Original - Odaily
Author - Nan Zhi
DefiLlama data shows that Solana network TVL rose to $689 million, continuing to hit a new high in 2023. On the one hand, Solanas ecological top NFT projects such as Mad Lads have increased by more than 100% within a month; on the other hand, Solanas top protocol Jito and ecological transaction aggregator Jupiter have announced airdrops. Jupiter said that the airdrops are mainly for the past two years. User used.
Odaily will take stock of the top ten TVL project businesses and data based on DefiLlama and the white papers of each project.
Marinade Finance
Project business: Liquidity pledge agreement, providing one-way growth pledge product mSOL, supporting instant release of pledge function
Project TVL: $613 million, up 78% month-on-month
Whether to issue coins: Yes, MNDE
Jito
Project business: Liquidity staking protocol, Jito entrusts users’ SOL to validator nodes that support MEV, and MEV is distributed to the equity pool as additional income. The referral program was launched at the end of August, the points system was launched in mid-September, and the airdrop was announced on November 28
Project TVL: $412 million, up 90% month-on-month
Whether to issue coins: Yes, JTO, will be airdropped soon
marginfi
Project business: lending agreement, supporting LST such as jitoSOL, mSOL, bSOL, and native Meme such as Bonk and SAMO. At the same time, liquidity staking and AI businesses were launched
Project TVL: $149 million, up 153% month-on-month
Whether to issue coins: No
Financing status: US$3 million (seed round on 2022/2/23)
Solend
Project business: Lending agreement, divided into 20 pools including Main Pool, UXD Pool, BONK Pool, etc., supporting 61 tokens
Project TVL: $132 million, up 71% month-on-month
Whether to issue coins: Yes, SLND
Financing status: US$6.5 million (2021/10/27)
Orca
Project business: Decentralized exchange (DEX), using centralized liquidity market maker (CLAMM, refer to Uniswap V3)
Project TVL: $86.7 million, up 58% month-on-month
Whether to issue coins: Yes, ORCA
Financing status: US$18 million (2021/9/22)
Raydium
Project business: Decentralized Exchange (DEX), Launchpad (suspended for one and a half years)
Project TVL: $58.28 million, up 55% month-on-month
Whether to issue coins: Yes, RAY
Lido
Project business: Liquidity pledge agreement
Project TVL: $60.31 million (Solana only),20% monthly decrease
Whether to issue coins: Yes, LDO
BlazeStake
Project business: Liquidity pledge agreement, providing one-way growth pledge product bSOL, supporting instant release of pledge function
Project TVL: $50.33 million, up 124% monthly
Whether to issue coins: No, the airdrop has been written into the white paper, but no details are given.
Drift
Project business: Decentralized derivatives exchange (Perp DEX), which also has modules such as lending, insurance fund pledge, and Drift LP.
Project TVL: $46.48 million, up 108% monthly
Whether to issue coins: No
Financing status: US$3.8 million (seed round on 2021/10/26)
JPool
Project business: Liquidity staking protocol, does not support self-selection of verification nodes (the protocol performs intelligent distribution through the overall rate of return)
Project TVL: $40.35 million, up 62% month-on-month
Whether to issue coins: No
summary
The top ten TVL protocols mentioned above have the following characteristics:
More than half of the protocols are liquidity staking protocols, and 66% have issued coins, and BlazeStake has also written the issuance of coins in the white paper;
Except for Lido, most of the top ten TVL products are only deployed on Solana;
The issued currency protocols account for 66%, and the unissued currency protocols are concentrated at the end of the top ten;
Lido is the only protocol to see a decline in TVL, with funds flowing to native protocols.
In addition to TVL, NFT, SOLS, DePIN and other tracks in the Solana ecosystem have also continued to develop recently, and there are still many gold-mining opportunities. The Solana community also shouted the slogan OPOS (only possible on solana), which may lead to an unusual path with its special network performance.
