Recently, the Solana ecosystem has been in the spotlight. The rise and popularity of projects such as Inscription NFT, Depin, and MeMe have made it compete with the Bitcoin ecosystem that has continued to be hot recently, and its popularity is far higher than other public chains such as Ethereum.

As a public chain that was once deeply bound to the FTX platform, the price once fell to single digits after the FTX thunderstorm. After nearly a year of dormancy, the price of Solana has been rising and has now climbed to $97.

Moreover, in addition to the increase in Token, a number of new projects with very good performance have emerged in the Solana ecosystem, which is really eye-catching.

The Solana ecosystem, which was once hit hard by the FTX thunderstorm, has frequently become a hot spot in the market recently. So, in addition to these dark horses that have already performed well, what other potential projects are there? Let’s take stock together.

Solana Ecosystem Overview

According to the latest data from DeFiLlama, the current TVL of Solana ecosystem is about one billion US dollars, ranking fifth among all public chains after Ethereum, Tron, BSC, and Arbitrum.

Before and after the FTX thunderstorm, the Solana ecological TVL fell from nearly 1 billion US dollars to 300 million US dollars, and the Solana price also fell from 32 U to a low of 14 U. Nearly a year later, TVL has now exceeded the level before the FTX thunderstorm, and the token has risen sharply, exceeding $97.

Judging from Solana's TVL, Token price and the income change trend of the entire chain in the above figure, the growth of Token price far exceeds the growth trend of TVL, and the growth of the income level of the entire chain exceeds the Token price. increase.

Of course, the current daily income on the Solana chain is not high, only tens of thousands of dollars, and the absolute data is not very referenceable. However, compared to Ethereum, TRON, BSC and Arbitrum, which rank at the top of TVL, they show a very good growth trend.

Developers are the foundation for the ecological development of a public chain. Currently, there are not many developers in the Solana ecosystem. There are 946 full-time and part-time developers in total, ranking fifth among all public chains, and not much different from the number of developers in the Bitcoin ecosystem.

As for the number of ecological projects, although there are many Solana ecological hot projects that have popped up in recent months, judging from the total number of projects, there are not many Solana ecological projects. Currently, DeFiLlama includes 104, which is far lower than the top five TVL Ethereum, BSC and Arbitrum, and also lower than TVL’s less popular ecosystems such as Avalanche, OP, Polygon, etc. However, there are many dark horses that have emerged recently. It can be said that , in terms of project quality, the Solana ecosystem is still remarkable.

Pledge Agreement

According to Staking rewards statistics, Solana’s total pledge amount has reached 400 million. Based on the current price, the total pledge amount is estimated to be about 28 billion US dollars, accounting for more than 71.4% of Solana’s total market value.

Compared with Ethereum's 23.7% pledge ratio, Solana's pledge ratio is indeed very high, not only far exceeding Ethereum, but also exceeding most public chains. Therefore, there are many staking projects on Solana. Four of the top ten projects in TVL are liquidity staking protocols.

Among them, Marinade Finance is the leader of the Solana ecological liquidity staking track, and is also the No. 1 project in the Solana ecological TVL. As a veteran project launched in 2021, it has a first-mover advantage. However, from the Solana ecological pledge agreement market share change chart above It is not difficult to see that the current market share of Marinade Finance (its pledge token is msol) is constantly being eroded.

Jito is a dark horse that has performed very well recently, and its staking share has grown very steeply in the past year. Jito is the first staking protocol in the Solana ecosystem to allocate MEV rewards to users. Users can mortgage Solana in exchange for JitoSolana, and JitoSolana can help users obtain staking rewards and MEV rewards at the same time. Starting in October, Jito’s staking data began to grow explosively, and now its staking TVL is not much different from the number one Marinade Fiance. At the end of November, its governance token was listed on Coinbase and Binance at the same time, and it gained momentum after being launched online.

Ranked third is Blaze Stake, whose pledge token is bSOLl and launched in May 2022. Thanks to the overall explosion of the Solana ecosystem, Blaze's token has also surged several times in recent months.

In addition to these star staking protocols, the Solana ecosystem also has some relatively innovative staking protocols for unissued tokens. The recent growth has also been very rapid, and its Airdrop is expected to attract a lot of attention.

Depending on

Depin (decentralized infrastructure network) is a hot topic recently. Based on Solana’s high-speed and low-cost advantages, the current Depin of Solana ecosystem has covered decentralized physical infrastructure, AI computing power, maps, IOA services, etc. subdivisions. A number of projects with outstanding performance include Helium, Mobile, Hivemapper, DIMO, RNDR, etc.

Among them, Helium is the pioneer project of the Depin track and is currently the leader of the Solana ecological Depin track. Helium was founded in 2013. It is a distributed IoT project. It initially used its own Layer 1 network and later moved to the Solana ecosystem considering EVM compatibility and TPS. Currently, Helium's IOT ecosystem is very mature compared to others. , the recently popular Depin project Mobile is Helium's ecological project, with an increase of more than 16 times in the past month.

Hivemapper and DIMO are both decentralized map projects that use tokens to incentivize users to provide driving map data. Currently, both have launched tokens.

As a point-to-point rendering computing power matching AI platform, RNDR can be regarded as a star project recognized in the industry this year. With the rise of the AI ​​​​track, the market value of RNDR, as a representative project of the AI ​​​​track, has been rising. The current circulating market value has reached 1.6 billion US dollars. At the same time, it has hit the recently popular Depin track, coupled with the recent announcement of expansion from Polygon to the Solana network. The heat is also very good.

NFT and inscriptions, etc.

Solana Ecosystem’s recent inscriptions and NFTs have also attracted much attention. The two head inscription projects - SOLs and Lamp are doing well.

As the leader of Solana's on-chain inscription project, SOLs created a legend of five times its value in one day after listing CEX. It was very popular for a while. Although there has been a correction recently, overall the popularity is still good.

Lamp is also gaining momentum. As the smallest unit of Solana, the name Lamp also has MeMe attributes like Sats. The current floor price of Lamp is 1.66 solana, and the number of addresses it holds exceeds 5,200.

In addition to inscriptions, NFTs in the Solana ecosystem have been very popular recently, and the leading NFT that has emerged in recent months is Mad Lads. Mad Lads is launched by Coral, the framework development company of Solana, and is released using its own wallet Backpack. Its advantage is that Mad Lads is in the form of xNFT. In the future, DeFi, GameFi, etc. can be directly operated through xNFT, which completely opens up the imagination ceiling of Mad Lads. At present, the floor price of Mad Lads has exceeded 200 sol, and it is likely to become a "boring ape" in the Solana ecosystem.

In addition to Mad lads, many popular NFT projects have emerged in the Solana ecosystem in recent days, such as Open Solmap, which is benchmarked against Bitmap. It currently has more than 18,000 holders and a 24-hour transaction volume of more than 50,000 SOL, firmly ranking Solana Ecological NFT transaction tops the list.

And Saga, which ranks second in 24-hour trading volume (as of December 21), is known as the "red box". In just a few hours, the floor price rose from 0.3 SOL to over 14 SOL, and is currently back to 5 SOL is around, which shows the degree of enthusiasm and FOMO of Solana ecological NFT.

MeMe

When it comes to MeMe, in addition to the inscriptions on major chains, the two most popular MeMes on the market recently are both from the Solana ecosystem, one is BONK and the other is Silly.

As the first MeMe in the Solana ecosystem, BONK has caused a sensation in the market with an increase of more than 50 times in the past two months. BONK is the first MeMe based on the Shiba Inu in the Solana ecosystem. The Airdrop last Christmas attracted attention from the Solana community. It really brought new vitality and confidence to the entire ecosystem at the time of the FXT thunderstorm.

In the Solana blockchain mobile phone Saga released in May this year, the price of 599 mobile phone included 30 million BONK as gifts. At the peak of BONK, the value far exceeded the mobile phone, which led to a sudden increase in sales of the once unsalable Saga mobile phone...

However, Bonk’s popularity has faded recently, giving way to the new MeMe Silly of the Solana ecosystem. Silly originated from the "dragon-shaped" clothing that Toly, the co-founder of Solana, wore at a conference. Coupled with the concept of the Year of the Dragon, Silly Dragon, a MeMe, quickly became popular, with an increase of more than ten times in three days. People have to lament this market. The power of FOMO is powerful.

The four major pieces of DeFi

Pyth network is the latest star project of the Solana ecosystem. For a long time, when it comes to oracles, what everyone thinks of is Chainlink. Pyth network has indeed added some fresh blood to the oracle track. Pyth network mainly provides data for smart contract Dapps by obtaining data from top trading platforms, market makers and financial service providers. Currently, Pyth is connected to more than 90 data sources such as CBOE, Binance, OKX, Bybit, etc., and has supported 230 Multiple Dapps are a rare recent implementation case on the oracle machine track.

In addition to the oracle Pyth network, the lending protocol MarginFi has also performed very well in the past year. MarginFi is currently the largest lending protocol in the Solana ecosystem, with TVL exceeding $300 million, second only to the two leading staking protocols, Marinade Finance and Jito. MarginFi launched a points system in July to reward users for their deposits, loans, and recommendations. Since its launch, TVL has taken off. TVL has grown hundreds of times in just six months, becoming one of the fastest-growing TVL Dapps in the Solana ecosystem. Moreover, MarginFi has not yet issued a Token. In view of the recent cases of Solana ecology repeatedly making money, MarginFi is indeed worth looking forward to. In addition, Kamino, TVL’s lending protocol second only to MarginFi, has recently attracted market attention due to news of its upcoming Airdrop. Kamino is also one of the fastest-growing DeFi protocols in the Solana ecosystem. After its launch in September last year, its TVL has now reached $1.4 billion. Solend was once the leader of Solana ecological lending. After suffering a cliff-like plunge of more than 90% of TVL in the FTX incident, it is now slowly recovering, with TVL returning to US$150 million. Especially after the launch of the points system in August, TVL and token prices All started to recover rapidly.

Orca and Raydium are both native DEXs on Solana. The TVL of both once exceeded US$1 billion at their peak, and Raydium even exceeded US$2 billion. However, under this round of bear market and the heavy blow of FTX, the TVL of both has appeared. A cliff-like fall. At present, Orca TV L is US$160 million, and Raydium is only about half of Orca TV L. Orca is the only DEX in the Solana ecosystem that has a pure automatic market maker (AMM), which provides users with a better trading experience. As Raydium, which went online at about the same time, the Serum protocol, which shared liquidity with it during the FTX thunderstorm, suffered heavy losses, and it seems that its recovery is not as good as Orca's at present. At present, DEX in the Solana ecosystem has not performed much in this wave of Solana ecological craze, except for the DEX aggregator Jupiter, which attracted market attention due to the first batch of Airdrop investments in November.

The Solana ecosystem has always used high-speed chains as a breakthrough point for PK with public chains. Derivatives Dapp is obviously the application with the strongest demand for high-speed and low fees in the current encryption industry. GMX, which was born in the Arbitrum ecosystem, the leader of Ethereum's Layer 2, is the best example. However, unfortunately, there has never been a dark horse derivatives agreement in the Solana ecosystem. Among the current derivatives, Drift’s TVL performance is relatively impressive. The FTX thunderstorm incident did not have much impact. TVL has increased hundreds of times in the past year. In addition, the Token has not been released yet, and Airdrop is expected to attract a lot of attention.

summary

In short, in the recent bull market, from the inscription craze transmitted from the Bitcoin ecosystem to other public chains, to the rise of Bitcoin ecological infrastructure, as well as Solana ecological Depin, NFT, MeMe, infrastructure, etc., market enthusiasm and FOMO sentiment are still there. Continuing, there are also many stories of getting rich in the entire market.

The rise and explosion of the Bitcoin ecosystem is no surprise. After all, as the leader of the crypto industry, large amounts of capital liquidity expectations and various technological innovations will naturally bring about ecological prosperity.

But the outbreak of the Solana ecosystem has indeed brought a lot of surprises. After all, the FTX thunderstorm has severely damaged the liquidity of many important projects in the Solana ecosystem. It can quickly recover in just one year, which shows the strength of the Solana ecosystem with practical actions. Vitality and resilience.

Recently, the term "Ethereum killer" has slowly begun to appear again. During the long bear market, people who once thought that Ethereum had seized all opportunities in the public chain began to look forward to the "killers" again.