Solana (SOL) has had a good year so far, even getting the nickname, the ‘Ethereum Killer’ in the crypto space. Although the nickname might be far-fetched, its growing adoption in the world of decentralized apps makes it a real competition for Ethereum. Its application so far in the gaming, media, and finance industries is undeniable.
Here are some examples of projects in the Sol ecosystem.
Raydium uses Sol’s access to on-chain liquidity, i.e., access to Serum’s order flow and liquidity. This feature is already generating tons of interest, with its Total Value Locked (TVL) valued at over $700 million. Its most recent project, Fusion Pools, is already offering its stakers and liquid providers dual-yield rewards.
It’s a DeFi Brokerage Protocol that helps digital asset holders earn more, get leverage trading with their portfolio assets. Additionally, it allows them to borrow assets to go short and generate liquidity. The holders also get to use their assets effectively by using market-based pricing, cross-collateralization, and using the same collateral.
This ambitious project plans on creating a cross-chain bridge between Solana and Ethereum called Wormhole. Other implemented features will be rewarding its early adopters with collectible tokens and an impressive expanding selection and analytics of trading pairs.
This cross-margin trading platform won first place in one of the SOL x Serum’s DeFi hackathons. Thus, the low transaction fees and high-performance Solana blockchain allow users to make deposits and margin positions and earn interest.
Hedgehog Markets is a prediction market (decision market or information market) platform for LPs that allows users to predict future event’s outcomes. For example, future events could be anything from sporting events, election results to auction prices.
Raydium is a proposed community-owned music streaming that allows independent musicians a platform for their music. Therefore, the free streaming platform powered by blockchain technology will allow musicians to connect to their audience without the stress of signing to a label.
Maps.me a mobile application that uses OpenStreetMap data to provide its users with access to offline maps. Despite its primary use being for traveling, it’s now a travel-oriented crypto wallet. Users can now make bookings, make payments, transfer funds and manage their funds on the app.
Civic is an identity platform that allows users to verify their identity cheaply and safely. It will enable you to create a virtual identity with your personal information and store it on your devices.
The Media Network
The Media Network is a censorship-free, decentralized live streaming hosting platform that anyone can contribute to. Compared to other media platforms, contributors don’t have to worry about any pre-authentication requirements. When they meet their bandwidth contributions, they get a fixed supply of tokens called MEDIA rewards mined on Solana’s Blockchain.
Star Atlas is a gaming platform that combines traditional game mechanics with new blockchain mechanics for a unique gaming experience for its users. According to Star Atlas, CEO Michael Wagner, CFA, gamers using the platform will be able to extract their virtual earnings in the game and turn it into actual income.