Solana is one of the largest blockchain platforms, aiming to combine the three elements of scalability, security, and decentralization in one blockchain, which was previously considered virtually impossible. Due to the many possibilities offered by this network, many applications and solutions have been developed on Solana. This article will discuss what Solana is precisely and what other projects have been built on it. These range from new ways of trading to various types of games.
1. SolanaSolana was founded in 2017 in Geneva, Switzerland, by Anatoly Yakovenko and was finally launched in March 2020. As an open-source project, the Solana blockchain is well suited for building all kinds of DeFi solutions on it, including dApps and smart contracts. Furthermore, the use of a hybrid consensus mechanism makes Solana extra unique. In addition to the usual Proof-of-Stake (PoS) algorithm, it also uses Proof-of-History (PoH). In this mechanism, the time at which transactions are executed is precisely defined. Whereas with PoS, the nodes approve the transactions, PoH is used to synchronize everything. This allows the Solana protocol to process many more transactions, up to 50,000 per second. Transaction costs are also significantly lower than on blockchains like Ethereum. The coin used on the network is SOL. It can be staked and used to secure and improve the network. You can also use SOL coins to participate in voting and fund transactions on the network.
2. Raydium (RAY)
Raydium is an Automated Market Maker (AMM) built on the Solana platform. It also provides liquidity for the Serum decentralized exchange. This is done differently from regular AMMs, which is that Raydium provides on-chain liquidity to a central limit order book. This means that funds deposited in Raydium are converted to limit orders on Serum's order books. This allows Raydium's liquidity pools to access Serum's order flow and existing liquidity. The utility token used is RAY, and this is used for staking. RAY can also be used as a governance token, allowing you to vote in important decisions.
3. Audius (AUDIO)
For the music lover, Audius is the ideal application built on the Solana platform. On this app, you can stream and listen to music, and as an artist, you can upload and store your own music. Initially, this decentralized streaming protocol was built in 2018 on the POA Network but later moved to Solana. They founded Audius because the founders wanted to reduce the distance between artists and fan and provide more transparency in the music industry. As thanks for your contribution on the platform, artists get AUDIO tokens if they manage to stay in the charts. Often bonus tracks are uploaded by the artists or they experiment with different music. Both uploading and listening to music are free. Users of the platform are divided into 4 categories: artists, fans, content nodes, and discovery nodes. Here, content nodes ensure that content remains available and continues to spread across the platform. Artists themselves can also appoint content nodes that ensure that their music is distributed. Discovery nodes ensure that users can continue to find (new) music. The token used on the network is AUDIO. Artists can earn these as they achieve more success on the platform, so they will be able to stake them. In the future, Audius wants to create more opportunities with the token, for example, fans can stake them for exclusive content from the artist.
4. Serum (SRM)
Serum is a decentralized exchange and ecosystem that provides low transaction costs for DeFi. It runs through a smart contract on the Solana blockchain. Among other things, what makes Serum a special DEX is the fact that it uses a decentralized order book. Normally, only central exchanges use to order books. These work with an AMM, which determines the prices of tokens. However, by working with a decentralized order book, users of the network can share liquidity. Also, Serum is interoperable, or in other words, you can trade on other blockchains such as Ethereum. This is not common for a DEX and allows for many possibilities. The token used on the blockchain is SRM, which you can use to pay transaction fees. You can also stake SRM and use it as a governance token.
5. STEPN (GMT)
Get your feet off the floor with STEPN: the name already slightly gives away that this involves taking steps. STEPN is a so-called move-to-earn game that combines elements of a play-to-earn game with a fitness app. It motivates users to move and exercise. It has GameFi elements and runs on the Solana blockchain. As a user, you first purchase NFT sneakers, then use them within the app to exercise. STEPN launched in August 2021 as a Web 3 Lifestyle app. By exercising and keeping track of it in the app, you can earn Green Satoshi Tokens (GST). Once you reach level 30 with your sneaker, you can earn GMT tokens. This is the governance token and entitles you to participate in voting. Besides encouraging you to exercise more, the STEPN app also contributes to the climate. In fact, they also buy Carbon Removal Credits on Solana to stay climate neutral.
6. Mango (MNGO)
Mango Markets is a decentralized derivatives exchange built on the Solana blockchain. In doing so, Mango uses Serum's DEX. Here users can borrow, lend, trade, and leverage crypto assets. Mango Markets ensures that assets deposited on the platform can be shared as collateral between borrowing/lending and leverage trading. These assets automatically earn interest and serve as available collateral for leverage trading or borrowing.
Mango Markets aims to merge the liquidity and usability of CeFi with the permission-free innovation of DeFi at a lower cost to the end user than is currently the case for both. With this in mind, Mango offers margin trading, lending and perpetual futures along with decentralized governance to set plans for the future. Mango's token (MNGO) is primarily a governance token. This gives token holders the power to improve the protocol as they see fit. This also encourages and improves the use of the protocol.
7. Solanium (SLIM)
You have an idea for a crypto project, and are you looking for investors? Then Solanium is the place to be. This is a decentralized platform for raising funds. This platform is suitable for trading. It‘s a kind of all-in-one solution, complete with DEX UI, staking, governance, integrated wallet management, and a launchpad (launch platform). Solanium offers support for all major Solana wallets. You can view all kinds of projects, especially crypto projects, that are looking for funds. So it is possible to invest in such a project and get there early when the project goes live, and tokens are airdropped to you. Solanium uses the SLIM token, which you can stake as a user. In doing so, you get back xSLIM tokens, which allow you to participate in voting and gain earlier access to certain pools. There are also raffles where people have a chance to get more involved in projects. By staking SLIM tokens, you increase your chances of winning.
8. Civic (CVC)
Civic is a blockchain-based identity information management solution that makes it easier for individuals and businesses to control and protect their personal data. This platform is designed to give users greater control over their personal data, while also allowing them to access a wide range of services without having to transmit excessive amounts of personal information. Civic uses distributed ledger technology to authorize the use of identities in real-time while also sparingly sharing information with Civic partners after the user has authorized it. As a Civic user, you store all your personal information on your mobile device. You can authorize these via a biometric signature on the Civic app. This ecosystem uses the Civic token (CVC), which is used to settle identity-related transactions between Civic participants - such as between a customer and a service provider. This token can be earned by performing various tasks, such as signing up for a service through the platform or introducing new users, while validators can earn CVCs for validating documents for service providers.
9. Star Atlas (ATLAS)
Travel into space with Star Atlas! This is a multiplayer game set in a virtual gaming metaverse. Star Atlas is set in a futuristic science fiction setting in 2620, where three significant factions have emerged. These compete for three resources and control, which are MUD (humanity), ONI (a consortium of alien races), and Ustur (sentient androids). In this game you can strategize on how to deal with other players and factions and how to develop plans, as well as explore a lot in the space you are in. Your goal here is to map space. Space is full of NFTs that you can buy and own. Discover new space colonies or trade resources. You can also engage in intergalactic battles with your fellow players, earning tokens if you win them, of course. In this game, you play with two tokens: ATLAS and POLIS. With the ATLAS coin, you can buy NFTs, own spaceships, and parts of planets. The POLIS coin is primarily a governance coin that allows you to have a more significant say in the future of Star Atlas by voting. Just as space is infinite in Star Atlas, so are the possibilities offered by the game.
10. StarLaunch (STARS)
Enthusiastic about the various projects at Solana? Then fly with StarLaunch. This platform supports new projects launched on Solana's blockchain. By staking the associated token STARS, you will be the first to access these projects. In return, you get the token $N2H4, which you can use for sales on the platform. StarLaunch wants an engaged community and therefore organizes regular competitions and various social events. You can also submit your own project, in which StarLaunch is happy to provide you with advice to help you.
So many types of projects can be found on the Solana blockchain. Combining scalability, decentralization, and security, Solana offers many opportunities for projects. From games to exchanges, everything can be found on it. You can easily add your own projects. Thanks to its speed, many more transactions can be processed per second, which makes Solana unique as a blockchain.