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author:Yash Agarwal; Source: Defillama 24
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“In 2023, everyone danced on the grave of Solana Defi. In 2024, Solana returned with the enthusiasm of the Meme and airdrop, and everything went forward. This article deeply explored the current status and trends of all the category of Solana Defi.Entry items involved in 100+.
3.8 billion US dollars +TVL.2.5 billion US dollars+daily transaction volume.Driven by Memecoin’s fanaticism and airdrop frenzy, Solana Defi returned strongly!
Although it seems to be a peaceful year for Solana Defi in 2023, this year is crucial.At the beginning of this year, many people danced on its grave and announced that Solana Defi had died.However, in the end, Solana Dex’s weekly transaction volume exceeded Ethereum DEX!
This is achieved by about 50 top teams. These teams are led by the blue chip protocol, such as MarinaDe, Phoenix, Jito, Marginfi, Kamino, Blazestake, Solend, Jupiter, ORTEORA, Raydia, Lifinity, and Drift. They are in the bear market period. Inter -proofConstruction.Now, Solana Defi has more than 100 high -quality projects.
Last year, at one of the lowest points (SOL was $ 20), we wrote an article entitled “Sorana Defi in 2023”. Many of the arguments we put in that article have achieved results and obtained the height of the community.Appreciation.Inspired by the previous article, I wrote the same article for 2024 -divided it into two parts:
1. The status quo ofsolana Defi.
2. What is built for Solana Defi?
In the first part of this article, we will briefly introduce the Overview of Solana Defi, learn about various DEFI categories, and briefly discuss various Solana projects, and finally summarize the subsequent content.After reading this article, you will get all the necessary insights on Solana Defi.
If someone asks what SOLANA has happened or the top Solana Defi project, please forward this article to them.Only insights, no foam.
Solana Defi Overview
Although the entire DEFI ecosystem was hit hard due to the collapse of FTX, Solana Defi was particularly announced to “die” when it plummeted to a $ 200 million TVL in early 2023.Until the price of SOL began to rise to $ 200 million, its TVL kept around $ 300 million.At the end of October.In the past four months, TVL has soared to an impressive $ 3.3 billion, which is mainly driven by SOL prices.The market value of about $ 2.5 billion in healthy and stable coins also shows the mobile funds available in the ecosystem.
Sorana DEFI overview (as of March 14, 2024)
The highest capital efficiency chain store:
It has become popular since last year, and TVL may be a vanity indicator; DEFI speed (TVL of Daily DEX transaction volume/chain) is a indicator that truly occupies the dominant position.
Is Solana Defi really OPOS?
In the bear market, the phrase “Only Possible On Solana” (OPOS “has become a wide range of combat slogans in the community, but what makes Solana be worthy of this title?The simple answer is its low cost and high throughput.
Low fees and high throughput make OPOS possible, for example:
1. Order book on the chain: The two orders continue to handle more than 150 million US dollars in transaction volume. Due to the high frequency of issuing and canceling the order, this strong lift is not feasible on Ethereum and even the second floor.In addition, a sustainable order book like Zeta is an example of OPOS.
2. Jupiter et al.: The $ 100 order on the Jupiter is split, through 4-5 DEX, and then re-combined.On the Layer 2 platform like Arbitrum, this process will cost more than $ 20, which makes it unrealistic.
3. Any high -frequency thing: For example, reconnect, faster liquidation and so on.
Although the MOVE chain like Aptos and Sui also provides high throughput and low costs, as the second -level solution becomes more economical and affordable, and the appearance of parallel EVMs such as Monad may no longer be exclusive.However, Solana’s dynamic community and its high -quality builders do make it different.
Memecoin phenomenon perfectly shows the comprehensive ability of community/culture and high throughput/low cost.Consider: If you buy a $ 1,000 cat coin, are you willing to pay $ 100 for each transaction?Solana users can conduct at a price of as low as $ 1 and get support from seamless bridges such as fast transaction speed, Jupiter and other seamless bridges, high -efficiency DEX and sufficient liquidity support.
Why is Solana airdrops so promoted so much?This is because Solana is a group of talented builders’ homes. Who doesn’t want to seize the opportunity to plant their potential high FDV tokens?
Solana Defi category
Just like any other DEFI ecosystem, Solana has a wide range of branches, and most of TVL contributes from LST, DEX, lending platforms and PERPS.
The chart of solana defi tvl on Vybe
Just like any other DEFI ecosystem, Solana has a wide range of branches, and most of TVL contributes from LST, DEX, lending platforms and PERPS.
Let us study each DEFI category and analyze their advantages, limitations and opportunities for existence.We will try to conduct in the order of time to follow the typical Defi user journey -from primary to advanced; we also provide some Alpha tips.
Wallets and bridges:
Starting from the wallet, the battle of the wallet has now been concentrated to the three most friendly wallets for DEFI. Each wallet is equipped with all the functions required by Defi:BackpackAs well asPhantomandSolflareEssencePhantom’s browser function is an excellent discovery tool for DEFI applications and tokens.
In the field of interoperability,WormholeAs a leading message transmission layer, it supports sending messages between Solana and more than 25 other chains.Wormhole supports several main bridges:
Portal Bridge(Developed by the Wormhole team) -s one of the oldest bridges, with historical value of more than $ 40 billion, but the user experience is very poor.
Mayan Finance— One of the fastest -growing bridges, there is a cross -chain exchange agreement based on Solana, which allows the asset exchange between Arbitrum, Polygon, Optimism, Avalanche, and BSC.
Allbridge– Another bridge based on the liquidity pool promotes the connection between Solana and Ethereum, Ethereum L2, BNB Chain, and TRON.
Bridge polymerLifiIt has also entered Solana to support Phantom’s cross -chain switch, and at the same time integrate Solana into the front end of the bridge closer -Jumper.At present, the system is supported by Allbridge and plans to include more bridges.
debridgeIt is one of the fastest bridges. It has an intentional architecture and supports its own message transmission layer.HashflowandCarrierIt is two other bridges, although they use low frequency.
Circle’s CCTP is also scheduled to be launched in late March 2024. Some bridges are used as startup partners.This will enable anyone to connect a USDC with a very low fixed cost bridge, which significantly improves the liquidity of the bridge.LayerzeroThe launch of the second quarter is also highly anticipated; this may change the cross -chain application on Solana, because Layerzero has a larger ecosystem and community than Wormhole.
Jupiter is also developedBridge comparatorCome to help users choose the best bridge.However, it only promotes the transmission from Ethereum to Solana, does not include all bridges.
User Tips -Bridge with Solana: For Ethereum, SUI and APTOS, use Portal Bridge.For Ethereum L2, Jumper, Debridge and Mayan are compared.
Spot DEX:
Solana’s DEX daily transaction volume reached a peak of US $ 2-3 billion, the weekly transaction volume reached US $ 12 billion, and the monthly transaction volume reached 28 billion US dollars-on a good day and weeks, the Ethereum has occurred.Changes.About 60% of Dex’s total transaction volume is provided by Jupiter. Jupiter is the leading DEX polymer on Solana and the largest DEFI project on the platform.Use Jupiter as a case to dialysis in February DEX trading activity:
1. 1.The tokens with the top 10 trading volume are:
a. About 82% of the blue chip tokens -SOL, USDC and USDT.
b. ~ 10% MEME coin -WIF, MyRO, Silly, and Bonk.
c. ~ 6% LST — Jitosol, Msol, and Bsol.
2.Unique wallet: more than 840K | Total transaction volume: more than 29 million strokes.
Unlike Uniswap’s dominant EVM ecosystem, Solana’s spot DEX is still highly competitive, and the top DEX fiercely competes for market share.ORCA occupied more than 50% of the market share at the beginning of the year. Although the market share has declined slightly, it is still the leading Dex.Raydium and OpenBook’s sales are very considerable, especially during the MEME currency flow.
The fierce competition for market share between Solana Dex
DEX polymer:
JupiterNot only inside Solana, but also the entire cryptocurrency field is an indisputable leader, surpassing1InchandMatchaWait for EVM to travel.Jupiter is the primary Solana aggregate, managing about 80% of trade flow (after exclusion of robot activities).This is in sharp contrast to the Ethereum main network. A large part of the Ethereum main network is still carried out through the front end of the DEX, and multiple polymer sharing about 40-50% of the order flow.
Jupiter uses its complicated routing algorithm (Metis) to determine the best price in more than 30 integrated DEX. It also provides the following functions:
1. 1.Limited order -By using the filling robot to buy/sell at the predetermined price.
2.Average cost -Promote regular purchases or selling tokens within the set period.
For developers, Jupiter provides a payment API (allowing merchants to receive any token payment and receive the final amount of USDC) and terminal functions (enable any DAPP to merge the exchange function in its interface).So far, Jupiter has contributed to more than $ 100 billion in trading volume.
PrismIt is an OG protocol in this field, and it also has a DEX polymer (compared to Jupiter, which is insignificant in transaction volume) and Prism Pro (front end of OpenBook transactions).It plans to open the source of its polymer.
DflowBecome a potential competitor of Jupiter, it was created by a powerful team (received $ 5.5 million in funds last year, and there may be more funds since then).DFlow has developed a routing algorithm similar to Jupiter, called Segmenter, and has a significant product difference:
1. 1.Move priority methods and integrated non -hosting wallets.
2.The mechanism of liquidity places such as AMM is used to identify toxic orders (such as robotics and high -frequency trading companies) and apply higher rates to it.
Although it has not been fully put into operation, DFlow has activated the deposit and is running the points plan, suggesting that tokens may soon be launched.If they can take any important share from Jupiter, it will be exciting.
ClOB (Central price limit order book):
The first iteration of the order positioning system (OPOS) on the CLOB compete chain.One of the first main DEFI projects on Solana is Project Serum launched by FTX. The project launched the first full chain order book, which has a unified liquidity in the entire ecosystem.Project Serum (and FTX) played a key role in the initial momentum of inspiring Solana DEFI and attracted many projects to join the platform. These projects are now considered as blue chip stocks in the Solana ecosystem.The important thing is to give recognition and praise at the time of time.
After the FTX collapsed, the DEFI community split the Serum code, transformed it into public assets, and renamed it OPENBOOK.OpenBook is likely to be Solana’s most underestimated public resources. It maintains a transaction volume of $ 50,000 to billion per day, does not charge transaction fees, and allows creating a market without licenses.For more information about OpenBook, read an article I wrote before.
Portal: https://tinyurl.com/24PAECCR
However, the most famous orders on Solana are created by the powerful teamPhoenixThe daily transaction volume is between 10-150 million US dollars.At present, it operates a permitted market (plans to transition to a model without permission), and most of its transaction volume comes from SOL/USDC (about 70%), SOL/USDT (about 10%), and Bonk/USDC (~ ~ ~ ~10%).
Compared with OpenBook, Phoenix provides:
1. 1.Instant settlement (that is, no crank).
2.More streamlined data on the chain, such as market events (such as placing and canceling, order transactions), and a more compact chain account size.
Root exchangeIt is another user interface built on Phoenix to provide enhanced functions for price limit orders.
AMM:
Despite the continuous innovation of the order book, the top four Solana AMM still dominate most of the transaction volume.
ORCA— ORCA is inspired by the UNI V3, and has become a concentrated liquidity automatic as a market merchant (CLAMM). It is currently the main DEX on Solana, focusing on the basic liquidity of the development of ecosystems.As of 2024, ORCA has contributed a transaction volume of more than $ 26 billion, and has generated a limited partner fee of more than $ 40 million.It is committed to becoming the most user -friendly liquidity integration platform with open source and verified smart contract deployment.
Raydium——Lifate, unlike other CLAMM, Raydium also uses CLOB (ie OpenBook) to use a hybrid model.In addition, it supports farms without permission, allowing anyone to create a pool and guide the liquidity of tokens.This feature made Sorana a launch of thousands of MEME coins, making Raydium the preferred DEX for MEME coin issuance.
Meteora—Meteora’s DLMM (dynamic liquidity is a market business) system uses the Trader Joe’s liquidity manual as a model to arrange asset -paired liquidity to different price interval.Each box is defined by a specific price and liquidity amount, eliminating the dropping point of the drop in the box.
Meteora 的DLMM 可以被视为订单簿和AMM 之间的混合体，因此需要主动提供流动性，并允许基于现货（均匀分布）、曲线（低波动性的集中方法）和买卖等策略进行不同的流动Sexual distribution (high volatility reverse curve distribution).This is particularly helpful for the dynamic expenses of limited partners.That is, limited partners earn more fees during the high fluctuation period.
In addition to DLMM, Meteora also offers AMM mining pools (previously called Mercurial mining pools), including dynamic mining pools, multi -to -chips, and FX and LST mining pools.
Lifinity– The platform runs as an oracle -based AMM.Unlike other dependent arbitrage, unlike DEX, which is priced at the balance of mining pool assets, Lifinity hires his own businessmen.In addition, it does not depend on the liquidity of LP, but uses the liquidity (POL) possessed by the agreement to distribute the income to its token holders.For example, in the previous month, it generated about $ 550,000 in income.Of all AMMs, Lifinity stands out as the most efficient DEX as OPOS and capital efficiency. The daily transaction volume reaches US $ 10 million, and TVL is only about 800,000 US dollars (total TVL is about 7.5 million US dollars, including city merchants).
FluxbeamIt is the only AMM specializing in token extension, which is about to launch its launch board.Other AMMs, such asInvariantandSaber(CurrentSaberdao) It may not be so positive, but still occupy a large number.
Mixed Exchange:
Backpack exprye——The centralized exchange developed by teams behind BACKPACK and Mad LADS.It is supervised by Dubai Vara and is about to obtain more licenses.The exchange currently provides spot transactions and plans to launch margin transactions, derivatives and cross -mortgage options.Under the expectations of potential snapshots, it has successfully attracted more than $ 70 million in deposits.
Cube exchange– Another centralized exchange was created by a member of the former Solana Labs team.Its delay is only 0.2 milliseconds, which is lower than Binance (5 milliseconds).The exchanges maintain a chain order book, and the settlement is executed on Cubenet. This is a meta -L2 blockchain. It is reported that it is a branch of SVM.
My prediction:
1. 1.The order book will continue to obtain market share, especially the blue -chip asset pair.
2.As the front end of the transaction becomes more social (egBonkbotAs well asFluxbotorDialect), DEX’s professionalism will be enhanced.
In view of the tokens issuance boom, the Solana ecosystem has two token issuance tools:
1. 1.Armada——This platform provides a set of open source protocols, covering three key aspects of tokens: tokens (customized auctions and pool -based distribution), liquidity supply (through CLMM vault) and tokenomics (automatic agreement rewardsDistribution and token pledge).FlowmaticandPepperThe project is one of the first batch of projects launched through ARMADA.
Jupiter’s LFG LAUNCHPAD—The top DEFI projects on Solana also used its existing ecosystems and communities to establish a Launchpad:
1. 1.Have a reasonMeteoraagDLMM provides supportable startup pools.
2.Provide complete transaction functions, focusing on pre -order process and price discovery.
3..Including a mechanism for voting through the project launched by the JUP DAO.
ZeusandSHarkyThe project is one of the first batch of projects launched by Jupiter.
Solana Assets:
Assets (or tokens) on Solana can be roughly divided into:
1. 1.Sol and lst
2.Jup, RNDR and other projects tokens
3..memecoin
4. 4..Stable currency and RWA
Memecoins:
Memecoin is a culture of financial steroids.They are the lifeblood of DEX on Solana and attracted widespread attention.Many people speculate that we may be experiencing Memecoin super cycles, and Solana will lead this trend.
Solana has become synonymous with Memecoin because: because::
1. 1.An interesting community, supporting the unified MEME culture, led by ANSEM and other influencers.
2.Low -cost and fast transactions have promoted tolerance, and natural gas fees are not needed before the transaction.
3..The seamless user experience of the Memecoin transaction through the Jupiter and other polymers and supported the support of the strong liquidity of Dex.
This is the typical journey of Memecoin enthusiasts:
1. 1.I found the newly listed mining pool on ORCA or Raydium, and learned Memecoin from friends or Twitter, or obtained insights from the ANSEM team.
2.useDexscreenerandBirdeyeView Memecoin’s charts and statistics -The best part is that both platforms integrate Jupiter into its interface and allow users to directly invest in Memecoin.People can still use itRugcheckQuickly check the tokens’ risk parameters.
3..Continue monitor your investment portfolio and share your discovery with your friends!
The proverb of “betting in the retail industry” is correct -and the representative of the retail industry is on Solana.
All trend tokens are solana memecoin on DEXSCREENER
My prediction:
1. 1.Culture will become more replaceable -I believe that Memecoin as a “token culture” provides greater liquidity and tolerance than NFT, providing them with significant advantages.
2.The vertical MEMECOIN platform will appear; for example, a political platform contains all political -related coins, such as TREMP and Boden.Memecoin will lead us to the promised “Yuan Universe”.
User Tip -Investment Portrait Tracker:
Solana supports three main investment combination trackers (or address trackers):Step financeAs well asSonar watchandAsset dashEssenceAlthough Sonar Watch has performed well in DEFI integration, the Asset Dash and Step Finance are more popular for those who seek mobile friendly options and better NFT support.For analysis or monitoring any wallet, these investment combination trackers and Phantom’s watch wallet function are very useful.With two main browsersSolscanandSolanafmCompared with, Solanafm is much more advanced in transaction analysis.
Stable currency:
Solana now has a variety of stable currencies supported by legal currencies.
-
USD -USDC, USDT, USDP, USDY, ZUSD
-
Euro -eurc, Euroe, VEUR
-
GYEN, QCAD, VCHF, TRYB, ISKT, BRZ, Etherfuse Cetes, NGNC
At present, the market value of SLANA’s stable coins is about 2.5 billion US dollars, of which USDC (67.5%) and USDT (31.5%) account for most of the market share, followed by long tail stable coins with a market value of less than 10 million US dollars.Although many fiat currencies have recently launched stable coins, except for USDT and USDC, most other stable coins are facing low liquidity and limited DEFI integration.To solve this problem, Meteora launched a foreign exchange pool (currently only suitable for the Eurc -USDC pool with TVL for $ 20,000). The pool is still in the initial stage, but it represents a step in the correct direction.
UXD (support from excess mortgage loan, real world assets, and Delta neutral support) and USDH (supported by CDP) are two decentralized stablecoins on Solana.
Chain Forex (FX) market case
The size of the foreign exchange market is huge, with a daily transaction volume of more than $ 6 trillion.The availability of stable coins with sufficient liquidity can pave the way the availability of stable coins can be paved with the establishment of the spot foreign exchange market on the chain through the order book and AMM.Imagine such a scene: Merchants can accept USDX payment and immediately convert it to Yenx, and Jupiter trades through multiple liquid places routes.Sooner or later, some people will establish spot foreign exchange trading platforms on Solana.
There will also be two stablecoins supported by LST on Solana-Marginfi’s ybxandJupiter’s SUSDEssenceThese are essentially CDP stablecoins, but use LST as a collateral (equivalent to equivalent toLybraEthereumEUSDandPrismaofmkusdTo.
My prediction:
1. 1.Inspired by Ethena, some people will develop UXD V2 (the model before the mirror UXD, similar to Ethena).
2.The DEFI stabilization currency mechanism will become more and more innovative, in order to seek to provide income for the holder and enhance the liquidity of borrowing borrowings.
User prompt -not all stablecoins are the same.The stable currency supported by fiat currency is usually the safest, while other DEFI stablecoins (usually called “synthetic dollar”) have inherent Defi risks, which is most suitable for DEFI applications.Before holding any large stablecoin, be sure to verify liquidity and redemptionability.
Bitcoin?Solana
In the recent expansion of Bitcoin’s efforts, multiple projects have begun to create Bitcoin & LT; & GT; Solana interoperability solutions to achieve seamless use of Bitcoin through Solana:
1. 1.Atomiq– A cross -chain DEX, promoting the exchange between Solana assets (SOL and USDC) and Bitcoin (on the chain and lightning network).Their payment demonstrations are very innovative, showing the transactions from Solana to Bitcoin in a store receiving BTC.
2.Zeus network– Open communication layer connecting Solana and Bitcoin.It introduces ZBTC (BTC packaging version), allowing users to pledge or use to earn benefits on Solana.The project has ambitious plans, including integrating BTC into the DEFI ecosystem of Solana, and provides BTC -supported stablecoins, cross -chain lending loans, and Stacks such as SOLANA and Bitcoin.
3..Sobit Bridge—Sobit acts as the Bridge, and users can start the bridge to pick up the bridge by depositing the BRC20 token into the SOBIT specific address.The platform verifies these deposits and then casts equivalent to the Value on Solana.
These measures are still in its infancy and have not yet started.Threshold NetworkTBTC also provides Bitcoin’s token version on Solana, which is supported by Wormhole Crypto.
If you need to have more insights and predictions, please see me aboutBitcoin X SolanaThe post of the paper!
Portal:https://twitter.com/yashhsm/status/173965870941129094?s=2020202020202020202020202020
Real World Assets (RWA):
Tongchemize RWA (real world assets) bring the financial assets under the chain into the chain.For example, real estate, private credit, treasury vouchers, green bonds, gold and other goods.
In addition to stablecoins, Solana also has a wide range of RWAs, including:
1. 1.Tokens (tokensONDOandMaple finance.
2.real estate(HomebaseandLiquidprop.
3..Physical product (BaxusandCollectorCrypt.
4. 4..Private credit (CredixandCredible.
My prediction:
1. 1.Defi is combined: For example, holders can obtain higher yields by holding the U.S. Treasury token, using it as a mortgage for the DEFI borrowing market, borrowing stablecoin, buying more national bonds, and repeating this cycle.This scene is just an example: integrated real -world assets (RWA) into the Solana DEFI ecosystem opened the door for creating valuable new products. Some of them can only be achieved through encrypted native mechanisms.
2.Expanding more assets and markets will introduce more high -quality token assets to DEFI.
I wrote a comprehensive article about real -world assets, which summarized all RWAs and my papers on Solana.
Portal:https://tinyurl.com/2dae28TS
LST (mobile pledged token)
On Solana, about 400,000 wallets mortgaged their SOL.As an asset category, the mobile pledge tokens (LST) contribute the most to the total lock value (TVL).With any lending agreement, you will see that LST is dominant in TVL.However, compared with Ethereum, Solana’s LST adoption rate is still low, accounting for 4-5%of the total supply of SOL, and the pledge rate of Ethereum is as high as 24%, which is impressive.Although most LST provides similar yields, it is the high liquidity of the secondary market and the broader practicality in DEFI that makes them stand out.In terms of DEFI integration, the currency market occupies a dominant position, and platforms such as Solend, Kamino, and Marginfi have become the central hub of LST activities, partly due to the expectations of airdrops.
On Solana, all LST will generate benefits, which means that their value increases with the increase of benefits.In contrast, the popular Ethereum LST such as LiDO’s STETH is a variable base (which means that the number of STETH in your wallet is increasing, and the price is roughly the same as ETH).
1. 1.MarinaDe [msol]: MarinaDe is the pioneer of the Solana LST protocol. It was established in 2021 and merged by two teams on the Solana hacker marathon.The project launched the MNDE tokens in November 2021 and transitioned into DAO on the chain in April 2022.Its tvl is distributed:
a.Native pledge (35%at 3.5 SOL)
b.Mobile pledge (75%at 6.72 SOL)
MarinaDe Native stood out because it provided the institution with the choice of pledge to pledge to the best -selected performance of decentralized selection without exposing smart contracts, which attracted those who were hesitant to participate in DEFI.
2.Blazestake (bsol): Started by an anonymous developer named Solblaze, under the promotion of token incentives and extensive DEFI integration, Blazestake quickly received attention. In less than a year, 2.7 million SOL (about 400 millionUSD) TVL.This method provides additional income opportunities for BSOL holders.
3..Jito (jitosol): Although MarinaDe was initially leading, by the end of 2023, Jito has become a powerful competitor, partly because it effectively uses points and airdrops to increase its popularity.Jitosol stood out because of focusing on MEV and entrusted SOL to high -quality verifications supporting MEV.These verificationrs are equipped with Jito Labs software to get additional MEV rewards by auction block space, and Jito has allocated it as an additional APY to users.
JITO increases income = standard pledge income + MEV reward
Jito’s stakenet: When we use any LST solution to pledge SOL, the pledge program is operated by the hot wallet. The hot wallet is managed by the outside chain robot. The robot is determined:
-Adm or delete the verification device
-Drocket or cancel the entrustment rights
This introduces centralized risks.StakeNet transforms the previously credible and opaque system into a transparent system by turning all the commission logic to the chain.
Recently, Jito Labs suspended the MEMPOOL service provided by Jito Block Engine.This decision has caused different reactions in the community. Some people appreciate Jito’s positive position, and critics believe that this may lead to private transactions and may develop a new private memory pool as a response.
Although LST represents a use case, StakeNet is particularly interesting for re -mortgaging networks, liquid reconstruction protocols, and prophecy machine networks.In these cases, StakeNet can independently allocate assets in the decentralized network of active verification services (AVS) and high -performance node operators.It combines the advantages of the two fields: automation (by transferring the process to the chain) and governance (allowing configuration parameters by governance).
There are many other LST, operated by separate authenticants, some of which try to make themselves different.For example, Lainesol and CompasssSol have been providing higher pledge rewards with the help of MEV.If you need to compare APY and active rights, please check this list.
Portal:https://solanacompass.com/stake-pools
LST on Solana is facing liquidity challenges, why there are only three main LST (Jitosol, MSOL, and Bsol).The smaller LST faces the problem of decentralization of liquidity, while Sainttum solves this problem.
SANCTUM -Unified LST liquidity:
One of the interesting projects of the OG team helped Solana Labs build a SPL equity pool plan and launched the first SPL equity pool SOCEAN.
In order to solve liquidity, Sanctum has created two major products:
1. 1.Sanctum reserve– As a reserve liquid SOL pool.This allows all LST to cancel pledge immediately, regardless of size.So far, 60K SOL has been extracted from Sanctum Reserve for instant cancellation of pledge or LST-SOL swap!
2.Sanctum route— Construction with Jupiter, even if there is usually no route between the two LST, it allows converting from one LST to another.This is allowed to unify LST liquidity by allowing small LSTUM reserve pools to obtain larger LST liquidity.It has contributed to a historical transaction volume of more than $ 380 million.
But how does it exchange LST?It simply assumes that all LST can be exchanged for SOL in the next EPOCH, and the price of LST is derived from the blockchain itself (based on its cumulative yield).
Sanctum also launched two other products:
a. sanctum lst— Verifications can now start their own LST. In fact, there are already 6 new authenticists to join: Bonksol, Compassol, DSOL, JUCYSOL, PWRSOL, and Supersol.
Why does the verification person choose LST instead of ordinary pledge?
‧Through SANCTUM, these LST deposits, withdrawals and management fees are zero.
‧More DEFI integration may increase the income of stakeholders, and may launch tokens and start the entire ecosystem.
The benefits of Solana ecosystem:
‧When LST is integrated into DEFI, TVL can be significantly improved.
‧This also reduces Solana’s risk of infection, because no LST will monopolize the market.
b. sanctum incinitive—— a multi -LST liquidity pool (automatic city merchant or AMM) allows all LST interchange between all LST in the pool.The operation method is as follows:
‧The user deposits any (included in the whitelist) LST in Infinity.
‧They received INF token (representing LST itself) and obtained pledge rewards and trading costs from the mining pool.
‧All LST can share the liquidity of INF-USDC and INF-SOL, or obtain liquidity from any other LST via INF.
For example, Jitosol can be calculated to INF through the yield on the chain, and then converted to USD or SOL.In this way, INF may become one of the most liquid LST on Solana.Take Inf as LST, but increase trading costs from the pool.
Take SANCTUM as LST Amazon, like:
1) You can buy/sell products on Amazon -you can buy/sell SOL (SANCTUM Reserve and Router) LST
2) Launch your own products on Amazon, and Amazon is responsible for delivery to the end -you can launch your own LST, and Sanctum is responsible for liquidity (SANCTUM LST)
3) Amazon’s own brand -SANCTUM launched its own LST (Sanctum Infinity)
My prediction:
1. More LST: With the help of solutions or independent solutions such as SANCTUM, many LST will appear in the next few months; it is differentiated, such as double -generation currency models (such as FRAX) or better MEV/prompt sharing.
2. Deeper LST Integration in DEFI: I am particularly keen on developing LST yield tokens on Solana.
Will there be solving?
The RestAKing on Ethereum is huge, mainly because AVS (Rollups/Appchains/Bridges) requires economic security, and this is also not suitable for Solana -because it has no modular paper.
However, Solana can still have AVS (active verification service), because anything that requires distributed verification can be used:
‧CLOCKWORK-TYPE Keeper Networks
‧Pythnet-style appchains
A early team named Cambrian was also exploring this direction.Picaso is another solution to explore SOL LST to ensure that the cross -chain intention settlement protocol Mantis security solution.In addition, Jito is another team that is very suitable for building anything around Restake through the equity network.
Borrowing:
Solana uses point -to -point model to host three major currency markets to follow floating (variable) interest rates and similar interest rate mechanisms.They are operating based on the interest rate model of utilization, and the yield depends on the utilization rate (the proportion of the supply of supply of the loan), and the formula is: supply rate = borrowing interest rate*utilization rate*(1 -reserve factor).The “reserve coefficient” represents the percentage of capital provided by the loan party; on the contrary, this mechanism is conducive to the agreement.The utilization rate depends largely on the system’s demand for leverage.
All three markets have active points plans. Marginfi and Kamino plans will quickly launch tokens:
1. 1.Kamino lend: At present, the largest Solana lending platform has been upgraded from 0 to $ 700 million in just 5 months.Similar to AAVE V3, Kamino also introduced E-MODE, and users can borrow high-related assets (such as LST or stablecoin) at a higher capital efficiency LTV ratio.In addition, it allows some LP tokens as a collateral.
Kamino has developed products such as Multiply and Long/Short. These products are one -click vault products, which aims to use circulating leverage income.Kamino has a comprehensive risk instrument board to check all types of risks and various scene analysis.It is unique that Kamino has implemented automatic deleveraging, that is, the borrower conducts deleveraging (that is, partial position) according to market conditions to prevent bad debts.
2.Marginfi: One of the earliest DEFI protocols on the earliest points plan on Solana, in less than a year, it soared from $ 3 million to more than $ 600 million.In addition to the lending agreement, it also launched its own LST -supported stablecoin -YBX.
3..Solend: The original protocol on Solana, Solend currently has about $ 200 million tvL.In terms of SOL, in the past 1.5 years (after the FTX crisis and Solend whale liquidation incident) have fluctuated between 1 and 2 million SOL.It is based on the SPL-TOKEN-Leending plan (Reference implementation of Solana Lab), and also provides a deposit receipt for each deposit, called “CTOKENS”.
Although all protocols use similar lending mechanisms, they each adopt different risk management parameters, such as price prophecy machines, liquidation, risk engines, etc.Given the high demand for leverage, the interest rates have soared, and the current return rate of USDC is 30-40%!
In terms of transactions, there are two PERPS -Drift and MANGO -have a loan function and can also be used as a trading deposit.
The lending platform (Source: Flexlend) on Solana
Income polymer:
Income polymer usually aggregate two types of income:
1. Borrow/loan,For example:
‧ automaticTheMeteoraProvide dynamic vaults, which can automatically re -balance each minute between top loan agreements to optimize income.
‧WeilerTheFlexlenSimilar to Jupiter, but for borrowing, the best interest rate of USDC and other assets on the five loan platforms -Mango, Drift, MANGO (two times, assume that its importance or corrected spelling errors), Marginfi, Solend and Kamino.It will automatically balance the deposit to the highest APY agreement at any given time.Flexlen has a unique HomeBase. Users can set the minimum expected interest rate in them. If the requirements are not required, the funds will return to the wallet or designated protocol.
‧JuicerfiBy aggregating different lending agreements and strategies to maximize points, they will serve as the maximum income.
2. LP in DEX,For example:
‧KaminoUsers can earn liquidity to earn cryptocurrency revenue by providing liquidity to CLMM such as Meteora, ORCA, and Raydium.It issues KTOKEN as the receipt tokens, which represents the value of the Kamino vault and allows users to create their own DIY automatic strategy vault.
‧HawksightIt is a concentrated liquidity income optimizer of active limited partners on Solana, providing self -hosting and automation strategies.It is similar to Kamino’s liquidity, but its tokens have been launched, achieving a 10-12 million US dollar TVL.
My prediction:
1. 1.Driven by leverage demand and high transaction volume, the yield will go up and attract a large amount of capital.
2.Experiments of yield derivatives, such as yield peeling, fixed interest rate loans, interest rate drops, etc. (more content will be introduced in part 2).
Precautions for the prophet machine:
The prophet machine not only brings the linked data to the chain, but also is also critical for the DEFI infrastructure, because all computing depends on the price supply of the prophet machine.Pyth (permit -only verified publisher can be released) is the first choice for most players, and Switchboard (no license -can customize the price source) is another player who acts as a backup or backup prophet for most DEFI players.
Perp dex:
PERPS is the highest PMF derivative product in cryptocurrencies. Like each chain, Solana has a wide PERP protocol:
1. Click Perp Dex: Jupiter, Flash Trade, PARCL
2. Perp Dex based on order book: Drift, Goosefx, Zeta, HXRO, Pepper, MANGO
Most Perp Dex on Solana has an active integration plan, which has led to a significant surge in transaction volume.
Point pair pool:
Solana has drawn important inspiration from GMX, and has two running permanent DEX:JupiterandFlashEssenceBased on the novel LP to trader models, they provide up to 100 times lever.They use LP pool fluidity (FLP FLP and Jupiter’s JLP) and prophecy machines to ensure the impact of zero price, zero -slip point and depth liquidity.Users can open a peaceful position at a simple step without opening an account or deposit without additional accounts.However, there are also significant differences:
1. Jupiter only supports 3 kinds of assets, and Flash provides wider assets, including gold and silver commodities.
2. Flash introduces a unique NFT X DEFI gameplay with built -in gaming functions.
3. Jupiter summarizes all costs (transactions, swaps and liquidity) to the LP pool, while Flash is separated from trading costs to allocate it to the FLP pool of USDC pledge.
Nevertheless, the network effect is powerful, because Jupiter criminals are integrated into the front end of Jupiter, the largest access, which brings a significant advantage to the Jupiter criminals -the number is self -evident.The transaction volume implemented by Jupiter is more than the sum of all other PERPS on Solana, which proves that the encryption front end can be sold at the front end (not even the best product) -the cost to generate value!
ParCl– An interesting permanent decentralized exchange allows people to do more or take the real estate index in cities such as Las Vegas and Paris.The price prophet of this permanent decentralized exchange is ParCl Labs, a company behind the ParCL platform.Although it attracted a lot of TVL, its natural sales were rare.
Order book perp dex:
As one of other features of OPOS, Solana is the only chain that runs an order book on the chain, and most other chains have chain order books (as side chains/application chains/rollup).
Drift Protocol—Drift V2 was originally based on the virtual automation as a market business (VAMM) model pioneered by Perp Protocol. Now it follows the unique mechanism “LIQUIDITITY TRIFECTA” and consists of three mechanisms:
‧Instant (JIT) auction (5 seconds of Dutch auctions for cities to fill)
‧Order book (the administrator robot tracks the unpacking order in the order book under the chain)
‧If the market price order is not sold, the AMM mining pool will act as a liquid backing provider.
Drift’s launch of pre -issuing tokens may be an interesting marketing strategy, but as we see from the market before the marketing of Hyperliquid and AEVO, the transaction volume is still very low.
The order book on the full chain, such as:
1. 1.Zeta Markets– Zeta V2 uses an order book and matching engine on the full chain, which is similar to the Open Book DEX on Solana.Due to the upcoming token, it successfully promoted the surge in recent transactions.
2.Mango Markets– It was the largest DEFI protocol on Solana, but after the hacker incident, it was even difficult to rank among the top 5.
3..Goosefx– Another CLOB -based DEX, incentive around its native token.
4. 4..Hxro— HXRO network is a shared liquidity layer of derivatives, and any Perp Dex can be used.It has two core protocol Dexterity (help connecting and building CLOB -based derivatives) and Spandex (risk engine).Anyone can build their own UI/UX and use the HXRO network protocol to combine-Pepper deXIt is such an upcoming project, which builds a fashionable UI and uses Dexterity (shared global order book).
Solana Perp DEX still lags greatly in similar products in Ethereum, especially the mixed DEX (matching the order book with the settlement of the chain), such as AEVO, Hyperliquid, Vertex, and DYDX. They are always the top 4 PERP DEX.However, Jupiter’s recent transaction volume is very high, ranking among the top 5 in good days.
My prediction:
1. 1.PERPS as the Solana application chain: In the EVM world, most Perp Dex, especially those DEX based on orders based on AEVO and Hyperliquid, are transitioning to their own application chain.In the future, Solana Perp Dex can also establish its own chain, which can bring the following benefits:
‧Affected by any main network.
‧Enhance the user’s trading experience (transactions can be free for traders).
‧In fact,ZetaIt has begun to move in this direction.
2. Perp polymer: Just as we have a loan and the spot DEX polymer, we may soon see the PERP polymer, although different design mechanisms bring challenges.With the emergence of PERP polymers such as Rage Trade and MUX, similar trends may appear on Solana -especially for design similar to Flash and Jupiter.
3. Driven by the excitement brought by the order book and tokens under the chain,BackpackandCubeStart gaining market share and exceed the trading volume on the chain.
Structural products and options:
Structural products and derivatives on the chain (except PERPS) were all the time during the last bull market, many innovative products such as DEFI Option Vault (Katana and FRIKTION) were launched on Solana.When we are at the cusp of the bull market, we can expect similar enthusiasm to make a comeback.
Options:
The options on the chain are challenging; however, they are reunited strongly. Projects like AEVO have recently increased by about $ 500,000, while nominal transaction volume reached $ 10 million.Followed by Lyra, Typus, Premia and other projects.
On Solana, there are two very powerful teams in the construction chain:
1. 1.SDX Market– Developed by the OG team -Psyfi, an option AMM, supports European options that fully mortgaged and cash settlement, including bullish options, declining options, and vertical price difference strategies.It uses AMM instead of an order book (most of the 2021 annual power platform mainly uses an order book) to provide:
‧Due to the sale of option premiums, passive limited partners and better risk adjustment yields.
‧SDX provides a variety of price levels and option period quotations, providing wider options.
‧The platform automatically adjusts the sale price difference to motivate the transaction composed of the best liquidity pool.
It is still in the early stage, but the historical transaction volume has exceeded $ 8 million, and the daily peak transaction volume is $ 450,000. Used assets include SOL, ETH, BTC, and MSOL.
Psyfi also provides having aStandard strategy vault productsFor example, the bullish options covered by WHETH, the PUT and SOL coverage of the BTC guarantee.
2.Devol– Similar to SDX Market, it is also a AMM that is completely mortgaged by European options.However, it is supported by a unique pricing method, which is based on the basic unit called “standard venture blocks” (SRB).SRB is used for comprehensive pricing and settlement of any derivatives, including the income of traditional options.
About structural vault,CEGAIt is another OG product that provides a variety of types of vaults, such as pure option strategy, bond+option strategy, leverage option strategy and dual currency vault.It supports Solana’s deposits and withdrawal, TVL is about $ 13 million, and the transaction value exceeds $ 380 million.
Vault based on Perp:
1. 1.Circuit trade——The vault (currently only Drift) is stored on Perp Dex.They help increase passive liquidity and use high -yield MM strategies.For example, SuperCharger Vault is a city -based strategy on Delta neutral.
2.Adulta Finance– Let you earn leverage or high fixed annual interest rates.Inspired by the GMX/GLP ecosystem, its initial strategy allows you to earn leverage on JLP, or obtain a stable APY on USDC.
Superstake solEliminating reinforcements -to help earn LST leverage benefits through SOL recursively borrowing/loan provided by DRIFT.
Dual finance—— Provide option infrastructure, but not suitable for speculative cases; on the contrary, it acts as the incentive liquidity infrastructure of the web3 community.By using Stake Options, the project can provide lock rewards in the form of options.Dual financeAllowing projects are allowed to reward users’ participation in their ecosystems (for example, using their protocols or providing liquidity).For example, BONK has pledged options (locking rewards in the form of options) to inspire long -term holding tokens and communities.
Amulet– It is a kind of income/insurance protocol that supports Solana, with various products such as amuvaults, Amushield, and AMUVERSE.
SymmetryIt is another platform for creating, automation, management, and tracking the funds on the chain.
My prediction:
1. 1.Structural products and derivatives, especially orders -based products and derivatives, will be reappeared on Solana.
2.Options will usher in recovery -the bull market needs additional speculative products.If it is used properly, options can provide leverage without liquidation risk.
User tips -options are risky, and they should be explored only after they fully understand them.Nevertheless, since most projects are still in the early stages and have no tokens, if you are an option trader, they are worth considering.
Concluding remarks: TVL and daily transaction volume reached 10 billion US dollars
Overall, I expect DEFI to have the following trends:
1. 1.The demand for leverage will increase significantly, leading to a higher annualized return, which will bring wider income products.
2.The speed of speculative and currency circulation will reach unprecedented levels -we will witness the wave of speculative products (e.g. Power Perps and EveRERNITY Options).
3..Real World Assets (RWA), AI and DEPIN tokens that do not require permits will begin to occupy a large share in DEFI.
With the development of the ends of the solana Defi barbell, we will see more innovation happen in the middle!Large -scale unlocking is about to occur, which mainly meets the use and income transaction of income assets in the ecosystem.
The Solana Defi ecosystem is developing rapidly; Blue chip stocks have made great efforts to bring Solana Defi to the current state -it is now the emergence of the new DEFI protocol.The biggest advantage of Solana is its combination.Although the combinedness is a double -edged sword from the perspective of risk, it provides a huge leverage for the early DEFI protocol and allows it to stand on the shoulders of the giant.
Focusing on “only solana is possible” innovation and design mechanism!The infrastructure has finally reached the level that can maintain large -scale activities -many Defi innovations that have failed too early before are now feasible.
