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Solana Ecosystem Project Analysis: Five Potential Projects Leading the Decentralized Finance Innovation Wave
Analysis of Potential Projects in the Solana Ecosystem
Recently, the cryptocurrency market has undergone an adjustment, but this has also created opportunities for investors to position themselves in undervalued potential projects. In this bull market, the rapid development and capital-absorbing effect of the Solana and TON ecosystems have attracted significant attention. Among them, the Solana ecosystem is relatively more mature, with significant advantages in innovation capability and large-scale adoption.
With the upcoming launch of the Ethereum ETF, Solana is also starting to attract the attention of traditional capital. Data shows that Solana has characteristics such as high throughput, low fees, strong security, and an active community, making it a potential quality target for exchange-traded funds.
Technical Breakthroughs in 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 drive the application of Solana in multiple fields such as DeFi, NFTs, gaming, DAO governance, and RWA, and facilitate more Web2 users to seamlessly access the Web3 ecosystem. For Solana projects, this also means an important opportunity to gain more users and adoption.
Notable Solana Ecosystem Projects
Drift Protocol
Drift Protocol integrates RWA and DeFi, providing users with a diverse range of DeFi products and experiences. Its product line includes derivatives trading, swaps, leveraged spot trading, and lending. Drift also supports RWA assets like USDY as collateral, making it one of the protocols on the Solana chain with the broadest support for mainstream RWA assets.
Another advantage of Drift is its rapid response to the ecosystem. It offers pre-market trading and a fast listing channel, allowing hot assets to trade quickly on the platform. This year, Drift's TVL grew from $117 million to $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 active users reaching 190,000.
Jupiter
Jupiter is the largest DEX aggregator on Solana, providing users with the optimal trading path by integrating the liquidity of multiple DEXs. Its daily trading volume once surpassed Uniswap. In addition to basic functions, Jupiter also offers services such as automated investment scheduling, cross-chain bridges, and perpetual contract trading.
At the beginning of this year, Jupiter airdropped JUP tokens to over 100,000 community users, becoming the largest airdrop event on Solana. Recently, it also conducted an additional airdrop of $60 million worth of cryptocurrency for users participating in DAO governance.
Kamino
Kamino is an innovative DeFi project that integrates lending, liquidity provision, and leveraged staking functions. It utilizes CLMM to control the availability of lending funds and provides an automatic deleveraging mechanism and "protected collateral" feature to effectively manage risks.
Kamino is currently conducting its second airdrop event. Notably, the annual yield of PYUSD on Kamino reaches 18.39%, with a 3x points reward available. As of early July, Kamino's TVL has reached $1.06 billion, a 6.5-fold increase since the beginning of the year.
Jito
Jito is a liquid staking protocol that allows users to stake SOL and receive JitoSOL in return. Jito also provides users with MEV functionality, with earnings directly accumulating to JitoSOL. Currently, Jito's TVL has reached $1.59 billion, increasing 2.5 times since the beginning of the year. The protocol's fees over the past 24 hours amount to $730,000, with total fees reaching $150 million, and the number of users exceeding 100,000.
TipLinks
TipLinks is a lightweight wallet product that closely aligns with Solana's recently launched Blinks. Users can complete complex crypto transactions with just a Google account. TipLinks breaks down the barriers between Web2 and Web3, providing new users with a seamless crypto payment experience and laying the groundwork for the mass adoption of Web3.
Summary
Drift Protocol performs outstandingly in terms of user numbers and daily revenue, with a wide product coverage and a clear integration advantage within the Solana ecosystem. Jito and Kamino have achieved over $1 billion in locked value, making them favored projects by investors. Jupiter, on the other hand, has gained high growth due to its premium liquidity aggregation and airdrop expectations.
Compared to the bull market of 2021, the current Solana ecosystem shows a more diversified development trend, covering multiple tracks such as DEX, Liquid Staking, Lending, NFT, and RWA. These projects not only demonstrate strong capital and user attraction but also show immense innovation potential. The TVL of ecosystem projects has generally achieved more than double growth, with the number of users reaching hundreds of thousands, highlighting the growth prospects and innovative vitality of Solana DeFi in this bull market.