Year-to-date, Solana prices have increased by more than 13,000 percent, propelling the network to the seventh largest cryptocurrency by market capitalization. Solana’s decentralized finance protocols are attracting the attention of investors in the emerging low-fee, high-speed blockchain.
These are some of the most important and notable projects in the Solana ecosystem that are receiving traction and funding from investors.
Serum is a decentralized exchange (DEX) and ecosystem that delivers decentralized finance at exceptional speed and cheap transaction fees (DeFi).
Serum is the only high-performance DEX built on a central limit order book and matching engine that is fully on-chain. Serum’s on-chain order book allows ecosystem partners to share liquidity and fuel their trading services for institutional and retail consumers.
Serum has a market valuation of over $1 billion, with Sam Bankman-Fried as the most notable proponent. Sino Global Capital, Evernew Capital, GBV Capital, CoinFund, and Jump Trading are among the other investors.
Raydium is a decentralized exchange’s automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange
Raydium, unlike any other AMM, delivers on-chain liquidity to a central limit order book, which means that funds deposited in Raydium are transformed into limit orders that are placed on Serum’s order books.
Evergelion Capital, K300 Ventures, and Petrock Capital are among the investors of Raydium, which has over $1.5 billion in total value lcked. Raydium’s founder, Alpha Ray, says Bankman-Fried has been a huge assistance to the growing business.
Orca is a cryptocurrency exchange or decentralized exchange (DEX) based on Solana that focuses on user-friendliness.
Orca aims to give Solana traders a more straightforward, human-centered experience, which is made possible by the use of a Fair Price Indicator, Aggregator, and Token Balances.
Coinbase Ventures, Jump Capital, Sino Global Capital, and Solana Capital are among the other investors in the round.
Other participants in the funding round include Coinbase Ventures, Jump Capital, Sino Global Capital and Solana Capital.
Phantom Wallet is a DeFi and NFT-compatible digital wallet. On the Solana blockchain, the wallet includes a browser extension that may be used to manage digital assets and access decentralized applications.
It works by allowing users to keep funds and sign transactions by creating and managing private keys on their behalf.
Phantom recently raised $9 million in Series A funding to build a new multi chain wallet that will allow DeFi users to access decentralized apps across various blockchains.
The promotion follows a successful beta launch in April of this year, which saw 40,000 new Phantom users sign up. During the beta phase, the company additionally received $500,000 in grants from Serum and Solana.
Solana network’s ability to maintain all of these various projects will be a useful measure to determine their success, given the fast speed at which Solana continues to grow.