Analysis of Five Major Potential Projects in the Solana Ecosystem during the Bear Market

Recently, the cryptocurrency market has gone through a round of adjustment, but this has also created opportunities for investors to position themselves in undervalued potential projects. As two major hot ecosystems of this bull market, Solana and TON have developed rapidly, attracting significant capital inflow. Among them, the Solana ecosystem is relatively more mature and has significant advantages in terms of innovation capability and application scale.

With the Ethereum ETF set to launch, a certain asset management company has also submitted an application for a Solana ETF to regulatory authorities, indicating that traditional capital is beginning to pay attention to Solana. The company's head of digital assets stated that the combination of Solana's high throughput, low fees, robust security, and active community makes it an ideal choice for an ETF, providing investors with a versatile and innovative open-source ecosystem.

The Development Potential of the Solana Ecosystem

On a technical level, the new features launched by Solana have greatly lowered the barrier for developers, hoping to promote the application of Solana in fields such as DeFi, NFTs, gaming, DAO governance, and physical assets. This also brings opportunities for Solana ecosystem projects to acquire more users.

For investors, laying out the Solana ecosystem and seizing opportunities for technological innovation and capital positioning have become key focus areas. Here are five potential projects in the Solana ecosystem worth paying attention to this year:

1. Drift Protocol

Drift Protocol integrates physical assets and DeFi, providing users with a diversified product experience. The project recently announced a partnership with a financial company to support various physically-backed stablecoins as collateral, becoming the most widely supported protocol for mainstream physical assets on the Solana chain.

The advantages of Drift include:

• Product Diversification: Covers derivative trading, exchanges, leveraged spot, lending, etc.
• Ultra-low fees and an experience close to centralized exchanges
• Quick response to ecological hotspots, supporting the rapid launch of new projects

This year, Drift's total locked value has increased from 117 million USD to 385 million USD, a growth of 3.3 times. The cumulative trading volume is 32 billion USD, with an average daily trading volume of 220 million USD, and active users reaching 190,000.

2. Jupiter

Jupiter is the largest decentralized exchange aggregation platform on Solana, optimizing user trading paths by integrating liquidity from multiple exchanges. Its daily trading volume once surpassed that of a well-known decentralized exchange, becoming the number one across the entire chain.

The advantages of Jupiter include:

• Fast, low-cost, permissionless trading experience
• Provide value-added services such as scheduled investments, cross-chain bridges, perpetual contracts, etc.
• Provide issuance and listing trading services for new projects

Jupiter airdropped tokens to over 100,000 community users this year, becoming the largest airdrop on Solana. Last week, it airdropped cryptocurrencies worth $60 million to users participating in governance.

3. Kamino

Kamino is an innovative DeFi project that integrates lending, liquidity provision, and leveraged staking functions. Its features include:

• Use centralized liquidity market makers to control lending funds
• Automatic deleveraging mechanism and collateral protection feature
• Provide users with a diversified DeFi experience

Currently, Kamino is conducting its second round of airdrops. Providing stablecoins for the protocol is a robust strategy for participation. The stablecoin launched by a certain payment giant offers an annual yield of up to 18.39% on Kamino, along with a 3x points reward.

As of early July, the total locked value on the Kamino chain reached $1.06 billion, a 6.5-fold increase compared to the beginning of the year.

4. Jito

Jito is a liquidity staking protocol launched in 2022, allowing users to stake SOL to earn JitoSOL tokens. Its features include:

• Staking rewards are directly accumulated into JitoSOL.
• Provides the maximum extractable value ( MEV ) function, with profit distribution to users.
• Relatively high staking yield

Currently, Jito's total locked value has reached $1.59 billion, a 2.5 times increase since the beginning of the year. The protocol's revenue in the last 24 hours is $730,000, with a cumulative revenue of $150 million and over 100,000 users.

5. TipLinks

TipLinks is a lightweight wallet product, similar in functionality to the Blinks feature recently launched by Solana. Main features:

• Just use a Google account, no complex crypto wallet needed.
• You can send crypto asset links through any platform.
• Achieve seamless connection between Web2 and Web3
• Provide a seamless cryptocurrency payment experience for new users.

The emergence of TipLinks and Blinks technology is expected to break the barriers between Web2 and Web3, laying the foundation for the widespread application of cryptocurrencies.

Summary

From on-chain data, Drift Protocol performs excellently in terms of user base and daily revenue, has a wide product coverage, and shows a high degree of integration with the Solana ecosystem, which is expected to further enhance its competitiveness.

Jito and Kamino have secured over $1 billion in locked volume, becoming a focal point of capital attention. Jupiter has achieved significant growth thanks to liquidity aggregation and airdrop expectations.

TipLinks provides the possibility for further popularization of cryptocurrency, with explosive potential, but its security and practicality still need to be observed.

Compared to the last bull market, this round of the Solana ecosystem has seen the emergence of more rapidly growing projects, covering multiple sectors such as DEX, staking, lending, NFT, and physical assets. Solana projects have generally achieved over 2 times TVL growth, with the number of users reaching hundreds of thousands, demonstrating strong innovative vitality and development potential.