Top 10 dApps on Solana

By  Pratik July 9, 2024

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Introduction

Solana, a high-performance blockchain, has been gaining traction in the world of cryptocurrencies and NFTs. With its focus on scalability and low transaction costs, Solana has attracted a growing number of developers and users. In this article, we'll explore the top 10 dApps on Solana, based on their Total Value Locked (TVL), key features and how they add value to the growing Solana ecosystem.

1. Marinade Finance

  1. TVL: $1.2 billion
  2. Key Features: Liquid staking solution for SOL, allows users to earn staking rewards while maintaining asset liquidity.
  3. Overview: Marinade Finance is a prominent Solana DeFi protocol that enables users to stake their SOL tokens and earn staking rewards, while keeping their assets liquid and accessible.

2. Kamino Finance

  1. TVL: $1.08 billion
  2. Key Features: Unified lending, liquidity, and leverage platform, automated liquidity vaults, yield-bearing LP tokens (kTokens), lending protocol with efficient loan-to-value ratios.
  3. Overview: Kamino Finance is a Solana-based concentrated liquidity management tool that enhances capital efficiency by allowing liquidity providers to allocate assets in specific price ranges. It combines lending, liquidity provision, and leverage into a single platform.

3. Raydium

  1. TVL: $835 million
  2. Key Features: Pioneering Proactive Market Maker (PMM) system, oracle-based pricing to mitigate impermanent loss, robust security measures.
  3. Overview: Raydium is a leading Solana-based AMM DEX that leverages its innovative PMM system to provide concentrated liquidity and efficient trades. It is one of the most widely used Solana DeFi protocols.

4. Sanctum

  1. TVL: $834 million
  2. Key Features: Liquid staking platform, allows creation of custom liquid staking tokens (LSTs), provides unified liquidity layer for Solana LSTs.
  3. Overview: Sanctum is another liquid staking platform on Solana that enables the creation of custom LSTs and provides a unified liquidity layer for Solana LSTs, attracting more SOL to be staked and propelling the decentralization of the Solana network.

5. Jupiter Exchange

  • TVL: $433 million
  • Key Features: Aggregates liquidity from multiple sources, offers advanced trading features like limit orders and DCA, supports decentralized perpetuals trading.
  • Overview: Jupiter is the largest decentralized exchange (DEX) on Solana, processing over $900 million in daily trading volume. It stands out with its bridge aggregator, advanced trading tools, and perpetuals platform.

6. BlazeStake

  1. TVL: $393.28 million
  2. Key Features: Liquid staking protocol, supports staking to hundreds of validators for decentralization, allows instant unstaking, provides bSOL tokens that can be used in DeFi.
  3. Overview: BlazeStake is an innovative liquid staking protocol on Solana that distributes staked SOL across a wide array of validators to enhance network decentralization. It offers bSOL tokens that increase in value over time and can be used in DeFi applications.

7. Drift Protocol

  1. TVL: $356 million
  2. Key Features: Decentralized perpetual futures exchange, offers up to 10x leverage, cross-margin trading, lending and borrowing.
  3. Overview: Drift Protocol is a decentralized perpetual futures exchange on Solana, enabling users to trade with up to 10x leverage, borrow, lend, and swap tokens.

8. Meteora

  1. TVL: $245 million
  2. Key Features: Dynamic Liquidity Market Maker (DLMM) for real-time fee adjustments and precise liquidity concentration, Dynamic Pools for trading fees and lending yield, Dynamic Vaults for composable lending aggregation.
  3. Overview: Meteora is DeFi's first dynamic yield infrastructure, providing highly capital-efficient AMM pools. It allocates liquidity to various lending platforms, with the ratio adjusted dynamically for yield optimization.

9. Solend Protocol

  • TVL: $239 million
  • Key Features: Decentralized lending and borrowing platform, supports a wide range of Solana-based assets.
  • Overview: Solend is a decentralized lending and borrowing platform on Solana, allowing users to lend, borrow, and earn interest on their Solana-based assets.

10. Orca

  1. TVL: $223 million
  2. Key Features: Automated market maker (AMM) DEX, offers concentrated liquidity pools and advanced trading tools.
  3. Overview: Orca is a Solana-based AMM DEX that provides users with efficient trading experiences through its concentrated liquidity pools and advanced features.

Conclusion

The Solana ecosystem is thriving, with a growing number of apps and a strong focus on scalability and low transaction costs. The top 10 apps on Solana, based on their TVL, active users, and key metrics, demonstrate the diversity and innovation within the Solana ecosystem. From decentralized exchanges and yield aggregators to lending platforms, Solana offers a wide range of opportunities for users and developers alike.