TI Ecosystem Universe - Solana

TI Research

"Solana public chain started its research and development in 2017 and is committed to improving the malleability of the public chain while ensuring decentralization and security. Since the rise of DeFi in 2020, FTX has chosen Solana as the underlying public chain to support its decentralized financial ecosystem, and other mature projects have also continued to integrate Solana, such as the public chain Terra, the oracle Chainlink, the bulk economic protocol Oxygen Protocol, and the data Search tool The Graph, etc.

At present, Solana has 577 global nodes, with a total transaction volume of nearly 1.6 billion times. The ecosystem on it has also been comprehensively covered, with more than 30 native projects. There are many types of native projects on Solana, which can be mainly divided into trading, synthetic assets, lending, IDO platform, asset management, derivatives, infrastructure and tools, and NFT sectors. Among them, the trading sector has the largest number of and more mature projects, and the DEX including Serum and Bonfida already has a certain scale of trading volume. In general, currently Solana ecosystem constituted by native projects and projects that have been completely migrated to Solana includes the following characteristics:

  • There are a large number of trading projects on Solana, and trading projects take Serum as the core, and other protocols serve as the trading operation interface of Serum, sharing liquidity with Serum. The trading projects include the NFT trading market.
  • Synthetic asset and lending projects are similar to projects of the same kind on Ethereum, and the projects are in the early stages and have not yet been launched. In addition to the general synthetic asset minting and lending functions, Parrot plans to support the LP Token on Ethereum to be staked on Solana to lend assets.
  • In the asset management project, Solrise Finance has launched a test version. Asset management projects revolve around transactions, providing functions such as the creation and management of investment portfolios, and the execution of automated trading strategies.
  • Derivatives projects include option trading, margin trading, volatility index and market forecasts, among which only the margin trading protocol Mango Market has been launched, supporting up to 5 times leverage trading.
  • Infrastructure projects mainly include wallets, oracles and developer tools, of which wallets have the largest number and are the most mature. Sollet is the most commonly used wallet in the Solana ecosystem.
  • NFT is an entertainment platform project, game, and collectible. Among them, the music platform Audius is a project that migrated from other public chains to Solana. It has a relatively mature development, has more users and has launched tokens.

The following is an overall overview of the native projects and the projects that have been completely migrated to Solana in each sector:

1. Trading

1.0 Serum

Serum isn’t perfect; nothing is. There are fundamental tradeoffs between speed and decentralization; between sophistication and ease of use.

  • Serum DEX is the core DEX on Solana public chain. The DEX interface provides users with 4 optional functions, among which the most important is Trade (order book mode transaction) function, and users can connect to the wallet to trade; at the same time Serum DEX also provides Swap (AMM mode), the interface design and operation are similar to Uniswap ; Add market (self-adding market) function, allowing users to bring their own liquidity, adding trading pairs to the trading market; and Learn (DEX user guide) function.
  • Other DEX applications can be created based on Serum, such as DEX operation interface (GUI) Bonfida and NFT trading market Solible;
  • Serum's current daily trading volume is about $ 45 million (data on April 20)

1.1 Bonfida

  • Bonfida provides a web-version GUI (graphical user interface), users can trade on Serum through the Bonfida interface, and Bonfida also provides analysis of Serum transaction data;
  • Currently, there are more than 20 teams creating GUI on Serum, including web version and mobile version. The Serum project party stated that Project Serum or Serum Academy did not audit any DEX, and users need to use it at their own risk;
  • Bonfida is the flagship front end of Serum DEX, integrating TradingView charts based on market orders and on-chain data, and is committed to providing users with a complete trading experience;
  • API: The Serum API built by Bonfida can provide all the on-chain transaction data for the market exhibition platform and many top market makers;
  • Trading robot: BonfidaBot is the first stylized trading robot on the Solana chain, which can help users use technical indicators to build their own or subscribe to other users' trading strategies;
  • Future launch: The team is currently building the first perpetual contract protocol on the Solana chain.

1.2 Raydium

Decentralized DEX, features:

  • Built on the Solana public chain, the speed is extremely fast, and the fee is low;
  • Undertakes Serum's liquidity and provides Orderbook mode;
  • The experience of a centralized exchange.

Current features:

  • Trading: DEX trading with centralized experience, Orderbook;
  • Swap: DEX transaction, similar to Uniswap V2 transaction mode;
  • Farm: Provides two kinds of assets, liquidity mining, exists impermanent losses, and the mining income is $RAY;
  • Fusion: Liquid mining, but the currency is more innovative and the mining income can be other than $RAY, it can be other Solana ecosystem Tokens, more accurately, the projects that currently supported are all tradable in FTX exchanges, and are new on Solana;
  • Staking: A single asset staking $RAY, and the income is also $RAY.

Future to be done: One of the IDO platforms on Solana requires a staking of $RAY to be eligible. A minimum of 20 staking is required for a period of at least 7 days.

1.3 SenSwap

The specific mechanism is unknown, and more information needs to be disclosed by the project party. There is only one sentence introduction: the first AMM built on Serum and Solana.

1.4 LunaDex

Decentralized DEX, features:

  • Built on Solana, low latency and low fee;
  • Integrates the liquidity of the on-chain order book on Serum;
  • The operation interface is optimized to enhance the user's trading experience.

Current features:

  • Trade: DEX trading with centralized experience, Orderbook;
  • Swap: AMM transaction, similar to UniswapV2 transaction mode;
  • Stats: A visual interface for transaction data.

1.5 Solible

  • The NFT trading market on Solana and Serum was launched in October 2020;
  • Similar to OpenSea, users can create and trade SLP standard NFTs through Solible;
  • Based on the IPFS data storage and sharing network, the uploaded NFT data source needs to be on IPFS;
  • The protocol is interoperable with Bonfida and Serum.

1.6 MetaMarket

  • NFT minting & listing on Serum;
  • Each user can issue a publicly limited number of NFTs;
  • Different serial numbers of the same NFT can be priced differently, and various parameters can be customized;
  • Project progress: not online.

1.7 Doce Finance

  • Solana-based decentralized exchange (DEX) and swap protocol, supports order book;
  • The project went live on February 17, 2021. As of April 13, 2021, the total liquidity was $32,442,064.57.

2. Synthetic assets

2.1 Synthetify

  • Stake SNY to mint synthetic assets, the principle is the same as Synthetix;
  • The synthesized assets can be traded on other DEXs such as Serum and Raydium, and can also be bridged to other chains;
  • The testnet was launched on February 24th.

2.2 Parrot

  • It is the second-ranked Hackathon project. Users can lend assets, such as USDT, on Solana by staking the LP token obtained on Ethereum;
  • At the same time, the protocol will also allow users to mint stable coins and various synthetic assets by staking different assets, and these assets will be able to trade.

2.3 Marinade

  • Liquidity Staking protocol. The third place in Hackathon project;
  • Provide liquid staking to users and projects in the Solana ecosystem;
  • Principle introduction: Staking SOL to obtain mSOL, Marinade uses the user's SOL as a PoS to obtain benefits (build a portfolio to stake).
  • mSOL can be traded in AMM and can be used to redeem SOL at any time. Since mSOL represents the principal and mining benefit, the value at the time of redemption is more than the value at the time of stake.
  • Project introduction: https://medium.com/marinade-finance/the-first-liquid-staking-solution-on-solana-1fa71d9517ce

3. Lending

3.1 Solaris

  • Similar to Compound and Aave;
  • The main promotion of flashloans, because the project party believes that the potential of other DApps can be used on the basis of flashloans, including arbitrage, liquidation and liquidation protection, timely stop loss/profit securities margin trading and portfolio restructuring;
  • The project has not been officially launched, and there is no official website and Twitter information.

4. IDO Platform

4.1 Solstarter

  • The first IDO platform in the Solana ecosystem, provides a decentralized financing channel for start-up projects.
    Similar to Polkastarter, its token is SOS, which is used to obtain project investment rights.
    The project investment is not for the fastest entrant, but uses the Two Tiered Auction System, but how this mechanism is implemented has not been disclosed.
    The current default mechanism: By staking different amounts of SOS, participants enter different "equity distribution pools". The income pool is divided into four levels: staking 25,000 SOS to enter 50% SUPERNOVA (0.002% per SOS); staking 16000 SOS to enter 28% RED GIANT (0.00175% per SOS); staking 9,000 SOS to enter 15% PLANET (0.00166667% per SOS); staking 5000 SOS to enter 7% MOON (0.0014% per SOS).
    Future: In the form of DAO, in addition to participating in the governance of the Protocol, the holder of the governance token will also obtain the right to price different "equity distribution pools"
    Project progress: not online.

4.2 Solanium

  • Investment platform;
  • Project goal: Centralized project incubation/startup promotes a large number of insider trading on the platform. Solanium's goal is to promote a decentralized financing platform so that the public can create fund pool financing;
  • Facing the Solana ecosystem, it integrates related wallets (no separate window is required after linking the wallet), decentralized exchange (DEX, link Serum) and transaction management in one, forming a unified UI interface;
  • Token: SLIM, which has not been issued as of April 14, 2021, with a total supply of 100 million in the future. Token distribution and circulation supply form have not been released. Non-circulating xSLIM can be obtained by staking SLIM. xSLIM can be used to share platform fee income, vote, and obtain exclusive or early capital injection opportunities into the financing project fund pool. From the moment of stake, the amount of xSLIM decreases linearly.
  • Official document introduction: https://docs.solanium.io/

5. Asset Management

5.1 Solrise Finance

  • Asset management protocol, decentralized Asset Management. It will be launched at the end of May, ranked second in Solana DeFi hackathon. It is currently in the testnet stage, and the functions can be tried through the Solana testnet.

At present, there are two ways for users to participate in functions:

  • Create their own Portfolio and become Asset Managers to freely combine the following assets on Solana: USDC, Bitcoin, Ethereum, Ripple, Solana, Serum, SUSHI, LINK, FTT. Specific operation: According to the testnet, first deposit USDC, and then convert USDC into other assets, namely assets management.
  • Other users can choose one to invest based on performance based on various Portfolios. This is also the second way for users to participate, that is, to be an investor. The way investors participate in investment is also through investment in USDC. The specific asset and ratio of USDC to be converted is determined by the Manager. According to the current information, the Manager can adjust the position at any time, and the user can also redeem it at any time.
  • It is not yet certain whether the investment portfolio can be traded, but there is a high probability that the investment portfolio can be traded in the Solana ecosystem, and users only hold fund shares after investing.
  • The current stage is only a simple fund, but it can easily develop into an ETF in the Solona ecosystem.

5.2 Step Finance

  • Automated trading strategy protocol. Through the data integration panel, it provides users with information about their various transactions in the Solana ecosystem, account balance, and stake income, and have an intuitive understanding of the Solana investment portfolio;
  • DCA (Dollar Cost Averaging) strategy: Users can specify the exchange token type and set the execution time, so as to realize the automatic execution of the transaction. Solana's low transaction fees and high transmission speed make it possible to implement the DCA strategy;
  • In the future, the project party will also try to introduce more trading strategies, such as EMAs (exponential moving average, often used in foreign exchange trading) and RSI crossover trading (RSI indicator crossover trading method);
  • Aggregate the liquidity of AMM on Solana;
  • Project progress: launched a beta version https://test.step.finance/#/dashboard.
  • At 12 midnight HKT on April 25, STEP/USDC will be deployed on Serum's AMM (go to Step's testnet to have it);
  • Initial capital ratio: 200,000 USDC/4,000,000 STEP.

5.3 DTF

  • Asset management strategy platform, based on Serum, third prize of Hackathon;
  • In terms of functional design, it can interact with external exchanges, lending platforms, AMMs and asset protocols;
  • Project progress: Not online, only a link was given.

5.4 Cope

  • Trader performance analysis platform, COPE has both governance tokens, utility tokens and stake tokens.
  • The first stage: rating, analyze the trading behavior of traders to score, and then form the top 100 traders ranking which is updated monthly.
  • The second stage: investment, a combination of multiple investment strategies is generated based on rankings, the short-term is based on the Solana on-chain smart contract rules, and the long-term vision is to achieve cross-chain transaction investment.
  • Buy or exchange SOL to obtain COPE, stake COPE to obtain the report's reading rights (the specific implementation process relies on the automatic verification and reply function on Twitter). The specific implementation process of the investment has not been disclosed.
  • Project roadmap: 1. Connect to the Sollet wallet; 2. Realize the automatic verification and reply function of Twitter; 3. Generate the COPE top 100 trader index; 4. Realize COPE/SOL swap; 5. Realize COPE stake; 6. Realize COPE governance . Six steps have been completed so far.
  • White paper: https://www.unlimitedcope.com/whitepaper/

6. Derivatives

6.1 PsyOptions

  • No. 1 in Hackathon, options;
  • Project progress: not online, and the public beta version has not been released;
  • PsyOptions is an American options protocol built on the Solana chain. Option issuers need to lock up the underlying assets of a specified amount in the market to issue options. For example, for an SOL/USDC option with an underlying asset size of 100, 100 SOL needs to be locked in to mint a token representing the option. The option issuer will receive two SPL type tokens. One represents an option, which can be sold for profit. The other represents a written contract, that is, the right to claim against the underlying asset, which can be exchanged for the underlying asset on the expiry date.
  • As of April 13, the main information release channel is Twitter, and the project party claims that the platform fee is low and the transaction is completed quickly.

6.2 Mango Markets

  • No. 1 in Hackathon, decentralized Margin Trading, order book model;
  • Provide margin trading services, up to 5 times leverage. The initial leverage ratio (collateralratio) is required to be 120%, which is equivalent to 80% of LTV (Laon to Value); the maintainance leverage ratio is 110%, and the underlying assets below 110% will be liquidated;
  • Compared with lending protocols, such as AAVE and Compound, which provide margin trading with up to 2 times leverage, Mango can achieve a higher level of leverage. At the same time, Ethereum has a high Gas fee, and Mango's financing cost is 0 (but the accompanying disadvantage is that Mango does not have a capital pool to absorb the loss of liquidation, and the liquidation of individual accounts will be shared by the lender of platform funds);
  • Centralized exchanges can provide a similar level of leverage, but the Mango project party believes that the convenience of financing will be compromised.

Official information disclosure: https://docs.mango.markets/margin-trading/overview

6.3 Rope

  • The core is to construct a volatility index product, ROPE is a governance token, and ROPEV is an index token;
  • The token ROPE is used for governance and liquidity staking. In addition, USDC can also be used for liquidity staking. It has two fund pools, the ROPE/USDC LP (liquidity pool). The DeFi volatility index ROPEV developed by it will be used as a tool to facilitate users to trade or hedge crypto assets within the market;
  • According to the Roadmap disclosed on the website, the issuance of ROPE on the Solana chain and the construction of the ROPE/USDC capital pool in the second quarter of Rope’s 2021 target have been completed;
  • In the future, the key node report will release the technical description of the ROPEV index in the third quarter of 2021; the ROPEV index will be launched on the main network in the fourth quarter of 2021; and a series of research and development work on the ROPEx trading platform for trading ROPEV index products in 2022.
  • https://docs.ropesolana.com/

6.4 Hedgehog

  • Predicting market;
  • Compared with the centralized predicting market, Hedgehog's liquidity pool is provided by many LPs (liquidity providers), and the corresponding LPs will also receive benefits;
  • Project progress: The beta version was launched on April 12, 2021, and the prediction contest opened, with a prize pool of 10,000 USDC. On April 14, the contest was over.

6.5 Hxro.Network

  • Centralized predicting market, decentralized derivatives liquidity protocol;
  • The decentralized network will support: standard options, exotic options, and Parimutuel lottery system;
  • Simplify derivatives transactions, just select the coins, select the expiration date, determine whether a certain price has been reached, and then initiate a protocol based on the pricing of the platform;
  • According to Twitter's disclosure, this centralized platform has plans to transfer to the Solana chain to become a DeFi project;
  • Project progress: The centralized exchange has been launched, and the DeFi process has not been disclosed;
  • https://hxro.io/

7. Infrastructure and Tools

7.1 Solflare

  • A web wallet dedicated to Solana ecosystem;
  • It supports the sending and receiving of SOL and SPL, as well as the staking of SOL. As of April 14, 2021, Solana's total number of staking users was 15,925, and Solflare's total number of staking users was 7,626;
  • Support hardware wallets such as Ledger Nano S and Ledger Nano X.

7.2 Sollet

The original wallet is very difficult to use, the experience is poor but it may be the safest.

7.3 Phantom

  • Wallet, similar to MetaMask, for Solana and Ethereum;
  • Project progress: not online, launched a beta version;
  • Mechanism introduction: working principle creates and manages private keys for proxy users, so as to realize fund storage and transaction signing;
  • As a plug-in, inject Solana objects into the javascript context of every web application that the user visits. Then, dApps can interact with the wallet through this injected object, such as requesting permission to execute transactions;
  • Phantom can be integrated in Solana's main projects, such as Serum DEX, Serum Swap (oyster-swap);
  • Future direction: Cooperate with Ledger and launch a hardware wallet in the future.

7.4 Pyth

  • The Oracle solution emphasizes linking high-frequency real-world data to the Solana blockchain;
  • Progress: Under development, there is no coin at the moment, and the blog only has two brief introduction articles.

7.5 SoproX

  • Developer tools
  • Assist programmers to develop Solana Rust-based program (SRP).
  • Project progress: not online.

8. NFT

8.1 Media Network

  • Content distribution platform
  • It is an open source, decentralized and anti-censorship real-time streaming media protocol. Compared with centralized content distribution platforms, Media Network does not require registration and KYC.
  • Project progress: It is not online, and the official announced that the beta version will be released at its IDO. IDO time has not been disclosed.

8.2 Audius

  • Music platform, the project claims to have 1 million monthly users;
  • Coins have been issued, and there were originally many users who migrated from POA Network to Solana due to increased gas fees and increased congestion due to user growth.

8.3 SOL Surviver

  • Communication application and Mortal Kombat style fighting game, the rules are very simple, both parties enter a hash value to choose one of the four actions of attack/block/counterattack/taunt, after both parties are determined, either party can choose to reveal its choice first, and the other party will have ten seconds to reveal its choice.
  • https://solana.com/ecosystem/solsurvivor

8.4 Star Atlas

8.5 Kreechures

  • NFT collections are generated every 12 minutes. The quantity is limited and cannot be purchased. It can only be obtained through registration at the registration stage. The registration stage is now over.
  • Kreechures can be upgraded through training and game competitions. Kreechures' upgrades can earn $KIN. $KIN is also a token used to pay for fees in the game.


Public Chain

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