Solana ecosystem projects are ready to launch, five potential projects worth following

Recently, the cryptocurrency market has undergone a wave of adjustments, but it has also provided opportunities for investors to position themselves in oversold potential projects. As two of the hottest ecosystems in this bull market, the rapid development and capital-absorbing effects of Solana and TON are noteworthy. Among them, the Solana ecosystem is more mature, with significant advantages in innovation capabilities and large-scale adoption.

With the upcoming listing of the Ethereum ETF, Solana is also beginning to attract the attention of traditional capital. Some analysts believe that the combination of Solana's high throughput, low fees, strong security, and active community makes it an attractive choice for exchange-traded funds.

Technical Advantages of the Solana Ecosystem

On a technical level, the launch of Solana Blinks and Solana Actions has lowered the barriers for developers, propelling Solana towards a broader range of application scenarios, including DeFi, NFT markets, gaming, DAO governance, and RWA tracks. This will help attract more Web2 users into the Web3 world, bringing more users and adoption opportunities to Solana ecosystem projects.

For investors, laying out the Solana ecosystem and seizing opportunities under technological innovation and capital layout has become a key direction moving forward. Here are five potential projects in the Solana ecosystem worth following this year:

1. Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diverse range of DeFi products and experiences. Recently, it has deepened cooperation with a financial company to support various RWA assets as collateral. Its products include derivatives trading, swaps, leveraged spot trading, and lending, leveraging Solana's low gas fees and fast confirmation features to provide users with a low-cost, high-efficiency trading experience.

Another major advantage of Drift is its rapid response to the ecosystem. It offers pre-market trading and a quick listing channel, supporting rapid trading of hot assets within the ecosystem. This year, the 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 a recent 24-hour trading volume of about $220 million and 190,000 active users.

2. Jupiter

Jupiter is the largest DEX aggregator on Solana, helping users choose the best trading paths by aggregating liquidity from multiple decentralized exchanges. Its daily trading volume once exceeded that of a well-known DEX, making it the top on the entire chain. In addition to basic swap functionality, Jupiter also offers services such as scheduled automated investments, cross-chain bridges, perpetual contract trading, and a launchpad.

At the beginning of this year, Jupiter airdropped to over 100,000 community users, becoming the largest airdrop event on Solana. Recently, it airdropped cryptocurrency worth $60 million to users participating in DAO governance.

3. Kamino

Kamino is an innovative DeFi project that integrates lending, liquidity provision, and leveraged staking functionalities. It uses CLMM (Concentrated Liquidity Market Maker) to control the availability of lending funds and provides an automatic deleveraging mechanism and "protected collateral" feature to shield assets from borrower default risk.

Currently, Kamino is undergoing the second phase of airdrops, and providing stablecoins for the protocol is a relatively robust strategy. As of early July, the TVL on the Kamino chain reached $1.06 billion, a growth of 6.5 times compared to the beginning of the year.

4. Jito

Jito is an innovative liquid staking protocol that allows users to stake SOL to obtain JitoSOL, with staking rewards directly accumulating in JitoSOL. Jito also provides users with a Maximum Extractable Value (MEV) feature, and MEV rewards will also be distributed to JitoSOL, enhancing the overall yield.

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

5. TipLinks

TipLinks is a lightweight wallet product that is highly compatible with the Blinks feature recently launched by Solana. Users can create TipLinks and send the links to others through any platform (SMS, social media, email, etc.), enabling quick and easy transfers of cryptocurrency assets.

TipLinks breaks down the barriers between Web2 and Web3, allowing complex crypto transactions to be completed with just a commonly used account. This technology provides a seamless payment experience for new crypto users and lays the groundwork for the mass adoption of Web3.

Summary

From on-chain data, various projects are showing strong growth momentum. Drift Protocol stands out in terms of user numbers and daily revenue, with a wide product coverage and clear integration advantages within the Solana ecosystem. Both Jito and Kamino have secured over $1 billion in locked value, each featuring unique strengths in MEV profits and lending innovations, respectively. Jupiter, on the other hand, has achieved a high TVL growth rate due to its aggregated liquidity and airdrop expectations.

Compared to the bull market in 2021, this round of the bull market has seen the emergence of more rapidly growing popular projects within the Solana ecosystem, covering multiple tracks such as DEX, Liquid Staking, Lending, NFT, and RWA. These projects not only demonstrate strong capital and user attraction but also reflect the innovative potential and growth prospects of the Solana ecosystem. With continuous technological advancements and the expansion of application scenarios, the Solana ecosystem is expected to welcome greater development space in the upcoming bull market.