Blockchain startup Solana has been generating a lot of buzz with its new blockchain platform. While the company is not likely to displace Ethereum, it offers a well-designed decentralized app platform that could challenge Ethereum in finance, gaming, and media industries.
Solana is a blockchain platform for decentralized applications and non-fungible tokens (NFTs). It is currently the ninth largest asset by market capitalization, and aims to offer fast, scalable smart contracts while preserving decentralization and security.
Solana’s ecosystem offers a range of services including analytics, tools, wallets, exchange, investment funds and cryptocurrency apps.
Here are the top ten cryptocurrencies on the Solana Ecosystem:
Solana (SOL) is the native cryptocurrency of the Solana platform. It is used as a reward for miners who use the PoH protocol to validate transactions on the Solana blockchain.
It is an open source project launched in March 2020 that uses the permissionless blockchain feature to offer DeFi solutions. Some major exchanges where you can buy SOL coins include KuCoin, Binance and Gate.io.
Audius is a blockchain-based music streaming platform that enables content creators to monetize their work. It is a music sharing protocol that connects fans directly to artists, allowing exclusive access to new tracks. It offers an alternative to Spotify and other existing streaming services.It’s been around for over two years and was first deployed to the Ethereum blockchain.
This Decentralized Exchange takes advantage of the fast, cheap transactions available through Solana to offer DeFi services at a reasonable price by offering on-chain order books with an interface familiar to users of conventional exchanges. Sam Bankman-Fried (SBF) has been with the company since its inception.
Raydium integrates this innovative technology into the Liquidity Network and gives traders a seamless experience while using the Serum DEX.
Raydium trading interface provides access to TradingView charts and lets traders set limit orders. Currently, two ways exist to earn RAY tokens―by farming liquidity pools and staking. The developers plan to add more ways of earning RAY in the future.
REN (formerly known as The Republic Protocol) is a decentralized dark pool that offers anonymous cryptocurrency trading. To maintain its anonymity, REN will execute trades without the involvement of an exchange or custodian.
This replaces the impediments that have been delaying potential efforts in the nascent area of decentralized finance. And RenVM was able to accomplish this given the cutting-edge and visionary technology that Ren Virtual Machine possesses.
Waves is both a decentralized cryptocurrency exchange and a platform for launching new coins. To put it simply, this indicates that anyone can issue a token without having to become an expert in blockchain creation. One such application for it is crowdfunding.
On the website, you may also trade wave protocol-based tokens in real time. Whereas, in order to create coins on the Wave platform, creators will need to possess a particular quantity of Wave Tokens.
Chainlink (LINK) is a blockchain system that draws vital and complex data from the outside world. Intricate smart contracts are processed using this data via the Oracle network. Data feeds, APIs, and other resources play a crucial role in offering users convenient services.
However, smart contracts have only been able to interact with data that is stored on the blockchain for a considerable amount of time, which has restricted the creation of things like apps. Chainlink makes use of the Solana blockchain’s security and transaction speed to address the issue.
A decentralized prime protocol called Oxygen (OXY) is powered by Serum and based on the Solana blockchain. DeFi services including loan, borrowing, and exchange are offered. Users establish a pool to invest assets in. The assets are then tagged according to their terms and lending availability.
A user who wishes to borrow an asset is automatically matched with the item when it is accessible for lending. Before confirming the transaction, OXY will make use of Serum’s smart contract innovation to ensure that the borrower has complied with all conditions.
Civic is a blockchain-based identity verification solution that includes the Civic coin. Civic’s major goal is to give people more privacy, control, and access over their personal data, safeguard their digital identities, and verify users without the need for background checks.
The Graph (GRT)
It is commonly known that the Graph can be used as an indexing method to search systems like IPFS and Ethereum. The Graph Network is the most affordable and efficient choice if you require access to real data on the cryptocurrency markets.
It offers a level playing field for a number of sectors to thrive, such as DeFi, government, endowments, charity, markets, leisure, and socializing.
In a Nutshell
Together, Solana and the entire ecosystem are putting a lot of effort into the growth of the DeFi and particularly the Web3 domain.
The platform maintains its strength in spite of numerous hacks and security breaches, demonstrating its ability to survive among the top chains and assets on the market.
Over 250 initiatives are now underway inside the Solana environment, but the ten highlighted above stand out.