Solana shot up in popularity and is now the sixth largest coin on CoinMarketCap.
If you invested in Solana in early 2021, you would have made around
13,000% profit in a single year.
Impressive, right?
What's even more impressive is that Solana already has over
400 applications running on its ecosystem, and the total value locked in
Solana is over $9.8 billion, according to SolanaProject.com.
In this video,
we are deep diving into the top ten projects on this planet ecosystem.
What's going on, guys? That's Trevor Mac's main and here at
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Here are the top ten projects on Solana Number 10, Mercurial Finance. This project
was the first Solana based project focusing on stablecoin trading.
The platform received a starting investment
of $100,000 from DeFi Alliance, an industry accelerator.
Mercurial Finance currently has 62.57 million in total value locked.
But aside from that, there is another reason it's made onto our list today.
Currently, the token is available on FCX Gateway, Io Radium and Serum Dex.
The token distribution for this project is broken down, with 50% going to the Mark
Curial Foundation, 10% of the team and 20% allocated for private sale.
Next up, Harrod Protocol, the DeFi network that focuses on providing users access
to the value locked in DeFi systems, essentially making liquidity liquid again.
The project comes with its own stablecoin API pegged to $1, and allows holders
to borrow against lenders and retrieve their locked value seamlessly.
Parrot Finance
also offers a governance token to those that want to lock their tokens.
And as it stands, this application has $86.86 million
in total value locked and raised $84 million after two
successful IDO’s since its main net launch in June.
It has grown to offer a full suite of DeFi products,
and the supply of Parrot is capped at $2.1 billion.
one factor to note, despite the tech heavy capabilities of this
protocol, the user interface itself is pretty seamless.
Parrot protocol platform allows you to navigate from minting to the vault
earnings and rewards in a simple click for us here at CoinMarketCap,
we do appreciate any beginner user interface and add number eight.
Mango Markets holds an impressive 126.39 million in total traded volume.
Originally, the Solana based platform entered the market as a lending platform
and in August of 2021 raised $70 million in its MNGO token sale.
And since then, mango markets
have expanded their offerings to include Mango DAO.
The Mango DAO at the time of this recording has a Treasury balance
of $871 million and 92 DAO proposals.
So if you're bullish on DAOs, you may want to take a look
into some of the recent proposals coming from the Mango
DAO to give you an example of what DAOs you can expect to find on the platform.
one current DAO is funding $1.5 million backing for Mango Labs.
The DAO funding will work towards a mobile app, building
stronger market making tools and also creative Mango v4.
According to the creator of the DAO proposal, Daffy, this DAO,
along with Mango Labs committed to decentralization and open source,
should help Mango become censorship resistant.
The lending platform Larix is also one that we would like to reference.
This isn't just any DAO.
This is a metaverse based financial protocol.
Larix is offering expanded beyond the typical lending pools
and was the first protocol to offer mortgage lending with auto compounding.
With the token ticker LARIX priced at $0.007,
the total value locked is currently $135.6 million.
2022 welcomes Larix Protocol partnering with the Solana
Build Decentralized Exchange sold DEX, Soldex.ai
So what can you expect from this partnership?
How could it improve Larix?
Well, the partnership will allow Larix and Soldex to sync and work together.
Solddex will gain from Larix exposure and market
recognition when it comes to the benefits for Larix
Soldex is the fastest third generation decentralized exchange
built on Solana, with 24-7 machine learning.
That means that even on red market days, the trading algorithm will be emotionless
and neutral.
Orca is another top decentralized exchange built on Solana.
It made it into our top spot list because of its large traded volume,
with an impressive 516.6 million in total value locked.
Founded in 2020 and launched in February of 2021,
Orca was brought to the market when there was very little infrastructure on Solana.
The project recently received $118 million in funding led by three Arrows Capital.
There is a little bit more to this project than just a large backing.
This project also stood out to us because of its unique design.
Orca brands itself as human centered.
The decks features unique innovations within the platform,
such as the fair price indicator and the Magic Bar, giving users
a quick range of trading pairs in a single click.
Grace Kwan, the co-founder of Orca, informed her community that the human
centered design of Orca describes the process used to design the decks.
It interviews users observing them and how they use already
existing products to identify pain points and areas of improvement.
The Oracle logo of this protocol was even hand-drawn by the co-founder
herself, as both co-founders are fans of scuba diving.
Saber made a huge impact on the Solana ecosystem by providing liquidity
for people to easily swap between different stable pairs of assets.
Saber offers liquidity for the likes of USDT / USD
and SOL,
but even bitcoin pools this market maker as a cross-chain approach,
bridging with other blockchains such as Ethereum, Celo, BSC, and Terra.
A fun fact about Saber The initial version was created from one of the first Solana
hackathons by Dylan Macalinao, co-founder, and was the first named stable swap.
Dylan was also previously project manager at Okcoin and Product
Design Lead at Pipe.
Saber has quickly become one of the largest
stablecoin swaps on the Solana ecosystem, with a pretty active
community across Twitter and Medium, SolFarm is the next on our list.
The DeFi app raised $5 million, expanding its offering
with lending investors including Jump Capital and Alameda Research.
The native token of this aggregator is the Tulip token.
The platform allows you to utilize the low cost, high speed while on a blockchain,
which means that users can benefit from competitive staking rewards.
Despite being the fourth on our list, SolFarm with the ticker TULIP
only holds a market cap of $11 million at the time of this recording,
with the price significantly lower than the November 2021 highs of $49.82.
The solar farm team was first introduced
to each other via the crypto focused Discord groups back in 2017.
And while SolFarm isn't the only project that they've worked on,
the team has also collaborated on some smaller Ethereum
projects, and SolFarm is definitely the most successful.
And the next one is Serum Dex.
Serum Dex is the largest when it comes to the total value locked.
The creation of this Dex itself is pretty interesting.
Serum Foundations is created by FTX Alameda Research and a handful of others.
When unique selling point of this decentralized
exchange is the fact that it's co-founded by Sam Bankman-Fried,
the CEO of RTX has recently been crowned the world's youngest billionaire.
This decentralized exchange that, of course, runs on the Solana
blockchain is fast, cheap and permissionless, and Serum
Dex is not far off from $1 billion in total value,
locked with $959.9 million in the current total value locked.
The main object to the platform is to use a decentralized order book
operated by smart contracts, giving users a wider range of prices and order sizes,
which will ultimately aim to give you total power over your trades.
Serum supports cross-chain trading, allowing users to also optimize other
platforms like the ETH competitors that we've covered in previous videos.
The second most popular are on
the Solana network is Raydium with $1.05 billion locked in.
This is the largest automated market on the Serum DEX.
The RAY token has a price history and is available from February of 2021
and hit an all time high of just $16.93,
and a total supply of 550 million for users.
Raydium allows you to earn yields, take part in ideas and exchange tokens.
This platform also holds benefits to projects.
They can utilize the platform to act as a market maker and exchange
and even fundraise for new ideas or to scale to improve their business.
Founded by Alpha Ray,
the team have taken part in a wide variety of other DeFi projects
and were personally trading DeFi while noticing flaws with the Ethereum network.
The now founders brainstormed with serum and the concept of radium was born.
Leading the way,
of course, is Solana itself, with $54.6 billion in total value locked.
While Solana has made some impressive gains, it offers more than that.
Its main objective is to host scalable applications, and it's no surprise
that people often refer to Solana as the Usain Bolt of crypto.
While Ethereum can process around 54 transactions per second,
Solana can process up to 50,000 transactions per second,
and that's more than double the transaction figures of Visa.
The reason
for such impressive speed and scalability is the consensus behind Solana.
It doesn't use proof of work or proof of stake, but a new concept proof of history.
As it stands today, Solana holds a lot of promise, but also some challenges
come along with it, while its speed and fees hold some impressive industry stance.
There is still the question of if the network is stable enough,
it's significantly newer than
Ethereum and has faced some instability issues in the past,
and I've covered Solana in more detail in some previous videos, and the link
for those are in the description. If you'd like to look into it further.
And now I'm turning to you to ask you which of the ten that I mentioned gets
your vote? Let me know in the comments section down below.