Solana Ecosystem: It's Just the Beginning 1⃣ Solana & Noteworthy Information 2⃣ Solana Airdrop Plays a Central Vai in the Ecosystem 3⃣ DeFi On Solana Continues To Expand Strongly 4⃣ Non-Fungible Token & Memecoin Ecosystem On Solana Ecosystem Is Full Of Interests We hope everyone will ❤ and 🔁 to support @HakResearch

1⃣ Solana & Noteworthy Information ✏ Pantera Capital acquired SOL from FTX exchange On March 7, 2024, the Bloomberg, the leading investment fund in the Crypto market was in the process of establishing a fund called Pantera Solana and called for about $250M to buy back SOL from the bankrupt FTX exchange. at a price of around $60. Even though you can buy SOL at an attractive price like Pantera, you have to accept a 4-year lock-in period that comes with a 0.75% management fee and a 10% performance fee. However, there will still be a lot of unfavorable information for SOL when, according to documents from Pantera, FTX is still holding about 41.1M SOL , equivalent to billions of dollars (at the time of writing). ✏ Circle deploys CCTP on the Solana network On February 26, 2024, Circle officially deployed the CCTP network on Solana, allowing USDC to be present natively on Solana. This is an important factor for every ecosystem today, with users being able to convert directly from USD to USDC on Solana will create a seamless cash flow between Solana & TradFi, thereby helping the ecosystem. easily accept users and cash flow, of course, to accept, many different factors are needed. Thanks to that, the amount of Stablecoins moved to Solana surpassed Ethereum on March 14, 2024.

2⃣ Solana Airdrop Plays a Central Vai in the Ecosystem As I Chia very carefully in the article Solana Airdrop: Not Simply a Marketing Strategy, Solana Foundation is currently operating Airdrop as a tool to achieve many different purposes including: ✅ As a Marketing strategy to help more people know about Solana and participate in the Solana ecosystem. ✅ As a liquidation Bootstrap strategy for the entire Solana ecosystem, thereby allowing money to continuously move between many Protocols and DApps without leaving the ecosystem. ✅ Like a culture that no other ecosystem can do except Ethereum, the ecosystem that is making Airdrop culture that can approach Solana can be mentioned as Aptos, and with Sui Network, Avalanche, NEAR Protocol,... the distance is still too far. From here we can see one point that we have said about the Solana Foundation from the previous cycle until now, which is that they are really good at both technology construction and business aspects. Reviewing the factors that have proven the above strategies of Solana Foundation through a number of indicators such as the number of Active Users, the flow of Stablecoin money flowing into the ecosystem,... The number of Active Users on the Solana network has reached its highest level since January 2023, the gap between the number of active users on the network compared to May 2022 when Terra collapsed is expected to widen. be leveled in the near future. Besides, the number of new addresses on Solana also skyrocketed and reached an ATH level with more than 700K new addresses registered per day. Finally, since the time Circle deployed CCTP to the Solana network, the number of USDC moved to the Solana ecosystem has continuously skyrocketed, consistently maintaining higher levels each day than the previous day. From a few basic parameters above, we can see how well the Solana Foundation is applying Airdrop for ecosystem development? ✏ The next Airdrop projects are revealed This March, users will continue to witness a huge Airdrop on the Solana ecosystem with Wormhole. Many speculate that Wormhole (W) will be listed on most major exchanges on March 20. /2024, previously Wormhole also sent to website users so they could check the number of allocations they received. Not just stop there, ✅ Zeta Markets - the famous Perp DEX platform on Solana, has officially announced that it will launch the Z Token in April 2024, Season 2 is coming to an end. ✅ Parcl - Real World Assets platform that helps users to Longing - Short real estate in the US, also Chia about the launch of Token & Airdrop to the community on April 2, 2024 with Zeta Market. Season 2 of Parcl will quickly end this March. ✅ Kamino Finance - Lending & Borrowing platform, has also announced its Snapshot time and quite detailed Airdrop plan. ✅ Tensor has also launched Tensor Foundation & its official token, but the project has not yet set a time to launch its Token . Besides Zeta, Parcl or Tensor, other projects in the Solana ecosystem such as Magic Eden, Meteora, Marginfi,... are also showing signs of launching Token soon. ✏ Wormhole officially launched W and a huge Airdrop program Wormhole uses about 6.78% of the total W supply to Airdrop to the community, of which 81% is for people who have used Wormhole products and the remaining 19% is for some communities of Monad, Mads Labs, y00ts, Pyth Staker, Bad Kids or influential users in Wormhole's Discord channel. If you are a participant in Airdrop hunting on the Solana ecosystem, here is some information you need to know: ✅ Degods, Y00ts Non-Fungible Token holder will Airdrop 2,000 W Token per Non-Fungible Token. ✅ Mad Labs Non-Fungible Token Holder Airdrop 16,000 W Token (3,200 unlocked at TGE, the rest paid in daily installments over the next 1 year) ✏ Kamino Finance & Controversial Airdrop Plan Some basic information about Kamino Finance's Airdrop & Tokenomics program includes: ✅ With a total supply of 10,000,000,000 KMNO, Kamino Finance has decided to deduct 7% of the total supply to Airdrop to the community. ✅ Users receive Airdrop from Kamino Finance based on the number of Points they have from Kamino Finance. ✅ The first Snapshot period takes place on March 31, 2024. However, as soon as Kamino Finance launched its Airdrop program, it received a wave of criticism from the community for the following reasons: ✅ A project implementing the Earn Point model will have many ways to Airdrop to the community, but among some of the ways, the one chosen by Kamino Finance will be a fair program for everyone, but it will be very rare if Chia per capita. ✅ Normally projects will take a Snapshot and then announce the Airdrop program, but Kamino does the opposite, thereby causing a large flow of money to enter Kamino and will further dilute the users' Airdrop rewards. It can be said that it benefits oneself but harms others. Receiving too much criticism when announcing the Airdrop program, the Kamino Finance team has made a number of changes including: ✅ OG Drop: The program has rewards for users who support Kamino Finance early. ✅ Point system: There will be some adjustments to the number of Points when users send different assets to Kamino. ✏ Zeta Markets & Final steps towards Airdrop In the final steps before the Token launch Zeta Markets is launching many different campaigns to attract users to its platform, including: ✅ Photo contest with Zeta Markets with first prize winners receiving 20K Z-Scrores, second prize being 10K Z-Scrores, while all will randomly receive a Zeta Cards, not long after that Zeta Markets will also give away Zeta Cards with over 40 winners. Users can burn Zeta Markets to receive Point multipliers when participating in Longing - Short on Zeta Markets. ✅ Zeta has cooperated with Backpack to organize a program to give 10% extra points to those who use Backpack when trading on Zeta Markets. Not only that, recently Zeta Markets has officially launched its development roadmap with many highlights including: ✅ Phase 00: Become the fastest, cheapest and friendliest Perp DEX platform on Solana with the CLOB model accompanied by the Incentives Z-Scrore model. ✅ Phase 01: Zeta Markets established the Zeta Foundation, thereby launching the Z token, and continued to improve and upgrade the product. ✅ Phase 03: Launching new products, especially Zeta V3 with Lending, Multi Collateral features,... Besides, deploying the second Airdrop and many attractive Incentives programs. ✅ Phase 04: Zeta transforms to develop into an Appchain-oriented Layer 2 on Solana, considered the first DEX Rollup on the Solana ecosystem, in addition to deploying new products such as Pre Markets or Tradding markets. index fund. ✏ Marginfi & Airdrop Revelations According to the information Chia by Phantom, there is a high possibility that Marginfi will use about 10% of its total Token supply for the Airdrop program. If Marginfi uses up to 10% of the total supply to Airdrop , it is likely that this will be one of the largest Airdrop in the history of the Solana ecosystem similar to what Jupiter did at the end of January 2024. The biggest problem right now is that Marginfi will choose the same approach as Jito Labs, Kamino Finance or Jupiter Exchange. ✏ Backpack - The final steps to Season 1 Backpack officially announced the Snapshot for the Pre-season program on March 18, 2024, thanks to the Pre-season program and those who participate in this program will receive Non-Fungible Token equivalent to their volume , at the same time. Meaning that Backpack hinted at its Airdrop program in the future, the volume on Backpack skyrocketed and at times surpassed many decent-sized CEX exchanges in the Crypto market. Not only that, Backpack also cooperates with many DeFi protocols such as Zeta Markets, Marginfi, Tensor,... to do Bootstrap Point programs with the goal of popularizing Backpack Wallet on the Solana ecosystem. Also in March, Backack announced successfully raising $17M in Series A round with the participation of many large investment funds such as Placeholder, Hashed, Robot Ventures, Amber Group, Wintermute and Selini. It can be said that as an Exchange, the amount of Capital that Backack calls for is quite modest and the quality of participating investment funds is only in tier 2 - 3 of the market.

3⃣ DeFi On Solana Continues To Expand Strongly It can be seen that DeFi on Solana is becoming the standard for many other ecosystems to learn and apply. New protocols are constantly being born with the ambition to support previous projects or build on the liquidation of old protocols, thereby creating layer upon layer of colorful DeFi protocols. ✏ on-chain indicators about TVL of the Solana ecosystem It can be said that the present time is the time when Solana is regaining her position or it can be said that she is regaining what she lost. The nature of Solana also has many interesting civil wars. Solana has officially surpassed Arbitrum in terms of TVL (at the time of writing), which is quite understandable as Solana has applied many different strategies such as increasing the price of Solana (or Token in the system), Airdrop programs to collect attracting users,... this is quite understandable, I believe that with the current speed, Solana will soon surpass BNB Chain and then TRON. The war does not stop here, but it also takes place within the ecosystem such as Marginfi - Kamino Finance, JitoSOL - Marinade Finance - BlazeStake - JPool, Drift Protocol - Zeta Markets,... However, the war is only interesting. between Marginfi and Kamino Finance, since the announcement of the Snapshot time on March 31, 2024, cash flow has poured into Kamino strongly. At the time of announcing the news, Kamino Finance's TVL was around $400M while Marginfi's was $410M, quite balanced. Since then, Kamino's TVL has increased steadily from $400m and reached $1B by mid-March 2024, while Marginfi's increase has only reached more than $700M. Obviously, by successfully taking advantage of the Airdrop effect, Kamino has surpassed Marginfi. However, when the Kamino Finance Airdrop is completed in April 2024, will the cash flow from Kamino flow back to Marginfi? ✏ Jupiter: LFG Launchpad is a new concept & product It's been an extremely busy time for the Jupiter team since the team launched JUP. After much waiting, we finally have an accurate model of the LFG Launchpad with some basic information including: ✅ Users must lock JUP to participate in voting for projects that want to participate in LFG Laucnhpad. The community will be the one to decide. ✅ Unlock period is 30 days. ✅ JUP locking users will receive 70% of the fees from LFG Laucnhpad and Jupiter Foundation spending 100M JUP as a reward similar to JUP Staking . ✅ Each wallet can only vote for one project. In addition, the community is expecting that projects that are supported by the community to successfully participate in LFG Launchpad will have an Airdrop for those who voted in support of the project, in addition to projects that have just started. Early participants in voting can bribe JUP Holder. Immediately after LFG Launchpad was introduced, more than 20 projects registered and in the end there were 6 names including Sharky, UpRock, Banx, Zeus Network, Monkey DEX, Srcful. In the end, the victory belonged to Zeus Network - a project connecting Bitcoin and Solana, with a total of 58% of the votes and Sharky - a project about Non-Fungible Token Lending, with 20% of the votes. Currently, LFG Launchpad is one of the attractive Launchpads and has attracted a lot of attention from the Crypto market. However, this is just the beginning as Zeus Network or Sharky are not yet officially on Public Sale. If Zeus Network and Sharky have strong growth compared to Public Sale prices, then LFG Launchpad will create a real fever. JUP's tokenomics element will also be more or less installed here with flyweel such as: ✅ Zeus Network and Sharky grew strongly after Public Sale. The fees collected from LFG Launchpad are also higher. ✅ Users need JUP to block participation in voting. With the supply locked for at least 30 days, the supply in the market has decreased sharply, thereby causing the JUP price to grow strongly. ✅ Other factors that can further stimulate flyweel are projects participating in the LFG Launchpad Airdrop or having a bribe program for the community. March 14, 2024, Jupiter officially launched a new feature on Jupiter Exchange, Value-Average Beta version, which is an upgraded tool of DCA with flexible adjustment of investments according to market fluctuations. market, this means buying more when prices fall and buying less when prices rise. Silently and quietly, Jupiter's Perp DEX product has risen to become one of the largest Perp DEX platforms in the Crypto market (temporarily calculated by TVL), as of the time of writing Jupiter's TVL is only one second behind. Some famous names like GMX, DYDX and Drift Protocol. However, in terms of trading Volume (according to defillama), trading Volume on Jupiter only ranks TOP 23 of the entire market. ✏ Marginfi: Launching Stablecoin YBX based on LST Assets February 28, 2024, Marginfi officially launched YBX as a Decentralized Stablecoin. YBX is an Collateralized Stablecoin that profits from Solana Staking and MEV Tips, YBX is backed by jitoSOL, mSOL, bSOL and LST - Marginfi's Liquid Staking product. It can be seen that YBX is not just an Collateralized Stablecoin , but YBX also brings profits to those who hold it. Also in early March, Marginfi introduced to the community a product from the project's partner, Juicer. Juicer is a DeFi protocol with a variety of different products built and developed on the Solana ecosystem. Juicer introduces the Point Supercharger product. Normally, to optimize Point on Marginfi, we often go through the following steps: ✅ Deposit 1,000 USDC into Margin and then borrow up to 800 USDT. ✅ Convert 800 USDT into 800 USDC, transfer 800 USDC back to Marginfi to borrow 640 USDT. ✅ Then convert 640 USDT into USDC and repeat. Why is it necessary to transfer like that because Marginfi does not allow mortgage and loan of the same asset. Thanks to this leverage mechanism, users can maximize the number of Points they receive. But with Juicer's Point Supercharger, users do not need to do it manually anymore, Point Supercharger will do it automatically. It allows users to choose the amount of leverage from low to high. Not stopping there, Marginfi has combined with Backpack to reward an additional 5% points for users who interact with Marginfi through the Backpack wallet. ✏ Jito abandons the mempool model On March 9, 2024, Jito Labs decided to temporarily suspend the mempool provided through Jito Block Engine, the reason given by Jito Labs is that this model has created negative effects for users on Solana. . The exact reason is that some people took advantage of MEV to have "sandwich" transactions on the Solana ecosystem at a time when the network was having problems, so Jito Labs wanted to eliminate it. Blockchain sandwich trading is a type of attack or trading strategy in which an entity (called an attacker) attempts to profit from pending transactions on the blockchain by placing its own transactions. them before and after the target transaction. Specifically, a sandwich transaction usually takes place as follows: ✅ Identify target transactions: The attacker will observe the mempool (an area containing transactions waiting to be confirmed into a block on the blockchain) to find transactions that have the potential to create large price fluctuations if executed. confirm. ✅ Create a 'sandwich' transaction before and after: Once the target transaction is identified, the attacker will execute two transactions of his own: one before (called "pre-sandwich transaction") and a post-trade (called a “post-sandwich trade”) of the target trade. From my perspective, removing MEV from the ecosystem is unnecessary because MEV must be present for the number of Validators to increase. The more attractive MEV is, the faster the number of Validators will increase, thereby making the network stronger. should be more decentralized, somewhere it is also the source for the development of reStaking or Liquid reStaking, Liquid Native reStaking.

4⃣ Non-Fungible Token & Memecoin Ecosystem On Solana Ecosystem Is Full Of Interests ✏ Dogwifhat leads memecoin on Solana Dogwifhat (WIF), a memecoin phenomenon that emerged on the Solana platform in late 2023, has attracted significant attention thanks not only to its inspiration from Dogecoin and its iconic Shiba Inu dog wearing an adorable knitted hat , but also by using real images of this dog instead of cartoon drawings. This has ushered in a new wave of creativity, turning Dogwifhat into not just a regular memecoin project but also a monument to innovation and community power. Dogwifhat has really exploded when it was listed on most exchanges, especially Binance. It was thought that when listed on the world's largest exchange, Dogwifhat would start to decrease in price due to profit-taking pressure from OG, but Dogwifhat still grew impressively. As of the time of writing, Dogwifhat's Capital is on par with PEPE (green frog). ✏ Book of Meme is truly impressive Book of Meme (BOME) was created by Darkfarms - an artist focused on creating PEPE Meme artwork. His most famous artwork previously was the PEPE themed Non-Fungible Token Smowl series. Currently, the floor price has increased from 0.04 ETH to a high of 0.6 ETH. On March 10, 2024, Darkfarms began previewing the upcoming project launch. On March 12, 2024, Darkfarms revealed a project called "Book of Meme" and the project's concept. Book of Meme is a permanent library for Meme and will expand a series of Meme creation capabilities on top of it. Some features include: ✅ Turn images into Pixel art ✅ Store Meme creations permanently in Arweave/inscriptions/ipfs and other places. On March 13, 2024, Darkfarms launched a Pre Sale for Book of Meme that lasted 24 hours. Players can participate by sending SOL to the designated Solana address, and there will be no set price for this presale. All participants in this Presale will be allocated Token according to the proportion of SOL they donated. The progress of this Presale has far exceeded Darkfarms' expectations. The initial fundraising expectation was only 500 - 600 SOL but the result was more than 10,000 SOL raised. Immediately after that at 15:00 on March 14, 2024, Darkfarms added all the raised SOL to the LP Pool with an initial price of 0.0{3}496. ✏ Pre Sale trend with Memecoin With the success of Book of Meme , the Pre Sale trend is truly exploding on the Solana ecosystem. The operating model of Pre Sales is quite simple when the user will send the Token required by the project (for example on Solana is SOL) after the end of the event the project will return to the user an amount of Token equivalent to the amount of funds. products they send. After that, it's time for users to "pray". There are currently many projects that abuse this method to commit fraud, so we should absolutely be careful. ✏ New Hybrid DeFi trend The Hybrid DeFi trend is constantly mentioned by Sniper and Tensor Non-Fungible Token Marketplace. These are simply digital assets that can exist in multiple states such as Non-Fungible Token or Token. Some standards and projects included in the Hybrid DeFi segment include: ✅ SPL20: This is the Inscriptions standard on Solana introduced by LibrePlex with the first project being SOLS ✅ TinySPL: This is an experiment by a developer named Sol_idity and was introduced to the community in January 2024. TinySPL uses compressed Non-Fungible Token (cNFTs) to minimize the creation fees per Non-Fungible Token. Users Fungible each of their Non-Fungible Token for a corresponding amount of Token . Sol_idity's pilot project, Deez Nuts, also received a lot of attention. Also in January 2024, there were two important improvements to SPL 20. The first is to completely remove Non-Fungible Token and instead use SPL Token Extensions (formerly known as token2022), eliminating Mint fees close to 0.02 SOL and allows additional Token functionality. The second is an improvement inspired by Analysoor with the option to add "LP fee" to encourage users to provide liquidation to the pool, thereby helping to increase TVL and reduce slippage when swapping. The GH0ST project launched in January 2024 used these two additional features and coined the new term SPL22. In February 2024, with inspiration from ERC 404, MutantMon launched and introduced the SPL 404 standard. Mutant Token holders can exchange for Non-Fungible Token and back countless times, paying a 2% tax to have the opportunity to Increased rarity for MutantMon. ✏ Some other interesting news about Non-Fungible Token & Memecoin on Solana Ecosystem In addition to the big news, we also have some other news such as: ✅ Holder Mad Labs received Airdrop from many MemeCoin projects such as Fock, Noble, Wao Armani Sexy Lass and Chonky. There will be some more projects coming soon such as Pike Finance and Yaku. ✅ Froganas is always a collection that attracts the attention of many Non-Fungible Token traders on Solana as it continuously reaches the top of Non-Fungible Token Volume on Solana. Froganas creates many events such as a children's story writing contest, Lamas Finance announced Token and Airdrop for Froganas Holder and organizes AMA sessions with the community and leads regularly every week, collabs with other projects to bring about WL for holder (such as Avakongz, ScaryBeans, …) ✅ Dappie Gang attracts users because Dappie Gang holder will receive an Airdrop of ZEUS Token from the Zeus Network project and recently Solana Co Founder Toly became early backers for Zeus Network