Cryptocurrencies are an exciting business. It’s still in its early stages, so volatility is still a significant concern for the average investor. On the other side, the opportunities that the space offers are limitless.
In 2017, the ICO frenzy ignited a memorable bull market. Then, in 2020, DeFi was the primary catalyst of a new bull run. Since then, the ecosystem has not been the same. With fascinating new projects launching products daily, Solana is among those that have been delivering the most impressive results.
With a whole new ecosystem developing at the speed of light, let’s explore the best Solana apps you should keep an eye on in the coming months.
What is Solana?
Solana (SOL) is a programmable crypto computing system based on blockchain technology, similar to Ethereum. It was founded by Anatoly Yakovenko (a former Qualcomm employee) back in 2017. Along with his partners, Anatoly created an innovative process to address the current throughput limitations in popular crypto blockchains such as Ethereum and Bitcoin.
Solana employs different novel approaches to offer high transaction speed and run multiple finance operations without sacrificing decentralisation. It also has its native cryptocurrency known as SOL. Not only does it allow the crypto users to exchange its native cryptocurrency but also other digital assets, including NFT (Non-Fungible Tokens). According to the recent official stats, Solana can manage 50,000 transactions per second and 400ms block times.
This article will discuss the 5 best Solana apps that you should keep an eye on. So, let’s get started.
The Solana coin
All spotlights are now on the Solana coin after it increased 10x in less than one year. Yet, countless projects have been building a new ecosystem long before. As new adopters joined in the past month, it was only a matter of time before the price went parabolic.
The Solana Ecosystem is the bundle of innovative and efficient technologies that allows the Solana blockchain to offer a highly secure environment and incredible transaction speeds. It uses the DPoS (Delegated Proof of Stake) mechanism, making it faster than the blockchains running on a simple PoS consensus mechanism. It also allows you to become a delegator or validator to stake Solana’s native token SOL.
The Solana ecosystem also uses the PoH (Proof of History) mechanism. It applies specific timestamps to each transaction getting approved. As a result, every node in the blockchain finds the exact and correct sequence of events to ensure security and data integrity.
- It removes the scalability issues because of its native tools that keep the transaction throughput of the network proportional to the bandwidth.
- It can manage a much higher number of transactions (over 50,000) per second than other blockchains such as Bitcoin with 7 TPS and Ethereum with 15 TPS.
- It makes interoperability of different blockchains a breeze, e.g., Wormhole Bridge to connect to Ethereum blockchain.
If you have been in the crypto space for a while, you have certainly come across Chainlink. Its price increased 100x from 2019 to 2021, thanks to the booming DeFi ecosystem. Smart contracts rely on external data sources to ensure that they can work properly and price all the transactions they have to manage correctly. That requires the integration of decentralised oracles that provide to the smart contract on-chain and off-chain data. Solana-based smart contracts make no difference.
The Pyth network just went live on mainnet a few weeks ago, and it guarantees a high-performance data feed for all apps running on Solana Blockchain. The speed of data is a critical requirement for the network. Given the super-fast validation process of the Solana consensus mechanism, the oracle has to keep up with the needs of the network. As a comparison, Pyth’s price feed updates every 400 milliseconds, while other Ethereum-based oracles support updates every ten to fifteen seconds.
- The project has solid partnerships with trading-focused firms that will guarantee high-quality price feeds.
- High level of performance and scalability
- Interoperability across different Blockchains with a plan to support the Ethereum, Terra and the Binance Smart Chain
Serum is a non-custodial DEX (Decentralized Exchange) platform that allows you to buy and sell cryptocurrencies. This application is built on Solana that enables it to offer the same cost-effectiveness and transaction speed. It’s known as the only permissionless DEX that’s purely designed on an on-chain engine and order book with low fees.
The main goal of the Serum application is to resolve the common De-Fi (Decentralized Finance) problems such as liquidity segmentation, low capital efficiency, centralisation, slow transaction, and high gas costs. It also allows crypto users to trade cross-chain. It means you can trade multiple types of tokens built on other blockchains, including Polkadot and Ethereum.
Almost all the existing De-Fi systems can access Serum’s liquidity and features, irrespective of their blockchain technology type.
- It offers the same transaction speed and cost-effectiveness that the Solana blockchain does.
- It solves a range of traditional De-Fi problems
- It offers cross-chain support for crypto-traders
- Allows De-Fi projects to access its features and liquidity
Gravity is yet another innovative application by Solana that allows blockchains to communicate outside the crypto world. It’s basically a blockchain agnostic and open-source oracle system that enables sidechains and cross-chains communication without leaving a single unified structure. It has also partnered up with many renowned projects such as Binance, Union, Ankr, Curve, Band Protocol, and much more.
It’s important to note that most partners have also agreed to work with Gravity as validators. These projects will own gravity nodes to expand the Gravity platform further, making it more secure and decentralised. Gravity also offers an extension known as Susy/SuperSymmetry. It essentially works as a cross-chain gateway and allows you to convert tokens from one chain to another.
- Enables cross-chains and sidechain communication
- Allows you to convert tokens from one chain to another
- A completely secured and decentralised network
Kreechures is Solana’s first RPG (Role Playing Game) that allows you to collect crypto NFT (Non-Fungible Tokens). The NFTs are on the Solana blockchain, and it’s a fun way to collect, trade, and sell tokens. The characters of this game are known as Kreechures, and you can earn them by playing combat, training, and other activities that the game offers.
The project represents an exciting way to combine collectables with gaming and entertainment.
- A great and enjoyable way to earn tokens
- The game offers multiple levels to collect, trade, and sell tokens.
CropperFinance is the very first platform built on Solana that offers permissionless yield farming. It allows SPL (Solana Program Library) project builders to provide their holders with yield farming in a few clicks. CropperFinance also aims to enable SPL project builders to launch their yield farming, decide the weekly emission, set up the supply to allocate to farming, and connect liquidity to the platform. It also aims to help users participate in reliable and secure liquidity swapping, staking, mining, and more. It also has its native token known as CRP that is used to pay the fee.
- A permissionless platform for yield farming
- Instant swap and trade functionality
- Farming against different tokens belonging to different farm categories
- Supports token fusion via liquidity providing
Solana is here to stay
Solana is one of the fastest blockchain protocols that offer a vast range of innovative applications and projects. We have only selected the most exciting and promising applications that every crypto user should watch.
Apart from the technical benefits of using Solana over other Blockchains, the element that will define the success long term of the ecosystem will be another one.
All apps running on the Solana Blockchain has something in common. The UI of these apps is significantly better than most of the other app you will find in the crypto space.
With crypto going mainstream and aiming to board millions of new users, a sleek and seamless interface is what every product will need to be successful. Solana apps seem to be on the right track to achieve that!
With a market capitalisation of more than 46 billion US dollars and unprecedented potential, Solana can secure a top position in the decentralised world in the future.