Five Promising Projects in the Solana Ecosystem Worth Following

Recently, the cryptocurrency market has experienced a wave of adjustment, but this has also provided opportunities for investors to position themselves in undervalued potential projects. As two major popular ecosystems in this bull market, Solana and TON have become the focus of investors' attention due to their rapid development and capital attraction effect.

The Solana ecosystem is more mature compared to others, with significant advantages in innovation capability and large-scale adoption. With the upcoming listing of Ethereum ETFs, Solana is also starting to attract the attention of traditional capital. High throughput, low fees, strong security, and an active community make Solana an extremely attractive investment choice.

The Potential of the Solana Ecosystem

The launch of Solana Blinks and Solana Actions has significantly lowered the barrier for developers to use the Solana blockchain, with the potential to promote the application of Solana in areas such as DeFi, NFTs, gaming, DAO governance, and RWA, and attract more Web2 users into the Web3 world. This brings huge development opportunities for Solana ecosystem projects.

Followed Solana ecosystem projects

1. Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diversified DeFi product experience. It collaborates with ONDO Finance to support various RWA assets as collateral, making it one of the protocols on the Solana chain with the broadest support for mainstream RWA assets.

Drift's product line includes derivatives trading, swaps, leveraged spot trading, lending, etc., leveraging the advantages of Solana to provide extremely low fees and an experience close to centralized exchanges. The protocol can also quickly respond to ecological hotspots and support the rapid listing and trading of new assets.

This year, Drift's TVL increased from 117 million USD to a peak of 385 million USD, a growth of 3.3 times. The cumulative trading volume reached 32 billion USD, with an average daily trading volume of approximately 220 million USD and active users reaching 190,000.

2. Jupiter

Jupiter is the largest DEX aggregator on Solana, providing users with the optimal trading path by integrating liquidity from multiple DEXs. Its daily trading volume once exceeded that of a certain well-known DEX, becoming the number one across the entire chain.

In addition to the basic Swap function, Jupiter also offers services such as automated investment with timing, cross-chain bridges, perpetual contract trading, and a project launch platform. This year, Jupiter conducted two large-scale airdrops, greatly enhancing community participation.

3. Kamino

Kamino is an innovative DeFi project that integrates lending, liquidity provision, and leveraged staking functions. It employs a CLMM mechanism to control the availability of lending funds and offers features such as automatic deleveraging and "protected collateral," effectively reducing user risk.

Currently, Kamino is conducting the second round of airdrop activities. Providing stablecoins to the protocol is a relatively robust participation strategy. The stablecoin launched by a certain payment giant offers an annual yield of up to 18.39% on Kamino, and users can earn 3 times the reward points.

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

4. Jito

Jito is a liquidity staking protocol where users can stake SOL to receive JitoSOL, and the staking rewards are directly accumulated into JitoSOL. Jito also provides users with MEV functionality to further enhance yields.

Currently, Jito's TVL has reached $1.59 billion, growing 2.5 times since the beginning of the year. The 24-hour protocol fee is $730,000, with a cumulative fee 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 Blinks feature recently launched by Solana. Users can create TipLinks and send the links to others through any platform, enabling quick and easy transfers of cryptocurrency assets.

The usage threshold of TipLinks is extremely low, requiring only a Google account to complete complex crypto transactions. This technology is expected to break the barriers between Web2 and Web3, providing a seamless payment experience for new crypto users and promoting the mass adoption of Web3.

Summary

According to the data, Drift Protocol stands out in terms of user numbers and daily revenue, with a rich product line and clear integration advantages within the Solana ecosystem, which is expected to further enhance its competitiveness.

Jito and Kamino have attracted a large amount of capital attention due to their high TVL. Jito's MEV feature provides users with additional earnings, while Kamino's innovations in the lending space meet the growing demands of users in a bull market.

Jupiter's TVL is growing rapidly, thanks to its excellent aggregated liquidity strategy and airdrop activities.

TipLinks, as an emerging product, provides possibilities for the further popularization of cryptocurrency and has significant development potential.

Compared to the last bull market, this round of the Solana ecosystem has seen the emergence of more rapidly growing popular projects, covering multiple tracks such as DEX, Liquid Staking, Lending, NFT, and RWA. These projects not only demonstrate strong capital and user attraction but also reflect tremendous innovation potential. The TVL growth rate of most projects exceeds 200%, with the number of users reaching hundreds of thousands, fully showcasing the growth prospects and innovative potential of the Solana DeFi ecosystem in this bull market.