Solana is a new permissionless blockchain implementation developed as an open-source project. With dozens of projects spanning DeFi, Web3, NFTs, and other technologies, it is one of the quickest contemporary blockchains and part of the burgeoning crypto ecosystem. Decentralized apps (dApps), a platform for efficiently creating applications, are provided by Solana to developers. On this open-source blockchain, there are more than 350 Solana projects.
Top Solana Projects in 2023
Over $9.8 billion has been invested in Solana’s ecosystem thus far. The top Solana Projects are listed below:
1. Solend
You may borrow assets and earn interest on deposits using Solend, a well-liked algorithmic, decentralized lending and borrowing protocol based on the Solana blockchain network. Its unique characteristic is that it uses an algorithmic protocol to decide on interest rates and the quantity of collateral required from borrowers in exchange for loans.
2. Raydium
The Solana blockchain-based automated market (AMM) Raydium is a liquidity source for Serum, a Solana-based decentralized exchange (DEX). Compared to other AMMs, Raydium is extremely distinctive since it provides on-chain liquidity to a centralized limit order book. By extension, limit orders are made on Serum’s platform using the funds that enter Raydium. Consequently, Serum’s order flow and present liquidity can be used by Raydium’s liquidity pools.
3. Tulip Protocol
The first yield aggregation platform created by Solana using auto-compounding vault techniques is called the Tulip protocol. The cheap cost and great efficiency of Solana’s blockchain technology are used by this decentralized application (dApp), which enables the vault techniques to compound often. Thanks to this functionality, stakeholders may benefit from greater APYs without engaging in active management.
4. Orca
Orca is a Solana-based protocol that combines an automated market maker (AMM) with a decentralized exchange (DEX), emphasizing capital efficiency and a human-centred design approach. This design approach makes the Orca protocol’s user experience and interface stand out compared to other DEXs needing more technical knowledge. This makes it simple for new users to join the platform and learn about the DeFi app.
5. Serum
Another well-known decentralized exchange that utilizes the Solana platform is Serum. Due to its ground-breaking DEX ecosystem’s unparalleled speed and low transaction costs, it became more relevant. As was already established, Serum’s DEX is built on the matching engine and an entirely on-chain central limit-based order book provided by Raydium, which also provides automated market-making services.
6. Mango Markets
Mango Markets is an open-source lending, borrowing, cross-exchange trade, and trading platform. Therefore, customers don’t have to cancel the initial purchase to leverage their profits from one transaction to make orders for another. The stated goal of Mango Markets is to provide a decentralized trading platform that would be advantageous to both market players and makers. Mango Markets wants to compete with centralized exchanges for trade volume with its platform. Using Solana’s blockchain, Mango Markets intends to attain latency delays of less than 400 milliseconds.
Conclusion
The most widely used cryptocurrency for smart contracts is Ethereum, which has many uses. Due to high prices and significant network congestion, investors and developers are looking at other choices. Solana stands to gain the most from this decision.
