QUICK POINTS
There are many great applications to the Solana blockchain
So far, the total locked value of DeFi projects on Solana is over $3 billion
- “The Ethereum Killer”
- Serum
- Degenerate Ape Academy
- Step Finance
- Mango
- Audius
- Solving blockchain’ slimitations
“The Ethereum Killer”
Solana is leading the race among blockchain platforms eager to become the so-called “Ethereum Killer.”The past few months have seen the platform’s native token (SOL) skyrocket in value thanks to the fact that Solana is establishing a foundation for the next generation of decentralized applications. Solana is a blockchain ecosystem built to facilitate the development of user-friendly, scalable, and performant applications. With over 900 validator nodes, an average network-wide transaction cost of only $0.00025 per transaction not to mention a capacity to churn out a whopping 50,000 transactions per second (TPS), Solana is proving to be a viable competitor to Ethereum. So far, the total locked value of DeFi projects on Solana is over $3 billion in September alone. Here is a look at some of the decentralized applications that are currently building on Solana.
Serum
Serum is a non-custodial decentralized exchange (DeX) built on the Solana network. Founded by a consortium of partners including Alemeda Research and FTX, Serum is built with an on-chain central limit order book presented with an interface similar to what you would find on centralized exchanges. Thanks to Solana’s high throughput capability, the Serum DeX is capable of high-frequency trading and liquidity sharing at low gas costs.
Degenerate Ape Academy
After the tremendous success of the Bored Ape Yacht Club NFT collection on Ethereum’s blockchain, a new collection of NFTs from the creators of Bored Ape Yacht Club launched on Solana. Degenerate Ape Academy just launched on 15 August with a collection of 10,000 cartoon apes that sold out in under 10 minutes. The sale of Degenerate Ape Academy NFTs saw the participation of institutional players such as MoonRock Capital who bought an NFT in the collection priced at over $1 million.
Step Finance
Step was born out of a recent Solana Hackathon which is a competitive event hosted by Solana and Serum for dApp developers on the Solana ecosystem. Step operates as a DeFi aggregator and visualizer for the Solana DeFi ecosystem thus enabling users to execute multiple transactions across multiple smart contracts using one dashboard. The platform aims to break down the silos that separate projects on Solana. Step is run with the support of a native token called $STEP token.
Mango
Mango is another DeX on Soalan that features lightning-fast transactional throughput, at near-zero fees. In addition, the platform also allows users to earn interest on their deposits or take out fully collateralized loans against digital assets such as BTC, SOL, SRM, ETH, and USDC.
Audius
Audius is a music streaming platform built on the Solana blockchain thus allowing music artists and their fans to share and promote music on a completely decentralized framework. Artists can grow a fanbase on the platform and monetize their music while retaining full control. So far, the platform has reached over 800,000 monthly active users with more than 30,000 uploaded music files weekly.
Solving blockchain’s limitations
Solana’s smart contracts and a capacity for scalability and high transactional throughput have made several decentralized platforms migrate to its platform. Investors are also flocking towards Solana given its capacity to solve existing limitations in the Blockchain development space.
The content of this article, analysis, report or webpage is not investment advice and does not constitute any offer or solicitation to offer or recommend any investment product. This content is for general purposes only and does not take into account your individual needs, investment objectives and specific financial circumstances. The author may hold digital assets mention in this report.
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