We recently published an article on why Solana is the hottest blockchain platform today. And that’s because we’ve observed massive interest in that community. Solana is beyond the hype. There’s tangible growth and value.
There are several metrics that place Solana as a blockchain to watch out for. Last month, Solana’s TVL shot up from a modest $671 million to $1.21 billion. What’s more? Crypto experts have identified Solana as one blockchain to place your bet on.
Solana already has a massive ecosystem. So, if you’re thinking of getting your hands on quality Solana projects, we’ll show you a couple of low-cap coins that should be on your watch list:
1) Marinade Finance
Marinade Finance is a Solana-based liquid staking protocol. It simply helps users stake SOL to earn more profits. We’ve written about this project in the past. And we’d like you to keep tabs on it because it has huge potential.
🚢 A Year of Shipping at Marinade
It's been an incredible year of building and growth for the Solana ecosystem and Marinade.
🧵 Before we head into 2024, here's a recap of 2023 highlights:
— Marinade 🛡️ (@MarinadeFinance) December 31, 2023
Marinade currently leads Solana in terms of TVL. Data from Defillama shows that Marinade has about $1.093 billion in TVL. That’s solid! “Imagine having a secure and hassle-free way to earn rewards by staking SOL tokens on Solana’s top 130 validators. That’s exactly what Marinade Finance is all about!
Here’s the cool part: when you stake SOL, you get a liquid token called $mSOL in return. Not only does this token gain value through staking rewards, but it’s also your ticket to navigating the Solana ecosystem. Use $mSOL for DeFi ventures, or convert it back to SOL whenever you want.
📣 Official Marinade Earn claiming information:
The claim period for Marinade Earn will begin January 1st after 12pm UTC. Here is how to claim your locked MNDE:
1. Visit the Marinade Earn page and click on the “Claim” button: https://t.co/BaqYpRXFvM
2. Once you approve the… pic.twitter.com/V1UVWEuKpt
— Marinade 🛡️ (@MarinadeFinance) January 1, 2024
2) Tensor
Tensor is Solana’s leading marketplace and superhero, with not one but two awesome tools up its sleeve! The first is the tensor aggregator. This is your friendly guide to pulling in all the good vibes from Solana’s top marketplaces.
10 Million SOL Traded on Tensor 🤯
Starting the new year with a crazy milestone!
Thank you for building with us in the bear 🫶 pic.twitter.com/vGVXVxGqJh
— Tensor ⚛️⚡️ (@tensor_hq) January 4, 2024
Tensor Aggregator provides an easy-to-use dashboard with real-time updates. So, you don’t have to worry about confusing interfaces.
The second is the Tensor AMM and Marketplace. This is the ultimate hub for auctions, instant seller liquidity, and a handy “sell now” button. It’s got some cool features like bonding-curve-based orders, DCA NFTs, and even rewards for early liquidity champs. And the best part? You get to customize your costs!
Last week, Solana NFT marketplaces @tensor_hq and @MagicEden paid over 207K SOL (~$14.2m) to its users.
189K SOL from Tensor
18K from Magic Eden@DuneAnalytics dashboard by @andrewhong5297 pic.twitter.com/4G2hLW4zKL— NFTgators 🐊 (@NFTgators) December 12, 2023
Tensor recently secured $3 million in Seed Round funding. Some of the backers include Alliance, Solana Ventures, Big Brain Holdings, and Monke Ventures. Tensor has huge potential to disrupt the broader NFT space.
3) Metaplex
Metaplex is the go-to platform for simplifying NFTs. They make it easy to create and launch NFTs. Metaplex is powered by Solana’s technological optimizations, such as the “Proof of History” mechanism and open-source network. Metaplex introduces several innovative features. Such as:
- Stores: This helps NFT developers create their storefronts with vital tools and information.
- Candy Machine: You pay for the machine and receive NFT candies.
- NFT Storage: It provides different storage options based on your specific needs, with different fee structures.
1) @metaplex is the leading digital asset protocol on Solana
✔️ Metaplex built *the* NFT token standards used on Solana
✔️ On-chain programs for creating, selling, and using digital assets
✔️ 99.9% of NFTs on Solana are minted through Metaplex
✔️ >130M mints and 15M+ collectors pic.twitter.com/holad1nZxc— Felipe Montealegre (IFS) (@TheiaResearch) January 2, 2024
Metaplex has already secured a whopping $46 million in funding and partnered up with Solana Labs for an extra boost. So, this makes it more of an exciting project.
4) Solend
Solend is your playground for lending and borrowing on Solana, leveraging the platform’s speed and low fees. With a Total Value Locked (TVL) of $191.39 million, Solend boasts 80+ supported assets and a unique margin feature for capital efficiency.
Solend launched Margin to help users trade with leverage, via @JupiterExchange.
This feature allows you to borrow and go leveraged long or short on any tokens listed on Solend, with less effort.
All volume done through Solend + Jupiter qualified for Jupiter's airdrop.
Watching… https://t.co/IaCDERZ49k
— ◉ Solend (@solendprotocol) January 2, 2024
They weathered a storm after FTX’s collapse but are now bouncing back strongly. Furthermore, they’ve received backing from big names like Coinbase Venture.
5) Wormhole
Wormhole is the bridge connecting assets across 30+ blockchains. This includes Ethereum, Solana, BNB Chain, and many more. Validators secure token transfers on Wormhole. This includes staking service providers like Everstake and Certus One.
Building a multi-chain app on Wormhole? Apply to the $50M Cross-Chain Ecosystem Fund!
Managed by @borderless_cap, the fund is an "anti-maxi" initiative backed by investors who believe in a multi-chain future.
Read more. ⬇️https://t.co/K4LpstQ85K
— Wormhole (@wormholecrypto) December 26, 2023
Wormhole reached an all-time high TVL of $4.74 billion. This is all thanks to products like Portal and Carrier that make asset bridging easy. Wormhole has also integrated with major players like Solend, Trader Joe, and more, setting the stage for exciting collaborations.
Keep an eye on these projects, but remember, this isn’t financial advice. Make sure they align with your goals and risk tolerance.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
