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Decentralized Finance

Top DeFi Projects Built on the Solana Blockchain

What is DeFi?

DeFi is an umbrella name for peer-to-peer financial services on public blockchains like Solana. With DeFi, we can do the maximum of the activities banks support — earn interest, borrow, lend, purchase insurance, trade derivatives, exchange assets, and more — but it's faster. It doesn't involve paperwork or a third party. As with crypto generally, DeFi is worldwide, peer-to-peer (meaning directly between two people, not routed through a centralized system), anonymous, and available to everybody.

Why is DeFi important?

Solana DeFi, and other decentralized financial activities on other blockchains take the core notion of Bitcoin – digital money — and expands on it, providing a whole digital alternative to Wall Street, but without all the attendant expenditures (think office skyscrapers, trading floors, banker salaries).

What Are the Benefits?

Open: You do not need to apply for anything or "open" an account. You merely acquire access by establishing a wallet.

Pseudonymous: You don't need to submit your name, email address, or other personal information.

Flexible: You may shift your assets anywhere at any moment, without asking for permission, waiting for long transfers to finalize, and paying hefty costs.

Fast: Interest Rates and payouts typically update swiftly (as soon as every 15 seconds) and can be much higher than traditional Wall Street.

Transparent: Everyone involved can observe the whole set of transactions (private firms seldom give that type of transparency) (private corporations rarely grant that kind of transparency)

How Does it work?

Users commonly engage with DeFi using software called dapps ("decentralized apps"), most of which now run on the Ethereum blockchain. The process of creating these sort of applications on Solana is known as Solana blockchain development. There is no application to fill out or account to start, unlike a regular bank. Some of the ways individuals are connecting with DeFi now:

Lending: Loan your crypto and earn interest and prizes every minute - not once every month.

Getting a loan: Obtain a loan instantaneously without filling in paperwork, even extremely short-term "flash loans" that traditional financial institutions don't give.

Trading: Make peer-to-peer transactions of particular crypto assets – as if you could buy and sell stocks without any form of intermediary.

Saving for the future: Put part of your bitcoin into savings account alternatives and earn more excellent interest rates than you'd ordinarily get from a bank.

Buying derivatives: Make long or short wagers on particular assets.

The Downsides

Due to fluctuating transaction rates, active trading on the Ethereum blockchain can become expensive.

Because this is a new technology, your investment may suffer considerable volatility depending on which dapps you use and how you utilize them.

For tax purposes, you must keep your records. Regulations can differ from one location to the next.

Lately, Solana DeFi also known as the "Ethereum Killer" has been making headlines. However, despite its name, Solana is well-positioned to compete with Ethereum in the fast developing and changing decentralized app market for banking, gaming, and media applications.

Scalability, security, and decentralization are all aspects of the blockchain that Ethereum and the Binance Smart Chain have failed to address. Compared to Ethereum's 10–15 TPS, the project promises a throughput of over 50,000 transactions per second. The BSC has 21 nodes, 15 of which are owned by Binance. This indicates that decentralization in the DeFi area will not match expectations until Binance dramatically increases the number of nodes.

According to unnamed sources, the team at Solana is now financing between $300 million and $450 million. "I'm thrilled and impressed to witness the recent expansion of Solana's business," FTX founder Sam Bankman-Fried remarked in an interview with Decrypt. They've had industry-leading technology for a long time, and it's exciting to see reality come up."

The truth is finally catching up. More than 250 projects are now part of the Solana ecosystem following a series of hackathons and a 2000% increase in the SOL token price in the previous 5 months. Applications like Solana wallets, DEXs, loan protocols and more may be found in this category. NFT markets, gaming, entertainment, NFT storage solutions, etc.

Serum Exchange

Decentralized exchanges benefit greatly from Solana's cheap transaction costs and quick transaction speeds. One such "permissionless" DEX and blockchain ecosystem based on Solana is Serum, co-founded by FTX CEO Sam Bankman-Fried.

Serum's goal is to bring all the advantages of a centrally-run exchange to the DeFi ecosystem. A familiar order book-style exchange architecture may attract traders who prefer the user experience of centralized exchanges (like Coinbase and Binance) to the user experience given on automated market maker (AMM) DEXes such as Uniswap.

There are further advantages to decentralized exchanges that are matched with these qualities, such as total transparency and the security of decentralized node architecture (leaving no one centralized point of failure). Since no KYC is required, users can publish their markets on the exchange without paying hefty fees to a centralized body.

We believe that DeFi can stand up against centralized banking because of Serum. The project's breakdown may be seen here.

Saber

As of October 2021, Saber is the most valuable dApp on Solana, with more than $2 billion worth of value locked in the protocol. A stablecoin exchange like Curve Finance on Ethereum, but on Solana, and with cross-chain possibilities is what this platform does.

In the DeFi ecosystem, stablecoin liquidity is essential since stablecoins perform so many tasks. Stablecoin liquidity is essential to ensure that a million-dollar trade of USDC doesn't result in $20,000 in slippage fees. With Saber, Solana gets this much-needed liquidity, and transfers of assets between Solana and other DApp platforms become a lot easier.

Raydium

Raydium is a Solana-based automated market maker (AMM) and liquidity provider. Serum pools have access to full order flow and liquidity provided by Raydium's on-chain limit order book, unlike other AMMs. The total Value Locked (TVL) market has exceeded the $700 million barriers for the protocol (TVL). One of Raydium's initiatives, Fusion Pools, provides liquidity providers and stakers with dual-yield benefits.

Raydium is an Automated Market Maker

Fast and inexpensive decentralized exchanges are excellent, but one of DeFi's major issues in finding liquidity, or cash reserves, is to ensure that traders' orders can be closed as close as possible to the price sought.

The "cambrian explosion" of DeFi of Solana is powered by Raydium, which acts as an on-chain order book. In addition to the RAY token, investors can receive rewards in other tokens in the Raydium liquidity pool.

On-chain liquidity is provided to a central limit order book like Serum, making the user experience more streamlined and familiar. Raydium users have access to Serum's order flow and liquidity, and Serum users may access Raydium's order flow and liquidity.

New projects in the Solana ecosystem can get off to a good start thanks to Raydium's "AcceleRaytor" launchpad. The Solana community determines how much these blockchain start-ups may raise in a decentralized fashion. Amounts of the new project's native asset will be awarded to investors in USDC when the project becomes live.

DeFi and AMM communities will be able to use Raydium's Solana platform to build out their businesses, making it an ideal platform for the next multiverse of blockchain technology.

Orca

For trading on Solana, Orca claims to have established a more human-centred experience. The Fair Price Indicator (FPI) shows how much the price has fluctuated over time. Token collectors will be rewarded with early access to Wormhole (a cross-chain bridge connecting Ethereum and Solana), while analytic tools and a widening list of trading pairings are also in the works.

Hedgehog

Hedgehog, a prediction markets platform that creates passive income for LPs while in closed Beta, is still under development. In a prediction market, players can make educated guesses about what will happen in the future, a concept also known as an information market or choice market. Users may hedge or trade on many outcomes with this platform, from election results to sports events and auction prices. Data services are used to authenticate the outcome of a market and communicate the results to consumers automatically following the completion of a market.

Maps.me

Maps. me is an app that uses OpenStreetMap data to offer offline maps. More than 140 million people are already using the app. It recently added DeFi features, including well-known travel reward programmes, discounts, and ecosystem governance tools. Maps.me is expanding its ecosystem to become a travel-oriented crypto wallet, which includes payments, lodging reservations, fund transfers, and asset management because most users use the app while on the road.

Aleph.im

Another way, Aleph.im is like a free version of Amazon Web Services or Firebase for decentralized applications and protocols. Aleph.im provides decentralized databases (including file storage), computing, and a DID framework.

SolFarm

As a result, SolFarm is a yield aggregation platform with auto-compounding vault techniques. Solana's low transaction costs, SolFarm's frequent compounding tactics allow LP stakers to profit from enhanced APYs without engaging in active management.

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Oxygen

It's time for the next chapter in decentralized finance with Oxygen, a DeFi Prime Brokerage Protocol. Leverage your trades with the platform's borrow and short features, make returns by repurposing collateral, and design your own bespoke ETFs or baskets to trade.

the Bank Without Centralization

Apps that assist token holders in discovering numerous uses for the same collateral. Put another way, apps that allow individuals to spend their money twice will be a DeFi trend to watch in 2022.

Oxygen is a DeFi Prime Brokerage Protocol that enables token holders to lend, borrow, earn income, and generate liquidity/trading leverage all at the same time, in certain circumstances.

Oxygen users may borrow money against their borrowed assets, so they still have money to spend or trade, unlike Uniswap or Balancer, where they can only earn interest by lending their assets. In addition, Oxygen uses "cross-collateralization," which means you may use any asset in your wallet as collateral. A good time to take advantage of this is when you are nearing the point when your collateral will be forfeited (the moment you will lose all of your debt).

The Oxygen Protocol keeps lending and borrowing rates in sync with the most recent market activity by utilizing an order book.

Anchor

The savings product offered by Anchor is easy to use and accessible to a wide range of people. Powered by several proofs of stake blockchains, it provides a higher rate of return than any other savings product. If you want to make money, you may lend your money to borrowers who put down Proof of Stake assets from some of the most prominent blockchains as collateral.

Step.Finance

It's all about money in Solana. All of your Solana contracts are shown on a single dashboard that can be accessed at any time. Farming, pools, swaps, and automated strategies are just some of the protocols used from the Step dashboard.

CryptoPlease

Cryptocurrency's growth will be hindered until there are more convenient ways for people to spend their money. CryptoPlease intends to do just that via a smartphone app that is easy to use. After participating in the second Solana Hackathon, the idea is still in the early stages of development, but the team has big expectations.

Instead of requiring customers to set up a sophisticated wallet, CryptoPlease will exploit Solana's lightning-fast transaction times and minimal costs to enable anybody to pay and receive cryptocurrency for goods and services. People with no prior knowledge of cryptocurrency, addresses, blockchains, or protocols can use it. Only those who desire to make monetary purchases using digital currency are eligible.

Audius

A new music streaming service called Audius uses blockchain technology to give creators more control over their work. It has been in existence for a few years and was first used on Ethereum. After rigorous testing, the team recently switched to Solana to better serve its fast-growing user base, which now numbers over 1 million monthly listeners.

Bottom Line

Even though many Solana blockchain development initiatives are still in underway, those already launched have recorded great success. In the decentralized economy, Solana is poised to take the top spot with a market valuation of over $10 billion, price stability on days when most other top currencies print red, quick expansion, and a vibrant community.

Decentralized finance (DeFi) refers to financial services on public blockchains, particularly Ethereum. We can earn interest, borrow, lend, buy insurance, trade derivatives, swap assets, and more via DeFi. The Solana project claims 50,000 transactions per second. Binance owns 15 of the BSC's 21 nodes. Following hackathons and a 2000% growth in the SOL token price, the Solana ecosystem now has over 250 projects.

Saber is the most valuable dApp on Solana, with over $2 billion in protocol value. Raydium's on-chain limit order book provides complete order flow and liquidity to serum pools. The total Value Locked (TVL) market just surpassed $700 million. Raydium's Solana platform will allow DeFi and AMM communities to grow their enterprises. Orca claims to have improved the trading experience on Solana.

Today, Solana DeFi apps range from geotagging to social media solutions. OXYGEN is a DeFi Prime Brokerage Protocol that lets token holders gain liquidity/trading leverage while lending and borrowing. The Solana Summer is unquestionably hot. Solana has a market cap of over $10 billion in the decentralized economy. A new music streaming service gives producers more control over their work.

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