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”
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 networkwide 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 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.
Degenerate Ape Academy
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 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 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.
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The author may hold digital assets mention in this report.
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