The crypto market has grown from strength to strength over the last couple of years, so much so that this burgeoning industry is no longer dominated by just a handful of projects such as Bitcoin (BTC) and Ethereum anymore. In this regard, it should be mentioned that since the start of 2021, projects such as Solana (SOL), Terra (LUNA), Avalanche (AVAX) — all of whom bring to the table their very own set of unique value propositions — have all outperformed their aforementioned OG counterparts, thereby showcasing the rapidly increasing maturity of this space.
Solana, in particular, has continued to pique the interest of crypto enthusiasts and investors — from the retail as well as institutional sectors — recently, something that is best highlighted by the fact that over the last 12-month stretch the project has been able to accrue gains in excess of 3,400%.
Simply put, Solana can be described as a blockchain-based development ecosystem that provides users with a high degree of operational scalability and freedom. The platform is highly decentralized and makes use of a proof-of-stake (PoS) framework alongside its novel proof-of-history mechanism to maximize transactional efficiency and throughput.
In this article, we will seek to list out some of the most intriguing projects devised atop the Solana blockchain which crypto enthusiasts should watch out for in 2022. So without any further ado, let’s jump straight into the heart of the matter.
One of the most highly touted Solana-based projects today, the Soda Protocol is essentially a decentralized lending-borrowing ecosystem that comes replete with its very own on-chain credit rating system. The module works by making use of technical data derived from the platform’s historical transactional info (associated primarily with its borrowing and lending operations).
On a more technical note, the Soda Protocol keeps an account of all its loans and internal financial transactions using its native Sol ID Credit Ranking system. Additionally, the platform is highly incentive-driven, encouraging users to stake their SODA tokens in return for lucrative liquidity rewards.
The first open-world VR metaverse platform to have been made available to Solana users worldwide, Solice brings together a whole host of mainstream elements such as social media, cryptocurrency and gaming into one blockchain-based ecosystem. Once engaged, players can devise their very own mini in-games as well as accrue tangible monetary incentives in lieu of completing certain missions.
Not only that, any in-game items collected can be sold via the platform’s integrated marketplace. If that wasn’t enough, Solice even comes with its very own custom SDK, allowing users to create their personal NFTs which can then be used in-game whenever one chooses.
Widely considered to be one of the most advanced decentralized exchanges (DEX) operating within the Solana network today, Atani brings to the table a wide range of features that users of all levels can appreciate. For example, the platform comes replete with a stop-loss module as well as an automated profit-taking option. If that wasn’t enough, AtaniDEX is able to process more than sixty-five thousand transactions per second, all while charging users a base txn fee of around $0.00001.
Additionally, another aspect of the platform worth noting is that it is designed to offer extremely high levels of scalability without deploying a peripheral solution such as a layer-2 mechanism or sharding sidechain — resulting in a higher degree of consumer privacy and overall platform safety. Lastly, AtaniDEX also hosts additional useful options such as a novel technical analysis (TA) system, an automated portfolio tracker and a price alert module.
Designed to allow crypto enthusiasts unlock the true financial potential of the Solana ecosystem, Ratio Finance helps users leverage the power of their liquidity provider (LP) tokens across various yield farms so as to maximize their annualized returns. The platform utilizes collateralized debt positions (CDPs) in the form of a soft-pegged stablecoin — called USDr. These coins can be used for a variety of different purposes including loan repayments, investments, debt paybacks, amongst other things.
Nova, in its most basic sense, can be thought of as a programmable digital-asset framework that allows clients to devise their personal crypto portfolios as well as generate lucrative incentives through a host of different mechanisms. In fact, thanks to its unique technological proposition, Nova’s dev team was able to secure first place during Solana’s 2021 summer hackathon.