Solana DeFi 2.0? A comprehensive review of noteworthy ecosystem projects

深潮TechFlow

特邀专栏作者

2023-07-28 10:50 (UTC+8)

This article is about 925 words, reading the full article takes about 2 minutes

New Solana DeFi protocol is emerging and aims to establish their community through innovative reward program.

AI Summary

New Solana DeFi protocol is emerging and aims to establish their community through innovative reward program.

Original author: Aylo

Original translation: Deep Tide TechFlow

Solana DeFi did not die. In the past 30 days, the TVL of all Solana ecosystem DeFi applications has increased, and many newer applications have seen a sharp increase in their metrics.

In the past year and a half, Solana DeFi has been hit for several reasons:

Unstable network (possibly the biggest reason - DeFi cannot have downtime);
FTX crash;
Low circulation and high FDV model resulting in no community formation around previous DeFi applications.

The Solana Foundation has made many updates that have had a significant impact on performance. In fact, Solana has outperformed Rollups. After the FTX crash, capital was withdrawn from the chain, which obviously hurt DeFi. But new Solana DeFi protocols are emerging and hope to build their communities through innovative reward programs.

The DeFi Summer of 2020 created many opportunities that changed lives, and blue-chip DeFi applications were also established at that time (Curve, AAVE, Uniswap, etc.). I can't predict the future, but I believe Solana DeFi will recover (I think it has already started) and it is worth exploring this ecosystem because curiosity about cryptocurrencies is always worthwhile.

Here are a few protocols worth exploring (most of them are tokenless):

Jito Lab

JitoSOL is Solana's first MEV-enhanced liquidity staking token. Jito provides the highest annualized yield (7.22% APY) for SOL staking. Simply deposit SOL through their user interface. The staked SOL is only deposited into top validators running Jito-Solana, making it more efficient to extract MEV through bundled transactions.

Pledge pool is non-custodial. While continuing to earn pledge income, you can also participate in Solana DeFi and NFT transactions.

Marinade

Marinade is a native non-custodial liquidity pledge protocol on Solana. mSOL is widely used in Solana DeFi.

Deposit SOL (6.99%) in exchange for mSOL. You can deposit mSOL into many protocols to earn additional income through their platforms.

MarginFi

MarginFi is currently the fastest-growing DeFi application on Solana, and it is a lending platform.

MarginFi has adopted a very clever scoring system to accelerate its growth. For every dollar borrowed, 1 point can be earned per day; for every dollar lent, 4 points can be earned per day.

They have no tokens, and they have not explained how users will use their points.

JupiterExchange

Jupiter is a perfect example of fast composability on Solana. It routes across multiple Solana AMMs and CLOBs, and recently integrated with SPL Equity Pool to mint LST, such as Jito. On Jupiter, you can also set limit orders. The user experience is excellent.

There is currently no token.

Cypher

Cypher: Just launched its own scoring system, temporarily no token, users can use MarginFi to lend the held assets and deposit them in Cypher to implement scoring strategy. Earn points in the following ways:

Perpetual Market: