Recently, not only has Solana shown strong performance, but Rollbit, which was first released on the Solana chain, has also entered the top 100 in market value with a growth rate of over 30 times in one year.

This article references the absolute and relative values of data from current projects in the Solana ecosystem, and summarizes the impressive older projects and newly emerging Solana 2.0 projects, in an attempt to identify the next dark horse.

Old Project

Marinade Finance

Marinade Finance is currently the project with the highest TVL in the Solana ecosystem. As a liquidity staking platform based on the Solana chain, its main goal is to simplify the staking process on Solana. The main feature of Marinade Finance is that it provides a "liquidity staking" mechanism, allowing users to convert their staked assets into liquidity at any time without waiting for the unlocking period. This greatly increases user flexibility and may attract more users to participate in staking.

Although it may not seem particularly novel now, Marinade, as a protocol launched in 2021, has had a glorious past and was once a veteran DeFi protocol with a TVL of over $1.5 billion during its peak. Although it is far from its peak value, it is still the number one Solana ecosystem project in terms of TVL. The token mSOL obtained by staking SOL on the platform has relatively good liquidity in the field and has been listed on mainstream trading platforms such as Coinbase and Kraken.

Solend

Solend is a decentralized lending protocol based on Solana, providing a fast and low-cost lending platform.

Solend, which is backed by numerous celebrity capital, became the top lending project in the Solana field as soon as it went online, with a peak TVL of up to 800 million US dollars. However, with the Solend team taking over the event of whale liquidation, its development momentum has been declining.

Reference reading: "The most outrageous community governance in history, how to evaluate the farce of Solend taking over the whale account?"

However, with the launch of Solend V2, Solend's TVL has increased from $20 million to nearly $50 million, maintaining its position as the top lending protocol in the Solana ecosystem.

Orca

Co-founder Grace Kwan brings Orca a minimalist interactive design, while co-founder Yutaro Mori, who previously worked at the Ethereum Foundation, has created a program that can withstand the test of time with years of experience in protocol-level construction. Although not the most data-optimal DEX during the Solana Summer period, after experiencing a "big test," Orca, based on AMM, has become the DEX with the highest TVL and trading volume in the current Solana ecosystem, demonstrating its true strength and product flexibility.

Later this year, Orca will also launch a Pro version, providing advanced tools for traders and liquidity providers.

Interestingly, Orca is also an environmentally friendly organization. A portion of the transaction fees on the Orca platform goes into the Orca Climate Fund, which is then used to contribute to efforts to mitigate climate change and promote sustainable development. As of the time of writing, the Orca Climate Fund has accumulated over $1.6 million.

Raydium

Raydium, as the first decentralized exchange with automated market making in the Solana ecosystem, can be considered one of the pillar projects of Solana Summer. The token RAY has also been listed on most well-known trading platforms. However, with FTX announcing bankruptcy, the Serum protocol, which shares liquidity with Raydium, is under threat, and Raydium's own liquidity pool has been attacked, causing significant damage to Raydium and a weaker recovery compared to Orca.

New Project

Realms（SLP Governance）

Realms provides a platform for Solana builders to create DAOs, manage their members, vote on proposals, and allocate their funds. Whether running a multisig, NFT community DAO, or community token DAO, Realms provides tools and integrations to help communities thrive.

Simply put, Realms can be thought of as a more comprehensive Snapshot. Realms is the main platform for Solana DAO governance, and the vast majority of mainstream protocols are governed through Realms.

Marginfi

Marginfi is a decentralized lending protocol on Solana, prioritizing risk management and providing a secure and reliable solution for users seeking leverage and maximum capital efficiency. The protocol is a set of fully permissionless smart contracts deployed on Solana, equipped with real-time risk management and automatic liquidation. Marginfi can be combined with third-party protocols downstream and upstream, allowing users to unify their on-chain investment portfolios and access a wide range of decentralized finance (DeFi) services.

Marginfi has also introduced an AI robot named Omni to answer questions for users through AI. For example, the introduction of Marginfi in the previous paragraph comes from Omni.

Marginfi announced on February 23, 2022 that it has completed a $3 million financing round led by Multicoin Capital and Pantera Capital, with participation from Sino Global Capital and Solana Ventures. Marginfi, which has not yet released its token, has recently launched a points system, which may be an important reason for its increasing TVL.

Jito

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As a liquidity staking protocol newly launched at the end of 2022, Jito's feature is that it allows users to obtain MEV revenue. The working principle is roughly as follows:

1. Users pledge SOL to obtain JitoSOL.

2. Jito staking pool allows users to delegate their SOL to MEV-supporting validator nodes.

3. These validator nodes auction block space and receive MEV rewards.

4. These MEV rewards will be redistributed as additional APY to the equity pool.

Solana Labs' CEO Anatoly Yakovenko also praised Jito, "JITO has a great way to maximize the benefits of MEV to the entire network while minimizing its negative externalities..."

BlazeStake

Not only Jito, BlazeStake is a new liquidity staking protocol launched in 2023, with the main purpose of further promoting the decentralization of Solana nodes.

Pledgers can choose to pledge their SOL through the standard delegation pool (balancing equity among hundreds of validators to support decentralization) or any validator of their choice, while receiving bSOL's liquidity pledge benefits (instant cancellation of pledge liquidity, increased pledge yield through DeFi, Solana ecosystem token airdrops, etc.).

NFT Track

As two of the largest projects in terms of trading volume on Solana, DeGods and y00ts both chose to migrate out of the Solana network at the end of 2022. Magic Eden also chose to deploy on multiple chains, gradually supporting ecosystems such as Ethereum and Bitcoin. These undoubtedly dealt an indelible blow to the Solana NFT track at the time. However, as Solana gradually recovered from its birth pains and the ecosystem continued to develop steadily, the NFT ecosystem of SOL has gradually regained new vitality and vigor.

As of the time of writing, Solana NFT's 24-hour trading volume is second only to Ethereum.

Tensor

Tensor is a professional NFT trading platform based on Solana. Its direction is similar to Blur and provides the following features:

·Batch Operations: Tensor allows users to perform batch operations, which can greatly improve their trading efficiency.

·Advanced Orders: Tensor provides a range of advanced order types to help users better manage their trades.

Data source: The Block

With Blur leading the way and Tensor launching with its integral mode, trading volume has rapidly increased. Looking at the data from the past month, Tensor has surpassed the veteran Solana champion Magic Eden, becoming the number one player in the Solana NFT market.

Mad Lads(Backpack)

除了新的 NFT 平台，再来看看近期 Tensor 上面成交量最大，市值最高的 NFT 项目——Mad Lads。这是今年 4 月份由 Solana 钱包 Backpack 发布的 NFT 项目。凭借着精美的美式漫画风格和 Backpack 团队在 Solana 生态的良好积累，Mad Lads 现在已经广泛的被 Solana 生态接纳，曾经获得 Solana 黑客松第一名的 Zeta Markets 还与 Mad Lads 合作，举办了名为 Mad Wars 的社交交易竞赛。

Backpack's parent company Coral completed a $20 million financing in 2022 and launched a cryptocurrency wallet called Backpack. Now, Backpack plans to create an App Hub similar to the iPhone. It is worth noting that current Mad Lads holders can also stake their NFTs in the Backpack wallet to earn points.

Reference reading: "Solana developer's attitude towards Crypto: Growing the Crypto cake together with competitors"

Solana Monkey Business（SMB）

The veteran project SMB is still developing. In 2023, it launched the third generation SMB Gen3. By stacking multiple series of SMB, its market value surpassed Mad Lads. SMB can be said to be the first brand of Solana NFT. SMB also launched Monke Dao, the first NFT DAO owned and operated by the Solana community, and has held many events. It has also invested over 1,600,000 US dollars in the Monke Ventures portfolio.

Not only the projects mentioned above, but also the aggregator Jupiter, stablecoin protocol UXD, decentralized domain name protocol Bonfid, as well as Helium, Star Atlas, and The Heist, which are NFT projects in the gaming industry, have made new progress in migrating to the Solana chain. With the further development of Solana, the ecosystem will demonstrate even more vitality.

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