The Solana ecosystem is迎来 development opportunities, five potential projects are worth following

Recently, the cryptocurrency market has undergone a round of adjustments, but this has also created opportunities for investors to position themselves in oversold potential projects. As two major hot ecosystems of this bull market, Solana and TON have become the focus of investors' attention due to their rapid development and capital-absorbing effects.

The Solana ecosystem is more mature compared to TON, with significant advantages in innovation capability and large-scale adoption. As the Ethereum ETF is about to be listed, Solana is also starting to attract the attention of traditional capital. Digital asset experts believe that the high throughput, low fees, strong security, and active community characteristics of Solana make it an ideal choice for exchange-traded funds.

The Potential of the Solana Ecosystem

On a technical level, the launch of Solana Blinks and Solana Actions has significantly lowered the barrier for developers to use the Solana blockchain. This will promote the application of Solana in fields such as DeFi, NFTs, gaming, DAO governance, and RWAs, attracting more Web2 users to seamlessly transition to Web3. For Solana ecosystem projects, this is an important opportunity to expand the user base and increase adoption.

For investors, grasping the technological innovations and capital layout opportunities of the Solana ecosystem has become a key focus. Here are the five major projects in the Solana ecosystem that are worth paying attention to this year:

1. Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diverse DeFi product experience. The protocol has recently partnered deeply with ONDO Finance, supporting various RWA assets as collateral for traders, making it one of the most widely supported protocols for mainstream RWA assets on the Solana chain.

Drift Protocol has a rich product line, including derivatives trading, Swap, leveraged spot trading, and lending. With Solana's low gas fees and fast confirmation features, Drift provides users with extremely low transaction fees and a trading experience close to that of centralized exchanges.

Drift is also known for its rapid response to the ecosystem. It offers pre-market trading and a fast listing channel, allowing popular assets to trade quickly on the platform, providing investors with more trading strategy options.

This year, Drift's TVL grew from $117 million to a peak of $385 million, an increase of 3.3 times. The cumulative trading volume reached $32 billion, with an average daily trading volume of about $220 million and nearly 190,000 active users.

2. Jupiter

Jupiter is the largest DEX aggregator on Solana, automatically selecting the best trading paths for users by integrating liquidity from multiple decentralized exchanges, minimizing trading slippage and fees. Its daily trading volume once surpassed that of a well-known DEX, becoming the number one across the entire chain.

In addition to inheriting the advantages of fast, low-cost, and permissionless DEX on the Solana chain, Jupiter also offers services such as automated investment scheduling, cross-chain bridges, perpetual contract trading, and a project launch platform.

At the beginning of this year, Jupiter airdropped tokens to over 100,000 community users, becoming the largest airdrop event on Solana. Recently, it also airdropped an additional $60 million worth of cryptocurrency to users who participated in staking and DAO voting.

3. Kamino

Kamino is an innovative DeFi project that integrates lending, liquidity provision, and leveraged staking features. It uses CLMM (Concentrated Liquidity Market Maker) to manage the availability of lending funds and provides an automatic deleveraging mechanism and "protected collateral" feature to reduce borrower default risk.

Currently, Kamino is conducting its second round of airdrop, and providing stablecoins for the protocol is a sound strategy for participation. Among them, a stablecoin launched by a certain payment giant offers an annualized yield of up to 18.39% on Kamino, and participants can receive a 3x points reward.

As of early July, Kamino's on-chain TVL reached $1.06 billion, an increase of 6.5 times compared to the beginning of the year.

4. Jito

Jito is a liquid staking protocol launched in 2022. Users can stake SOL to receive JitoSOL, and the staking rewards are directly accumulated into JitoSOL. Jito also provides users with a Maximum Extractable Value (MEV) feature, and the MEV rewards will also be distributed to JitoSOL, enhancing the overall yield.

Currently, Jito's TVL has reached 1.59 billion USD, growing 2.5 times since the beginning of the year. Daily protocol fees are $730,000, with cumulative fees of $150 million, and the number of users has surpassed 100,000.

5. TipLinks

TipLinks is a lightweight wallet product that closely aligns with the latest Blinks feature launched by Solana. Users can create a TipLink and send the link to others via any platform (SMS, social media, email, etc.).

The usage threshold of TipLinks is extremely low; only a Google account is needed to complete complex crypto transactions. Users can easily send crypto assets by clicking on a link, and it can even be sent to non-crypto users. The emergence of TipLinks and Blinks technology breaks the barriers between Web2 and Web3, providing a seamless payment experience for new crypto users and laying the foundation for the mass adoption of Web3.

Summary

From on-chain data, various projects show a strong growth trend. Drift Protocol stands out in terms of user numbers and daily income, with a wide range of products covering lending, spot trading, leveraged trading, and contract trading in the DeFi sector. Drift's integration advantages within the Solana ecosystem will bring more flexibility to user assets, further enhancing its competitiveness.

Jito and Kamino have attracted substantial funding with their respective innovative features, with both having over $1 billion in locked assets. Jito's MEV functionality provides users with additional income, while Kamino's innovations in lending cater to the growing demands of users in a bull market.

Jupiter has achieved a high TVL growth rate thanks to its liquidity aggregation advantages and airdrop expectations.

TipLinks, as an emerging project, offers the potential for further popularization of cryptocurrency and has tremendous development potential. In the future, it is important to follow its performance in terms of security, usability, and composability.

Compared to the bull market of 2021, this round has seen the emergence of a number of rapidly growing popular projects in the Solana ecosystem, covering multiple tracks including DEX, Liquid Staking, lending, NFT, and RWA. Solana is not only continuously innovating technically, but its ecosystem projects also demonstrate strong capital and user attraction, as well as potential innovative capabilities. The TVL growth rate of most projects exceeds 200%, with user numbers reaching hundreds of thousands, fully showcasing the innovative potential and future growth prospects of Solana DeFi.