These are some of the year’s major crypto great successes seems to have been Solana. The high-throughput blockchain, which was officially introduced in March 2020 – the same month as the Covid-19 breakout as well as associated lockdowns – overcame bad timing to have an immediate impact, ultimately becoming such a top 5 and afterwards top 10 cryptocurrency by market capitalization.
In less than two years, the layer-1 protocol had brought a large number of developers and evolved to serve over 400 applications, many of which are focused on decentralised finance (DeFi), NFTs, as well as Web3. The world’s biggest digital currency asset management, which just established a Solana Trust that can provide wealthy customers with access to SOL, has taken notice of Solana’s performance. The value of Solana’s native coin has risen by nearly $15,000 in just one year.
Solana’s success has been due to its appeal for allowing for fast transaction speeds at a low cost, especially when compared to other popular chains. Ahead of its upcoming two-year anniversary, let’s take a closer look at ten Solana projects worth watching in 2022.
Top 10 Solana Projects in 2022
CoinMarketCap has announced its top ten Solana projects. Solana’s ecosystem already has a total value secured of over $9.8 billion. Here are the top 10 Solana Projects listed in ascending order:
10. Mercurial Finance
The very first Solana-based project to concentrate on stablecoin trading was Mercurial Finance. The platform received a $100,000 start-up funding from DeFi Alliance, an industrial accelerator.
Mercurial is developing dynamic vaults, which seem to be market-making vaults that offer very minimal slippage swaps while still increasing LP profits through dynamic fees as well as variable capital allocation. Mercurial hopes to construct the next era of market-making systems through fully utilising the potential of Solana. Dynamic vaults as well as dynamic fees are two key additions to the standard AMM concept.
The platform’s total value is presently $62.57 million. The token can also be found on FTX, Gate.io, Raydium, as well as Serum Dex. The Marcuial Foundation receives 50% of the token allocation, 10% goes to the main team, as well as 20% is set aside for private sale. Also, the current Mercurial Finance Price (MER) is $0.1567.
9. Parrot Protocol
The Parrot Protocol seems to be a DeFi network that gives consumers access to value locked in DeFi systems. The initiative does have its own stablecoin API that is pegged to $1, enabling holders to borrow from lenders while maintaining their locked value. Anybody who needs to lock their tokens can use Parrot Finance’s governance token. The total value of this application is presently $86.86 million. It has also raised $84 million through two successful IDOs.
Thousands of DeFi systems have billions of dollars of value locked up in them, which can be turned into various yield-generating tokens like the Uniswap LP tokens or the AAVE interest-bearing tokens. There aren’t a lot of applications for these LP tokens. Since their risks are unclear as well as their units of account inappropriate for human utilization, the value stored in DeFi as LP tokens is unreachable.
The Parrot Protocol aims to unlock the value held in LP tokens by establishing a liquidity and lending network backed by these tokens. In the meantime, Parrot Protocol’s supply has been capped at $2.1 billion, allowing it to sell a full array of DeFi goods. Aside from its tech-heavy capabilities, Parrot Protocol also boasts a user-friendly interface. Also, the current Parrot Protocol Price (PRT) is $0.003758.
8. Mango Market
Mango Markets has a total traded volume of $126.39 million. The site began as a loan platform before raising $70 million in August 2021 through its MNGO token sale. Mango Markets has now grown to have included Mango DAO, which now has a $871 million treasury balance as well as 92 DAO proposals.
Daffy is one of the DAO ideas’ creators. They’re investing $1.5 million in Mango Labs to help them develop a mobile phone app, improve marketing capabilities, as well as generate unique Manga v4. This DAO, as per the Daffy, should assist Mango in becoming censorship-resistant. Also, the current Mango Price (MNGO) is $0.1546.
7. Larix
Larix is a financial protocol based on the metaverse. This was the first protocol to enable mortgage lending using auto compounding, and then it went beyond the normal lending pools. LARIX is presently trading at $0.007, with such a total value of $135.86 million.
In simpler words, Larix has been the first Metaverse-based Finance Protocol on Solana, with a dynamic interest rate model and much more capital-efficient risk management pools, allowing for a wide range of collateral types, crypto tokens, stablecoins, synthetic assets, NFTs, as well as other assets to be fully utilised in a secure manner.
Soldex.ai, the Solana Build Decentralized Exchange, is also collaborating with Larix Protocol. Soldex would benefit from Larix’s exposure as a result of this relationship. At about the same time, Soldex’s status as the fastest third-generation decentralised exchange would benefit Larix. Also, the current Larix Price (LARIX) is $0.005702.
6. Orca
Orca is among the most well-known decentralised exchanges based on Solana. The exchange has a huge trading volume, with a total value locked of $516.6 million. The exchange had first been launched in the market when Solana had very limited infrastructure.
Orca allows you to exchange tokens more economically, swiftly, and reliably than any other Ethereum DEX (due to their Fair Price Indicator). Users can also generate trading fees by providing liquidity to a trading pool.
Three Arrows Capital, the project’s lead investor, has committed $118 million to the project. Orca distinguishes out not only for its huge backing, but also for its ‘human-centered’ design. Fair pricing indicators as well as the envision bar are two distinctive elements of the DEX. In order to find pain points as well as opportunities for improvement, the UI design process includes interviewing people and seeing how people use current products. Also, the current Orca Price (ORCA) is $2.72.
5. Saber
Saber enables liquidity for consumers to readily trade among stable pairs of assets, which has a massive effect on the Solana ecosystem. It provides USDT / USD as well as SOL liquidity, as well as Bitcoin pools. The market maker uses a cross-chain strategy that connects Ethereum, Celo, BSC, as well as Terra, among other blockchains.
Saber is a major global trading as well as liquidity network with an open architecture. Saber has quickly been one of the most popular stablecoin exchanges on the Solana ecosystem. It also has a thriving community on Twitter as well as Medium. Also, the current Saber Price (SBR) is $0.071.
4. SolFarm
SolFarm is a DeFi application that has raised $5 million in funding as well as extended its portfolio with lenders such as Jump Capital as well as Alameda Research. Tulip Token is the Tulip Token’s native token. When using a blockchain, the platform allows people to take advantage of the low cost as well as high speed. As a consequence, users will be able to take advantage of competitive staking payouts.
Although being near the top of the list, SolFarm with the ticket TULIP now has a market cap of only $11 million. The price is much less than that of the $49.82 highs of November 2021.
3. Serum DEX
Whenever it comes to total value locked, Serum Dex is by far the most valuable, with a total value locked of $959.9 million. The entire value is just over $1 billion. FTX, Alameda Research, and many others founded Serum Foundations. It was also co-founded by Sam Bankman-Fried who is the world’s youngest billionaire.
Serum is a decentralised exchange (DEX) technology as well as ecosystem that delivers decentralised finance at exceptional speed as well as cheap transaction costs. It’s based on Solana therefore requires no permissions. Serum’s on-chain central limit orderbook allows ecosystem partners to exchange liquidity as well as enable markets-based functionalities for institutional and retail customers.
This decentralised trade is quick, inexpensive, and requires no permission. The platform’s primary objective is to provide consumers with a wider choice of prices as well as order sizes by utilising a decentralised order book controlled by smart contracts. As a consequence, consumers would have complete control over deals. Cross-chain trading is supported by Serum Dex, allowing users to optimise other platforms such as ETH rivals.
2. Raydium
Raydium seems to be Serum DEX’s biggest automated market, with $1.05 billion invested. The RAY token does have a price history and it has been accessible since February 2021, with a high of $16.93. It also has a total supply of 550 million units.
Raydium is a Solana-based automated market maker (AMM) that uses the Serum decentralised exchange’s central order book to offer lightning-fast transactions, pooled liquidity, as well as additional features for generating yield.
Other AMM DEXs as well as DeFi protocols have really no access to a centralized order book and could only access liquidity inside their local pools. Furthermore, because Ethereum is used by the majority of platforms, transactions are delayed as well as gas prices are exorbitant.
Raydium members can receive yields, participate in IDOs, as well as trade tokens. Projects could also use the platform to function as a market maker as well as exchange, as well as generate funds for new ideas as well as improve their businesses. Also the current Raydium Price (RAY) is $3.54.
1. Solana
Finally, there is also Solana, which has a total value of $54.6 billion. The basic goal of Solana is to serve scalable applications. Solana has a transaction rate of up to 50,000 per second. Visa, on the other hand, can only process half that pace, whereas Ethereum can only process 54 transactions per second. Solana’s excellent speed as well as scalability are due to its widespread support. Instead of Proof of Stake or Proof of Work, it employs a novel notion known as Proof of History.
Nowadays, Solana has a lot of potential, but it isn’t without flaws. Along with its speed as well as fees, it has several drawbacks. Users question whether Solana’s network is secure enough, given that it is much newer than well-known names such as Ethereum. Also, the current Solana Price (SOL) is $32.50.
Further Read: Top Solana NFT Collections 2022
Conclusion
Ethereum is the most popular smart-contract cryptocurrency, with a large range of applications. However, developers as well as investors are looking at other options due to exorbitant rates and excessive network congestion. One of the biggest winners from this move is Solana.
The question is whether Solana will be able to maintain that level of growth in 2022. Crypto is littered with tales of coins that rose to the top of the charts for a brief while before plummeting in the months afterwards. This is attributable to the fact that this is such a fast-changing sector, as well as the fact that it is rife with speculation, which drives prices to absurdly high levels.
So, At the last, we have listed the Top 10 Solana Projects in an ascending order. A brief examination of the Solana ecology instils optimism for the future of DeFi. There seems to be a lot to look forward to for the 2022 year, with so many smart teams pioneering fresh use-cases as well as building on recent advancements.
These are hazards that several cryptocurrencies face, and they’re one of the reasons you should just not make investments that you will need to fulfil other financial objectives. It will be unpleasant if Solana — or the entire crypto market — fails, but you will not be financially ruined.
