Best Projects on Solana - Find Your New SOL Tokens & Crypto in 2023

What is Solana Blockchain?

Solana is a blockchain platform supported by the Solana Foundation, designed to run decentralized applications (dApps) quickly, affordably, and securely. This chain offers scalability, speed, and interoperability, making it an excellent platform for creating decentralized applications (dApps) that rival centralized ones.

Solana Foundation currently employs a unique “Proof of History (PoH)” method to record transactions. This approach allows high speed, low latency, and low energy consumption to operate the blockchain.

Solana introduces various innovations such as:

• Turbine: A protocol that minimizes bandwidth usage for transmitting blocks
• Sealevel: Parallel execution engine enhancing CPU performance for smart contracts
• Wormhole: A bridge connecting Solana with other blockchains, such as Ethereum

The Solana blockchain’s governance token is SOL, which is used to pay transaction fees, participate in network governance, and stake rewards for token holders.

What is the Solana Project?

Solana project is a term that refers to dApps that are built on the Solana ecosystem. Below is a list of some popular Solana projects in various categories.

Solana DEXs

Solana DEX stands as a decentralized exchange, allowing users to engage in the trading of cryptocurrencies and various digital assets on the Solana blockchain. This sector facilitates peer-to-peer transactions, eliminating the need for intermediaries, custodians, or mandatory KYC/AML procedures. 

Some of the top Solana DEXs are:

1. Serum (SRM): This is one of the fastest DEX on Solana with cross-chain compatibility. Other platforms can also use Serum’s order books to exchange assets and offer trading services for different kinds of users.
2. Raydium (RAY): This is an on-chain order book AMM powering the evolution of the DeFi model to facilitate fast and low-cost trading.

Solana NFT Projects

Solana NFT Projects are digital artworks or collectibles that are created and stored on the Solana blockchain. Magic Eden and Solanart are the popular marketplaces for Solana NFT Projects.

Some of the top Solana NFT Projects are:

1. Solana Monkey Business: SMB is an NFT Project that features 5,000 unique monkeys with different traits and accessories. The monkeys are designed to be playful, mischievous, and expressive. 
2. Degenerate Ape Academy: This academy consists of 10,000 degenerate ape NFTs and is a digital art project on the Solana network. The NFTs represent the unique and quirky characters of the apes.

Solana Metaverse Projects

Solana Metaverse Projects are applications that use the Solana blockchain to build immersive virtual worlds. Users can interact, create, and explore these worlds. 

Some of the Solana Metaverse Projects are:

1. Star Atlas: A grand strategy game where you can explore space, fight, and strategize. You can own and trade digital assets like spaceships, planets, and resources.
2. Good Games Guild: It is a metaverse gaming platform that allows players to play, create, and earn in various blockchain games.

Solana DeFi Projects

Solana DeFi Projects are decentralized finance applications aiming to create an open, permissionless, and transparent financial system without intermediaries in the Solana ecosystem. 

Some of the best Solana DeFi Projects:

1. Marinade Finance: This is a DeFi protocol for liquid staking on Solana. If you hold Solana (SOL) tokens, you can stake them and earn mSOL tokens with Marinade Finance.
2. Lido Finance: This protocol is the leading DeFi solution for liquid staking on the Ethereum blockchain, and it has also expanded to Solana recently. It has also achieved a remarkable total value locked (TVL) of $78M on the Solana network (source).

Solana Lending Projects

Solana Lending Projects are dApps built on the Solana blockchain that allows users to borrow and lend cryptocurrencies. Some of the best Projects are:

1. Solend: A non-custodial protocol allows users to lend, borrow, and earn staking rewards on any supported asset in the Solana ecosystem. Solend uses a liquidity pool model and an algorithmic interest rate mechanism to provide efficient and transparent lending services.
2. Port Finance: A money market protocol that leverages the Serum DEX and the Wormhole bridge to offer cross-collateral lending and flash loans.

Solana Gaming Projects

Solana Gaming Projects are a collection of web3 games and platforms built on the Solana blockchain. Some examples of Solana Gaming Projects are:

1. Aurory: A fantasy PvP game that allows players to create and customize their own characters, embark on quests, and collect NFTs.
2. DeFi Land: This game simulates agriculture on different blockchains and makes decentralized finance fun. The users can play for free, earn rewards, challenge other players, create, exchange, and more.

How to determine the best Solana projects?

To find the top Solana projects, you can look at these factors:

1. Purpose and Vision: A well-defined purpose and a clear vision provide insight into the project’s long-term goals and whether they align with your investment strategy. Projects with a strong sense of purpose tend to have a more sustainable and focused development roadmap.
2. Team and Partners: Assess the team’s background, expertise, and track record in blockchain development. Additionally, partnerships with reputable organizations can indicate industry recognition and enhance the project’s credibility.
3. Innovation and Technology: See how the project improves, grows, and solves problems differently. A strong technology base makes the project stand out and last long in the fast-changing blockchain world.
4. Engagement and Community: Look at the project’s social media and online forums and how often the developers update. An engaged and dynamic community means the project is growing on the right track.
5. Market Potential: Consider factors such as the project’s competitive advantage, potential for real-world adoption, and scalability. A project with much market potential will likely get more attention and investment. 

How to Buy Solana Crypto?

If you want to buy Solana crypto, one of the platforms you can use is “MEXC,” a centralized cryptocurrency exchange that offers spot, margin, futures, and copy trading. 

Here is a guide on how to buy Solana crypto with MEXC exchange:

1. Register an account and verify your identity for more security. You can also use it without ID verification.
2. Deposit funds (crypto or fiat) to your MEXC account.
3. Go to the spot trading page and select the “SOL/USDT” pair.
4. Choose the type of order you want to place. You can either place a limit order or a market order.
5. Confirm your order and wait for it to be filled. You can check the status of your order in the “Open Orders” and “Order History” tabs.
6. Once your order is filled, you will see your SOL balance in your MEXC wallet.

If you don’t have a MEXC account, you can use our referral code “1GTG8” and get a 10% discount on fees and up to 1,000 USDT in future bonuses.

Conclusion

Solana is not only a fast and scalable platform but also a vibrant and creative community that fosters innovation and collaboration. It has attracted many developers and users to build innovative Solana projects. These Solana projects range from NFTs to gaming, yield farming to lending, and trading to DeFi.

Solana is the future of blockchain, and there are many upcoming projects. You can also check our guide on best BNB chain projects and best Avalanche projects.

Solana Projects- FAQs

How many projects run on Solana?

There are over 350 projects on Solana; these projects range from DeFi, NFTs, gaming, and Infrastructure to Metaverse.

Why is Solana a good project?

Solana is a good project because it’s blazing fast, handling up to 710,000 transactions per second. It’s also super affordable and uses less energy than other blockchains, making it eco-friendly. Its friendly developer tools make it easy to build new projects, so the Solana ecosystem keeps growing every day.