5 Solana Projects You’ll Want to Explore
Solana, the scalable Layer 1 blockchain, has become a leader in enticing exciting new projects, notably in the NFT space. Solana is a third-generation blockchain that uses the PoS (Proof-of-Stake) algorithm to qualify nodes for validation and secure network activity.
This provides a high degree of scalability and the ability to process a high volume of P2P transactions. The network can process 50,000+ transactions per second, with one of the lowest transaction fees in the market — $0.00025.
As Umbrella Network welcomed Solana this week as our 6th chain available in our multi-chain oracle ecosystem, we have been excitedly discussing projects in the Solana ecosystem we are excited about, intrigued by, or have simply heard a lot about. Here is a short summary of just a few of these can’t-miss Solana projects:
- Fractal: Twitch co-founder Justin Kan has launched Fractal, a new NFT marketplace based on Solana and focused on blockchain games called Fractal. The marketplace allows users to buy, trade, and store NFTs used in different blockchain-based games. The company introduced its first blockchain partnership games including The Sandbox, Nyan Heroes, Caveworld, and Genopets, just to name a few. Currently, users can connect Solana-friendly wallets like Phantom to buy and sell any NFTs from Solana-based gaming projects.
- Hubble: Hubble is a new DeFi protocol built on Solana that makes borrowing as efficient, user-friendly and profitable as possible. Users can deposit multiple types of crypto assets such as SOL, BTC, ETH, and more to borrow up to 90.9% LTV (Loan-to-Value) in USDH. They can earn a return on their deposits with much greater benefits compared to a swap or stake in other SOL assets. Hubble distributes 100% of liquidation to the Hubble community. Users who contribute USDH to the Stability Pool can conveniently swap their stablecoins for other assets at a discount.
A small portion of these liquidations are used to fund Hubble’s treasury to support the protocol through its future transition to a DAO. The project aims to provide a one-stop shop for essential DeFi services powered by the speed and efficiency of the Solana network.
- Serum: Serum is not only a decentralized exchange, but the basic infrastructure for dApps on the Solana blockchain. It’s unique because it allows for launching various DEXes (decentralized crypto exchanges), combining them with the Serum markets and receiving increased liquidity for protocols. As new projects are added, the total pool of capital will grow. Large dApps in various fields have already been launched on Serum (AMM, Games, NFT, Yield, etc.). Serum, as a decentralized exchange, also provides cross-chain trading. It has the speed and convenience of other exchanges, but the operations are relatively more secure and transparent.
Its impressive social presence, proven strong user growth and fun contests (not to mention delightful rewards), had Serum jump on our team’s “Cool Solana Projects” list!
- ORCA: ORCA is another interesting decentralized cryptocurrency exchange based on Solana. Users can exchange assets, provide liquidity and earn income through an easy-to-use interface. Projects can use ORCA to easily integrate data from exchanges, revenue farming and blockchains into their decentralized applications. ORCA aims to provide simple and effective financial tools for everyone, thus bringing DeFi to the masses. Over the past few months, the ORCA protocol has enabled over US$400 million worth of trades, improved its swap user interface, and sent out over 11,000 marine-themed collectibles to early adopters.
- Raydium: Raydium is an AMM (Automated Market Maker) built on the Solana blockchain that uses the Serum DEX order book to provide lightning-fast trades, collaborative liquidity and new revenue-generating features. It can be seen as an alternative to Uniswap; only instead of running on Ethereum, it’s powered by Solana and gets access to Serum’s entire liquidity ecosystem. Investors might find infinite possibilities with Raydium. But the main reasons for farming on Raydium is its Dual Yield offering and its unique ‘Fusion Pools’ feature where users can potentially earn RAY in addition to tokens associated with projects they partake of.
The principal benefits of running any dApp on Solana are that the transaction fees for executing any type of application logic (like buying a token) are orders of magnitude lower than on Ethereum and the transactions are executed in seconds. Faster transactions, significantly lower fees, and ecosystem-wide liquidity are very appealing for the development of DeFi projects.
Since making our decentralized oracles available to Solana developers this week, we’re excited to offer more than 3,800 data feeds at the outset, including price data from a variety of cryptocurrencies, US equities, commodities markets, and more. With our random number generator and a growing suite of custom data solutions (including offerings across sports, insurance, healthcare, green energy, geolocation, and more).
Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.
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