Solana was one of the biggest crypto success stories of the year. Officially launched in March 2020 – a month synonymous with the Covid-19 outbreak and subsequent bans – the high-throughput blockchain defied an unfortunate time to make an immediate impression, eventually becoming a top 5, and then top 10 cryptocurrencies by market capitalization.
In less than two years, Layer 1 protocol has attracted a wealth of developer talent and has evolved to support over 350 projects, many of which target Decentralized Finance (DeFi), NFTs, and Web3. Solana’s success has even caught the attention of the world’s largest digital currency asset manager, which recently launched a Solana Trust to offer high net worth clients exposure to SOL. Amazingly, the value of Solana’s native token has risen by over $ 15,000 this year alone.
Solana’s success is due to its attractiveness, which allows for fast transaction speeds at a low cost, especially when compared to other popular chains. Ahead of the upcoming two-year anniversary, let’s take a closer look at ten Solana projects worth seeing in 2022.
Solice is a project that combines social, gaming and crypto elements and is the first open world VR metaverse based on Solana. In its immersive virtual world, players can construct and monetize mini-games, earn crypto rewards for completing quests and clearing dungeons, and sell any assets they earn and collect through the integrated marketplace. Unlike many of its competitors, Solice offers a custom SDK that allows users to create their own NFTs for use in the game. The promise of the project was reflected in a recent funding round that raised over $ 4 million from a number of respected VCs.
As the winner of Solana’s 2021 Summer Hackathon, Nova is a programmable asset framework that enables users to create portfolios of crypto assets (including NFTs) that automatically generate returns through multiple mechanisms. The decentralized management level caters to the broader retail audience, which has largely missed the profits that have been made from the DeFi stake so far. Although Nova is built on top of Solana, Nova plans to ultimately support a wider range of assets and networks in order to provide maximum value to its users. Nova will release its IDO on December 9th on Solanium.
3. Relationship financing
Designed to help investors unleash the power of their Solana liquidity, Ratio Finance effectively supports those looking to leverage locked LP in income farms and get better returns. The model is based on collateralized debt positions (CDPs) in the form of a soft-pegged stablecoin, USDr, which is used in various ways to pay off loans, initiate investments, or cover debts for a ratio vault. Over the next year, the project will implement UX improvements while adding governance and introducing new financial products to help users reduce DeFi risk.
Imagine if you could earn daily rewards for interacting with your favorite companies and companies could benefit from real and engaging loyalty programs. That’s the idea behind Crowny, a privacy-centric solution that works for both brands and end users. Essentially, the mobile application allows consumers to control what type of content and offers they want to see and when, while brands can reach their target audience via push notifications, geofencing and QR codes. The native $ CRWNY token plays a key role and flows into the wallets of those who participate in campaigns tailored to their area of interest.
Now that Aldrin’s decentralized exchange just passed the $ 20 million daily trading volume mark, it’s really on the move – but the platform offers a lot more than a sleek Solana DEX. In addition to a centralized counterpart, which will soon be on the market, the platform offers a token (RIN) that is intended to create incentives for participation in the entire ecosystem. The RIN allows users to receive a portion of the fees generated by the platform as well as a derivative (sRIN) of their pledged assets. A reward program also rewards those who facilitate trading in the DEX order book.
Most Metaverse revolve around a dreamy fantasy landscape ripe for exploration, but with RaceFi all virtual journeys take place on four wheels. As the first AI / ML car racing game on Solana, it supports multiple racing modes (PvP, PvE, Combat Racing) while offering players the opportunity to earn by owning game property: garages, showrooms, racetracks and billboards. Set to hit the market in the second quarter of 2022, RaceFi will bring something fresh and different to the growing Metaverse sector and should appeal to crypto-loving petrolheads everywhere. In the meantime, interested parties can take part in the upcoming RaceFi IDOs and listings at the beginning of December.
7. Port financing
Developed by a team of engineers from Google, Facebook and Microsoft, Port Finance is an undeclared money market protocol that brings elements such as floating rate loans, fixed rate loans and interest rate swaps to the Solana ecosystem. Based on a basic credit protocol that has an implementation similar to Compound Finance on Ethereum, Port Finance enables users to borrow more for less collateral while enjoying the lightning-fast speed of Solana. In the next year, the company will implement leveraged trading with the Raydium AMM with one click and expand support for leveraged yield farming.
RPC nodes and staking protocol RunNode aims to attract developers from other blockchains to Solana. Armed with in-depth analysis, auto-scaling, and secure reliable connections, RunNode can be used to launch virtually any DeFi protocol you can imagine: credit platforms, DEXs, NFT marketplaces, earnings aggregators, memecoins, and Gamefi projects. Logging in to RunNode, on the other hand, is as easy as entering a username and password and selecting a plan. At the time of writing, RunNode supports over 1,200 users and recently completed a $ 8.1 million fundraising round. RunNode recently completed its IDO on the popular Solana launchpad, Solstarter.
DeFi Land, another winner of a Solana hackathon, corresponds to the classic yield farming template – the farming simulation – and at the same time integrates gamified elements such as user-specific NFTs and play-to-earn. The latter mechanism allows participants to complete tasks, “fish”, craft, compete – activities not tied to the first wave of farming protocols. After DeFi Land has already integrated several other projects (SolFarm, Orca, Raydium), DeFi Land will carry out an NFT land sale and introduce user guidance at the beginning of next year. There are also plans to expand support to other blockchains.
10. Walk card
“Are long-term HODLers selling, at what prices do big players pile up, is the market overheated with greed?” All the questions that WhaleMap is supposed to answer. As a data-driven platform founded by a core team of physicists and designers, WhaleMap extracts raw Bitcoin transactions from multiple nodes in real time and then aggregates the information (whale sales volume, accumulation patterns, etc.) from investors’ perspective. Fortunately for Solana fans, Solana will be the first chain the company will expand to. Although a free membership plan is available, the deluxe package costs $ 99 per month. Provided that its insights are used sensibly, it is a price well worth paying.
A cursory overview of the Solana ecosystem certainly increases confidence in DeFi’s future. With so many talented teams pioneering innovative use cases and building on past advances, there is a lot to look forward to in the coming year.
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