Author: Day; Source: Vernacular Blockchain
Recently, due to the sudden emergence of BOME, Solana has set off a wave of hype. In 27 pre-sales, more than 655,000 SOL were raised, and the activity on the chain increased sharply.
Source: https://analytics.step.finance
However, as the popularity has declined in the past few days and market sentiment has weakened, most Memes have started to rise and fall. Most of them are in a state of flow, and very few of them can really break out.
Despite this, the next development of Solana cannot be ignored. Some people even compare the development of this round of BTC ecology and Solana ecology with the previous round of ecological development of ETH and BSC (there is a premise here, that is, it is still in a bull market. stage, the market as a whole will continue to rise), then, today, we will take a brief inventory of the Solana ecosystem.
01 Why is Solana so popular?
Before taking stock of the ecosystem, we need to briefly analyze why the Solana ecosystem is so popular?
Internal reasons:
1) It has excellent performance, low cost, low latency and high throughput. When large traffic comes in, it can handle it. The essence of finance is trading. The real craze in the Crypto market is all related to trading. Solana, as a platform, is constantly improving its speed and fluency technically.
2) Solana itself performed well in this round, from a low of $8 to a high of $210, and its short-term market value broke through to fourth. The rise of Solana allows holders to reap dividends, and naturally some resources will flow to the ecosystem.
3) When the overall market heats up, the Solana ecology is not left behind, and all perform well . Representative projects have emerged in both the Inscription craze and the Meme craze.
4) There is constant hot money on the chain. After Solana’s copycat came out, there are many companies with market values exceeding 10 million and 100 million. On the Ethereum side, there is a lot of involution. Although some of them have good concepts, their market value has skyrocketed. , it is even difficult to reach 10 million. If Solana's chain is compared to simple mode, then Ethereum's side is hell mode.
External causes:
As the most active chain on the chain, Ethereum has recently completed the Cancun upgrade, but there has been no improvement to the main chain. And because the market has improved recently, the more expensive Ethereum is, the higher the transaction costs on the chain are, making it prohibitive. The handling fee for a transaction ranges from tens to hundreds of dollars. Every time, 20% of the funds are gone, causing everyone to turn to other chains, and the one who benefits the most is Solana.
Recently, the community has also been going crazy with emoticons about Ethereum, which shows everyone's disappointment in Ethereum.
02Inventory of ecological hot projects
Solana is so popular now. I believe that at this point, the market cannot end like this. Let’s take stock of which projects in the Solana ecosystem are worthy of attention. Screening criteria: There is a certain degree of popularity, or it is used a lot, and this industry likes to speculate on the new rather than the old. The last round of bull-bear projects will be skipped.
Meme
The Meme track is an important track in this round of market. Some people think that this round of market is due to lack of innovation, so it turns to simple and crude Meme. In this round of the market, the Meme market has experienced at least three waves of popularity. Pepe has brought about one wave, BRC20 has brought about another wave, and SOL ecology has brought about another wave .
Although the popularity of Memes in the SOL ecosystem has declined recently and is already in a state of turmoil, things like Pepe and BRC20 have gone through two waves so far, so the Memes in the SOL ecosystem are still worthy of attention. As for how to operate, please Do your own research.
1)WIF
At the end of 2019, some KOLs started adding various logos and images to beanies and used these images as their profiles on Twitter. Dogwifhat, on the other hand, puts a woolen hat on the dog. The image of the Dogwifhat was born under this circumstance. The process of issuing Token by WIF, the Dogwifhat, was silent. The market price shows that WIF was issued at US$0.00016 on November 20, 2023. Prices opened, but the first official tweet was on December 29th . The emergence of WIF and its current market value can be said to be in a tepid state. When everyone paid attention to it, it had already risen.
2)Bonk
Bonk is the first native dog project in the Solana ecosystem . Officials conducted a large-scale Airdrop event on December 25, 2022, 50% of which was distributed to Solana community members, including holders of projects such as LamportDAO, Famous Fox Federation, etc. This event aims to promote community interaction and rewards Participants, the purpose is to oppose "Alameda"-style token economics and restore confidence in the Solana ecosystem and SOL holders after the FTX incident .
3) Bome
Artist Darkfarms launched a pre-sale event on March 13. Users can participate by sending SOL to the designated Solana address. Token distribution is determined based on the proportion of donated SOL. After raising 10,131 SOL , Darkfarms added all SOL to the liquidity pool, which aroused heated discussion in the market. In just three days, the market value soared from 4 million to 100 million, and was listed on BN, setting off a chain reaction in a short time. On the craze.
4) Slerf
During the craze, SLERF was also one of them. However, due to a mistake by the founder of SLERF, 54583 SOL's LP and Airdrop reserved tokens were destroyed. Because no one had tokens, SLERF was completely out of the control of the project party and completely decentralized. , forming a new Meme concept, which is sought after by market users. Recently, officials are raising funds to compensate for the losses of users who participated in the interaction before. Although many CEXs have also launched donation activities, most of them are just to gain popularity without substantial spending. The current donation activities are not ideal.
infrastructure
Comparing the popularity of BRC20 some time ago to the recent Bitcoin ecological infrastructure, institutions have begun to invest in the Bitcoin ecosystem. The popularity of Solana Meme will eventually extend to the entire Solana infrastructure.
1)Jupiter(dex)
Jupiter is an aggregated DEX on Solana. Its goal is to continuously optimize and update to enhance users' trading experience and provide users with the best exchange rate. It achieves this goal by integrating major liquidity markets on Solana, such as Orca, Raydium, Serum, etc.
Jupiter launches its own native Token JUP and distributes Tokens to community members through Airdrop and Token sales . Among them, 40% of JUP Tokens will be distributed to approximately 955,000 qualified users in the Jupiter Exchange community via Airdrop. Another 20% will be distributed through token sales, and the remaining 40% will be reserved for internal personnel and strategic reserves.
As of March 24, Jupiter's total trading volume exceeded US$120 billion, accounting for over 80% of Solana DEX's organic trading volume, making it the preferred platform for trading on Solana.
https://station.jup.ag
2) Pyth Network (oracle)
Pyth Network is the oracle on Solana. Pyth Network obtains financial market data by connecting more than 350 information sources (including major CEX/DEX and market makers such as BN, OKX, Bybit, etc.) and transmits these data to 45+ blockchains to provide users with real-time market prices and financial data.
Additionally, Pyth Network supports more than 230 applications, including DEXs, borrowing protocols, and derivatives platforms. Its infrastructure can achieve more than 65 million updates per day, improving the accuracy and security of smart contract operations.
Pyth Network has conducted three rounds of financing in total, with investment institutions including Delphi digital, KuCoin Labs, etc., and received an additional 40,000 OP grants from the OP Foundation. Among them, members of the Pyth Data Association include heavyweight institutions on Wall Street, such as Jump, SBF's old owner Jane Street Capital, SIG and market maker Virtu Financial.
3) Helium Mobile (Depin)
Helium Mobile is a decentralized 5G operator. Helium Mobile uses Token Mobile incentives to encourage individuals to purchase devices similar to routing hotspots (Hostpots) and deploy these hotspots in various indoor and outdoor environments to establish a Decentralized wireless network, through this model can reduce costs, expand coverage and reduce user fees.
To put it simply, it is similar to digging kuang. You first pay 20 US dollars per month to purchase the service, and then receive Token rewards while providing map data every day.
Currently, the number of Helium Mobile users exceeds 70k.
4) iot.net (Depin+AI)
io.net is a cloud computing project that provides a decentralized GPU network designed to solve the AI computing shortage problem. It aims to provide users with high-performance, cost-effective computing capabilities and simplify the management and utilization of GPU resources. .
io.net leverages GPU resources worldwide, which can be deployed and utilized with simple clicks. It provides high-performance computing capabilities that can be used to build distributed GPU networks, perform inference and model serving workflows, and supports distributed computing libraries to orchestrate and batch training jobs.
In addition, io.net also supports the deployment of clusters on decentralized physical infrastructure networks and provides fast and secure Solana on-chain payments . The platform also provides a fair pricing mechanism and the function of converting GPU into income. Users can rent out their GPU resources and earn income.
In March this year, io.net announced the completion of a $30 million Series A financing, with participation from Solana Labs, Mult1C0in Capital, Animoca Brands and other institutions.
5) Magic Eden (NFT Market)
Magic Eden is the largest NFT marketplace on Solana. It currently supports the NFT market of four chains: Solana, Bitcoin, Ethereum, and Polygon. As an early supporter of Bitcoin NFT, Magic Eden received a wave of market dividends during the explosion of the Bitcoin ecosystem last year.
Magic Eden has launched a "reward plan". Users can receive diamond rewards for participating in market transactions. Subsequent token issuance should be linked to diamonds. In addition, Magic Eden has recently launched its own wallet.
MagicEden has completed three rounds of financing, with a total financing amount exceeding US$170 million. Investment institutions include Coinbase, Sequoia Capital, Polygon Ventures, Paradigm, etc.
Proportion of NFT market transaction volume, source: https://dune.com
6) Backpack ecology
Backpack is a CEX/DEX and multi-chain wallet created by the Coral team, the developer of the Solana development framework Anchor. The project was launched by and thanks to relationships with former FTX executives, the platform received a license from the Dubai Virtual Asset Regulatory Authority (VARA), allowing the company to provide crypto services to accredited investors and institutional clients in Dubai . Currently, BackPack has launched three products, namely Backpack CEX, Backpack Wallet and MadLads NFT project.
Among them, Mad Lads is an NFT with an executable program script. It was released by the team in April 2023. It was sold at 6.9 SOL at that time, and has now become the NFT leader in the SOL ecosystem. This NFT can be compared to a golden shovel and has received several awards. Wave Airdrop.
Backpack has completed 2 rounds of financing, with a total amount of US$37 million. Investment institutions include FTX, Jump Crypto, Amber Group, Wintermute and Solana founders.
7) Solana Mobile Saga
Solana’s first mobile phone Saga allows the first wave of users to make a lot of money because they can get the power of Airdrop for free. The official development team Solana Mobile plans to launch the second-generation encrypted mobile phone in the first half of 2025, and will start pre-sales at the end of 2023. The pre-sales are divided into three stages, each time more expensive. The first stage price is 450 US dollars, and the second stage price is 500 US dollars, so far, 118,000 units have been sold, and early participants have received Airdrops worth about 100 US dollars.
03 Summary
The above is an inventory of the Solana ecosystem. Do you think that after the Solana Meme craze, will the popularity transition to the infrastructure of the Solana ecosystem? Welcome to leave a message to share your views.
