Recently, negative news about cryptocurrencies has caused the market to panic, and the short-term negative impact will accompany the market's momentum. For investors, now is a good opportunity to layout oversold potential projects. As two major ecosystems worth paying attention to in this bull market, the rapid development and attracting effect of Solana and TON have made them the focus of many investors' layouts.
Among them, the Solana ecosystem is relatively more mature than the development of TON, and Solana has undeniable advantages in innovation and large-scale adoption. With the listing of Ethereum ETF approaching, VanEck also submitted a Solana ETF application to the SEC in June, and Solana has begun to attract the attention of traditional capital. As Matthew Sigel, the head of digital assets at VanEck, said: the combination of high throughput, low fees, strong security, and a strong community atmosphere makes Solana an attractive choice for exchange-traded funds, providing investors with a versatile and innovative open-source ecosystem.
The Potential of the Solana Ecosystem
On the technical level, the launch of Solana Blinks and Solana Actions has increased developers' interest in Solana. The launch of Solana Actions and Blinks has reduced the difficulty for users to use the Solana blockchain for on-chain activities in terms of underlying code. This will also promote Solana's application in a wider range of scenarios, including DeFi, NFT markets, games, DAO governance, RWA, and other tracks, and facilitate more Web2 users to use Web3 blockchain technology conveniently. For projects in the Solana ecosystem, this is also an important opportunity to gain more users and adoption.
For investors, laying out the Solana ecosystem and seizing opportunities in technological innovation and capital layout will be the focus of attention. This article will compile the projects worth paying attention to in the Solana ecosystem this year for everyone's reference.
Drift Protocol
Drift Protocol integrates RWA and DeFi in its protocol, providing users with diversified DeFi products and experiences. It recently announced a deep collaboration with ONDO Finance, allowing USDY (notes backed by US government bonds and bank deposits, holders can obtain corresponding returns) and Ethena-USDe, Mountain-USDM, and other stablecoins as collateral assets for traders. It is the protocol with the widest support for mainstream RWA assets on the Solana chain.
Diversified products are one of Drift Protocol's advantages, including derivative trading, swaps, leveraged spot trading, lending, etc. With the low gas fees and fast confirmations of Solana, Drift Protocol provides users with extremely low transaction fees and a trading experience comparable to centralized exchanges without affecting its own profitability.
Another core advantage is the quick response and support for the ecosystem. Drift provides pre-market trading and a fast listing channel, allowing hot assets in the ecosystem to be quickly listed and traded on Drift, providing investors with more trading strategies and choices. It recently announced support for JLP as collateral, which is a pioneering move in the same track.
Drift's TVL has grown rapidly from $117 million to a peak of $385 million this year, with a growth rate of 3.3 times. The total trading volume has reached $32 billion, with a recent 24-hour trading volume of about $220 million, and the number of active users has also reached 190,000.
Jupiter
Jupiter is the largest DEX aggregator on Solana, aggregating liquidity from multiple decentralized exchanges to help users automatically choose the best trading path and minimize swap slippage and fees. Its daily trading volume has surpassed Uniswap, becoming the top DEX on the Solana chain.
Solana's DEXs have the advantages of speed, low fees, and permissionless trading. Jupiter also provides services such as scheduled automated investments, cross-chain bridges, perpetual contract trading, and Launchpad for project launches and trading.
The Jupiter team conducted a massive airdrop of JUP tokens to over 100,000 community users earlier this year, making it the largest airdrop event on Solana. Last week, it airdropped $60 million worth of cryptocurrencies to users who actively staked JUP and participated in DAO voting.
Kamino
Kamino is a DeFi project that provides lending and liquidity provision services. It offers collateralized lending and controls the availability of lending funds using CLMM (Concentrated Liquidity Market Maker). It also provides an automatic deleveraging mechanism and "protected collateral" function to protect assets from the risk of borrower default. By integrating lending, liquidity, and leverage collateral into one DeFi product, Kamino provides users with a diversified DeFi experience.
Currently, it is worth paying attention to the second phase of Kamino's airdrop, and providing stablecoins to the protocol is the most robust strategy. Among them, PYUSD (a stablecoin launched by payment giant PayPal) has an annualized yield of 18.39% on Kamino and can receive triple points rewards from Kamino.
As of early July, Kamino's TVL reached $1.06 billion, an increase of 6.5 times compared to the beginning of the year.
Jito
Jito is a liquidity staking protocol launched in 2022. Users can stake SOL to earn JitoSOL, and the staking rewards are directly accumulated in JitoSOL. Jito also provides the Maximum Extractable Value (MEV) feature, and the income from MEV is also distributed to JitoSOL. In relative terms, the income will be higher.
Currently, Jito's TVL has reached $1.59 billion, an increase of 2.5 times compared to the beginning of the year. The protocol fee in the past 24 hours was $730,000, and the cumulative fee reached $150 million. The number of users has exceeded 100,000.
TipLinks
TipLinks is a lightweight wallet product that aligns with Solana's Blinks feature launched on June 25th. People who own cryptocurrencies can create TipLinks and send the link to anyone through any platform (SMS, Discord, email, etc.).
Using TipLinks only requires a Google account to handle complex crypto transactions. With just a click, you can easily send encrypted assets, even to non-crypto users. The emergence of TipLinks and Blinks technology completely breaks down the barriers between Web2 and Web3, seamlessly linking them together, providing a seamless encrypted payment experience for new crypto users, and laying the foundation for the mass adoption of Web3.
Conclusion
From on-chain data, Drift Protocol has 1.7 times more users than Jito and has a higher daily revenue of $162,000 compared to Jito's $29,000. Drift Protocol covers a wide range of products in the DeFi track, including lending, spot trading, leveraged trading, and contract trading. Drift's integration into the Solana ecosystem also gives it a relative advantage, which will bring more flexibility to Solana DeFi users' assets and further enhance Drift's competitiveness.
Jito and Kamino have attracted over $1 billion in locked-in value, making them projects of interest to investors. The main factor is that Jito's MEV brings additional income to users, and jitoSOL has become a high-proportion staking token in the Solana ecosystem. Kamino has many innovations in lending, and the demand for lending has also increased during the bull market.
Jupiter has achieved a high TVL growth rate, partly due to the advantage of aggregating liquidity and providing competitive trading quotes, and partly due to the expectations of its airdrops.
Based on the current development status, Jito and Jupiter are the projects with high attention in terms of funds on Solana. Drift Protocol, through increasing the types of collateral, aggregating liquidity, and the innovative combination of RWA assets and DeFi, has the highest TVL growth rate. The combination of RWA and DeFi on Solana will have greater imagination in the bull market, creating more value for users and adding many new features to DeFi. Therefore, Drift Protocol is also more explosive and has better development prospects.
TipLinks provides the possibility for further popularization of cryptocurrencies and has explosive potential. The future will also depend on whether it can withstand market tests in terms of security, usability, and composability.
Compared to the ecosystem in the bull market of 2021, this bull market has also seen a batch of rapidly growing popular projects on Solana. DEX, Liquid Staking, Lending, NFT, RWA, and other tracks have also quickly followed suit, showing a thriving trend. In addition to technological innovation, Solana's projects also demonstrate strong attractiveness to funds and users in the ecosystem, as well as potential innovation capabilities. The TVL growth rate of ecosystem projects is generally more than double, and the number of users has reached hundreds of thousands. This also demonstrates the innovative potential of Solana's DeFi and its growth prospects in this bull market.
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