Solana, a fast-growing blockchain that facilitates cheaper and faster transactions, has been a top choice for developers looking to launch scalable decentralized applications (DApps). Several projects already run on the network. In this article, we will discuss six DApps on Solana that are worth checking out during this bull cycle.
Why is Solana Ideal for DApp Development?
Solana has become popular among developers due to its ability to handle at least 50,000 transactions per second. By comparison, its competitor, Ethereum, can only process 119 transactions per second.
Furthermore, gas fees on Solana are relatively cheap. Users incur less than a dollar when transacting on this network, which uses the proof-of-stake consensus mechanism.
Fast speeds and low transaction costs have contributed massively to the growth of the Solana decentralized finance (DeFi) ecosystem. As of November 2024, Solana-based DeFi projects have a Total Value Locked (TVL) of $6.5 billion, data from DeFiLlama shows.
Top Six Solana Projects
Here are the leading projects on the Solana blockchain:
Jito
Jito is a staking platform that allows Solana users to commit their SOL tokens in exchange for JitoSOL. The staked SOL is used to provide liquidity to hundreds of decentralized finance protocols, with stakers receiving a yearly yield.
Jito is powered by the JTO token, which gives holders the right to vote on various proposals. It is listed on numerous crypto exchanges, including OKX, Binance, and Coinbase.
As of November 2024, Jito has attracted 104,000 stakers who have collectively staked SOL worth $1.28 billion.
Also read:Render
The Render Network is a crucial player in the world of physical network infrastructure (DePIN). It allows users to offer visual rendering services using their idle GPU capacity.
All participants earn rewards in the form of RNDR, a token that was first deployed on Ethereum. Today, users can bridge their RNDR rewards to Solana via the wormhole bridging protocol.
Tulip Protocol
Initially known as SolFarm, Tulip Protocol is a liquidity provider supporting various DeFi projects, including decentralized exchanges Raydium and ORCA. The platform promises an annual yield of up to 350%.
Launched in 2021, Tulip Protocol raised over $5 million through a funding round led by Alameda Research and Jump Capital. Other participating venture capitalists included FinTech Collective, Amber Group, CMS Holdings, and Cadenza Ventures.
As of November 2024, Tulip Protocol has a TVL of more than $750 million. Additionally, being a decentralized project, Tulip Protocol lets users take part in the decision-making process by owning the TULIP token, which has a total supply of 10 million. CoinGecko data shows only 1.51 million TULIP tokens are in circulation.
ORCA
This is a well-known decentralized exchange that facilitates quick token swaps on Solana. Since it allows anyone to create a liquidity pool, the platform makes it easy for users to launch tokens.
As mentioned earlier, Tulip Protocol is among ORCA’s liquidity providers, who earn 0.3% of the collected trading fee. The exchange distributes rewards using the ORCA token, which has a market cap of $180 million. It’s worth mentioning that ORCA holders earn voting rights.
Star Atlas
This is a multiplayer exploration game created on Solana. Players earn the ATLAS token for engaging with Star Atlas. Furthermore, there are certain levels in which users are rewarded with NFTs.
Like other decentralized projects, Star Atlas is governed by the community. To be part of the governance process, players must own the POLIS token, which has a market valuation of $52 million. By comparison, ATLAS’s market cap stands at $61 million.
Jupiter
Jupiter is a decentralized exchange aggregator that sources favorable token prices across numerous Solana-based exchanges. Other services offered include futures trading, token bridging, and scheduling DCA investments.
Jupiter is powered by the JUP token, launched in January 2024. Every holder has a say in the platform’s governance.
Final Thoughts
As a scalable blockchain network that facilitates cheap and fast transactions, Solana will likely continue to attract more developers in the coming years.
Finally, while most Solana DApps on Solana are legitimate, some are operated by bad actors whose primary goal is to steal your assets. Therefore, do your due diligence before connecting your wallet to any protocol.
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