Five Potential Projects in the Solana Ecosystem Worth Following

Recently, the cryptocurrency market has faced negative news, leading to some fluctuations in the short term. However, this has also created opportunities for investors to position themselves in oversold potential projects. In this round of the bull market, the rapid development and capital-raising effect of the Solana and TON ecosystems have attracted attention, becoming key areas of focus for many investors.

In comparison, the development of the Solana ecosystem is more mature, with significant advantages in innovation capability and large-scale adoption. With the upcoming launch of Ethereum ETFs, Solana has also begun to attract the attention of traditional capital. Solana's high throughput, low fees, strong security, and active community make it an ideal choice for exchange-traded funds, providing investors with a multifunctional and innovative open-source ecosystem.

The Potential of the Solana Ecosystem

On a technical level, the launch of Solana Blinks and Solana Actions has significantly lowered the barrier for developers and users to utilize the Solana blockchain. This will promote the application of Solana in various fields such as DeFi, NFT markets, gaming, DAO governance, and RWA, while also attracting more Web2 users to seamlessly enter the Web3 world. For Solana ecosystem projects, this is also an important opportunity to gain more users and adoption.

Next, we will introduce several potential projects in the Solana ecosystem worth following this year.

Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diverse range of DeFi products and experiences. The protocol has recently collaborated deeply with ONDO Finance, supporting RWA assets such as USDY as trading collateral, making it one of the protocols with the widest support for mainstream RWA assets on the Solana chain.

The advantages of Drift Protocol lie in its diversified product line, including derivatives trading, swaps, leveraged spot trading, and lending. With the low gas fees and fast confirmation features of Solana, Drift Protocol provides users with extremely low transaction fees and a trading experience close to centralized exchanges while ensuring its own profitability.

Another core advantage is the rapid response and support for the ecosystem. Drift offers pre-market trading and a fast listing channel, allowing hot assets in the ecosystem to be quickly traded on the platform, providing investors with more trading strategy options.

This year, Drift's TVL grew from $117 million to a peak of $385 million, an increase of 3.3 times. The cumulative trading volume reached $32 billion, with an average daily trading volume of about $220 million and active users reaching 190,000.

Jupiter

Jupiter is the largest DEX aggregator on Solana, providing users with the best trading paths by integrating liquidity from multiple decentralized exchanges, minimizing swap trading slippage and fees. Its daily trading volume once surpassed that of a large DEX, becoming the number one across the entire chain.

In addition to basic aggregation trading functions, Jupiter also offers services such as automated investment scheduling, cross-chain bridges, perpetual contract trading, and a project launch platform. Earlier this year, Jupiter airdropped tokens to over 100,000 community users, becoming the largest airdrop event on Solana. Recently, it also conducted a cryptocurrency airdrop worth $60 million for users participating in DAO governance.

Kamino

Kamino is a DeFi project that integrates lending and liquidity provision. It controls the availability of lending funds by using the centralized liquidity market maker (CLMM), while providing an automatic deleveraging mechanism and "protected collateral" functionality to safeguard assets against borrower default risks.

Currently, Kamino is conducting its second airdrop event. Providing stablecoins for the protocol is a relatively prudent participation strategy. Among them, the stablecoin launched by a certain payment giant offers an annual yield of up to 18.39% on Kamino, and users can receive 3 times the points reward.

As of early July, Kamino's on-chain TVL reached $1.06 billion, an increase of 6.5 times compared to the beginning of the year.

Jito

Jito is a liquidity staking protocol launched in 2022. Users staking SOL can receive JitoSOL, and staking rewards are directly accumulated into JitoSOL. Jito also provides users with the maximum extractable value (MEV) feature, and MEV rewards will also be distributed into JitoSOL, thus enhancing 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 for the last 24 hours are $730,000, with a cumulative fee of $150 million, and the number of users has exceeded 100,000.

TipLinks

TipLinks is a lightweight wallet product that has similar functionality to the Blinks feature recently launched by Solana. Users can create TipLinks and send the link to others via any platform (such as SMS, social media, email, etc.).

Using TipLinks, you can complete complex cryptocurrency transactions with just a mainstream email account. Click the link to easily send crypto assets, even to non-crypto users. The emergence of TipLinks and Blinks technology has broken down the barriers between Web2 and Web3, providing a seamless payment experience for new crypto users and laying the foundation for the mass adoption of Web3.

Summary

From on-chain data, Drift Protocol leads other projects in user numbers, while also having a high daily revenue. Its products cover multiple areas of the DeFi track, and its integration into the Solana ecosystem is relatively advantageous, which will bring more flexibility to user assets and further enhance Drift's competitiveness.

Jito and Kamino have gained over $1 billion in locked positions, becoming a hotspot for capital attention. Jito's MEV feature brings additional income to users, while Kamino's innovations in lending have also attracted a large number of users.

Jupiter has achieved a high TVL growth rate, which is attributed to its excellent liquidity aggregation capabilities on one hand, and its airdrop expectations on the other.

From the current development trend, Jito and Jupiter are projects with high funding attention on Solana. Meanwhile, Drift Protocol has shown the most significant growth in its TVL through continuous innovation. In the Solana ecosystem, the combination of RWA and DeFi will have greater imaginative space in a bull market, which also demonstrates stronger development potential for Drift Protocol.

TipLinks provides the possibility for further popularization of cryptocurrency and has explosive potential. Its performance in terms of security, usability, and composability needs to be observed in the future.

Compared to the previous bull market, this round has seen a number of rapidly growing popular projects emerge in the Solana ecosystem, covering multiple tracks such as DEX, Liquid Staking, Lending, NFT, and RWA. Solana not only continues to innovate technically, but its ecosystem projects also demonstrate strong capital and user attraction, as well as potential for innovation. The TVL growth rate of ecosystem projects generally exceeds 2 times, with the number of users reaching hundreds of thousands, fully showcasing the innovative potential and future growth prospects of Solana DeFi.