Analysis of Potential Projects in the Solana Ecosystem

Recently, the cryptocurrency market has experienced a round of adjustments, but this also provides opportunities for investors to position themselves in undervalued potential projects. As two major ecosystems worth paying attention to in this bull market, the rapid development and capital-absorbing effect of Solana and TON are noteworthy.

The Solana ecosystem is relatively more mature, with advantages in innovation capacity and large-scale adoption. With the upcoming listing of Ethereum ETFs, Solana has also begun to attract the attention of traditional capital. High throughput, low fees, strong security, and a community atmosphere make Solana an attractive choice for exchange-traded funds.

The Potential of the Solana Ecosystem

On the technical level, the launch of Solana Blinks and Actions has lowered the barrier for developers, which will promote the application of Solana in areas such as DeFi, NFTs, gaming, DAO governance, and RWA, and facilitate the transition of Web2 users to Web3. This provides Solana ecosystem projects with the opportunity to acquire more users.

Solana Ecosystem Projects Worth Noting

Drift Protocol

Drift Protocol integrates RWA and DeFi, offering a diverse range of DeFi products. Recently partnered with ONDO Finance to support RWA assets like USDY as collateral. Products include derivatives trading, swaps, leveraged spot trading, and lending. Drift quickly responds to the ecosystem, supporting the rapid listing of hot assets. TVL increased from $117M to $385M, a growth of 3.3 times. Cumulative trading volume reached $32 billion, with 190,000 active users.

Jupiter

Jupiter is the largest DEX aggregator on Solana, helping users choose the best trading path. The daily trading volume once exceeded that of a well-known DEX. In addition to Swap, it also offers services such as scheduled investments, cross-chain bridges, and perpetual contracts. Earlier this year, it airdropped tokens to over 100,000 users, and last week it airdropped $60 million worth of cryptocurrency to stakers.

Kamino

Kamino provides lending and liquidity services, utilizing CLMM to control fund availability. It features automatic deleveraging and "protected collateral" functionalities. Currently, attention can be focused on the second phase of airdrop, providing stablecoins to the protocol is a robust strategy. As of early July, TVL reached $1.06 billion, growing 6.5 times since the beginning of the year.

Jito

Jito is a liquid staking protocol that allows staking SOL to receive JitoSOL. It provides MEV functionality, with revenue distributed to JitoSOL. The TVL has reached $1.59 billion, increasing 2.5 times since the beginning of the year. The protocol fees over 24 hours amount to $730,000, with cumulative fees of $150 million, and over 100,000 users.

TipLinks

TipLinks is a lightweight wallet product with functionalities similar to Solana Blinks. Users can send cryptocurrency asset links through various platforms. Transactions can be completed with just a Google account, breaking the barriers between Web2 and Web3, and providing a seamless payment experience for new users.

Summary

Drift Protocol has a large user base, high daily income, and a wide product coverage, with obvious advantages in integrating into the Solana ecosystem, which is expected to further enhance its competitiveness. Jito and Kamino’s locked assets exceed $1 billion, with Jito's MEV bringing additional revenue, and Kamino's lending innovation meeting the demands of a bull market. Jupiter's TVL is growing rapidly, related to airdrop expectations. TipLinks provides the possibility for cryptocurrency to break out of its niche, but still needs market validation.

Compared to the bull market in 2021, this round has seen the emergence of multiple rapidly growing popular projects in the Solana ecosystem, covering tracks such as DEX, Liquid Staking, Lending, NFT, and RWA. Solana projects demonstrate strong capital and user attraction, as well as innovative potential, with ecosystem TVL generally increasing by more than twice, and the number of users reaching hundreds of thousands, highlighting the growth prospects of Solana DeFi in this bull market.