Solana has been on a downward trend over the past week, following an increase from multi-year lows. The token suffered when its biggest promoter, crypto exchange FTX, fell, but the ecosystem continued to thrive, leading to a long-term recovery.
At the time of writing, Solana's native SOL token is trading at $87 with a 2% gain in the last 24 hours. In the previous seven days, the cryptocurrency recorded a 12% correction.
Rising stars in the Solana landscape
According to a report Since Coingecko, the Solana network is witnessing a resurgence driven by its recovery in the cryptocurrency market, notable reductions in network outages, and a series of positive developments.
This rejuvenation has caught the attention of investors and developers and has led to an increase in the adoption of existing projects within its ecosystem. These include specific projects, poised to shape the future of decentralized finance (DeFi) and non-fungible tokens (nft) on Solana, says Coingecko.
Decentralized exchanges (DEX) like Jupiter, Orca, and Drift are at the forefront of Solana innovation. Jupiter is “transforming” the landscape with its decentralized limit order exchange services, offering a DEX aggregator to ensure users get the optimal price deals.
The chart below shows that its daily trading volume, involving around 90,000 unique wallets, has reached an average of $400 million.
Orca, another DEX, has a concentrated liquidity feature, Whirlpools, which improves profitability for liquidity providers and reduces slippage for traders. With a total value of approximately $185 million, Orca's community-driven governance model is another selling point to attract new users in the coming months.
Drift is a decentralized perpetual trading platform that allows traders to interact with up to 20x leverage. It integrates a number of features, including a money market for decentralized lending, offering additional passive income opportunities through staking and market maker rewards.
Additionally, Solend, Marginfi and Kamino are advancing in the credit space. Solend, a prominent money market, allows users to lend and borrow cryptoassets, with over $165 million locked in its smart contracts.
With over $345 million in locked tokens, Marginfi enhances the lending experience with advanced risk management technologies.
Kamino, another lending platform, manages more than $242 million in assets. It offers liquidity through CLMM-based lending vaults, allowing users to deploy tokens into yield-generating programs.
Emerging projects: Helium and Render Network
In addition to these platforms, the report identified projects that could benefit from increased interest in Solana in the long term.
These include Marinade Finance and Jito. Marinade Finance, with over $1 billion in assets, offers maximized returns through liquid bets and immediate bet cancellation options. Jito, which improves staking returns through MEV rewards, has around 6.7 million SOL staked across its platform.
In the world of NFTs, collections like Mad Lads and Tensorians are gaining popularity. Mad Lads, a unique collection of 10,000 works of art, reached a new all-time high in price floor, reflecting the growing interest in Solana-based NFTs.
According to the report, Helium and Render Network are two emerging projects within the Solana ecosystem worth watching. Helium, a decentralized connectivity service provider, uses the Solana blockchain to forward and manage its internet services. Its multi-token system incentivizes hotspot owners and encourages the expansion of decentralized internet facilities.
Render Network, which will expand to Solana in 2023, offers GPU rendering services for creators. By renting excess GPU power, artists can produce high-resolution graphics with the rendering token (RNDR) as the network's remittance token.
The Solana ecosystem, marked by innovation and rapid growth, consolidates its position in the smart contract blockchain space. Its various projects, from DEXs and lending protocols to staking solutions and nft collections, show the dynamic and flourishing landscape of the network. With the SOL token moving up the ranks, the Solana ecosystem is poised for continued expansion and success in the years to come.
Cover image from Unsplash, chart from Tradingview
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