Top 5 Solana Powered Projects

Launched in 2017 by Anatoly Yakovenko, Solana is a fairly new blockchain that offers strong security features and fast transactions to its users. In terms of fast transactions, the Solana blockchain can support 50,000 transactions per second without sharding.

Also, the Solana blockchain has made significant strides towards achieving interoperability with other blockchains. As a result, the Solana blockchain users can transfer value from the Solana Blockchain to other blockchains. A good example of this Wormhole bridge. 

The Wormhole bridge allows users of the Ethereum and Solana platforms to transfer digital assets between both platforms. Which in effect changes ERC-20 tokens into Solana's SPL standard during the transfer of assets. 

Furthermore, the Wormhole bridge allows users of other blockchains to move their digital assets to the Solana blockchain. The Wormhole bridge allows developers and communities to leverage the Solana blockchain's security features and speedy transactions.

Solana blockchain's excellent features and tools have led developers of decentralized finance apps to switch the Solana ecosystem. As a result, there are many new decentralized apps have been created on the Solana ecosystem. This article will review the top five Solana-powered projects. However, if you want to know why bitcoin is a good investment, click on this link.

There are over 110 projects on the Solana ecosystem, and these projects range from blockchains to crypto exchanges. However, our top five Solana powered projects are:

●      Serum

●      Rayduim

●      Oxygen

●      Civic

●      Mango Markets

Alameda Research and FTX created the Serum Foundation owners of the Serum decentralized exchange. According to the Stakingfacilities website, "Serum is a Decentralized Exchange (DEX) built on the Solana blockchain. It supports trustless cross-chain trading, stable coins, wrapped coins as well as on-chain central limit order books".

The Serum decentralized exchange beats other decentralized exchanges in terms of speed and total decentralization. Furthermore, the Serum DEX is fully scalable and has the ability to power a full ecosystem of exchanges that are interconnected.

The Serum decentralized exchange is a permissionless exchange. As a result, users of this exchange can carry out transactions without interference from a central authority. The Serum DEX supports crypto features like non-custodial wrapped BTC, ETH,  ERC-20, and many others. On the Serum, the entire DeFi stack is decentralized.

Similarly, the exchange supports features like decentralized stable coins, decentralized oracles, and cross-chain asset swaps. In the past Serum DEX has provided funding and grants to different DeFi projects like Sushi Swap. 

According to Medium.com, "Raydium is a DeFi protocol and automated market maker (AMM) built on Solana. The protocol leverages the central order book of the Serum Decentralized Exchange (DEX) to allow lightning-fast trades and shared liquidity and other features for earning yield".

One unique thing about Rayduim is that it provides a central order book for liquidity across an ecosystem, while other central books only check for liquidity across a liquidity pool.

Rayduim aims to improve on its services and lead the DeFi and crypto community as the best-automated market maker (AMM) and liquidity provider.

Oxygen is a DeFi brokerage protocol created to support over 100 million people in the future. This Solana-based brokerage protocol offers a wide range of DeFi services to its users.

Among other things, Oxygen provides a means for generating liquidity for holders of cryptocurrencies on its platform. Similarly, the Oxygen platform allows users to lend out digital assets and borrow other assets to generate yield.

Another service available on the Oxygen platform is cross-collateralization. This feature allows users to utilize their portfolios as collateral when borrowing other digital assets. The benefit of cross-collateralization is that with a large portfolio there is a reduction in hitting margin calls.

Civic is a decentralized identity verification system built on the Solana ecosystem. Civic uses AI-powered identity verification tools in combination with human reviews to certify the identity of people.

Civic began integrating into the Solana ecosystem in 2021 and offers secure and cost-effective ways of enabling identity verification. Currently, Civic is extending and enhancing its platform to provide a more robust service to its users.

Mango markets is a decentralized cross-margin trading platform built on the Solana blockchain. Mango offers a leverage of up to 5x and integrates limit orders from Serum decentralized exchange on-chain order book. Mango markets were one of the first-place winners at the yearly  Solana x Serum's DeFi hackathon.

The platform allows users to receive interest from deposits and margin positions and trade with cheap fees because of Solana's ecosystem's cost-effectiveness. Similarly, users can contribute the Serum coin (SRM) into a collective pool to reduce the trading fees of traders using the Mango Markets platform.

There are many other fine projects on the Solana blockchain that offer reliable and fast services. For example, the Solana beach project. This project is used as the Solana ecosystem's official dashboard for tracking transactions, validators, blocks, and different assets on the Solana ecosystem.

Similarly, the Terra project uses stable coins pegged to the world's largest currencies to provide users with a payment network. Currently, Solana is creating a new high-speed token bridge to help users facilitate payments using the Terra project stable coins. Other solid projects on the Solana ecosystem include PsyOptions, Audius Project, Stardust, Anchor, among many others.

Due to the special features and tools provided by the Solana ecosystem, there will be an increase in the usage of the platform in the nearest future.