Rising Stars: Report Highlights 5 Solana Projects Set For Success In 2024
Solana has experienced a recent downturn in the market following a surge from multi-year lows. Although the token faced setbacks when its main promoter, FTX, fell, the ecosystem has continued to thrive and is now experiencing a high timeframe recovery. As of now, Solana’s native token SOL is trading at $87, seeing a 2% profit in the past 24 hours and a 12% correction over the previous seven days.
According to a report from Coingecko, the Solana network is now experiencing a resurgence due to its recovery in the cryptocurrency market, improved network stability, and a series of positive developments. This revival has caught the attention of investors and developers, leading to increased adoption of existing projects within the Solana ecosystem. Among these projects, there are five that stand out and are expected to shape the future of decentralized finance (DeFi) and non-fungible tokens (NFTs) on Solana.
At the forefront of Solana’s innovation are decentralized exchanges (DEXs) such as Jupiter, Orca, and Drift. Jupiter is transforming the landscape with its limit-order decentralized swap services, offering a DEX aggregator to ensure users get the best price offers. With a daily trading volume involving around 90,000 unique wallets, Jupiter has reached an average of $400 million.
Orca, another DEX, features a concentrated liquidity solution called Whirlpools, which enhances returns for liquidity providers and reduces slippage for traders. Boasting a total value of approximately $185 million, Orca’s community-driven governance model is attracting new users.
Drift is a decentralized perpetual trading platform that allows traders to engage with up to 20x leverage. It integrates various features, including a money market for decentralized lending, offering additional passive income opportunities through staking and market maker rewards.
The report also highlights Solend, Marginfi, and Kamino as prominent projects in the lending sector. Solend, a leading money market, enables users to lend and borrow crypto assets, with over $165 million locked in its smart contracts. Marginfi, with over $345 million in tokens locked, enhances the lending experience with advanced risk management technologies. Kamino manages over $242 million in assets and offers liquidity through CLMM-based lending vaults, allowing users to deploy tokens in yield-bearing programs.
In addition to these projects, the report identifies two emerging projects within the Solana ecosystem: Helium and Render Network. Helium, a decentralized connectivity service provider, utilizes Solana’s blockchain to remit and administer its internet services, incentivizing hotspot owners and fostering the expansion of decentralized internet facilities. Render Network, set to expand to Solana in 2023, offers GPU rendering services for creators, allowing artists to produce high-resolution graphics by renting out excess GPU power.
Notably, the NFT collections Mad Lads and Tensorians are gaining popularity on Solana. Mad Lads, a unique collection of 10,000 artworks, has reached a new all-time high in floor price, reflecting the increasing interest in Solana-based NFTs.
With its innovative projects and rapid growth, the Solana ecosystem solidifies its position in the smart contract blockchain space. From DEXs and lending protocols to staking solutions and NFT collections, the network showcases a dynamic and burgeoning landscape. With the SOL token climbing the ranks, Solana’s ecosystem is expected to continue expanding and succeeding in the coming years.