Solana Ecosystem Gearing Up: Five Potential Projects Leading the Second Half

Recently, the cryptocurrency market has undergone a round of adjustments, but this has also provided opportunities for investors to position themselves in undervalued potential projects. As popular ecosystems in this bull market, the rapid development and capital-raising effects 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. With the upcoming listing of Ethereum ETFs, an asset management company has also submitted a Solana ETF application to regulators, indicating that traditional capital is beginning to pay attention to Solana. As industry experts say, the combination of Solana's high throughput, low fees, robust security, and active community makes it an ideal choice for exchange-traded funds.

The Potential of the Solana Ecosystem

From a technical perspective, the launch of Solana Blinks and Actions has lowered the threshold for developers to use the Solana blockchain. This will drive the application of Solana in areas such as DeFi, NFTs, gaming, DAO governance, and RWA, and facilitate more seamless access for Web2 users to Web3 technology. For Solana ecosystem projects, this is an important opportunity to attract more users.

Below we will introduce several projects in the Solana ecosystem that are worth paying attention to this year:

Drift Protocol

Drift Protocol integrates RWA and DeFi, providing users with a diversified DeFi product experience. Recently announced a partnership with a financial platform to support various RWA assets as collateral for traders, becoming the protocol with the widest support for mainstream RWA assets on the Solana chain.

Drift's product line is rich, including derivative trading, Swap, leveraged spot trading, and lending. With Solana's low gas fees and fast confirmation features, Drift offers users extremely low transaction fees and an experience close to that of centralized exchanges.

Drift is also known for its quick response to ecological needs. It offers pre-market trading and fast listing channels, allowing popular assets to be traded swiftly on the platform, providing investors with more 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 $22 million and nearly 190,000 active users.

Jupiter

Jupiter is the largest DEX aggregator on Solana, helping users choose the best trading paths by integrating liquidity from multiple decentralized exchanges, maximizing the reduction of trading slippage and fees. Its daily trading volume once surpassed that of a well-known DEX, becoming the number one across the whole chain.

In addition to basic functions, Jupiter also offers services such as scheduled automatic investment, cross-chain bridges, perpetual contract trading, and project launch platforms. Earlier this year, Jupiter conducted a token airdrop for over 100,000 community users, becoming the largest airdrop event on Solana. Recently, it also airdropped additional cryptocurrencies worth tens of millions of dollars to users who actively participated in governance.

Kamino

Kamino is a DeFi project that integrates lending and liquidity provision. It controls the availability of lending funds through CLMM technology and provides an automatic deleveraging mechanism and "protected collateral" feature to safeguard assets from borrower default risk.

Currently, Kamino is conducting its second round of airdrop activities. Providing stablecoins for the protocol is a relatively robust strategy. The stablecoin launched by a certain payment giant offers an annual yield of up to 18.39% on Kamino, and users can also earn triple reward points.

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

Jito

Jito is an innovative liquid staking protocol. Users can stake SOL to earn JitoSOL, and the 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, increasing the overall yield.

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

TipLinks

TipLinks is a lightweight wallet product that has similar functionalities to the Blinks feature recently launched by Solana. Users can create TipLinks and share them through various platforms (such as SMS, social media, email, etc.).

Using TipLinks, you can complete complex cryptocurrency transactions with just a common email account. Simply click the link to easily send crypto assets, even to non-crypto users. The emergence of TipLinks and Blinks technology breaks 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

Overall, the Solana ecosystem is showing a vigorous development trend. Various sectors such as DEX, Liquid Staking, Lending, NFT, and RWA are all rapidly evolving. Ecosystem projects generally demonstrate strong capital and user attraction, as well as potential innovative capabilities. Most projects have a TVL growth rate exceeding 2 times, with user numbers reaching hundreds of thousands, highlighting the innovative potential and growth prospects of Solana DeFi.

These projects each have their own characteristics: Drift Protocol stands out in terms of user base and revenue, with a rich product line; Jito and Kamino have achieved considerable locked value; Jupiter has gained attention for its liquidity aggregation and airdrop expectations. TipLinks, as an innovative wallet solution, provides the potential for further popularization of cryptocurrencies.

With the continuous innovation of Solana technology and the ongoing improvement of its ecosystem, these projects are expected to usher in greater development space in the upcoming bull market, creating more value for users and promoting the overall progress of the DeFi industry.