The performance of Solana in 2021 has been astonishing. Not only has the price of Solana risen, but the whole ecosystem has also seen massive developments. The speed and low cost offered by Solana have made it an excellent place for many projects to build, and this is just the beginning. In this article, Coincu will help you review the top 5 leading projects on Solana currently.
Audius
If Solana is the Ethereum killer, then Audius is the Spotify killer, according to some. One of the most revolutionary Solana projects making waves is Audius, a decentralized streaming service for musicians.
Anyone can submit music on Audius, which has included a social media-style strategy, to start acquiring an audience and engaging with them. The AUDIO coin, which at the time of writing has a market cap of about $900 million, powers Audius. They have more than 6 million unique users this month, up from just 1.8 million a year ago, according to the Audius dashboard.
It’s interesting to note that Audius originally used Ethereum before switching to Solana. This is because Solana, with its cheap gas prices and fast speed, was supposedly the only one that could sustain scaling when Audius needed it.
When well-known projects like Audius choose to use the Solana blockchain, this demonstrates its strength as a whole. Before deciding that Solana is the best, Audius even conducted an in-depth study on more than 20 layer-1 and layer-2 scaling solutions.
The friendliness of Audius to creators is what sets it apart. You may have read about how inadequate Spotify pays its artists for their efforts. Since artists on Audius can choose their own payment scheme, this is not a problem.
It could be a recurring charge, a one-time price, or both. It’s soon even feasible to set restrictions so that your music may only be heard in specific places or at specific altitudes. Then there is the entire NFT side, which provides more chances to use Audius to engage the supporters.
Raydium
The project after that is one everyone has heard about. AMM (Automated Market Maker) Raydium offers a wide range of use cases. Four separate services are available on Raydium: Trade, Yield, Pool, and AcceleRaytor. Several of these go without saying, but let’s go through them along with some advantages of raydium.
When opposed to its Ethereum-based rivals, Raydium’s Solana-based architecture enables transactions that are significantly faster and less expensive. However, Raydium hasn’t been able to create the optimal DEX for Solana, which is why when using Radium’s swap and trade capabilities, exchanges happen on Serum.
Trading on Raydium is fantastic since it retains its decentralized nature while offering all the good features of a centralized exchange. Order books, graphing, and even limit orders are some of these features. The fees range from 0.22 to 0.25 percent, depending on whether your order is completed using Serum’s order books or Raydium’s own liquidity pools.
Try yield farming or liquidity provision if trading isn’t your preferred form of passive income. There are many pools with high TVL and yields of over 65% on Raydium, providing excellent potential for yield farming. The process of supplying liquidity is really simple, and you can withdraw your money at any time. A portion of the trading fees will go to the liquidity providers.
Orca
Orca is the easiest way to exchange cryptocurrency on the Solana blockchain. Here, you can exchange tokens with minimal transaction fees and lower latency than any DEX on Ethereum, all while knowing that you’re getting a fair price. Additionally, you may provide liquidity to a trading pool to earn a share of trading fees.
For traders on Solana, Orca claims to have created a more person-centered environment. The Fair Price Indicator, for instance, aids in determining whether a specific pool presents a decent deal in terms of price slippage. Although this project is still in its infancy, some of the features that are planned for it include the integration of Wormhole (a cross-chain bridge between Ethereum and Solana), collectible tokens for early adopters, analytics, and a growing number of trading pairs.
Maps.me
Using data from OpenStreetMap, the mobile application Maps.me offers offline maps. With recently added DeFi features, it now has over 140 million members and offers well-known travel reward programs, discounts, and governance features on specific ecosystem characteristics. Maps.me is continuing to develop its ecosystem to become a travel-focused cryptocurrency wallet, offering features like payments, lodging booking, cash transfers, and asset management. This is because customers use the app most often while traveling.
The Maps.me wallet is now in restricted beta mode, so not everyone can begin using it. However, there are plans to develop a comprehensive travel service where you can conveniently reserve hotels, dining establishments, museum outings, and even your morning coffee. Due to the wallet’s support for over 35 different currencies and lower costs than are often paid, this is great for retailers. Since you can use the app for anything, it will make traveling for consumers much simpler.
Additionally, there will be a means for you to lend your money directly in order to earn yield and receive cash back on purchases. The Maps token will control Maps.me, and token owners will get 100% of the site’s profits. These earnings will not only come from transaction fees but also from advertising, thus you as a stakeholder will profit from merchants using the platform to promote.
There will be other reward levels that you can access by holding a specific number of tokens in addition to the cut holders receive from earnings. These benefits will include increased cash back and exclusive partner and merchant discounts. Therefore, the next time you go, be sure to check out Maps.me to not only navigate a city in offline mode but also to earn some tasty cashback and streamline your trip.
Media Network
The Media Network is a live-streaming hosting protocol that is open source, decentralized, and censorship-resistant. It is a brand-new protocol that avoids the centralized strategy used by conventional CDN providers in favor of a decentralized P2P bandwidth market that allows anybody to join and deliver content without introducing any pre-authentication restrictions or trust assumptions. For their bandwidth donations, participants receive MEDIA awards, a fixed supply currency created on the Solana blockchain.
Anyone can start streaming on Media Network itself, making it both a consumer platform and a protocol that can be included in an existing project. At the moment, Media Network has integrations with a small number of projects, including the well-known Livepeer and the naming service offering Handshake.
Conclusion
Without a doubt, Solana, often known as the “Ethereum killer,” is a serious rival to Ethereum. Even though its moniker may be a little exaggerated, Solana is well-positioned to compete with Ethereum in the fast-growing and changing space of decentralized apps focused on media, gaming, and finance.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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