Analysis of Five Potential Projects in the Solana Ecosystem

Recently, the cryptocurrency market has experienced some fluctuations, but this has also provided opportunities for investors to position themselves in undervalued potential projects. As two ecosystems worth paying attention to in this bull market, the rapid development and capital-raising effect of Solana and TON have attracted the attention of many investors.

The Solana ecosystem is relatively more mature, with significant advantages in innovation capability and large-scale adoption. As the Ethereum ETF is about to be launched, a certain asset management company has also submitted a Solana ETF application to regulatory authorities, and Solana is beginning to attract the attention of traditional capital. High throughput, low fees, strong security, and an active community make Solana an attractive choice for exchange-traded funds, offering investors a versatile and innovative open-source ecosystem.

The Potential of the Solana Ecosystem

On a technical level, the new features introduced by Solana have reduced the difficulty for developers to use the Solana blockchain. This will drive the application of Solana in fields such as DeFi, NFT markets, gaming, as well as DAO governance and RWA, and facilitate more Web2 users to conveniently use Web3 blockchain technology. For Solana ecosystem projects, this is an important opportunity to gain more users and adoption.

Here are five projects in the Solana ecosystem worth paying attention to:

1. Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diverse range of DeFi products and experiences. The project has recently partnered with other financial service providers to support multiple stablecoins as collateral assets for traders, making it the protocol with the broadest support for mainstream RWA assets on the Solana chain.

The advantages of Drift Protocol lie in its diversified products, including derivatives trading, swaps, leveraged spot trading, lending, and more. With Solana's low gas fees and fast confirmations, Drift Protocol offers users extremely low transaction fees and a trading experience comparable to centralized exchanges.

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 listed and traded on Drift, providing investors with more trading strategies and options.

The TVL of Drift has rapidly grown from $117 million to a peak of $385 million this year, an increase of 3.3 times. The cumulative trading volume has reached $32 billion, with a recent 24-hour trading volume of approximately $220 million and active users reaching 190,000.

2. Jupiter

Jupiter is the largest DEX aggregator on Solana, helping users automatically select the best trading path by aggregating liquidity from multiple decentralized exchanges, maximizing the reduction of swap trading slippage and transaction fees. Its daily trading volume once exceeded that of a well-known DEX, becoming the number one across the entire chain.

In addition to its advantages of being fast, cheap, and permissionless, Jupiter also offers services such as automated investment scheduling, cross-chain bridges, perpetual contract trading, and Launchpad.

The Jupiter team airdropped tokens to a large number of community users this year, becoming the largest airdrop event on Solana. Recently, they also conducted additional airdrops for users who actively stake and participate in DAO voting.

3. Kamino

Kamino is a DeFi project for lending and providing liquidity, offering users collateralized loans and using CLMM to control the availability of lending funds. The project also provides an automatic deleveraging mechanism and a "protected collateral" feature to safeguard assets from borrower default risk.

Currently, Kamino is conducting the second phase of its airdrop, providing stablecoins to the protocol as a more robust strategy. Among them, a stablecoin launched by a certain payment giant offers an annual yield of up to 18.39% on Kamino, and users can earn a 3x points reward.

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

4. Jito

Jito is a liquidity staking protocol launched in 2022, where users can stake SOL to earn JitoSOL, and the staking rewards accumulate directly into JitoSOL. Jito also provides users with a Maximum Extractable Value (MEV) feature, and the earnings from MEV are also distributed to JitoSOL, thereby enhancing overall returns.

Jito's TVL currently reaches $1.59 billion, an increase of 2.5 times compared to the beginning of the year. The protocol fees in the last 24 hours are $730,000, with cumulative fees reaching $150 million, and the number of users has exceeded 100,000.

5. TipLinks

TipLinks is a lightweight wallet product that has similar features to those recently launched by Solana. Users can create a TipLink and send the link to others through any platform, enabling simple transfers of crypto assets.

Using TipLinks, complex crypto transactions can be completed with just a common web account. This technology breaks down the barriers between Web2 and Web3, providing a seamless payment experience for new crypto users and laying the groundwork for the mass adoption of Web3.

Summary

From on-chain data, Drift Protocol stands out in terms of user numbers and daily revenue, with a wide range of products and clear advantages in integrating with the Solana ecosystem, promising to bring users more asset flexibility.

Jito and Kamino have achieved a substantial amount of locked assets, becoming key projects of interest for investors. Jito's MEV provides users with additional income, and its staked tokens occupy a significant share within the Solana ecosystem. Kamino's innovations in lending meet the increasing borrowing demands of users during the bull market.

Jupiter's TVL growth rate is relatively high, partly due to the trading advantages brought by its aggregated liquidity, and partly related to its airdrop expectations.

TipLinks offers the potential for further popularization of cryptocurrency and has explosive potential. Its future development still needs to withstand market testing in terms of security, usability, and composability.

Compared to the last bull market, this round has seen a surge of rapidly growing popular projects in the Solana ecosystem, covering various fields such as DEX, Liquid Staking, Lending, NFT, and RWA. Solana is not only continuously innovating technologically 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, highlighting the innovative potential of Solana DeFi and the growth prospects in this bull market.