Not only has the Solana network crossed 35 billion transactions, but its native coin, SOL, has been beating the competition with returns of over 1,000%. The sheer number of projects emerging on Solana’s lightning-fast ecosystem matters more than all of this. That isn’t a joke, and only a few other blockchains can compete with it. These cutting-edge applications boost the Solana ecosystem, from wallets and loan protocols to exchanges, storage solutions, and digital games. And the more stuff is piled on, the greater that strength becomes. All of this is happening at a time when people are looking for Ethereum alternatives in greater numbers. This means there’s never been a better moment to invest in Solana’s hidden jewels. But picking a jewel out of a sea of 500 ideas is no simple undertaking. This is why we’ve put up a list of our favourite three projects currently built on Solana.
On Solana’s blockchain, Raydium is a uniswap-like automated market maker (AMM). According to Yahoo Finance, AMM is The core technology that enables all decentralized exchanges (DEXs). Raydium now has the greatest total value locked (TVL) on Solana. You can see that the total is $12.7 billion. There are several causes for this. Other AMM DEXs and DeFi protocols are now facing two issues. For starters, they can only access liquidity within their own pools. Second, most exchanges use the Ethereum blockchain, which results in network congestion and extremely expensive gas fees.
Raydium, on the other hand, eliminates all of these obstacles by embedding Serum into the Solana blockchain. It is, in fact, the first AMM to enhance the performance of the Solana blockchain while also acting as a DEX limit order book. This results in an infinite supply of liquidity, frictionless yield farming, and quick token swaps. Raydium’s Serum gives the whole Solana ecosystem access to a large amount of liquidity.
Another interesting discovery is that its IDO launchpad, AcceleRaytor, has recently become highly popular, with IDOs conducted on it yielding an average result. This is a 5,000% average all-time high ROI. Raydium’s native token, RAY, has risen from around $3 to over $16 in just two months as a result of the success of its launchpad.
The excitement is justified since, in order to join the IDO, you must stake RAY, for which you will receive staking incentives. Raydium offers numerous advantages being the first AMM on Solana because it was the first project on the scene. It has set itself apart from other AMMs in the DeFi system by providing customers with on-chain deep liquidity, which is critical for the success of any decentralized exchange.
On Solana, Star Atlas is a well-known game project. Many believe Star Atlas will at the very least be able to compete with Axie Infinity for the title of most popular gaming empire in space. It’s not a given, but it’s a possibility. Even die-hard Star Atlas fans got a sniff of the show’s future success in May of 2021 when Star Atlas had its triple IDO, which was a huge success.
Both the in-game currency Atlas and the governance token POLIS were increased by 150 times. That’s because Star Atlas is one of the few blockchain games that claim to deliver a triple-A gaming experience.
From an impressionistic standpoint, it’s evident that Star Atlas will deliver very high-quality dramatic game images. The overall production quality is outstanding. But Star Atlas has a lot more potential than that. Star Atlas may be summarized in a single statement as a hybrid of NFTs and the gaming industry that employs the metaverse idea. The goal is to encourage the commercialization of time spent inside the Star Atlas ecosystem, similar to Axie Infinity, so that actual wealth may be made. Players may be rewarded for all of their time spent in the game by acquiring rare NFTs, which they can then sell for real money on the fantastic Star Atlas marketplace.
Unlike other games, Star Atlas has a deflationary asset mechanism built-in. All of this implies that if you lose combat with another player, your ship will be permanently destroyed and burnt. There’s an intriguing element of danger here that is appealing. In terms of tokens, Atlas is the in-game currency, whereas POLIS is the governance token.
A total of 80% of future Atlas tokens will be awarded to players who do very well in the game. As a result, it’s a true meritocracy. After selling about 20% of POLIS supply, the rest will be allocated to the DAO. However, this functionality is not currently available. On Raydium, however, it appears that you may lend your Atlas and POLIS tokens to multiple pools. You can buy Atlas and POLIS through reputable platforms like Bitcoin Up.
Orca is again another DEX whose TVL has skyrocketed in the previous several months, surpassing the $1 billion barriers. This is important because, according to Nasdaq, TVL reflects the total value of all assets put in DeFi protocols that earn incentives, interest, new coins and tokens, fixed income, and so on. At the moment, we have a population of 1.11 billion people. It’s easy to observe how parabolic the graph has become. Orca is a Solana-based AMM DEX with its own liquidity pools. In a nutshell, it allows users to do the following tasks.
Users have the option to swap. Orca has its own pool to let market players trade tokens, and unlike Raydium, it does not rely on Serum for liquidity. Liquidity pools are also available to users. So similar to other AMM, liquidity providers (LP) can contribute the liquidity to Orca’s pools and receive a part of trading fees as rewards.
Then there are AquaFarms, which are yield farming programs that provide customers with a collection of liquidity pools that will eventually turn into AquaFarms. Liquidity providers in Orca’s pools now receive solely trading fees. However, AquaFarms allows users to earn both trading fees and ORCA tokens. In the future, Orca intends to introduce features that will allow other projects to contribute their own tokens as prizes.
If you don’t want to split the tokens evenly to provide liquidity, Orca includes an auto swap option. It’s a new feature that allows you to provide tokens in any ratio you want, and Orca will balance them before they’re deposited. One thing to keep in mind is that Orca has no plans to integrate Serum or Raydium liquidity, but they do expect liquidity to increase over time as more features are added to Orca. Start swapping by creating your crypto wallet. This is not financial advice; please do your own research.