Solana is well-known for its high-performaning blockchain, which can sustain 50,000+ TPS without sharding and the numerous innovations that have been developed on it. As part of the Solana ecosystem, a variety of tools have already been created. Because of its partner and features, Solana provides a compelling value proposition for Decentralized Finance (DeFi) apps. Solana has come a long way in terms of interoperability, and it is already part of the Ethereum ecosystem.
Wormhole bridge, for example, enables users can transfer money between Ethereum and Solana by converting ERC-20 tokens into the SPL standard of Solana.
Top 10 Solana dAPPS
Raydium:
Raydium is a DeFi (Decentralized Finance) application that acts as an on-chain order book and an AMM (automatic market maker) to help DeFi evolve. Raydium, unlike many other AMM systems, offers a central limit order book on-chain liquidity. That implies Raydium’s users and liquidity pools have access to the whole Serum ecosystem’s order flow and liquidity, and vice versa.
Liquidity providers can also earn money from trading fees by donating to Raydium.
As farming rewards, $RAY assets are used to incentivize critical pools. Extra reward tokens can be added by projects that want to compensate users for supplying liquidity.
Surprisingly, as the platform matures, it intends to collaborate with other DeFi and AMM groups and support their products to be built on Solana. As a result, additional liquidity will be introduced, and new DeFi protocols will be added to the Solana ecosystem. Raydium will offer more flexibility and functionality to future versions and new features as a result of these enhancements.
Serum:
The Serum Serum Project is a decentralized exchange (DEX) ecosystem that enables decentralized finance to operate at unprecedented speeds and minimal transaction costs. It is entirely permissionless and is based on Solana. The serum helps sub-second trading and settlement, an on-chain order book, and minimal gas expenses because of its Solana foundation. There is a variety of DEXs, exchanges, and wallets integrated within the Serum ecosystem.
Bonfida:
Bonfida is a network that is growing on top of the Serum and Solana ecology. The platform provides a comprehensive product package that aids in communicating between Solana, Serum, and its consumers. Bonfida also provides data analytics to Solana via their API, which is utilized by some of the major market makers in the area and has experienced rapid development over the years.
Bonfida is a Serum GUI as well as an API and DEX. The GUI offers a superb UX/UI and delivers the functionality that Serum users request. The GUI wants to do the following to expand its user base:
- Markets and listings that are exclusive.
- Advanced order kinds that may be placed on the blockchain.
- TradingView Charts for Order Placement
- User Interface Options: Advanced and Basic
Orca:
Orca is a decentralized exchange (DEX) based on Solana with a user-friendly interface. A Fair Price Indicator, Aggregator, and Token Balances allow Orca to deliver a more authentic, human-centered experience for Solana traders.
First and foremost, the Fair Price Indicator was developed to address one of DeFi’s most pressing issues: assessing if a particular pool is presently offering a reasonable price. Thanks to the Fair Price Indicator, users no longer have to rely on DEX’s suggested market rates or spend time comparing prices on time-consuming trackers and exchanges.
Second, Orca serves as both an AMM and an aggregator. Each time you enter a deal, it gives the best available rate from either Orca or Serum Swap’s liquidity pools. Finally, Orca has included a Tokens panel into its user interface. Users may see their balances and all of the tokens listed on Orca, as well as live updates anytime a deal is performed, or liquidity is given.
Mango Markets:
With up to 5x leverage, Mango Markets enables decentralized cross-margin trading. Mango Markets wants to provide a decentralized platform that is both trader and maker friendly. On-chain margin trading on limit order books and perpetual futures, which are the primary sources of revenue for centralized exchanges, is the platform’s initial fundamental feature. As a result, transitioning to DeFi is a critical step in overcoming CeFi systems.
Mango Markets may also lend digital assets or act as a liquidator when a position’s collateral requirements are not met.
Oxygen:
Oxygen.org which is a DeFi Prime Brokerage Protocol, it is designed to serve hundreds of thousands to millions of users in the future. In three ways, the platform assists its users as digital asset holders in generating liquidity, earning yield, borrowing assets to go short, obtaining trading leverage against portfolio assets, and allowing for more efficient use of their assets:
First, Oxygen allows you to create income on your portfolio by lending out your assets while borrowing other assets simultaneously, thanks to various uses of the same collateral.
Second, cross-collateralization allows you to borrow other assets using your whole portfolio as collateral. This lowers your portfolio’s risk of a margin call or liquidation. Finally, the Oxygen Protocol is built on an order book, ensuring that borrowing and lending are always fair.
Phantom Wallet:
Phantom Wallet is a DeFi and NFT-compatible digital wallet. On the Solana blockchain, the wallet includes a browser plugin that may be used to manage digital assets and access decentralized apps. It works by letting users keep funds and sign transactions by establishing and managing private keys on their behalf.
In addition, the plugin injects a Solana object into the JavaScript environment of each online application that the user accesses. The application may then use this injected object to communicate with the wallet, such as requesting permission to make a transaction.
The user interface is highly user-friendly, and it’s most likely the best Solana wallet, if not one of the best blockchain wallets available!
Star Atlas:
By integrating blockchain technologies with traditional game elements, Star Atlas is producing a new gaming experience. Solana launched the first-ever “web-scale blockchain” in 2019, making it the only blockchain solution capable of hosting applications with computational bandwidth comparable to the modern internet, allowing it to decentralized power versions of Twitter, Nasdaq, and a slew of other blockchain applications. Star Atlas believes that incorporating blockchain into asset ownership and NFT markets can enable decentralized self-sovereign asset ownership.
Synthetify:
Synthetify is a decentralized system that allows users to create and exchange synthetic assets without needing a third party. Assets backed by $SNY are used to fund synthetic assets. As a result, staking $SNY grants users access to a worldwide debt pool, a counterparty for other users to trade against. Participants in the debt pool are paid a portion of the fees generated by a synthetic asset exchange. Users can release their staked assets by burning synthetic debt tokens.
Oracles gather the price of certain assets and publish it to the Solana blockchain to calculate asset prices. All other apps (Serum, Raydium) can employ synthetic assets and even be transferred into other chains via a bridge. Users of the Synthetify exchange may anticipate costs to be near-zero (0.001$) and confirmation times to be near-instantaneous.