October 20, 2025

Welcome to the Meridian Update, your daily on-chain report. It’s Monday. Let’s dive in.

Speaking of not the same as the old one (part 2)

We closed last week covering Uniswap, a decentralized exchange. Jupiter closed its week talking about Jupiter, a decentralized exchange aggregator:

“Introducing Ultra V3 – the most advanced end to end trading engine ever created.

It delivers what traders want most:

- Best Price: Meta aggregation which includes Iris, our new router
- Best Execution: ShadowLane for optimal private txn landing & Predictive Execution for best-in-class execution
- Best Protection: Sandwich protection & advanced slippage estimation”

Jupiter is not a decentralized exchange, technically. It aggregates decentralized exchanges. If you want to sell a stock in the off-chain world, you might open the Vanguard app and hit sell. Behind the scenes, some things will happen, and you will eventually no longer own the stock.

What if you want to sell a token on-chain, specifically the Solana network? You might go into your wallet through the Meridian app and press sell. Behind the scenes, some things will happen, and you will eventually no longer own the token.

Jupiter does some of that behind-the-scenes stuff. Primarily, they allow you to do your transaction in a way that makes sense from a speed and price perspective. They allow you to route transactions to and through the decentralized exchange(s) that make the most sense for that particular transaction. One of those decentralized exchanges could even be Uniswap now?

Anyway, Jupiter announced a new version on Friday.

Gespa was made aware of the online platform collect.fifa.com at the beginning of October

How? Was some random employee at Gespa trying to figure out how to get tickets for the 2026 men’s soccer* World Cup taking place in North America when she stumbled on, gasp, a blockchain thing?

Anyway, from the Swiss Gambling Supervisory Authority (Gespa):

“During the investigation, suspicions were confirmed that collect.fifa.com offers gambling services that are not licensed in Switzerland and are therefore illegal. Gespa is obliged to notify the competent prosecution authorities if it becomes aware of violations of the Federal Act on Gambling.”

We talk a lot about regulation here on the Meridian Update. That regulation is mostly by US authorities and regarding activity in the US. It’s also mostly about what types of tokens are allowed, what types of tokens are subject to securities law, or what might happen with on-chain futures.

But Europe called to remind us that it has laws too. And it made a really good point. Just because a token might not be a security doesn’t mean it can’t run afoul of the law in some other way. Just because a token isn’t a perpetual future subject to futures law scrutiny doesn’t mean it can’t run afoul of the law in some other way.

A theme here on the Meridian Update is that companies are building things on-chain that have some use or purpose off-chain. We’ve talked about decentralized physical infrastructure networks (DePINs), for example. A corollary to this is that people can build things that have no regulatory issues relating to their on-chain nature, but do have regulatory issues relating to their off-chain nature.

We have no idea whether Gespa is right that “collect.fifa.com offers gambling services that are not licensed in Switzerland and are therefore illegal.” But who knows, they might be!

*We are based in the United States, so yes, it’s soccer.

That’s a wrap

A Swiss regulator doesn’t like something FIFA is doing (which we assume happens a lot). Also, a new Jupiter following fast on a new Uniswap.

Think we missed something today? Email email@meridianupdate.com.