Solana ecosystem projects demonstrate great potential and are expected to lead the next bull run.

Recently, the cryptocurrency market has undergone an adjustment, but this has also created opportunities for investors to position themselves in undervalued potential projects. As two major ecosystems that have attracted attention during this bull run, the rapid development and capital-raising effects of Solana and TON have made them key focus areas for many investors.

The Solana ecosystem is relatively more mature, with significant advantages in innovation capability and large-scale adoption. With the Ethereum ETF set to be launched, a certain asset management company has also submitted a Solana ETF application to regulatory authorities, indicating that Solana is gradually gaining attention from traditional capital. High throughput, low fees, strong security, and an active community atmosphere make Solana an attractive investment target.

The Potential of the Solana Ecosystem

On a technical level, the new features launched by Solana have lowered the barriers for developers and users to use blockchain. This will drive the application of Solana in areas such as DeFi, the NFT market, gaming, DAO governance, and RWA, and facilitate more Web2 users to seamlessly access Web3 technology. For Solana ecosystem projects, this is an important opportunity to acquire more users.

This article will introduce several projects in the Solana ecosystem worth paying attention to this year, for investors' reference.

Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diverse range of DeFi products and experiences. Recently, the protocol has collaborated with multiple projects to support more RWA assets as collateral for traders, becoming one of the protocols on the Solana chain with the widest support for mainstream RWA assets.

Drift Protocol offers a variety of products including derivatives trading, swaps, leveraged spot trading, and lending. Leveraging the advantages of Solana, Drift is able to provide users with extremely low fees and a trading experience close to that of centralized exchanges.

The protocol's rapid responsiveness to the ecosystem is also its core advantage. Drift provides pre-market trading and a fast listing channel, allowing hot assets within the ecosystem to quickly trade on the platform, offering investors more trading strategies and options.

The TVL of Drift has rapidly increased from $117 million at the beginning of the year to a peak of $385 million, a growth of 3.3 times. The cumulative trading volume reached $32 billion, with a recent 24-hour trading volume of about $220 million and 190,000 active users.

Jupiter

Jupiter is the largest DEX aggregator on Solana, helping users automatically select the best trading path by aggregating liquidity from multiple decentralized exchanges, minimizing swap trading slippage and fees. Its daily trading volume once surpassed that of a well-known DEX, becoming the number one across the entire chain.

In addition to basic trading functions, Jupiter also offers services such as automated timed investment, cross-chain bridges, perpetual contract trading, and project launches. At the beginning of this year, the Jupiter team airdropped tokens to a large number of community users, becoming the largest airdrop event on Solana. Recently, a second round of airdrops was conducted for users who actively participated in governance.

Kamino

Kamino is a DeFi project that integrates lending and liquidity provision. It controls the availability of lending funds by using centralized liquidity market makers and provides an automatic deleveraging mechanism and "protected collateral" feature to safeguard assets against borrower default risk.

Currently, Kamino is conducting the second phase of its airdrop campaign. Providing stablecoins for the protocol is a relatively robust participation strategy. A stablecoin launched by a payment giant has an annual yield of up to 18.39% on Kamino, and participants can earn 3 times the points as a reward.

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

Jito

Jito is a liquid staking protocol launched in 2022. Users can stake SOL to receive JitoSOL, and staking rewards are directly accumulated into JitoSOL. Jito also provides users with a Maximum Extractable Value (MEV) feature, and MEV rewards are also distributed into JitoSOL, thereby increasing overall returns.

Currently, Jito's TVL has reached $1.59 billion, an increase of 2.5 times since the beginning of the year. The protocol fees in the last 24 hours are $730,000, with cumulative fees reaching $150 million, and the number of users has surpassed 100,000.

TipLinks

TipLinks is a lightweight wallet product with functionalities similar to the latest technology launched by Solana. Users can create TipLinks and send the links to others through any platform (such as SMS, social media, email, etc.).

Using TipLinks, you can complete cryptocurrency transactions with just a common account. By clicking the link, you can easily send crypto assets, even to non-crypto users. The emergence of this technology breaks down the barriers between Web2 and Web3, providing a seamless payment experience for new crypto users and laying the groundwork for the mass adoption of Web3.

Summary

From the on-chain data, various projects exhibit different advantages and growth potential:

Drift Protocol stands out in terms of user numbers and daily revenue, with its diversified product line and deep integration into the Solana ecosystem giving it a competitive edge.

Jito and Kamino have attracted a large amount of capital with their innovative features and high returns, with both having a locked value exceeding $1 billion. Jito's MEV functionality and the high proportion of jitoSOL make it an important project in the Solana ecosystem. Kamino's innovations in the lending field have also drawn user attention.

The TVL of Jupiter has grown significantly, which is closely related to its optimized trading experience and airdrop activities.

TipLinks, as an emerging project, offers new possibilities for the popularization of cryptocurrency and has significant development potential.

Compared to the previous bull run, the current Solana ecosystem shows a more diversified development trend. Multiple sectors such as DEX, Liquid Staking, lending, NFT, and RWA are rapidly developing, demonstrating strong innovation capacity and user attraction. The TVL growth rate of most projects exceeds 200%, and the number of users has reached hundreds of thousands, which fully showcases the innovation potential and future growth prospects of the Solana DeFi ecosystem.