Exciting Solana ecosystem ventures set to embark on exploration in 2024
Solana, renowned for its efficiency and scalability, operates as a layer-1 protocol that can process thousands of transactions per second with minimal fees. This unique feature addresses the challenges faced by other blockchain protocols.
In 2022, Solana’s native currency, SOL, experienced a turbulent year due to external factors. However, it has since made a remarkable recovery, surging by 500%. Currently, more than 70% of all circulating SOL is staked.
Looking ahead to 2024, Solana’s commitment to high-throughput and low-latency transactions underscores its significance in the cryptocurrency landscape. Its architecture has attracted a wide range of projects, including decentralized finance (defi) and non-fungible tokens (NFTs). This year, Solana is poised to achieve significant breakthroughs within its ecosystem.
Now is an opportune time to explore some of the top projects on Solana that are revolutionizing decentralized technologies. The following projects exemplify Solana’s versatility and its role as a catalyst for the wider adoption of decentralized technology.
1. Crowny (CRWNY):
Crowny is a web3 loyalty and rewards platform that onboards businesses through e-commerce plugins like Shopify, as well as directly onboards their users. Users can utilize Crowny’s native app to earn loyalty points and CRWNY tokens by interacting, purchasing, and engaging with their favorite brands. The platform was launched in 2021 and was one of the early pioneers on Solana, receiving grants from prominent ecosystem participants. Crowny has untapped potential for web3 use cases, such as loyalty and SocialFi, which can benefit both B2B and B2C efforts. The fully vested CRWNY token, currently valued at $4 million, offers real utility that enables businesses to quickly reach their fans and achieve more through their loyalty solutions without the complications associated with cryptocurrencies.
2. JITO:
As a leading Solana MEV infrastructure provider and liquid staking option, JITO has nearly 6 million staked SOL, over 34,000 holders, 77 validators, and an APY of 6.71%. JITO is a platform that allows SOL holders to earn a yield on their assets while maintaining flexibility. Users can access liquidity on their staked SOL and use it in defi while retaining complete control over their funds. Compared to Ethereum, liquid staking on Solana is relatively small.
3. Raydium (RAY):
Raydium, one of the prominent defi protocols on Solana, recently introduced Raydium V3 open-beta, a highly optimized decentralized app (dapp) focused on speed and efficiency. Raydium’s trading volume has been increasing alongside the rising SOL prices, indicating a growing demand for decentralized exchanges (DEXs). The platform also boasts one of the highest total value locked (TVL) on Solana, surpassing competitors like Jupiter, which has announced airdrop campaigns. Raydium V3 offers improved user flows and enhanced tooling, showcasing the company’s commitment to setting new defi standards.
4. Solana FM:
Solana FM aims to redefine the Solana exploration experience through a user-friendly interface. The platform recently announced the upcoming launch of Quantum, a new explorer with an improved interface. Quantum promises to eliminate the frustrations of clunky Solana transactions, manual search entries, and endless scrolling. Early Access slots will allow users to firsthand experience the features, demonstrating Solana FM’s user-centric approach to exploration on Solana.
5. GenesysGo (SHDW):
GenesysGo provides blockchain developers and operators with a secure infrastructure to enhance performance. It leverages shdwDrive and the SHDW utility token. The platform and underlying smart contract network aim to expand Solana’s infrastructure while increasing decentralization and censorship resistance. Their live testnet, D.A.G.G.E.R., emphasizes marketing and improved visibility. In 2024, it, shdwDrive, and SHDW will feature at crypto events. The activation of shdwDrive and D.A.G.G.E.R.’s multi-chain capabilities is crucial for the project. shdwDrive’s chain-agnostic design broadens its data storage services to users on various chains, while D.A.G.G.E.R. assumes roles as an Oracle network and a Wormhole. The cross-chain liquidity integration with SHDW’s tokenomics can enhance the token’s utility. Additionally, the introduction of Auditor Nodes, powered exclusively by mobile devices, allows users to earn SHDW by using smartphones to solve mathematical proofs, effectively transforming them into mobile mining rigs. This concept provides a pathway for individuals to join the SHDW ecosystem and positions D.A.G.G.E.R. and shdwDrive as pioneers in functionality and inclusivity in the blockchain.
In conclusion, Solana’s efficiency and scalability, coupled with its commitment to high-throughput and low-latency transactions, make it a prominent player in the cryptocurrency space. The diverse projects built on Solana, such as Crowny, JITO, Raydium, Solana FM, and GenesysGo, exemplify the platform’s versatility and its role in driving the widespread adoption of decentralized technologies.
