i.e. Phantom, Solflare, and Sollet). The vault is meant to hold SOL for trading and doesn't store any other tokens or coins.
I like the token profiling that included a rug check result which can be very helpful to users.
On checking, the UI is also mobile-friendly which is nice.
There is no logout button but it can be done by refreshing the page/app. To log in again, just enter the password or scan the QR Code if you have saved it elsewhere.
The app can be a good way to trade a bit safely as it can only access the SOL deposited in one's vault. Tokens bought are credited or transferred to the original wallet used to log in (i.e. Phantom, etc).
Will I be using the app for trading on Solana? Probably not yet but we will see.
DISCLAIMER: For infotainment only. None in this publication is financial or investment advice, nor an endorsement of the mentioned app. Please DYOR.
Photos and screenshots from Ape. No copyright infringement intended. 05072024/21:11ph