Solana is a top-level network like Ether on which users can create decentralized applications. Ether has long struggled with scalability problems and this has led to the creation of many “Ether killers,” including Solana.
Ether killers are blockchain networks that try to solve the same problems as Ether, but in a more efficient way. Often, to scale, blockchains must sacrifice decentralization or security. Ether, on the other hand, strives to scale without sacrificing any of these aspects. Solana offers one such solution: the Proof of History (PoH) consensus algorithm.
With PoH, Solana is able to process over 50,000 transactions per second and achieve near-instantaneous settlement. In addition, Solana is backed by several high-profile investors, including Andreessen Horowitz, Polychain Capital, and CoinDesk.
So if the Solana blockchain is so great, there must be many advanced applications based on it, right? Yes, and today we are going to examine them!
Top 9 Solana Projects To Follow In 2022
In addition to scalability, Solana offers low transaction costs and an energy-efficient architecture that benefits projects on its network. As a result, we have over 350 projects based on it. Some of them are really shaping the decentralized ecosystem: here is a list
P.S. You can invest in the linked cryptocurrencies of these projects through the Solana Select Coin Collection. This will help you reap the benefits of the development of these DApps and the Solana network itself.
Australian blockchain entrepreneur Yawn Rong created STEPN in August 2021. it is a “Web3 lifestyle app” with elements of GameFi. He created a new category called “move to the next level,” which combines elements of games to win with fitness software.
STEPN aims to revolutionize the fitness industry in several ways.
First, users can start earning money in the game’s “solo mode” by purchasing a pair of NFT sneakers after installing the app and creating a wallet. They can earn tokens by jogging or walking. Different types of shoes can earn different amounts of tokens, and the better the performance characteristics, the more tokens the user can earn per minute.
This is where the second innovative element of STEPN is introduced, fitness gamification, which gamifies physical activity and encourages users to follow a healthy lifestyle through in-game rewards in the app, daily energy allocation, and customized footwear. Participants can accumulate points and compare their performance on a scoreboard, while the best ones receive greater rewards.
2. Star Atlas
The Star Atlas blockchain project was launched in January 2021 by CEO Michael Wagner, COO Pablo Quiroga, and CTO Jacob Floyd.
It is a meta-game-based MMO developed using Unreal Engine 5, which allows for the inclusion of cinematic-quality real-time landscapes. The game is a role-playing game with play-to-earn features set in the year 2620, a futuristic sci-fi environment. The game combines several genres. The game incorporates strategy, exploration and flight simulation.
With its cinematic gameplay and the ability to earn virtual assets that can be converted into real money, it aims to outperform its rivals. To date, no blockchain game has as many possible gameplay variations as StarCraft. No game can do all this at once. ATLAS tokens can be used as in-game money to purchase items; players can also purchase NFTs to buy ships and other included game equipment.
In addition, because ATLAS tokens are embedded in Serum DEX, holders will have the ability to generate cash or buy and sell tokens. All these factors make it a good game for the Solana network.
Founded in 2015 by Vinny Lingham and Jonathan Smith, Civic is a blockchain-based identity management system that provides individuals and organizations with a means to manage and protect personally identifiable data. By giving users more control over their data and enabling them to access a variety of services without having to reveal too much personal information, the platform aims to change the way we manage identity verification.
Civic is designed to give users full access to their personal information while simplifying their identity verification with service providers. It gives users faster access to businesses through artificial intelligence-based verification methods that, when integrated with manual verification, reduce fraud and ensure business compliance.
Roneil Rumburg and Forrest Browning, two California entrepreneurs, launched Audius in 2018. is a decentralized music streaming system currently powered by Solana.
Inefficiencies in the music industry, including opaque copyright ownership and middlemen standing between artists and audiences, led to the creation of Audius. Through its platform powered by AUDIO tokens, Audius aims to connect the interests of artists, fans, and node operators. Fans can listen to music uploaded by artists for free, which is stored and distributed across content and discovery nodes.
In the Audius content registry, artists publish their works. They can do so for free, with 320 kbps streaming quality equivalent to that of Spotify and Google Play Music, as long as they claim audio. Musicians can use Audius to explore or distribute additional recordings. The platform also promises to integrate artist tokens to facilitate monetization. Artists can also participate in a rewards program, with established artists receiving an air token.
It is possible to listen to tracks for free, and in the future fans will be able to bet on AUDIO to help artists succeed on the platform.
In 2017, Taiyang Zhang, CEO of Ren, founded the company. Ren (REN), formerly known as Republic Protocol, was first launched in January 2018. It is an open protocol that provides interoperability and liquidity between different blockchain platforms.Ren is an advanced platform with many applications, but its main goal is to reduce funding and access barriers for DeFi projects.
It allows DeFi’s projects to integrate foreign cryptocurrencies such as Zcash (ZEC) and Bitcoin (BTC) into their products as plugins. In addition, users can essentially exchange any token between the two blockchains without intermediate steps, such as “wrapped” versions of tokens such as wrapped bitcoin (WBTC) and wrapped ethereum (WETH).
6. Injective Protocol
In 2018, the protocol was created by Albert Chon, CTO and Eric Chen, co-founder of Injective Labs. Thanks to Injective, many decentralized financial markets are accessible. Injective’s fast, cross-chain, secure, fully decentralized, gas-free exchange protocol allows users to create any financial marketplace. More than 200,000 community members and more than 100 projects worldwide are part of the Injective ecosystem. Mark Cuban, Binance and Pantera Capital are just some of the major investors supporting Injective.
Injective enables fully decentralized trading of complex financial derivatives, futures, perpetual coins and cryptocurrencies. Transactions are processed immediately, with no waiting time and no additional fees. Injective users can seamlessly trade with several blockchain networks, including Ethereum, Cosmos, and Binance Smart Chain.
7. Coin 98
Vinh The Nguyen and Thanh Le founded Coin 98, which will be launched in 2021. As a gateway to connect TradFi consumers to all DeFi services on different blockchains, Coin98 seeks to address an unmet need in the industry.
Coin98 Wallet stands out as the first wallet engine to interact with multiple blockchains, allowing users to connect to multiple wallets on different blockchains simultaneously with a single passphrase without a complex switching process.
Raydium is built on the Solana blockchain and is an automated market maker (AMM) and liquidity provider for the decentralized serum exchange (DEX).
Unlike other AMMs, Raydium provides liquidity to the blockchain in a centralized limit order book. This means that funds donated to Raydium are converted into limit orders and managed by the Serum system. As a result, Raydium’s liquidity pools (LPs) have access to Serum’s current order flow and liquidity.
The RAY native utility token is useful for betting and board voting on protocol decisions and provides a good incentive for investors.
Serum is a decentralized exchange (DEX) ecosystem that is revolutionizing decentralized finance with unprecedented speed and low transaction costs. Matching mechanisms and a fully centralized limit order book form the basis of Serum.
Users and developers were skeptical of the DeFi platform on Ether because of high oil prices and slow trading. With Solana’s help, Serum seeks to solve these known difficulties and other problems of DeFi, such as centralization, unreliable funding, and liquidity fragmentation. It is also one of the largest DEXs in the Solana network.
Since its debut in 2020, Solana has come a long way, bringing many important projects into the ecosystem and expanding its audience. There are several well-equipped players in the emerging decentralized economy. However, Solana projects may have the upper hand because they are inexpensive to trade, have quick returns, and are energy-efficient structures. To invest in these coins, take a look at the Solana Select coin series. This is a basket of cryptocurrencies, consisting of the major cryptocurrencies in the Solana network.
1. How many projects are there in Solana?
Solana offers an ecosystem for DApp developers to create applications quickly and affordably. There are more than 350 projects on Solana because of its high transaction throughput.
2. How to buy Solana
You can buy Solana on any cryptocurrency platform. However, the best way to invest in this emerging ecosystem is to also invest in some of the interesting projects that are being built. With the Solana Select Token Kit, you can do just that. Download Mudrex now and explore it.
3. Is Solana the next Ethereum?
It is difficult to say whether Solana will be the next Ether. Although both networks solve the same problems, Ether is a veteran that learns and improves as it evolves, while Solana is still relatively new. It has yet to prove itself as a solid network; Ether passed this stage much earlier, so only time will tell if it will surpass Ether.
4. Which company uses Solana?
There are no companies that use Solana exclusively; instead, Solana is an open source project used by numerous companies and organizations. Some notable companies and projects that use Solana are Binance, Coinbase, FTX, and Serum.
5. Which coin will be the next Solana?
There is no clear answer as to which cryptocurrency will be Solana’s next target. All of these companies have strong teams and large communities and are working on ambitious projects that could revolutionize the blockchain space.