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:
Bithum Global 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.