Top 5 Projects Built On Solana
4 mins read
1 mths ago
Solana is a blockchain that has gained popularity among developers and investors because of its high-speed and scalable blockchain solutions. Popularly considered the Ethereum Killer because of its speed and low cost, Solana has risen to run several projects on its blockchain. In this article, we’ll discuss what Solana is and which top 5 projects are gaining the most traction in the blockchain community.
What is Solana?
Solana, founded in 2017 by Anatoly Yakovenko, is an open-source blockchain designed to process fast and secure transactions at the lowest cost. Solana’s native currency Solana (SOL), ranks among the top 20 cryptocurrencies at the time of writing.
Solana blockchain runs on a proof of stake consensus mechanism and combines a decentralised application (dApp) development platform that allows other projects to be built on its blockchain. The high-performance blockchain can process up to 65,000 per second, and its vision is to create a decentralised, secure blockchain that is accessible to everyone.
Top 5 projects Built On Solana
Serum is a decentralised exchange (DEX) built on the Solana blockchain and supports numerous projects like Raydium, Mango Market, Star Atlas, Solrise and many more built on the blockchain. Its on-chain central liquidity pools provide users with a fast, secure and cheap trading experience while supporting several tokens and cryptocurrencies on its platform.
Serum as an exchange has trading features such as stop-loss orders and limit orders and has a unique order book that allows for fast and cheap settlement of transactions. Serum also features an Automated Market Maker (AMM) that manages and provides liquidity. Using the Serum tech stack, users on the platform can create their own financial instruments.
Serum was founded by FTX, Alameda Research and, at the time of writing, trades at $0.2367 with a Total Value Locked of $486,662.
- Star Atlas
Star Atlas is a metaverse project built on the Solana blockchain and is essentially a sci-fi fantasy game that runs on Unreal Engine 5. Star Atlas, using a high-quality cinematic experience, is a role-playing game allowing for space exploration, flight stimulation and more. The game is set in 2620 and blends several genres in its futuristic science fiction setting, allowing one to choose a path providing a real-life experience.
Star Atlas has a native currency, the ATLAS token that can be used as in-game money to buy items. Users can also earn NFTs from the game, which can be converted into real-world money. ATLAS token is integrated with Serum allowing holders to generate liquidity and easily buy and sell tokens.
Although the project is still largely in the works and years away from completion, developers have released segments of the game you can start enjoying and earning rewards. Star Atlas was founded in 2021 by CEO Michael Wagner, CTO Jacob Floyd and COO Pablo Quiroga. ATLAS is trading at $0.0031 at the time of writing with a market cap of $30.68 Millon.
Raydium is a decentralised liquidity protocol built on the Solana blockchain. Radium features an Automated Market Maker (AMM) that allows users to trade a wide variety of assets at a fast speed with low fees. Raydium also features the option of yield farming, allowing investors to earn rewards for providing liquidity. Raydium runs on Serum exchange for its swap and trade features.
Essentially Raydium combines the best features of a centralised exchange while being decentralised. Raydium’s native currency RAY serves for staking and governance on the platform. RAY trades at $0.2486 at the time of writing with a Total Value Locked (TVL) of $35.17 million.
Audius, also known as the Spotify killer, is a decentralised music streaming platform built on the Solana blockchain. Audius was initially built on the Ethereum blockchain before migrating to Solana blockchain because of its low fees and speed. Audius aims to address the issues with conventional music streaming services, which are frequently criticised for the meagre payouts made to music creators. Audius is decentralised and considered a fairer, more transparent platform for its users both listeners and creators.
Since its launch in 2018, Audius has gained over 7 million users and allows artists to upload their music and earn revenue from streams and tips. Music creators set up their payment model either through subscription, one-time payment or even for free. Music creators can allow free streaming as long as they have AUDIO, Audius’ native currency, staked.
In 2021, Audius partnered with Tiktok allowing its creators to upload their music to TikTok’s sound library. Audius was founded by Roneil Rumburg and Forrest Browning, and its token, AUDIO, trades at $0.2221 at the time of writing with a market cap of $211,861,401.
- Mango Market
Mango Market, launched in 2021, began as a loan platform but evolved into a loan and trading platform after the initial offerings of its token, MNGO. MNGO is a governance token that allows holders to vote on its structure and upgrades. Today, Mango Market is a decentralised trading platform that allows you to trade a wide range of digital assets with low fees and speed. It also supports futures trading, allowing for spot trading and options trading with a user-friendly interface.
Mango, which runs on Serum, aims to combine the usability and liquidity available on centralised exchanges with DeFi ‘s decentralisation. Mango Markets has also grown to run the Mango DAO. Mango trades at $0.01966 with a market cap of $19,573,745.
Solana is a high-performance, scalable blockchain that has gained popularity among developers and investors because of its fast and secure transaction processing at low costs. These projects leverage Solana's speed, scalability, and low transaction costs to offer users a fast, secure, and transparent user experience while supporting several tokens and cryptocurrencies on their platforms.
Solana’s cutting-edge capabilities have enabled developers to create innovative solutions that address the limitations of traditional platforms and provide users with more accessible and efficient solutions.
However, while these projects offer impressive solutions, it is essential to conduct adequate research before investing in any of these projects.
Disclaimer: This article is meant to provide general guidance and understanding of cryptocurrency and the Blockchain network. It’s not an exhaustive list and should not be taken as financial advice. Yellow Card Academy is not responsible for your investment decisions.