10 Best Crypto Projects on Solana Blockchain
Considered a notable contender to Ethereum, the Solana (SOL) network has been seeing a new boom, emerging as a magnet for developers, investors, non-fungible token (NFT) traders, and meme coin enthusiasts alike. The blockchain has been witnessing increasing adoption in existing projects. At the same time, fresh initiatives have also been examining the advantages that come with launching over the network.
Deployed in 2020, Solana was built for mainstream and widespread use. The network boasts lightning speed, energy efficiency, and extreme affordability.
Adding to the blockchain's uniqueness is the integration of Proof-of-Stake (PoS) and Proof-of-History (PoH) consensus mechanisms. The PoS method is used for validating information without mining, while the PoH mechanism allows validation to be executed even quicker. As a result, the network offers remarkable efficiency and requires minimal transaction fees.
Thanks to these unique mechanisms and features, incredible projects and tools that are frictionless and easy to use have emerged, showcasing how robust and promising Solana is. Now, let’s take a look at some of the best SOL projects that you shouldn’t miss out on.
Jupiter: a Top DEX Aggregator
Beginning with the best, there's Jupiter, one of Solana's biggest decentralized applications. Launched in 2021, Jupiter is a DEX aggregator for searching for the best price in just one stop. It links with various decentralized exchanges (DEXs) to offer users a pathway of interaction to different exchanges in a single interface.
Though the platform boasts great figures in crypto asset transactions, it has also been observed to have a high rate of transaction failures at some point.
Notable features: With Jupiter, you can maximize unique features, such as dollar-cost averaging (DCA) and limit orders. You may also use the platform as a bridge aggregator for gathering data from supported bridges and showing possible routes to bridge transactions. You may also engage in perpetual trading through its platform, which allows you to take short or long positions with leverage of up to 100x.
Phantom: a User-Friendly Wallet
Several Solana users prefer Phantom wallet due to its easy-to-use interface, seamless integration with the blockchain, and robust security. These make it one of the top SOL projects out there.
To get started with Phantom, you can simply visit their website and follow the steps for your specific web browser in order to add the wallet as a browser extension. Phantom should pop up in a new tab once installed. It is important to ensure that you go for the official browser extension from the wallet's direct web page.
Notable features: Through this crypto wallet, you can engage in activities like swapping, staking, and accessing dApps. The wallet also accommodates multiple chains and allows you to seamlessly access some of the biggest NFT marketplaces.
Jito: a Liquid Staking Infrastructure
Jito is a liquid staking service that distributes maximum extractable value (MEV) rewards to its holders. As one of the best Solana projects, Jito mainly aims to offer the best yield while improving the network. The Jito Stake Pool also aids with decentralizing the network by spreading stakes.
Notable features: In the Jito Stake Pool, you may stake SOL tokens and resultantly receive JitoSOL, a liquid stake pool token. This provides you liquidity as you earn staking and MEV rewards.
STEPN: a Web3 Lifestyle App
Integrating elements of gaming and socialization, STEPN is the first move-to-earn web3 lifestyle app that gives rewards for movement. Users that have STEPN NFTs may earn by jogging, walking, and running. The unique app aims to reward its users for having a healthy lifestyle.
It is important to keep in mind that though the pioneering application shows promise, it has also been a subject of cyberattacks in the past. It suffered from several distributed denial of service (DDOS) attacks in 2022 post-upgrade.
Notable features: With NFT sneakers, you can receive token or NFT rewards for running, jogging, or walking outdoors. The platform also allows its users to utilize their earned NFTs or tokens in the game or convert them into a different token.
Star Atlas: a GameFi Leader
Star Atlas is a massively multiplayer online metaverse game that hopes to maximize the scalability of Solana. The game is designed to take place in the year 2620. It covers territorial pursuit, political factions, advanced weaponry, and spacecraft that enrich various gameplay aspects.
Notable features: Through this leading GameFi app, you can engage in different activities under decentralized finance (DeFi), including yield farming, lending, and automated market-making (AMM). The game also has an in-house NFT marketplace where you can buy and sell assets.
Magic Eden: a Community-Centric NFT Marketplace
Magic Eden is a massive Solana-based NFT marketplace that allows you to purchase, mint, sell, and manage assets. The platform boasts over 8,000 collections, 22,000,000 unique visitors each month, and $1.9 billion secondary trading volume, which makes it a noteworthy SOL project.
Notable features: Magic Eden offers its own Magic Eden Wallet that you can use. The wallet comes as a browser extension and a multi-purpose web3 navigator. On top of this, you can also try out the marketplace's very own mobile app, though it only allows browsing and viewing. To maximize the marketplace's comprehensive functions, you must access it through a web browser. You can also use the platform's launchpad to mint assets.
Orca: a Decentralized Exchange
Orca claims to be Solana’s most efficient liquidity DEX that provides a top user experience. Thanks to its Concentrated Liquidity AMM, liquidity providers may give a price range that would regulate the availability of their tokens. This feature is similar to the concentrated liquidity of Uniswap v3. Orca users may offer liquidity to some of the platform's liquidity pools, such as Whirlpools, and earn token emissions and trading fees in return.
Notable features: With Orca, you can engage in decentralized trading through an AMM model. Moreover, thanks to its concentrated liquidity, you may also reap high returns when you provide liquidity.
Drift: a Decentralized Perpetuals Trading Platform
Enabling short or long positions with leverage of up to 20x, Drift is a dedicated perpetuals trading platform on the SOL network. The exchange supports low fees, low slippage, and minimal impact of price across every trade, making it one of the best SOL projects.
The platform claims to offer CEX-like decentralized experience. It also offers added utilities, such as direct asset swaps of up to 5x, a decentralized lending service, and leveraged spot trading.
Notable features: The platform offers four main products that you can explore. These are perpetuals trading, spot trading, borrowing and lending, and passive liquidity provision.
Kamino Finance: For Borrowing, Lending, Leverage, and Market Making on Solana
The Kamino Finance protocol was developed to offer the easiest way to earn yield and provide liquidity. It is a novel DeFi protocol that consolidates leverage, liquidity, and lending into a single product suite.
Notable features: With Kamino, you may borrow and lend assets, work on their distinct automated liquidity strategies, offer leveraged liquidity to DEXs with concentrated liquidity, and utilize concentrated liquidity positions to serve as collateral.
Dogwifhat: a Trendy Meme Coin
The meme coin hype has also hit the Solana network, as evidenced by Dogwifhat (WIF) token, among others. WIF is a popular dog-themed meme coin that was released in October 2023. It centers on a Shiba Inu dog that wears a knitted pink hat, staying true to the crypto meme culture. The meme coin's main joke is that regardless of what happens, the dog will still be wearing its hat.
Notable aspects: The meme coin gained popularity among communities that are Solana-focused. It mainly exists for entertainment and does not have any intrinsic utility.
