Author: Joyce, Vernacular Blockchain
The Solana ecosystem has been in the limelight recently, and the rise and popularity of projects such as Inscription NFT, Depin, and MeMe have made it continue to be relevant in the near future. The hot Bitcoin ecosystem is competing for the top, and its popularity far exceeds that of other public chains such as Ethereum.
As a public chain that was once deeply bound to the FTX platform, the price once fell to single digits after the FTX thunderstorm. After nearly a year of dormancy, the price of Solana has been rising and has now climbed to 97 Dollar.
Moreover, in addition to the increase in Token, a number of new projects with very good performance have emerged in the Solana ecosystem, which is really eye-catching.
The Solana ecosystem, which was once hit hard by the FTX thunderstorm, has become a hot spot in the market recently. So, in addition to these dark horses that have already performed well, what other potential projects are there? Let’s take stock together.
According to the latest data from DeFiLlama, the current TVL of Solana Ecosystem is ten It is about US$100 million, ranking fifth among all public chains after Ethereum, Tron, BSC, and Arbitrum.
Solana ecological TVL, Solana price and the entire chain revenue trend chart, data source: DeFiLlama
Before and after the FTX thunderstorm, Solana ecological TVL fell from nearly 1 billion US dollars to 300 million US dollars. USD, Solana price also fell from 32U to a low of 14U. Nearly a year later, TVL has now exceeded the level before the FTX thunderstorm, and the token has risen sharply, exceeding $97.
Looking at Solana’s TVL, Token price and the revenue trend of the entire chain in the above figure, the growth of Token price far exceeds the growth trend of TVL. The growth in the income level of the entire chain has exceeded the increase in Token price.
Of course, the current daily income on the Solana chain is not high, only tens of thousands of dollars, and the absolute data is not very referenceable. However, compared with Ethereum, TRON, BSC and Arbitrum, which rank at the top of TVL, they show a very good growth trend.
Number of developers in each public chain ecosystem, data source: developerreport.com
Developers are the foundation for the development of a public chain ecosystem. Currently, there are not many developers in the Solana ecosystem, with full-time and part-time developers There are 946 people in total, ranking fifth among all public chains,not much different from the number of developers in the Bitcoin ecosystem.
As for the number of ecological projects, although there are many Solana ecological hot projects that have popped up in recent months,However, judging from the total number of projects, there are not many Solana ecological projects. DeFiLlama currently includes 104, which is far lower than the top five TVL Ethereum, BSC, and Arbitrum, and also lower than the ecosystems such as Avalanche, OP, and Polygon, which have fewer TVLs. However, it has recently risen. There are many dark horses. It can be said that in terms of project quality, the Solana ecosystem is still remarkable.
According to Staking rewards data statistics, the total pledge amount of Solana has reached 400 million,Based on the current price, the total pledged amount is estimated to be about 28 billion US dollars, accounting for more than 71.4% of Solana’s total market value.
Compared with Ethereum’s 23.7% pledge ratio, Solana’s pledge ratio is indeed very high, not only far exceeding Ethereum, but also exceeding most public chains. Therefore, there are many staking projects on Solana. Four of the top ten projects on TVL are liquidity staking protocols.
An overview of the changing trends in the Solana ecological staking protocol market share, data source: Dune@ilemi
Among them, Marinade Finance is the leader of the Solana ecological liquidity staking track and is also the leader of Solana’s ecological liquidity staking track. The project ranking first in ecological TVLAs a veteran project launched in 2021, it has a first-mover advantage. However, it is not difficult to see from the change chart of Solana ecological pledge agreement market share above that currently Marinade Finance (its pledge token is msol) market share is constantly being eroded.
Jito is a dark horse that has performed very well recently, and its staking share has experienced a very steep growth trend in the past year. Jito is the first staking protocol in the Solana ecosystem to allocate MEV rewards to users. Users can mortgage Solana in exchange for JitoSolana, and JitoSolana can help users obtain staking rewards and MEV rewards at the same time. Starting in October, Jito's staking data began to grow explosively, and now its staking TVL is not much different from that of Marinade Fiance, which ranks first. At the end of November, its governance token was listed on Coinbase and Binance at the same time, and it gained momentum after being launched online.
Ranking third is Blaze Stake, whose staking token is bSOLl. It will be launched in May 2022. Thanks to the overall explosion of the Solana ecosystem, Blaze’s token has increased in recent months. It also surged several times.
In addition to these star staking protocols, the Solana ecosystem also has some relatively innovative staking protocols for unissued tokens. The recent growth has also been very rapid, and its Airdrop is expected to attract a lot of attention.
Depin (decentralized infrastructure network) is a hot track recently, based on Solana has the advantage of high speed and low fees. Currently, the Depin of Solana ecosystem has covered multiple sub-sectors such as decentralized physical infrastructure, AI computing power, maps, and IOA services. A number of projects with outstanding performance include Helium, Mobile, Hivemapper, DIMO, RNDR, etc.
Helium is the pioneer project of the Depin track and is currently the leader of the Solana ecological Depin track. Helium was founded in 2013. It is a distributed IoT project. It used its own Layer1 network at the beginning, and later migrated to the Solana ecosystem considering EVM compatibility and TPS. At present, Helium's IOT ecosystem has been compared with others. It is very mature. The recently popular Depin project Mobile is Helium’s ecological project, with an increase of more than 16 times in the past month.
Hivemapper and DIMO are both decentralized map projects. Users are encouraged to provide driving map data through tokens. Currently, both have launched tokens.
As a peer-to-peer rendering computing power matching AI platform, RNDR can be regarded as a star project recognized in the industry this year. With the rise of the AI track, the market value of RNDR, as a representative project of the AI track, has been rising. The current circulating market value has reached 1.6 billion US dollars. At the same time, it has hit the recently popular Depin track, and it has recently announced its expansion from Polygon. When it comes to the Solana network, the popularity is also very good.
The recent inscriptions and NFT of Solana Ecosystem have also attracted much attention. The two head inscription projects - SOLs and Lamp are developing well.
SOLs, as the leader of the inscription project on Solana chain, created a legend of five times a day after listing CEX. It was very popular for a while. Although there has been a correction recently, the overall The heat is still pretty good.
Lamp is also gaining momentum. As the smallest unit of Solana, the name Lamp also has MeMe attributes like Sats. The current floor price of Lamp is 1.66solana, and the number of addresses it holds More than 5,200.
In addition to inscriptions, NFTs in the Solana ecosystem have been very popular recently. The leading NFT that has emerged in recent months is Mad Lads. Mad Lads is launched by Coral, the framework development company of Solana, and is issued using its own wallet Backpack. Its advantage is that Mad Lads is in the form of xNFT. In the future, DeFi, GameFi, etc. can be directly operated through xNFT, which completely opens up the imagination of Mad Lads. force ceiling. At present, the floor price of Mad Lads has exceeded 200 sol, and it is likely to become a "boring ape" in the Solana ecosystem.
In addition to Mad lads, many popular NFT projects have emerged in the Solana ecosystem in recent days, such as Open Solmap, which benchmarks Bitmap, and currently has more than 18,000 holders People, the 24-hour transaction volume exceeds 50,000 SOL, ranking first in Solana ecological NFT transactions.
And Saga, which ranks second in 24-hour trading volume (as of December 21), known as the "red box",In just a few hours, the floor price It has risen from 0.3 SOL to over 14 SOL, and now it has fallen back to about 5 SOL, which shows the enthusiasm and FOMO of Solana ecological NFT.
When it comes to MeMe, in addition to the inscriptions on major chains,the recent market The two most popular MeMes on the Internet are both from the Solana ecosystem, one is BONK and the other is Silly.
BONK, as the first MeMe in the Solana ecosystem, has caused a sensation in the market with an increase of more than 50 times in the past two months. BONK is the first MeMe based on the Shiba Inu in the Solana ecosystem. The Airdrop last Christmas attracted attention from the Solana community. It really brought new vitality and confidence to the entire ecosystem when FXT was experiencing thunder.
In the Solana blockchain mobile phone Saga released in May this year, the mobile phone priced at 599 included 30 million BONK as a gift. At the peak of BONK, the value far exceeded the mobile phone, so it was unsaleable for a time. Sales of Saga mobile phones have surged...
However, Bonk's popularity has faded recently, giving way to the new MeMe Silly of the Solana ecosystem. Silly originated from the "dragon-shaped" costume worn by Solana co-founder Toly at a conference, coupled with the concept of the Year of the Dragon, the MeMe Silly Dragon quickly became popular, with an increase of more than ten times in three days, which was shocking. Don’t lament the power of FOMO in this market.
< strong>Oracle
Pyth network is the latest star project of Solana ecosystem.For a long time, what everyone thinks of when it comes to oracles Naturally, Chainlink and Pyth network have indeed added some fresh blood to the oracle track.
Pyth network mainly provides data for smart contract Dapps by obtaining data from top trading platforms, market makers and financial service providers. Currently, Pyth is connected to more than 90 companies such as CBOE, Binance, OKX and Bybit. data source, and has supported more than 230 Dapps. It is a rare recent implementation case in the oracle machine track.
borrowing
In addition to the oracle Pyth network , the performance of the proxy agreement MarginFi in the past year has also been very eye-catching. MarginFi is currently the largest lending protocol in the Solana ecosystem, with TVL exceeding US$300 million, second only to the two leading staking protocols, Marinade Finance and Jito.
MarginFi launched a points system in July to reward users for their deposits, loans and recommendations. Since its launch, TVL has taken off. TVL has increased hundreds of times in just six months, becoming the largest TVL growth in the Solana ecosystem. One of the fastest Dapps. Moreover, MarginFi has not yet issued a token. In view of the recent cases of Solana ecology repeatedly making a fortune, MarginFi is indeed worth looking forward to.
In addition, TVL’s loan agreement Kamino, which is second only to MarginFi, has recently attracted market attention due to the news of its upcoming Airdrop. Kamino is also one of the fastest growing DeFi protocols in the Solana ecosystem. After its launch in September last year, its TVL has now reached US$1.4 billion.
Solend used to be the leader in Solana’s ecological replacement. After suffering a cliff-like plunge of more than 90% of TVL in the FTX incident, it is slowly recovering, and TVL has regained its strength. After the points system was launched in August, TVL and token prices began to recover rapidly.
DEX
Orca and Raydium is both a native DEX on Solana. The TVL of both exceeded US$1 billion at their peak, and Raydium even exceeded US$2 billion. However, under this round of bear market and the heavy blow of FTX, the TVL of both All fell off a cliff. At present, Orca TVL is US$160 million, and Raydium is only about half of Orca TVL.
Orca is the only DEX in the Solana ecosystem with a pure automatic market maker (AMM), which provides users with a better trading experience. As Raydium, which was launched at about the same time, the Serum protocol that shared liquidity with it during the FTX thunderstorm suffered heavy losses, and it seems that the recovery situation is not as good as Orca.
At present, DEX in the Solana ecosystem has not performed much in this wave of Solana ecological craze, except for the DEX aggregator Jupiter, which attracted market attention due to its first batch of Airdrop investments in November.
Others
Solana Ecology High-speed chains have always been used as a breakthrough to compete with public chains. Derivatives Dapp is obviously the application with the strongest demand for high-speed and low fees in the current encryption industry. GMX, which was born in the Arbitrum ecosystem, the leader of Ethereum’s Layer 2, is the best example. However, it is a pity that there has never been a dark horse derivatives protocol in the Solana ecosystem.
Among the current derivatives, Drift’s TVL performance is still relatively impressive. The FTX thunderstorm incident did not have much impact. TVL has increased hundreds of times in the past year. In addition, the Token has not been released yet, and Airdrop is expected to It also attracted a lot of attention.
In short, the recent bull market has been transmitted from the Bitcoin ecosystem to other public chains The craze of inscriptions, the rise of Bitcoin ecological infrastructure, and Solana ecological Depin, NFT, MeMe, infrastructure, etc., the market enthusiasm and FOMO sentiment are still continuing, and there are many more stories of getting rich in the entire market.
The rise and detonation of the Bitcoin ecosystem is no surprise. After all, as the leader of the encryption industry, large amounts of capital liquidity expectations and various technological innovations will naturally bring about to ecological prosperity.
However, the outbreak of the Solana ecosystem has indeed brought many surprises. After all, the FTX thunderstorm has severely damaged the liquidity of many important projects in the Solana ecosystem, and it can be quickly recovered in just one year. Practical actions demonstrate the vitality and resilience of the Solana ecosystem.
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