After the FTX collapse, we saw Solana caught between a rock and a hard place. Its SOL token saw only two years ago an ATH of $260. However, in December 2022 it slumped to a price below $10. Nonetheless, Solana managed to sail into quiet waters.
As a result, it may do well during the next bull run. So, let’s take a look at the top Solana projects to keep an eye out on.
We all know that Solana is likely to have a strong run next year, and to achieve those most wanted 1000x returns, we need to stay ahead of other investors!
So, I've created this thread featuring some exciting projects. 🔥
Let's dive in and find out! 🧵🫡$SOL @solana pic.twitter.com/ZWvtIbBEo4
— DefiFerr (@dontbuytops) September 9, 2023
1) Solend (SLND)
Solend Protocol is a lending protocol. As it says on their website, it’s an “autonomous interest rate machine for lending on Solana”. According to DeFillama, its TVL is $43.4 million. This makes it the third-biggest protocol in TVL on Solana.
The protocol offers 60 assets which you can borrow and lend, across 20 pools. The SLND market cap is only $16.8 million.
Source: Solend dashboard
2) ORCA
ORCA is a decentralized finance platform built on the Solana blockchain. It aims to provide users with a seamless and efficient DeFi experience by combining high-speed transactions with a wide range of financial services.
This dApp allows users to provide liquidity to various DeFi protocols, earning rewards in return. It offers staking services, enabling users to earn rewards by locking up their ORCA tokens. Also, ORCA holders have a say in the governance of the platform. They can vote on proposals and changes to the protocol, making it a community-driven project.
Good tide, fellow sea-dwellers!
If you're bobbing around wondering what Orca does, how to swim through it, and what makes it the #1 crypto marketplace on @solana, this current is for you 💛
Let's plunge into @Solana's deepest pool of liquidity right now 👇🏼
🧵1/10 pic.twitter.com/FlINKr6Ylq
— Orca ☀️ (@orca_so) August 8, 2023
According to DeFillama, its TVL is $35.73 million. This makes it the fourth-biggest protocol in TVL on Solana.
3) Lifinity
Lifinity is a Solana-based project that focuses on the creation and management of non-fungible tokens (NFTs) and digital collectibles. It offers a suite of tools and services tailored to the NFT ecosystem.
So, Lifinity allows users to easily mint and create NFTs. This empowers artists, creators, and developers to tokenize their digital assets and creations. Also, Lifinity provides a marketplace for users to buy, sell, and trade NFTs. It offers a user-friendly interface and low transaction fees, making it attractive for both artists and collectors.
We are proud to announce Lifinity v2! ♾️
tl;dr – We introduce the Delta Neutral Market Maker, which further reduces impermanent loss while also providing the option to eliminate price risk.https://t.co/7eNJIqPuBx
🧵👇
— Lifinity ∞ (@Lifinity_io) September 28, 2022
According to DeFillama, its TVL is $4.17 million. Also, its total and max supply is 100 million tokens.
Conclusion
Solana went through hard times after the FTX collapse. However, it has shown resilience and strength. During 2023, Solana hasn’t seen any time-outs yet, and there are plenty of good developments. Here’s a list of top Solana projects to keep an eye out on.
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