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Which Solana Projects Should You Invest In? New 2024 Guide

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2024-02-06
Which Solana Projects Should You Invest In? New 2024 Guide

Solana prices have been on the rise since SOL breached the US$50 mark on November 11, 2023, with ChatGPT even predicting SOL to reach US$200 this year in the bullish case. One key factor contributing to this optimism is the expansion of the Solana ecosystem, especially with increased use cases of Solana-based tokens. Let's walk through the best Solana projects, why they're worth your time, and why you should grab a bag of those.

Infrastructure

Bonfida (FIDA)

Bonfida provides a wide range of infrastructure services on the Solana blockchain, including tools and services that facilitate the development, operation, and use of decentralized applications (dApps) and DeFi products. These services, which are designed to leverage Solana's high throughput and low transaction costs, make it easier for developers and users to interact with Solana and, therefore, help increase adoption and demand for the entire Solana ecosystem.

Bonfida's main components and functionalities are:

(1) Decentralised Exchange (DEX): Bonfida acts as a front-end interface for Serum, a DEX built on Solana that allows for trading, liquidity provision, and market analysis;

(2) Customised Bots and Automated Strategies: Bonfida's framework for creating and deploying trading bots on the Solana blockchain allows for the execution of automated complex trading strategies on the Serum DEX;

(3) Analytics and Data Visualisation: Through its analytics platform, Bonfida provides comprehensive data and insights related to the Solana blockchain and Serum DEX. This includes trading volumes, market trends, and individual asset analytics, all of which are crucial for traders, liquidity providers, and researchers who need to make informed decisions based on market behaviour;

(4) API Services: Bonfida offers a set of powerful APIs that developers can use to access Solana and Serum DEX's essential data such as transaction history, order book data, and wallet information in a readily accessible format, thereby lowering the barrier to entry for developers looking to build on Solana and contributes to the ecosystem's growth;

(5) Bonfida Name Service (BNS): The Bonfida Name Service allows users to register human-readable names for their Solana wallet addresses, similar to how domain names work on the internet, which simplifies the process of sending and receiving tokens on the Solana blockchain, and thus enhancing user experience and reducing the likelihood of errors in transactions.

Demand for FIDA mainly comes from utilities and incentives when using Bonfida services, but long-term holders see Bonfida's high degree of innovation, particularly in areas like analytics and decentralised name services, as the main driver of FIDA value.

FIDA is available on Bitget Spot Trading here: FIDA/USDT

Helium (HNT)

Helium, the OG decentralised blockchain-powered network for Internet of Things (IoT) devices, successfully migrated to Solana in April 2023 to leverage Solana's high throughput and low transaction costs for scalability. Helium's core mission remains to provide decentralised wireless infrastructure for IoT devices with:

(1) Hotspots: Individuals and companies deploy Hotspots, which are a combination of a wireless gateway and a blockchain mining device. These Hotspots provide network coverage for IoT devices;

(2) Proof-of-Coverage: Hotspots are rewarded with HNT for validating wireless coverage and transmitting device data. This consensus mechanism ensures the integrity and availability of the network;

(3) Decentralised Network: The Helium network is decentralised and operates independently of traditional internet service providers, with Hotspots owned and operated by individuals and businesses across the globe. The migration to Solana is expected to improve the performance of the Helium network as well.

The expansion of the Helium network, in terms of coverage and the number of IoT devices served, when combined with better performance thanks to Solana, will definitely boost demand for HNT tokens.

HNT is available on Bitget Spot Trading here: HNT/USDT

Jito Labs (JITO)

Jito Labs' main goals are to optimise Solana's performance and enhance its DeFi ecosystem's efficiency via the development of advanced order matching engines and liquidity solutions tailored for Solana's architecture, which is already known for its high throughput and low transaction costs.

Jito Labs also contributes to the overall scalability of the Solana network. As transaction processing and order matching are optimised, DeFi platforms on Solana can easily and efficiently scale to meet the demands of a growing user base. Moreover, Jito Labs is committed to developing services that not only complement existing DeFi protocols and platforms but also work towards innovative solutions that address key challenges in blockchain scalability and DeFi efficiency.

As Jito Labs sets the groundwork for an improved, sound DeFi sector on Solana, it's become an integral part of the ecosystem, which actually means a close relationship between SOL and JITO. When SOL prices soar, it's expected that JITO will follow!

JITO is available on Bitget Spot Trading here: JITO/USDT

DeFi

Raydium (RAY)

Raydium (RAY) is a prominent decentralised finance (DeFi) platform on the Solana blockchain, known for its automated market maker (AMM) protocol. It's designed to seamlessly take advantage of Solana's high-speed and low-cost transactions, making it a key player in the ecosystem's DeFi space. Raydium's main DeFi services include:

(1) Automated Market Maker (AMM): Raydium functions as an AMM. AMMs enable users to trade digital assets without a traditional match between buyers and sellers thanks to liquidity pools, where users can deposit their assets to provide liquidity, facilitating trades against these pools;

(2) Liquidity Pools and Yield Farming: Users can supply their tokens to liquidity pools on Raydium, receiving liquidity provider (LP) tokens in return. These LP tokens can then be staked in farming pools to earn additional rewards, often in RAY tokens. This incentivises users to add liquidity to the platform, ensuring there's always a pool available for executing trades;

(3) Integration with the Serum DEX: Raydium leverages Serum's central order book, which allows it to provide liquidity not just within its own AMM pools but across the entire Serum ecosystem. This unique feature enables more efficient trading and helps consolidate liquidity on Solana, reducing slippage and improving trade execution;

(4) Staking: Apart from liquidity mining, Raydium offers staking opportunities where RAY token holders can stake their tokens directly on the platform to earn rewards. This helps secure the network and contributes to the platform's governance;

(5) Launchpad: Raydium features an AcceleRaytor, which is a launchpad for new projects looking to debut on Solana. It provides a platform for these projects to raise capital and distribute their tokens, fostering growth and innovation within the Solana ecosystem.

Raydium's integration with Serum and its position as a leading AMM on Solana make RAY one of the highest-mcap tokens on Solana. Holding RAY also means unlimited earning opportunities, either via staking or gaining access to exclusive token offerings on AcceleRaytor.

Trade RAY today on Bitget Spot Trading: RAY/USDT

Saros Finance (SAROS)

Saros Finance is a newer player in the Solana's DeFi space, known for its comprehensive suite of DeFi services ranging from AMMs and swaps, liquidity pools, to yield farming and staking:

(1) Automated Market Makers (AMMs) and swaps: Similar to Raydium, Saros Finance functions as an AMM that allows users to trade digital assets without the need for traditional order books. SarosSwap, a part of Saros Finance's AMM services, enables users to swap tokens efficiently on Solana, taking advantage of the blockchain's low fees and high transaction speeds. Users can also conduct cross-chain swaps with Saros Finance;

(2) Liquidity Pools: Users can contribute their assets to liquidity pools on Saros Finance, which in turn facilitate trading on the platform. By providing liquidity, users can earn a share of the trading fees generated by the pool, as well as potential rewards in the platform's native token SAROS;

(3) Yield Farming and Staking: Saros Finance offers yield farming opportunities to encourage users to lock in their assets, providing stability and liquidity to the platform while receiving additional rewards at the same time.

The growth potential of SAROS is unlimited as Solana once again reclaims its title as the major 'Ethereum killer'. A flourishing ecosystem needs trading and liquidity facilitators, and SAROS, together with the project's unstoppable innovation capabilities, is meant to be on the forefront of Solana's success.

Trade SAROS today on Bitget Spot Trading: SAROS/USDT

Amulet Protocol (AMU)

Amulet Protocol focuses on risk management and insurance-like services for smart contract failures, hacks, and other types of operational risks within Solana's DeFi ecosystem in order to enhance the security and trustworthiness of this sector.

Amulet Protocol offers products that allow users to purchase coverage for their investments in various DeFi protocols that protect against losses due to smart contract vulnerabilities, exploits, or other unforeseen failures. That, of course, comes with a sophisticated risk assessment process, including automated security audits, historical performance analysis, and other risk evaluation techniques. Users of the Amulet Protocol have the opportunity to stake AMU and receive a portion of the premiums paid by those purchasing the coverage in return, which serves as compensation for the risk of covering potential claims.

As the DeFi space continues to expand, the demand for risk management solutions like those offered by Amulet Protocol is most likely to grow. By addressing the critical need for risk management in DeFi, Amulet Protocol could position itself as a leader in this niche and thus adding value for AMU.

Trade AMU today on Bitget Spot Trading: AMU/USDT

Jupiter (JUP)

Project-of-the-month for January 2024 is Jupiter (JUP), which Jupiter aims to offer users optimal swap rates, lower slippage, and more efficient transactions within the Solana ecosystem. Jupiter aggregates liquidity from multiple DEXes on Solana, allowing users to access deeper liquidity pools and better exchange rates than they might find on any single DEX. This aggregation ensures that users can execute large trades with minimal impact on the market price.

To achieve that, Jupiter utilises sophisticated algorithms to analyse and select the most efficient trading paths across its aggregated liquidity sources. Whenever a user wants to swap two tokens, Jupiter calculates the best route for the swap, potentially splitting the trade across multiple pools and DEXes to minimise slippage and maximise value.

Jupiter's ongoing development and potential future features, such as more advanced trading algorithms and additional integrations with other DeFi projects, should further enhance its utility and, by extension, the demand for the JUP token.

Trade JUP today on Bitget Spot Trading: JUP/USDT

NFTs

SOLS (SOLS)

Inspired by Bitcoin ordinals, a collaborative effort of independent contributors and teams within the Solana ecosystem named LibrePlex has created a fee-free metadata ecosystem for life within Solana's NFT community, hence the inception of SOLS.

Everything about SOLS and its role in NFT space as well as the Solana ecosystem is covered here: SOLS Token: Pioneering a New Era of Solana

Find SOLS on Bitget Spot Trading: SOLS/USDT

Memecoins

Crypto will never be completed without the jokes-turned-into-serious-businesses a.k.a. memecoins, and obviously Solana memecoins are rising in popularity as the spotlight once again shines on this blockchain. The best memecoins for grab are available on Bitget here: ANALOS | BONK | SILLY | SAMO, and the corresponding intros:

ANALOS: The Ultimate Memecoin on Solana

Bonk: The Dog-Themed Meme Coin Making Waves in the Crypto World

The Rise of Silly Dragon (SILLY): A Meme Coin Saga

New Dog on the Block: About Samoyedcoin (SAMO) and Memes

Airdrops and Early-Bird Earning Opportunities

Airdrops (translation: get free tokens by completing given tasks) and earning opportunities are the best ways to acquire next-gen blue-chip tokens with minimum costs. The next big airdrops for Solana eco advocates include:

1. MarginFi:

MarginFi provides over-collateralised borrowing and lending markets on Solana with advanced risk management tools as cherry on top. With nearly US$430 million in TVL, MarginFi is a must-watch project on Solana this year, and there's no reason to miss the MarginFi airdrop!

To get free MarginFi tokens, go to the MarginFi website, connect your Solana wallet and use any of their services to collect points. Referring users also brings in more points, but you have to have some points first before you can generate a referral link! They have yet to confirm the airdrop, but the earlier you join, the more points to be collected and higher chances to receive free tokens.

Follow MarginFi on social media to be the first one to know about the airdrop: X | Discord

2. Kamino Finance:

Kamino Finance is a DeFi platform on Solana that focuses on optimising yields for users through automated concentrated liquidity management. It utilises quantitative models to set and rebalance liquidity ranges while auto-compounding fees and rewards for users.

Similar to MarginFi, there's no official plan for Kamino Finance yet, but points will also be collected for those who actively use their services.

Check out Kamino Finance's official channels here: Website | X | Discord | Telegram

3. Parcl:

Parcl creates P2P markets for trading real estate markets globally using city indexes to represent the aggregate value of real estate in specific cities and allow users to speculate on the price movements of these markets. Users can autonomously trade the index price, which reflects the median price per square foot or meter, with their non-custodial wallets.

Parcl has a point system that grants points for liquidity providers and traders. Any successful referral (referrers have successfully collected some points) will result in point boost for the referrers, meaning that 10% of what their friends have made will automatically be added to the referrers' total points.

Subscribe to Parcl's channels to get early notifications on their airdrop: Website | X | Discord

Want some guaranteed earning opportunities for Solana-based tokens? Two days left to farm SAROS on Bitget Launchpool here - hurry up!