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Solana Deep Dive

Solana is a high-performance blockchain platform known for its speed and efficiency in processing transactions. It was founded in 2017 by Anatoly Yakovenko, who aimed to create a blockchain that could support scalable, user-friendly applications without sacrificing decentralization.

In this text we will look at the main features of Solana and its ecosystem: SOL coin, DeFi, meme coins, NFTs.

You can buy Solana SOL coin on top exchanges like and KuCoin using our VIP referral links with additional bonuses.

Table of Contents

Key Features of Solana

  1. High Throughput: Solana can process thousands of transactions per second, significantly outpacing older blockchains like Bitcoin and Ethereum. This is achieved through its unique consensus mechanism and architectural design.
  2. Low Transaction Costs: One of Solana’s most attractive features is its incredibly low transaction fees, making it a cost-effective platform for both users and developers.
  3. Proof of History (PoH): Solana introduces a novel concept called Proof of History, a mechanism that helps create a historical record that proves that an event has occurred at a specific moment in time. This is integral to its high throughput.
  4. Consensus Mechanism: Solana uses a hybrid consensus model, combining Proof of History with Proof of Stake (PoS). This combination enhances the network’s efficiency and security.
  5. Scalability: The blockchain is designed for scalability, aiming to support an increasing number of users and applications without compromising performance.
  6. Smart Contracts: Solana supports smart contracts, enabling developers to build a wide range of decentralized applications (dApps) on its platform.
  7. Ecosystem: The Solana ecosystem has grown rapidly, hosting a wide variety of projects, including decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and decentralized applications (dApps). It became also popular with memecoins like BONK or MYRO.
  8. SOL Token: The native cryptocurrency of the Solana network is SOL, used for transaction fees and staking as part of its PoS consensus mechanism.
SOL token

Solana has gained significant attention and adoption due to its fast and efficient blockchain infrastructure. It’s particularly popular in the DeFi and NFT spaces, where speed and low transaction costs are crucial. The platform hosts numerous projects, ranging from decentralized exchanges (DEXs) to lending platforms and digital art marketplaces.

Solana DeFi protocols

The Solana blockchain, renowned for its speed and scalability, hosts a vibrant ecosystem of DeFi (Decentralized Finance) protocols. Here’s an overview of some of the top DeFi projects on Solana as of 2023:

  1. Orca: A decentralized exchange (DEX) utilizing the Concentrated Liquidity Market Maker model, Orca offers an intuitive interface for quick token trading and liquidity provision. Its TVL is around $37 million across all pools​​​​​​.
  2. Raydium: An Automated Market Maker (AMM) on Solana, Raydium leverages a central limit order book for fast trades and incentivizes liquidity provision. It supports various liquidity pools and concentrated liquidity pools, with a TVL of approximately $30.2 million​​​​​​.
  3. Lifinity: The first Proactive Market Maker (PMM) model-based exchange on Solana, Lifinity combines concentrated and lazy liquidity to reduce impermanent loss. It features innovative tokenomics, including the veToken model and the Flares NFT collection​​.
  4. Tulip Protocol: As Solana’s first yield aggregator, Tulip Protocol offers auto-compounding vaults, lending, and Leveraged Yield Farming (LYF). Its various products cater to different yield strategies across multiple dApps​​.
  5. Kamino Finance: This protocol provides automated liquidity solutions using CLMM-based pools across multiple DEXs. It aims to optimize yield earning on users’ crypto holdings​​​​.
  6. Meteora: A lending aggregation vault and dynamic liquidity pool incubated by Jupiter. It helps traders find the best lending rates while considering risk factors​​.
  7. Hawksight: Offers one-click DeFi strategies on top of many DeFi protocols like Kamino, Orca, Raydium, and more, simplifying the process for users​​.
  8. Solend and Port Finance: These projects act as decentralized banks on Solana, offering lending and borrowing services. Solend has a TVL of around $64.4 million, while Port Finance has approximately $122 million​​.
  9. Saber: A cross-chain stablecoin exchange, Saber has a high TVL and offers liquidity pools for pegged asset pairs such as USDC-USDT. Users can also earn interest by providing liquidity​​​​.
  10. Marinade Finance: A liquid staking solution on Solana, allowing users to stake SOL and receive mSOL in return, which can be used to generate additional yield on other DeFi platforms​​.
  11. Phantom and Step Finance: Phantom is a wallet and browser extension for asset management on Solana, while Step Finance is a dashboard for visualizing, analyzing, and executing transactions​​.
  12. Jupiter and KyberSwap: Jupiter is a DEX aggregator on Solana, and KyberSwap is a multi-chain DEX aggregator, both providing optimal swap rates by pooling liquidity from multiple sources​​.

These projects reflect the diverse and innovative nature of the Solana DeFi ecosystem, catering to various needs from asset management and trading to yield farming and lending/borrowing. However, it’s important to note that investments in DeFi are subject to market risks, and due diligence is advised.

You can discover the list of top DeFi protocols on DefiLlama with all the stats too.

Solana Memecoins

Solana, known for its fast, efficient, and scalable blockchain, has become a platform for various meme coins. These meme coins are often popular due to hype and the Fear of Missing Out (FOMO), rather than having substantial real-world use cases.

The most popular tool for discovering new meme coins on Solana is BirdEye currently.

Here’s a rundown of the top meme coins on the Solana blockchain as of 2023 and into 2024:

  1. Bonk (BONK): Bonk has emerged as the most successful meme coin on Solana, showing gains of over 4,000% since its launch in January 2023. It aims to be a community-focused token that works with various Solana-based decentralized apps (dApps) and has rapidly gained market value, reaching a worth of $762 million​​​​.
  2. Samoyedcoin (SAMO): Launched in 2021, SAMO is one of the top dog-themed meme coins on the Solana network. It’s recognized for being fast, efficient, and eco-friendly​​.
  3. SHIBONK (SBONK): SHIBONK, operating a hyper-deflationary model, has seen over 160% growth in the last 30 days. The project is developing staking tools and an NFT collection​​​​.
  4. Moonlana (MOLA): Moonlana differentiates itself by focusing on utility and functionality, offering features like a decentralized exchange (LanaDex), a charting platform (LanaTools), and an on-chain tipping bot (Lanamon)​​.
  5. Fronk (FRONK): Known for its commitment to fair distribution, Fronk has allocated 45% of its token supply to contributors, aiming to promote equality within the ecosystem​​.
  6. SolDoge (SDOGE): A Doge-themed meme coin established in 2021, SolDoge is working to empower builders and expand integrations with payment providers, alongside launching an NFT collection​​.
  7. Kitty Coin (KITTY): Targeted at cat lovers, Kitty Coin offers its holders access to meetups and community events​​.
  8. Pepe: This coin has shown impressive gains, with a surge of over 1,500%. It’s known for its strong community resonance and a potent cultural appeal​​.
  9. NuggetRush (NUGX): A new DeFi project blending cryptocurrency with gold mining, NuggetRush features a play-to-earn game rewarding players with tangible assets like gold and cash​​.

It’s important to note that investing in meme coins is high-risk, and it’s possible to lose some or all of your investment. Diversification across multiple meme coins and other blockchain platforms is advised to mitigate risk. Additionally, the performance of these coins is largely driven by community support and hype rather than fundamental value, making them speculative investments​​​​.

Solana NFTs

The current top 5 NFT collections on Solana are:

  1. Mad Lads: A collection in the Solana NFT ecosystem, featuring 10,000 illustrated human or humanoid PFPs with unique clothing, weapons, accessories, and rare biological traits. Known for its innovative approach to mitigating bots during the minting process, Mad Lads has gained significant popularity and value, becoming a major player in the Solana NFT space.
  2. Okay Bears: Another prominent collection on the Solana blockchain, consisting of 10,000 NFTs. This collection focuses on creating a vibrant and positive community, with elements like exclusive merchandise, real-life events, and digital spaces for interaction. It has become one of the most actively traded collections on OpenSea.
  3. SMB Gen 2 (Solana Monkey Business Gen 2): This collection features 5,000 unique pixel art monkey NFTs on the Solana blockchain. Known for its diverse range of characters and traits, it’s a part of the broader Solana Monkey Business project, which includes several generations and special collectibles.
  4. Tensorians: The Tensorians collection is a tribute to pixel art, combining nostalgia and innovation. Each NFT in this collection is a unique digital artwork, featuring characters like astronauts, robots, warriors, and creatures. The collection offers various utilities to its holders, including exclusive events and collaborative opportunities.
  5. Claynosauruses: The Claynosaurz NFT collection consists of 10,000 3D animated ‘Claynos’, featuring an adorable lineup of dinosaur characters. It was envisioned by Nic Cabana and Dan Cabral and executed by a team of globally dispersed artists. The collection is not just about the digital art but also aims to build a brand and engage with the community. The project has garnered success with significant trading volumes soon after launch, and the creators have plans to expand the brand further, including in-person booster pack activations​​​​.

You can buy them on two main Solana NFT marketplaces:

  1. MagicEden: One of the most popular NFT marketplaces on Solana, known for its high trading volume. It supports most Solana wallets and offers features like a 0% listing fee, 2% transaction fee, and a launchpad for NFT artists.
  2. Tensor: One of the top NFT marketplaces on the Solana blockchain. It has been backed by notable entities like Placeholder VC, Solana Ventures, and Solana founders Toly and Raj, indicating strong support and confidence from key players in the blockchain and cryptocurrency industry.

Recently, Tensor has seen a substantial increase in its market share within the Solana NFT space. It competes closely with other leading marketplaces like Magic Eden and has been successful in capturing a significant portion of the trading volume on the Solana blockchain.

Magic Eden Solana NFT marketplace

Solana Crypto Airdrops

Crypto airdrops on the Solana blockchain have been a significant part of the ecosystem, offering various opportunities for users to receive free tokens. These airdrops serve different purposes, from promoting new projects to rewarding loyal users. Here’s an overview of some notable airdrops and activities on Solana:

  1. BONK Airdrop and Solana’s Market Dynamics: The BONK token, a canine-themed coin on Solana, experienced a dramatic price increase, with an extraordinary rise of over 10,000%. Interestingly, the Saga phone, developed by Solana, was linked to the BONK token through an airdrop, offering a BONK token airdrop with each $1000 phone. This airdrop was part of a broader strategy to integrate crypto functionality with smartphones​​ and actually it made the phone sold out!
  2. Pyth Network’s Token Launch: Pyth Network introduced its PYTH token, entering the market with a significant market capitalization. Around 1.5 billion tokens were initially available, and 85% of the total supply had a lock-in period of 6 to 42 months. Pyth Network focuses on sourcing first-party pricing data directly from exchanges and institutional traders, differentiating itself from other oracles like Chainlink​​.
  3. Jupiter Exchange’s Airdrop: Jupiter, a decentralized exchange (DEX) aggregator on Solana, announced a retrospective airdrop to reward its early users. The airdrop consists of four phases, with the first phase involving one billion Jupiter tokens. The eligibility for the airdrop was based on a snapshot of user activity​​​​.
  4. Jito Network’s Airdrop: Jito, a DeFi protocol on Solana, launched its JTO token with an airdrop. The JTO token can be used for governance and transactions on DeFi platforms across the Solana network. Jito highlighted the importance of governance participation by JTO holders​​.
  5. Various Other Airdrops on Solana: Numerous other projects on Solana have conducted or are planning to conduct airdrops. For instance, Drift Protocol, a DEX, had rumors of an airdrop, while Jito Network confirmed an airdrop of 10% of its $JITO supply. Marinade Finance and MarginFi, both liquid staking and lending protocols respectively, have also engaged in airdrop activities. Tensor, an NFT marketplace, hinted at rewarding its users with a mystery box airdrop​​.

These airdrops and activities showcase the diverse and dynamic nature of the Solana ecosystem. They play a vital role in promoting new projects, incentivizing participation, and enhancing the overall utility of the blockchain. As with any crypto activity, it’s crucial for participants to do thorough research and exercise caution, especially when dealing with new and experimental tokens or platforms.

Solana Future

Solana, a Layer-1 blockchain network, has faced its share of challenges, including network outages and performance issues, which have been a significant concern for users and developers. However, recent developments suggest that the network has made considerable progress in addressing these issues.

Network Outages and Performance Challenges

  1. Past Outages: Solana has historically struggled with network stability, experiencing several outages. In 2022, the network faced numerous outages, leading to a total downtime of over four days. This negatively impacted the network’s reputation and raised concerns about its reliability.
  2. February 2023 Outage: The most notable outage in 2023 occurred in February, lasting more than 18 hours. This outage was significant as it halted user transactions, and the root cause was not immediately identifiable. This incident further underscored the network’s need for improved stability and reliability​​​​.

Improvements and Optimizations

  1. Increased Network Uptime: As of the first half of 2023, Solana has shown a marked improvement in network uptime. The Solana Foundation reported only one significant outage in the first half of the year, with 100% uptime achieved since February 25. This represents a substantial improvement compared to the previous year’s performance​​​​.
  2. Technical Enhancements: Solana’s engineering team has been working on several initiatives to enhance the network’s efficiency, resiliency, and throughput. These include deploying a new validator client called Firedancer, capable of processing significantly more transactions per second, and implementing the QUIC protocol for faster asynchronous communication. Additionally, stake-weighted Quality of Service (QoS) and local fee markets have been introduced to improve network reliability​​.
  3. Focus on Stability: In 2023, Solana has shifted its focus toward stability, with a significant portion of the Solana Labs developers working on an ‘adversarial team’ to test and improve the blockchain’s resilience. This pivot marks a strategic shift from the previous focus on shipping new features and tools​​.

Where to buy Solana SOL crypto

You can buy Solana SOL coin on top exchanges like and KuCoin using our VIP referral links with additional bonuses.

The main wallet on Solana is Phantom.

Future Prospects and Ongoing Efforts

  1. Continued Optimization: Solana continues to work on runtime optimizations and is developing solutions for transaction scheduling and playback. These efforts aim to further increase transaction throughput and network efficiency​​.
  2. Security Enhancements: Following a security breach in early August 2023, Solana is also prioritizing improvements to network security. This includes deploying automated audits to help developers identify and fix vulnerabilities in smart contracts​​.
  3. Mobile Compatibility and Programmability: Solana is working on increasing its mobile compatibility and programmability. The Solana Mobile Stack, for example, aims to make cryptocurrencies more accessible through mobile applications. Enhancements in developer tools and languages are also underway to make the platform more versatile and user-friendly​​.

In conclusion, while Solana has faced significant challenges in terms of network outages and performance issues, the recent improvements and ongoing efforts demonstrate the team’s commitment to addressing these challenges.

With enhanced stability, security, and functionality, Solana is positioning itself as a more reliable and efficient platform for users and developers alike.

However, it is important to note that, like any blockchain network, challenges may still arise, and continuous improvements will be necessary to maintain and enhance network performance and reliability.

You can watch the video of Solana Deep Dive here

Solana Deep Dive video

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