Solana Ecosystem Guide 2024

• Solana is a fast, low-cost blockchain known for its efficiency and wide range of decentralized applications (dApps).
• The Solana ecosystem includes top-tier projects in DeFi, NFTs, gaming, and more, creating diverse use cases across multiple sectors.
• Solana’s rise is challenging Ethereum as a Layer 1 network, offering advantages in scalability, speed, and transaction costs.
• With the right tools, users can access Solana’s growing ecosystem, from DeFi to NFT marketplaces, and beyond.

As Solana becomes one of the world’s most popular blockchain networks, we’re witnessing explosive developer activity on the Solana ecosystem. Launched in 2020, the network has built a reputation for its scalability, low-cost transactions, and speed, processing thousands of transactions per second. 

Furthermore, with its smart contract capability, Solana now rivals Ethereum, hosting a rich ecosystem of dApps, DeFi platforms, and NFT marketplaces. Solana aims to solve blockchain scalability issues while providing a solid foundation for decentralized finance, gaming, and more.

To make the most of the Solana blockchain, users have to familiarize themselves with the top projects. In this article, we’ll do a quick dive into the leading projects on Solana and explore how you can get started.

15 Top Solana Ecosystem Projects in 2024

1. Phantom

Let’s take it from the top, to access the Solana blockchain, the first thing you’ll need is a compatible crypto wallet and browser extension.

Phantom is arguably the most popular Solana wallet. It’s a non-custodial wallet built specifically for the Solana blockchain, launched in 2021. Known for its sleek and user-friendly interface, Phantom offers users a seamless way to store, manage, and interact with Solana-based assets, including SOL, tokens, and NFTs. The wallet also supports staking SOL and features a built-in decentralized app browser, enabling users to easily connect to and engage with Solana’s growing ecosystem of dApps.

Phantom offers security features, such as biometric authentication, and executes fast, low-cost transactions on Solana’s high-speed network. It’s available on mobile and as a browser extension. Most recently, Phantom added the option to buy cryptocurrencies with Apple and Google Pay.

2. Raydium – $RAY

Launched in 2021, Raydium is a decentralized exchange (DEX) and automated market maker (AMM) built on the Solana blockchain. As a result, Raydium offers fast trades and deep liquidity for users. Sometimes referred to as the Uniswap of Solana, Raydium integrates with the Serum order book to provide liquidity for the entire Solana ecosystem. 

At the time of writing, its total value locked (TVL) is over $1.6 billion. The platform uses its native token, RAY, for staking, governance, and liquidity rewards.

3. Jupiter (JUP)

Jupiter is the leading aggregator for token swaps on Solana. It provides the best prices and routes for decentralized trading by scanning multiple liquidity sources. Launched in 2021, 

Jupiter quickly became the go-to platform for efficient token swaps on Solana, helping users find the most optimal paths and prices. Most recently in 2024, Jupiter launched its JUP native token. JUP is used for making decisions in the Jupiter DAO and attracting more users in the future. Currently, Jupiter has a TVL of more than $1.3 billion.

4. Pump.fun

Pump.fun is a user-friendly platform built on the Solana blockchain that allows individuals and businesses to launch their own tokens. What makes it special is that anyone can do it as no prior programming knowledge is needed. Furthermore, with its simplicity and accessibility, Pump.fun enables users to create and distribute tokens effortlessly.

It comes as no surprise that the main type of tokens created on Pump.fun is memecoins. As a result, many users call the platform the memecoin generator. At the time of writing, Pump.fun has a volume of more than $26 million in the past 24 hours and over 50k unique users.

5. Magic Eden

Magic Eden is Solana’s top NFT marketplace, specializing in digital art, collectibles, and gaming NFTs. The platform launched in 2021 and since then it has offered a seamless user experience to support creators. Among its features, users can find minting tools and NFT royalty systems. 

It’s in direct competition with other NFT marketplaces such as OpenSea, Blur, and others. However, Magic Eden quickly gained traction due to Solana’s low transaction fees and its ease of use for artists and collectors. Magic Eden has nearly $250k worth of assets locked in its smart contracts and a daily volume of nearly a million.

6. Solend (SLND)

Launched in 2021, Solend is a decentralized lending and borrowing platform built on Solana. With Solend, users can lend their assets and earn interest, or borrow funds against their collateral. Solend’s native token is SLND but in August, the platform officially rebranded to Save. Along with this, it also launched a couple of new products with SUSD, a new stablecoin, and saveSOL, a liquid staking token.

In addition, Solend also revealed dumpy.fun, a platform allowing users to short memecoins. At the time of writing, Solend has more than $140 million in TVL.

7. Star Atlas (ATLAS)

Star Atlas is a next-generation gaming metaverse on Solana, combining NFTs with immersive, space-themed gameplay. Players can explore, trade, and engage in space battles while earning the native ATLAS token. Start Atlas clearly had some inspiration from Star Citizen but whether it’ll deliver on its promises remains to be seen.

The game’s vision is to create a decentralized virtual universe. Currently, the game’s in early access and listed on the Epic Games Store. Consequently, anyone who wants to test out the title will have to join the official Discord.

8. Jito (JTO)

Jito is a Solana-based platform focused on building infrastructure for staking and validator optimization. It aims to improve validator profitability while reducing the risk of slashing and downtime. Jito competes with staking optimization platforms on Ethereum and other Layer 1 networks.

Validators on Solana can use Jito to increase their efficiency and rewards. Furthermore, by staking their SOL on Jito, users receive a liquid stake pool token (JitoSOL) which provides staking and MEV rewards. Jito also has a native token called JTO with a couple of use cases. For example, it’s used for adjusting fees in the JitoSOL staking pool, updating delegation strategies within StakeNet, and managing the DAO treasury. Jito has a current TVL of more than 14 million SOL.

9. DLN

DLN stands for Decentralized Liquidity Network. It’s a platform that offers cross-chain liquidity solutions without relying on traditional liquidity pools. DLN launched in 2023, optimizing capital efficiency by routing orders across various blockchains. 

Despite its growing presence, the platform has no native token, and it’s unclear whether one will be introduced in the future. DLN’s daily volume stands at more than a million.

10. Drift Protocol (DRIFT)

Drift Protocol is a decentralized derivatives trading platform that provides perpetual swaps and leveraged trading for Solana ecosystem users. Launched in 2021, Drift Protocol uses an AMM mechanism to offer efficient, low-cost derivatives trading. Lastly, its native token, DRIFT, is used for governance and rewards. 

Most recently, the project also launched betting on world events such as the upcoming US election and sports. Drift competes with derivatives platforms like dYdX but benefits from Solana’s high transaction throughput. The platform’s TVL sits at more than $430 million.

11. Kamino Finance (KMNO)

Kamino Finance is an automated vault protocol on Solana, launched in August 2022, that aims to optimize yield farming strategies for users. In addition, the platform offers users a streamlined way to manage their pooled assets by automating the yield farming process and adjusting positions in real time, reducing the need for manual intervention. 

Kamino’s native token, KMNO, is used for staking and governance, allowing holders to vote on protocol grants, reward campaigns, and allocation decisions. The platform is particularly popular among liquidity providers seeking passive income with minimal effort. Kamino has a TVL of more than $1.6 billion.

12. Saber (SBR)

Saber launched in 2021 as a decentralized exchange for stablecoin and wrapped asset swaps within the Solana ecosystem. The platform enables low-slippage trades between stablecoins like USDC, USDT, and wrapped tokens. Saber’s native SBR serves as a governance token but it’s also used for protocol upgrades and staking. 

Shortly after the US Justice Department started an investigation, Saber’s two founders went into hiding. As a result, the platform was revived by its vibrant community with the SaberDAO. Saber competes with Curve Finance and has a TVL of nearly $20 million.

13. Helio

Helio is a Web3 infrastructure platform designed to help merchants and creators enhance their sales by offering seamless crypto checkout solutions. In other words, by integrating decentralized payment methods, Helio enables businesses to accept various cryptocurrencies with ease, providing a smooth and secure transaction experience for customers. 

The platform supports fast, low-fee payments across Solana, Ethereum, and Polygon, empowering creators and merchants to tap into the growing crypto market.

14. Genopets (GENE)

Genopets is a blockchain-based “move-to-earn” game that combines NFTs with physical activity. Players can train and evolve their digital pets by tracking their physical activity and earning GENE tokens as rewards. Genopets is part of the growing gamification of fitness apps and competes with platforms like Stepn. 

In addition, Solana’s low fees and high-speed transactions allow for a smooth gameplay experience. The game isn’t technically live yet but users can still join the public beta.

15. Sol Incinerator

Sol Incinerator is a unique project launched in 2021. It allows users to burn any unwanted tokens. According to the official description, Sol Incinerator “allows for a seamless process to clean out the crud, rugs, and scam NFTs from your wallet”.

Unlike other chains, Solana has a built-in burn function. With Sol Incinerator, users can destroy any scam/unwanted NFTs and reclaim a small portion of SOL for it. Keep in mind that the amount will depend on the number of tokens or NFTs you’ve burned. Use it with caution!

Why Use Solana?

Solana has rapidly gained popularity due to its fast transaction speeds, scalability, and low fees, making it an attractive alternative to Ethereum. As more projects and developers flock to Solana, its ecosystem has grown significantly, offering a wide range of services, from DeFi platforms to NFT marketplaces. 

Additionally, with ongoing scalability improvements, Solana is well-positioned to handle future growth and adoption. Furthermore, Solana has a thriving developer community and even the jailed Sam Bankman Fried is still promoting Solana in prison.

How To Start Using Solana

Are you completely new to the Solana ecosystem? Fear not because we have a couple of steps that you can follow to begin:

1. Buy Some SOL – SOL is the native token of the Solana blockchain, used for transaction fees and interacting with dApps. You can buy SOL on major exchanges like Binance, Coinbase, or KuCoin.
2. Create a Solana Wallet – To store your SOL and interact with Solana dApps, you’ll need a compatible wallet. Some of the most popular options include Phantom and Solflare.
3. Transfer SOL to Your Wallet – Once you’ve purchased SOL on an exchange, transfer it to your wallet. Simply copy your wallet’s address and use the exchange’s withdrawal function to send your SOL.
4. Access Solana dApps – Connect your wallet to the app of your choice and start exploring.

Closing Thoughts

The Solana ecosystem is one of the most promising corners of the crypto space, building a diverse and innovative range of dApps, services and tokens. It offers projects ranging from DeFi platforms and NFT marketplaces to infrastructure and Web3 games. As a result, Solana continues to attract developers, investors, and users looking for an alternative to Ethereum. 

Solana’s speed, scalability, and low gas fees make it an attractive option for anyone looking to explore decentralized applications without breaking their wallet.

About the author

Tasho Tashev

Tasho is a passionate enthusiast of all things blockchain, Web3 and cryptocurrency. With a keen interest in the cutting-edge intersection of technology and entertainment, he loves sharing stories that inform and inspire.

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