Solana 2021 summary

2020 was an excellent year for the Solana ecosystem. The project recorded remarkable growth in many other outstanding projects. Therefore, the Solana network just concluded year grew exponentially to solidify itself as a true ethereum challenger.

In addition to its growth, the Solana ecosystem also organized programs and conferences to improve and benefit its community. Here are some of the major highlights of the Solana ecosystem.

1. DeFi Projects

In 2021, the projects on the Solana ecosystem skyrocketed as developers were looking to launch a scalable DApp. Therefore, Solana began the year with just 70 projects on its network but now has 5,145 projects.

However, the Solana ecosystem currently boasts of more than 500 Apps on its network. This includes DeFi projects like Serum, Mango, Drift Protocol, Raydium, Saber, and Solend.

Also, many of the projects on the blockchain network aimed at boosting the DeFi space. Therefore, thousands of remarkable projects focused on DeFi, NFT, lending, and blockchain games are currently on the platform.

2. Solana’s Hackathons

The Solana ecosystem in 2021 organized a series of hackathons aimed at helping developers improve their skills and the ecosystem. Therefore, Solana utilized hackathons to boost its ecosystem by bringing the crypto industry to more mainstream users.

The blockchain platform had the Solana Season Hackathon and Serum-led hackathon. This virtual hackathon focused on allowing developers to experiment and leverage the Solana Blockchain. It also allowed developers to create DeFi, NFTs, and Web3 projects on the network.

Ignition Hackathon was the fourth annual Solana hackathon. It had a total of $5 million in prizes and recorded 6,000 participants with 586 projects in five categories. Katana, a digital asset management protocol, claimed the grand prize in this event.

Also, Solana announced a hackathon exclusively for Indian developers and entrepreneurs. It was tagged Building Out Loud and had over $80,000 in prizes.

3. Non-Fungible Token (NFTs)

The Solana ecosystem started last year with little to no NFT project on the platform. However, with the launch of Metaplex, the NFTs space in the ecosystem surged.

Solana, with its cheap gas fee, is boosting the NFT space. Projects such as Degenerate Ape Academy, SolPunks, and Aurory traded hundreds of millions of dollars in 2021. A Solana Monkey Business NFT sold for $2 million.

The total market cap of NFTs sold on the Solana blockchain has surpassed $938 million.

4. Total Value Locked (TVL)

As a result of the performance of the DeFi projects built Solana ecosystem, the total value locked (TVL) on the Solana network surged. Therefore, with 5,145 entire projects in the ecosystem, Solana finished the year with $11.6 billion TVL.

Solana TVL

Source: DeFillama

Raydium contributed the most to Solana’s TVL, closely followed by Marinade Finance and Serum.

5. Carbon Neutral

Solana ecosystem in 2021 was able to achieve carbon neutrality, making it one of the most environmentally friendly blockchain networks.

According to the announcement, a single Solana transaction uses only 1,939 Joules of energy. In other words, a single Solana transaction uses less fuel than what is required to complete two Google Searches.

Solana Foundation also pledged to act as a watchdog on the ecosystem’s environmental impact. “The Foundation is supporting this process to offset the carbon footprint of the Solana network for the entirety of 2021,” it said.

6. Solana Partnerships 

While the Solana ecosystem relatively had a great year, it also secured significant partnerships. The blockchain platform was able to partner with institutional media and influential individuals.

Brave Browser, Opera, FTX, Alexis Ohanian, Micheal Jordan, Sam Bankman-Fried, and others also partnered with the blockchain network. Solana’s unique features have made the blockchain platform a significant stakeholder in the DeFi space.

Solana Price Update

When writing this article, the price of $SOL  on the hour has rallied by 0.7% and was trading at $174.51. Also, the token has a 24-hour trading volume of $843,000

Also, according to Coingecko, $SOL has a market cap of $53.9 billion. Moreover, it currently has a circulating supply of 309 million SOL coins and a total supply of 508 million.

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