Besides Meme, what other applications on the Solana chain are worth paying attention to?

Original author: Xiyou, ChainCatcher

Original editor: Marco, ChainCatcher

Since the market value of the MEME token BOME (Book of Meme) hit a record of over 2 billion US dollars in 3 days, "Issuing MEME tokens in Solana and recharging SOL to unknown addresses" has become a new trend. The huge benefit effect has completely revolutionized the crypto community users. Fomo, it is no longer novel to find an unknown address and easily raise millions or even tens of millions of dollars worth of SOL within a few hours.

The wealth effect of MEME currency has brought huge traffic and attention to Solana, and attracted a group of foreign applications to the Solana ecosystem.

On March 15, the NFT card game Parallel announced the launch of the AI survival simulation game Colony on Solana; on March 17, the IDO platform DAO Maker announced its expansion to the Solana network and planned to launch 4 Solana IDO projects; on March 18, DeFi gamification platform DEGO Finance will be launched on Solana.

DeFiLlama data shows that the 24-hour transaction volume on the Solana chain was approximately US$2.39 billion, and the fees captured were US$3.94 billion. During the same period, the transaction volume on the Ethereum chain was US$2.86 billion; on March 19, the DEX transaction volume on the Solana chain was 3.62 billion US dollars, ranking first for four consecutive days, with an average of more than 3 billion US dollars in the past five days. The daily trading volume of DEX on the Ethereum chain is US$3.005 billion, ranking second.

In fact, before the MEME hype boom, hot spots on the Solana chain had never stopped, from last year’s DePIN craze to the MEME hat dog Bonk, as well as the ecological oracle Pyth Network, DEX platform Jupiter, cross-chain protocol Wormhole and other projects airdropped one Wave after wave. In the words of community users, there is no shortage of opportunities on the Solana chain. It is a true "poor-to-rich chain."

In addition to the MEME coin, what other opportunities are there in the Solana chain ecosystem that are worth participating in and paying attention to? This article will sort out the active representative projects on the Solana chain.

DEX Big Three: Raydium, Orca, Jupiter

Raydium: DEX of choice for MEME token trading

Raydium is an automated market maker AMM trading platform built on the Solana chain. The working mechanism is similar to Uniswap. The platform was originally created in 2021 and was well-known to users for integrating liquidity with the order book-style DEX Serum platform led by SBF. With the With the collapse of SBF, Serum fell into a liquidity crisis and eventually shut down and changed its official Twitter account. However, Raydium has been insisting on iterative product upgrades and has once again become the top DEX with the recovery of the Solana ecosystem.

Currently, Raydium product functions include DEX trading, AMM Swap exchange, liquidity mining, pledge mining, IDO launch Acceleraytor and other functions.

The recent popular MEME hype boom on the Solana chain, popular MEME token fund pools such as BOME and SLERF, are all created on the Raydium platform. More than 90% of the token trading volume occurs on this platform, which is the current MEME token on the Solana chain. DEX with the largest currency trading volume.

On March 17, Lanchpad platform DAOMaker announced its expansion to the Solana network and will add a $2 million SOL liquidity pool on Raydium and launch 4 Solana IDO projects. Among them, the first AI e-commerce project YOUR AI has launched the token YOURAI on Raydium on March 18.

According to DeFiLlama data, in the past seven days, the Raydium platform has captured more than $12.91 million in transaction fees, and the fees captured on the Solana chain during the same period were $19.22 million. The platform's revenue ranks among the top ten in the DeFi market.

The platform token RAY has increased by 89% in the past 30 days and is currently quoted at US$2.04, with a market value of US$530 million and an FDV of US$1.13 billion.

Trading DEX leader Orca

Orca is also the first-generation AMM (automatic market maker) DEX on the Solana chain. Unlike DEXs that integrate many functions, the platform page is very simple and only supports token exchange and liquidity pool addition.

According to DeFiLlama, the trading volume of the Orca platform within 24 hours was US$1.415 billion, ranking third in the entire DEX market, second only to Uniswap and Pancakeswap. It is the DEX with the largest trading volume on the Solana chain.

On March 20, the platform token ORCA was quoted at US$4.03, with a market value of US$190 million and FDV of US$4.01 billion.

Trading aggregator Jupiter

Jupiter is a transaction aggregator on the Solana chain, aiming to provide users with the best exchange rates and experience by integrating the main liquidity markets on the Solana chain.

In January this year, Jupiter announced that it would airdrop 1 billion JUP tokens to about 955,000 Solana wallet addresses. It was the project with the widest coverage of airdrop addresses to date and was a hit.

Currently, Jupiter has integrated multiple DEX paths on the Solana chain, including Orca, Raydium, Mercurial, etc. The platform not only supports SWAP, but also can provide functions such as limit orders and fixed investment.

In addition to spot trading, Jupiter will also launch contract functions, which are currently in the testing phase. Only three assets, SOL, ETH, and WBTC, are open.

In addition, Jupiter also launched LFG Launchpad, which aims to help emerging and existing cryptocurrency projects raise funds, distribute tokens, and quickly activate liquidity and launch more tokens in a decentralized and transparent manner.

On March 13, Jupiter announced that the first round of LFG Launchpad project voting had ended, and the first batch of launch projects selected were the cross-chain communication protocol Zeus Network and the NFT lending protocol SharkyFi. Among them, LFG Launchpad’s first IDO project, Zeus Network, will launch a token public offering on April 4.

On March 21, Jupiter announced that JUP DAO will inject 10 million USDC and 100 million JUP next week to accelerate Jupiverse growth and public funding.

According to Coingecko data, on March 20, the platform token JUP was currently quoted at US$1.19, with an increase of more than 120% in the past 30 days, with a market value of US$1.6 billion and an FDV of US$11.8 billion.

Liquid staking track: Marinade, Jito, BlazeStake

Marinade

Marinade is the largest liquidity staking protocol on the Solana chain. Users can pledge SOL on the platform and obtain mSO as a pledge certificate. While obtaining PoS network staking income, they can also participate in DeFi interactions on other chains and improve fund utilization.

According to the official website, the number of SOL pledged by Marinade exceeds 9.98 million, and the value of locked assets is US$1.74 billion. TVL ranks first on the Solana chain, with an annualized return rate of 8.9%.

The governance token MNDE was launched in 2021 with a total supply of 1 billion. According to CoinGecko, the trading price of the MNDE token is approximately US$0.31, with a circulating market value of US$79.95 million and an FDV of US$310 million.

MEV Liquidity Staking Protocol Jito

Jito is the second largest liquid staking protocol on the Solana chain. Users can pledge SOL in exchange for the pledge certificate LSD token JitoSOL. The platform not only provides users with staking reward income from the PoS network, but also distributes the MEV income rewards obtained to staking users.

According to the official website, on March 18, the number of SOL pledged on the Jito platform was approximately 9 million, worth US$1.6 billion, making it the second largest application of TVL on the Solana chain.

In November last year, Jito launched the governance token JTO, which is currently quoted at US$3.05, with a circulating market value of US$357 million and FDV of US$3.05 billion.

BlazeStake

BlazeStake is the third largest liquid staking protocol on the Solana chain. Users pledge SOL to obtain the pledge token bSOL.

DeFiLlama shows that on March 20, the asset value (TVL) locked on the BlazeStake platform was approximately US$470 million, the governance token BLZE was quoted at US$0.0018, and the total issuance amount was 10 billion.

Oracle Pyth Network

Pyth Network is a decentralized oracle project on the Solana chain. It can transmit real-world data to the on-chain world, complete data exchange between blockchain and the real world, and support the construction of the next generation of DeFi. It was created by members of the Jump Trading team and is a star project in the Solana ecosystem.

In October last year, Pyth Network announced the economic model of the token PYTH, issued a total of 10 billion tokens, and airdropped 600 million tokens to 750 million wallets, causing a commotion in the crypto market.

On March 20, PYTH was quoted at $1.02 and FDV was $10.1 billion.

Cross-chain facility Wormhole

Wormhole was originally a cross-chain bridge incubated and supported by Jump Crypto, focusing on asset interoperability between Ethereum and Solana. With the development of the project, it has evolved into a universal messaging protocol that supports multiple chains and is completed with Jump Crypto. spin off.

On March 7, the cross-chain protocol Wormhole announced the economic model of token W. The total supply is 10 billion and the initial circulation is 1.8 billion. It will be distributed on 5 initial chains in the form of ERC 20 and SPL, respectively. Ethereum, Solana, Arbitrum, Optimism and Base will airdrop 610 million W tokens to more than 397,000 eligible addresses.

As of press time, W tokens have not been officially opened for trading, and the over-the-counter Whales Market price is $1.78.

Derivatives trading platform Drift Protocol

Drift Protocol is a DeFi derivatives trading platform built on Solana, providing multiple types of derivatives markets, including perpetual contracts, spot and spot margin, lending, etc. It was founded in 2022.

According to the official website, the value of locked crypto assets (TVL) on March 20 was US$286 million, and the open interest volume reached US$150 million. The trading volume last week exceeded US$2.2 billion, setting a record high, and a total of The transaction volume exceeds $15.9 billion and the number of users is 159,000.

Currently, Drift has not yet issued coins. In January this year, it launched a reward points program, and users can earn points by participating in transactions on the platform.

Lending agreement: Kamino, Marginfi

Chimney

Kamino is a lending protocol on the Solana chain and integrates functions such as lending, automated income strategies, and leverage, aiming to provide users with a unified and secure DeFi product suite.

On Kamino, users can borrow assets, provide leveraged liquidity to DEX, build automated yield strategies, and use centralized liquidity positions as collateral.

In January this year, Kamino launched a points incentive program, where users can earn points by using products, such as depositing, borrowing, providing liquidity, etc.

According to official information, this point incentive lasts for about 3 months. At the end of the first quarter or the beginning of the second quarter, the platform token KMNO Genesis airdrop will be launched.

DeFiLlama shows that the value of assets locked on the Kamino platform has exceeded US$1.18 billion, and TVL is the third largest protocol in the Solana ecosystem.

Marginfi

Marginfi is also a decentralized lending protocol on Solana, and integrates Swap, LST, cross-chain bridges, stable coins, etc. The protocol provides users with a unified account to manage their assets, or form an investment portfolio and improve the foundation Capital efficiency of transaction agreements.

In February, Marginfi launched YBX, an interest-bearing stablecoin based on LST assets, which supports the use of Solana ecological LST assets (such as JitoSOL, mSOL) as collateral assets for casting. Users can also participate in the Solana network pledge block income and MEV tips while capturing Get more potential revenue.

Currently, Marginfi has not yet issued coins, but has launched an incentive points program. Users also earn points through pledge borrowing. The current value of assets locked on the platform is US$777 million, and TVL ranks fourth in the Solana ecosystem.