Proof-of-stake blockchain Solana has been hitting milestones after milestones. Not only has the network surpassed 35 billion transactions, but its native $SOL token has also been motoring thanks to the date returns of 999%.
More important than any of this is the 500 projects launching on Solana’s fast and furious ecosystem. These cutting-edge projects are strengthening the Solana ecosystem, from wallets and lending protocols to exchanges, storage solutions, and digital games. And all this is happening at a time when users are increasingly scouting out Ethereum alternatives.
That means there is no better time to invest in a potential Solana gem than right now. But, it’s no easy task to identify a gem from a sea of 500 projects, and that is why you must watch this video.
1. Star Atlas
The first of Solana’s Top Projects is Star Atlas. Is a notable gaming project on Solana. Many expect Star Atlas will be able to beat the gaming giant Axie Infinity. In May 2021, we received a glimpse of Star Atlas, but we started talking about it in August 2021 when Star Atlas conducted its triple IDO, which was a massive, massive success. This made its native token, $POLIS, get almost 150x on growth.
Source: Star Atlas
This happened because Star Atlas is one of the few games that promise to provide a AAA gaming experience in the blockchain landscape. In other words, Star Atlas can be described as a combination of NFTs with the gaming industry using the concept of the metaverse.
The whole idea is to encourage the monetization of the time spent in the Star Atlas, which will enable a real-economic benefit just like Axie Infinity. For the time spent in the gameplay, players can collect rare NFTs and sell them for money in the Star Atlas marketplace.
From the token perspective, $ATLAS is the in-game currency, and $POLIS is the governance token. In total, 80% of future minted $ATLAS tokens will be rewarded to players with outstanding performances in the game. And for $POLIS, after selling the 20% of supply, the rest will be distributed to the DAO.
But this feature is not live right now. However, it seems you can lend your $ATLAS and $POLIS tokens in different pools on Raydium, the next Solana Gem on our list.
Raydium is a Uniswap-like Automated Market Maker (AMM) built on Solana Blockchain. The platform has the highest TVL on Solana.
Other AMM DEXs and DeFi protocols suffer from two challenges right now:
- Access liquidity only within their pools.
- Most of the exchanges operate on Ethereum and suffer from network congestion and high gas fees.
But, Raydium overcomes all these challenges by incorporating Serum on the Solana blockchain. The first AMM optimizes Solana blockchain speed and a DEX limit order book, which leads to boundless liquidity supply, frictionless yield farming, and speed token swap. Therefore, with Raydium’s Serum incorporation, the entire Solana ecosystem gets access to wide liquidity.
Another notable thing is that its IDO launchpad Accele-Raytor has been very popular lately, and the IDO’s conducted on it have yielded an average ATH ROI of 5000%.
Being the first AMM on Solana, Raydium has all the first mover’s advantages. But it has distinguished itself among other AMMs in the Defi system with its on-chain deep liquidity for the users, which is very important for the success of any DEX.
Another Solana’s Top Projects is Orca is a pure AMM DEX on Solana, which has its liquidity pools, another DEX for which the TVL has exploded in the last two months and has crossed the USD 1 billion mark.
In short, it enables users to carry out the following functions:
- Swap: Orca allows market participants to swap tokens using its pool. Unlike Raydium, it does not use Serum as a source of liquidity.
- Liquidity pools: Similar to other AMMs, LPs can contribute liquidity to Orca’s pools and receive a part of trading fees as rewards.
In Orca’s platform, “Aquafarms” are Yield farming programs that offer users a set of liquidity pools. Currently, liquidity providers in Orca’s pools earn only trading fees. But Aquafarms enable users to earn both trading fees and ORCA tokens. ORCA also plans to add functionality that will allow other projects to add their tokens as rewards in the future.
If you don’t like to split the tokens 50/50 for providing liquidity, Orca has AutoSwap for you. With this new feature, you can offer tokens in any ratio you’d like, and Orca will take care of balancing them before they’re deposited.
An exciting thing to watch here is that Orca has no plan to incorporate Serum/Raydium liquidity. Still, they do expect liquidity to go up over time as more features are coming on Orca. It is inspiring to see what those features will be in the future.
4. Mango Markets
Mango Markets is a decentralized cross-margin trading platform whose TVL has been exploding. Built and launched on Solana, it enables users to use up to 5x leverage with lightning-fast network speed and near-zero transaction costs.
Source: Mango Markets
The platform provides several products, including Spot Market offerings where Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Serum (SRM) can be cross-collateralized. The Mango Market protocol sources liquidity from its pools and Serum, which means users might hardly face liquidity issues.
Also, the platform offers decentralized lending where anyone can earn interests on deposits and take out collateralized loans against its supported assets.
The DAO’s website said MNGO has three goals: to capitalize an insurance fund, distribute the DEX governance token, and incentivize liquidity for market makers. Ninety percent of tokens are locked up in a governance fund, 5% in an insurance policy, and the remainder in contributor tokens.
Finally, it seems Mango Markets is about to announce some exciting yield opportunities and some NFT drops.
The last of Solana’s Top Projects is Oxygen is a liquidity protocol built on Solana that brings a Wall Street proposal to a decentralized environment. Like other liquidity protocols on Ethereum, such as Aave, it enables investors to yield their tokens.
Also, investors can use the Oxygen token to create leverage on their investments or to take short positions.
It is inspired by the primer brokerage available on traditional financial markets like Wall Street. It connects various market participants and enables them to engage in an efficient market and take leveraged positions.
The significant advantages of Oxygen are:
- Cross-Collateralization: you can use all the assets you hold as collateral
- Multiple Usage of the Same Collateral: you can borrow against your collateral while you use it to obtain yield
- Extremely Low Transaction Fees: since Oxygen is using the Solana blockchain, the transaction fees on the blockchain will be as low as 0.00001 USD per transaction
However, we cannot ignore the fact that in the last couple of weeks, its TVL has been flat. This seems to be happening because other projects on Solana are generating more interest. We will continue to keep an eye on Oxygen us. It seems to be quite a promising project on Solana.
We hope you’ve enjoyed Solana’s Top Projects.
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