Solana Eco-recovery A Quick Overview of Top Protocols

Solana Eco-recovery A Brief Look at Leading Protocols

TVL protocol in the header has increased by 50%~150% in the past month.

Written by: Nan Zhi

DefiLlama data shows that TVL on the Solana network has reached $689 million, hitting a new high for the year 2023. On one hand, top NFT projects in the Solana ecosystem such as Mad Lads have seen a 100% increase in the past month. On the other hand, Solana’s top protocols Jito and the ecosystem trading aggregator Jupiter announced an airdrop. Jupiter stated that the airdrop is mainly for users who have been using the platform for the past two years.

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Odaily Star Daily will take stock of the top ten projects’ business and data based on DefiLlama and various project whitepapers.

Marinade Finance

Business: Liquidity staking protocol, providing one-way growth staking product mSOL, supporting instant unstaking function

TVL: $613 million, monthly increase of 78%

Token issuance: Yes, MNDE

Jito

Business: Liquidity staking protocol, Jito delegates users’ SOL to MEV-supporting validator nodes, with MEV as additional income distributed to the equity pool. The project launched a referral program at the end of August and introduced a points system in mid-September, and announced an airdrop on November 28.

TVL: $412 million, monthly increase of 90%

Token issuance: Yes, JTO, upcoming airdrop

marginfi

Business: Lending protocol, supporting jitoSOL, mSOL, bSOL, and other LST tokens, as well as native memes such as Bonk and SAMO. Also involved in liquidity staking and AI business.

TVL: $149 million, monthly increase of 153%

Token issuance: No

Funding situation: $3 million (Seed round on February 23, 2022)

Solend

Business: Lending protocol, divided into 20 pools such as Main Pool, UXD Pool, BONK Pool, supporting 61 tokens

TVL: $132 million, monthly increase of 71%

Token issuance: Yes, SLND

Funding situation: $6.5 million (October 27, 2021)

Orca

Project Business: Decentralized Exchange (DEX), using centralized liquidity market makers (CLAMM, reference Uniswap V3)

TVL (Total Value Locked) of the project: $86.7 million, monthly increase of 58%

Token issuance: Yes, ORCA

Fundraising: $18 million (as of September 22, 2021)

Raydium

Project Business: Decentralized Exchange (DEX), LaunchLianGuaid (suspended for a year and a half)

TVL of the project: $58.28 million, monthly increase of 55%

Token issuance: Yes, RAY

Lido

Project Business: Liquidity Staking Protocol

TVL of the project: $60.31 million (Solana only), monthly decrease of 20%

Token issuance: Yes, LDO

BlazeStake

Project Business: Liquidity Staking Protocol, offering one-way growth staking product bSOL, with support for instant unstaking

TVL of the project: $50.33 million, monthly increase of 124%

Token issuance: No, airdrop is mentioned in the whitepaper, but no details given

Drift

Project Business: Decentralized Derivatives Exchange (Perp DEX), also includes modules for lending, insurance fund staking, Drift LP, etc.

TVL of the project: $46.48 million, monthly increase of 108%

Token issuance: No

Fundraising: $3.8 million (seed round as of October 26, 2021)

JPool

Project Business: Liquidity Staking Protocol, does not support self-selection of validating nodes (intelligent allocation based on overall yield)

TVL of the project: $40.35 million, monthly increase of 62%

Token issuance: No

Summary

The top ten protocols in terms of TVL have the following characteristics:

• More than half of the protocols are liquidity staking protocols, with 66% of them having issued tokens, and BlazeStake has also mentioned token issuance in its whitepaper;
• The majority of the top ten protocols, excluding Lido, are deployed on Solana;
• 66% of the protocols have issued tokens, while the protocols without token issuance are concentrated at the end of the top ten;
• Lido is the only protocol with a decrease in TVL, with funds flowing back to native protocols.

In addition to TVL, the NFT, inscription (SOLS), DePIN, and other tracks on the Solana ecosystem have also been making continuous progress recently, offering many opportunities for digging. The Solana community has also advocated “OPOS” (only possible on Solana) and may take an extraordinary path with its unique network performance.

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