Recently, negative news about cryptocurrencies has caused the market to panic, and the short-term negative impact will accompany the market's buildup. For investors, now is a good opportunity to layout oversold potential projects. As two major ecosystems worth paying attention to in this bull market, the rapid development and attractiveness of Solana and TON have made them the focus of many investors' layouts.
Among them, the Solana ecosystem is relatively more mature than TON in terms of development. Solana has undeniable advantages in terms of innovation and large-scale adoption. With the listing of the Ethereum ETF approaching, VanEck also submitted a Solana ETF application to the SEC in June, and Solana has begun to attract the attention of traditional capital. As Matthew Sigel, VanEck's Director of Digital Assets, said: the combination of high throughput, low fees, strong security, and a strong community atmosphere makes Solana an attractive choice for exchange-traded funds, providing investors with a versatile and innovative open-source ecosystem.
The Potential of the Solana Ecosystem
On the technical level, the launch of Solana Blinks and Solana Actions has increased developers' interest in Solana. The launch of Solana Actions and Blinks has reduced the difficulty of using the Solana blockchain for on-chain activities in terms of underlying code. This will also promote Solana's application in a wider range of scenarios, including DeFi, NFT markets, games, DAO governance, RWA, and other tracks, and facilitate the convenient use of Web3 blockchain technology for more Web2 users. For projects in the Solana ecosystem, this is also an important opportunity to gain more users and adoption.
For investors, laying out the Solana ecosystem and seizing opportunities in technological innovation and capital layout will be the focus of attention. This article will summarize the projects worth paying attention to in the Solana ecosystem for everyone's reference.
Drift Protocol
Drift Protocol integrates RWA and DeFi in its protocol, providing users with diversified DeFi products and experiences. It recently announced a deep cooperation with ONDO Finance, allowing USDY (notes collateralized by US government bonds and bank deposits, holders can earn corresponding returns) and stablecoins like Ethena-USDe and Mountain-USDM to be used as collateral by traders. It is the protocol with the widest support for mainstream RWA assets on the Solana chain.
Diversified products are one of Drift Protocol's strengths, including derivative trading, swaps, leveraged spot trading, and lending. With the low gas fees and fast confirmations of Solana, Drift Protocol provides users with extremely low transaction fees and a trading experience comparable to centralized exchanges without affecting its own profitability.
Another core advantage is its quick response and support for the ecosystem. Drift provides pre-market trading and a fast listing channel, allowing hot assets in the ecosystem to be listed and traded quickly, providing investors with more trading strategies and choices. It recently announced support for JLP as collateral, a first in the same track.
Drift's TVL has grown rapidly from $117 million to a peak of $385 million this year, an increase of 3.3 times, with a total trading volume of $32 billion and a recent 24-hour trading volume of around $220 million. The number of active users has also reached 190,000.
Jupiter
Jupiter is the largest DEX aggregator on Solana, aggregating liquidity from multiple decentralized exchanges to help users automatically choose the best trading path and minimize swap slippage and fees. Its daily trading volume has surpassed Uniswap, becoming the top DEX on the chain.
Solana's DEXs have the advantages of speed, low fees, and permissionless trading. Jupiter also provides services such as scheduled automated investments, cross-chain bridges, perpetual contract trading, and Launchpad for project launches and trading.
At the beginning of this year, the Jupiter team airdropped JUP tokens to over 100,000 community users, making it the largest airdrop event on Solana. Last week, it airdropped $60 million worth of cryptocurrencies to users who actively staked JUP and participated in DAO voting.
Kamino
Kamino is a DeFi project that provides lending and liquidity provision services. It offers collateralized borrowing and uses CLMM (Concentrated Liquidity Market Maker) to control the availability of borrowed funds. It also provides an automatic deleveraging mechanism and "protected collateral" feature to protect assets from borrower default risks. By integrating borrowing, liquidity provision, and leveraged staking into one DeFi product, Kamino provides users with a diversified DeFi experience.
Currently, it is worth paying attention to Kamino's second-phase airdrop. Providing stablecoins to the protocol is the most robust strategy. Among them, PYUSD (a stablecoin launched by payment giant PayPal) has an annualized return of 18.39% on Kamino and can earn triple points rewards.
As of early July, Kamino's 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 can stake SOL to earn JitoSOL, and the staking rewards are directly accumulated in JitoSOL. Jito also provides the Maximum Extractable Value (MEV) feature, and the MEV rewards are also distributed to JitoSOL, resulting in increased returns.
Currently, Jito's TVL has reached $1.59 billion, an increase of 2.5 times compared to the beginning of the year. The protocol fee in the past 24 hours was $730,000, with a cumulative fee of $150 million, and the number of users exceeded 100,000.
TipLinks
TipLinks is a lightweight wallet product that aligns with Solana's Blinks feature launched on June 25th. People who own cryptocurrencies can create TipLinks and send the link to anyone through any platform (SMS, Discord, email, etc.).
Using TipLinks only requires a Google account to handle complex crypto transactions. With just a click, you can easily send encrypted assets, even to non-crypto users. The emergence of TipLinks and Blinks technology completely breaks down the barriers between Web2 and Web3, seamlessly linking them together and providing a seamless crypto payment experience for new crypto users. It provides a foundation for the mass adoption of Web3.
Conclusion
From on-chain data, Drift Protocol has 1.7 times more users than Jito and has a higher daily revenue of $162,000 compared to Jito's $29,000. Drift Protocol covers a wide range of product categories in the DeFi space, including lending, spot trading, leveraged trading, and contract trading. Drift's integration into the Solana ecosystem also gives it an advantage, providing Solana DeFi users with more flexibility and enhancing its competitiveness.
Jito and Kamino have attracted over $1 billion in locked-in value, making them projects of interest to investors. The main factor is that Jito's MEV brings additional income to users, and jitoSOL has become a high proportion of staking tokens in the Solana ecosystem. Kamino has many innovations in the lending space, and the demand for borrowing has also increased during the bull market.
Jupiter has achieved a high TVL growth rate, partly due to the advantage of aggregating liquidity and partly due to its airdrop expectations.
Based on the current development status, Jito and Jupiter are the projects with high capital attention on Solana. Drift Protocol has the highest TVL growth rate by adding more collateral types, aggregating liquidity, and innovatively combining RWA assets with DeFi. The combination of RWA and DeFi on Solana will have greater imagination in the bull market, creating more value for users and adding many new features to DeFi. Therefore, Drift Protocol is also more explosive and has better development prospects.
TipLinks provides the possibility for further adoption of cryptocurrencies and has great potential for growth. Its security, usability, and composability need to be tested by the market.
Compared to the ecosystem in the bull market of 2021, this bull market has also seen a batch of rapidly growing popular projects on Solana. DEX, Liquid Staking, Lending, NFT, RWA, and other tracks have also quickly followed suit, showing a thriving development trend. In addition to technological innovation, Solana's projects also demonstrate strong attractiveness to funds and users, as well as potential innovation capabilities. The TVL growth rate of ecosystem projects is generally more than double, and the number of users has reached hundreds of thousands. This also demonstrates the innovative potential of Solana DeFi and its growth prospects in this bull market.
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