The Solana decentralized finance (DeFi) protocol is seeing a big boost following a number of high-profile projects already building on the platform.
So far in April 2021, the SOL token, which powers the Solana blockchain and the protocol’s main decentralized exchange (DEX), Serum (SRM), has seen its price surge by over 50%.
The drive towards these much newer protocols is necessitated by the high gas fees on the Ethereum blockchain which has seen builders and investors seek cheaper alternatives.
Solana, a competitor of the Ethereum blockchain, seeks to provide decentralized finance solutions at much more affordable transaction fees.
Some of the upcoming projects to look out for that are building on the Solana blockchain include:
- SolStarter – the first Initial DEX Offering (IDO) platform for Solana
- COPE – A token project enabling traders to rank their performance and view other traders’ performance in an index
- BonFida – A data aggregation and visualization tool on exchange statistics, reviews, and scoring
- Oxygen – A DeFi prime brokerage protocol built for the future to support 100s of millions of people
- ChainLink – Together with Chainlink, Solana intends to develop a high frequency Oracle that can be used for trading binary options. One that is capable of price updates every 400ms with Solana’s architecture, with developers building DeFi assets and marketplaces using this platform
- Step Finance – A tool for visualizing, analyzing, executing, and aggregating transactions across all Solana contracts in one place
- Media Network – A P2P Content Delivery Network (CDN)
- Synthetify – A simple, decentralized protocol for synthetic assets
- Hxro.Network – a fully decentralized derivatives liquidity protocol for risk-based applications
- HedgeHog – A user-centric prediction markets platform
- Phantom – A digital wallet re-imagined for DeFi & NFTs
- Mango Markets – A decentralized, on-chain, cross-margin trading platform
- Solaris – A lending / borrowing protocol that brings Flashloans to Solana blockchain (inspired by Aave and Compound)
- Solanium – A decentralized fund-raising platform
- Marinade Finance – A liquid staking protocol
- Pyth – An oracle solution designed to bring HiFi data to DeFi
- Solrise Finance – A decentralized fund management and investment protocol
- Terra – A high speed token bridge to Solana, enabling the hyperfast transaction of Terra stablecoins on all of Solana’s Dapps
- Tether – Tether’s technical integration will integrate the largest stablecoin by market capitalization and enable exchange at an unprecedented speed
- Waves – The first external addition to Waves’ roadmap to achieving mass adoption of inter-chain DeFi through the Gravity interoperability protocol
- Doce Finance – A decentralized exchange and swap platform
- Rope – A decentralized ecosystem that brings the well known ‘market volatility index’ to the crypto market
- Decentralized options protocol
The growing interest in Solana can also be seen in some of the wallets and exchanges that intend to support the Solana ecosystem ($SPL token). Some of these include:
- Math Wallet
- Atomic Wallet
- Trust Wallet
- Coin98 Wallet
- P2P Wallet
- OKEx Exchange
- Binance Exchange
- Bitfinex Exchange
- Gate Exchange
- Bithum Global Exchange
- Huobi Exchange
- Crypto.com Exchange
with more coming soon.
Solana and Serum are products of the FTX Exchange, one of the most liquid exchanges globally, which also recently saw its exchange token, the $FTT, reach a new all-time high (ATH) following a surge in crypto adoption.
RECOMMENDED READING: Binance and FTX Exchange Tokens Hit All Time Highs Amid 2021 DeFi Fever
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