Solana Eco Segment Leader Analysis Report

Preface

To meet the needs of blockchain users, thePublic ChainThe heterogeneous chains, parallel chains are endless.SolanaThe Solana ecosystem spiked in mid to late 2021, when its governance token, $SOL, saw its coin price rise by as much as a hundred times, and the ecosystem's Dapps mushroomed to include Defi, Dextral, and Dextral.NFTThe company is committed to building Solana's ecological integration with tracks such as infrastructure.

But then the track change made Solana and other contemporaneous public chains, which had been exploding in the public chain field, fall silent for a while, until recently the core of Game-Fi track "Play-to-Earn" was inherited by the Solana ecological project called StepN (a sports-based chain game) and changed into the core model of "Move-to-Earn". By accumulating a large number of users and enthusiasm, it has captured the favor of famous institutions such as Binance Labs and once again achieved the success of the Game-Fi project.

Solana, as the public chain platform that incubated StepN Chain Tour, has regained the spotlight on the attention of institutions and users. Today, we will take you to take an inventory and analysis: what are the other potential projects worthy of attention on Solana ecology?

As of 2022-04-20, there are a total of 301 Defi projects on Solana, with a total locked position of over $11 billion and a 24-hour transaction volume of about $430 million. It can be seen that Solana has a certain user market and can occupy a certain position in the public chain track with the Defi board. Not only that, the data can be derived from the low transaction fees on the chain, with the average fee per transaction fluctuating above and below $0.18.

DeFi Track

According to Defilama statistics, as of 2022-04-20, the Defi lock volume on Solana is $5.01 billion, ranking 5th in the overall blockchain, with the top four being Ethereum,TerraThe lock-up volume of the Defi project above Solana is more evenly distributed, even the highest percentage of Marinade is only 15.23% total proportion, and it is also worth noting that the overall lock-up volume of Sol has been maintained at the current level since it fell down at the end of last year.

1. Orca

Orca is located on the Solana blockchainDEXThe company focuses on basic decentralization such as token trading and liquidity provisionExchangefunction, which was awarded last September byPolychain CapitalLed an $18 million Series A round of funding for its token ORCA, which launches in August 2021 and is partially airdropped to previous liquidity providers and trading users to incentivize new user participation and give back to returning users.

1.1 Basic Data

The chart above shows the change in Orca DEX's total lockup volume from its creation to the present. The current Orca lockup volume ranks 7th in Sol Eco at $407.16m, back down to about a quarter of its peak.

The current Orca lock volume is $415.82m, ranking 7th in the Sol ecology. the growth rate of Orca daily trading volume is also surprising, as of 2022-04-20, Orca total trading volume is 129,328, compared to a month ago its year-on-year growth rate reached 363%, and there is still no significant downward trend.

The number of daily active users of Orca is directly proportional to the number of successful daily trades, and on the 21st its number of users was 71,749. However, the more the number of users the higher the natural daily trading volume, otherwise the opposite is true, and it is worth stating that although the lock volume is currently picking up slowly, these figures show that all aspects of Orca's development are on the upside, and it is probable that there will be a breakthrough in the future if it keeps up.

1.2 Team Information

Orca's core team consists of 11 people, with two co-founders, Yutaro Mori and Grace Kwan, leading the development team and the strategy team, respectively.CurrencyDevelopers, has participated inETH 2.0 Golang Client and Synthetic AssetsUMAThe Orca development team consists of six developers, most of whom graduated from Stanford, University of Waterloo and other computer science institutions, and all of whom have worked at Amazon or Google, making the team highly professional. The strategy team has also worked in top business consulting and design agencies.

1.3 Economic Model

ORCA released its own governance token on 2021-08-09: $ORCA, with an initial circulating supply of 5.25 million and a total supply of 100 million.

ORCA Value Orientation.

ORCA tokens are tied to trading activity on the platform, with the majority flowing to LPs, promoting a healthy AMM ecosystem.

Orca Treasury is a DAO, aimed at feature development, token buybacks or opening new markets.

The Fund will donate 0.01% of all transaction fees to real-world charities on a quarterly basis.

1.4 Advantages

1. Orca, a latecomer to DEX in the Solana ecosystem, has a reward model that gives liquidity providers shares, charges a 0.3% fee for storage in the pool, and distributes them in equal proportions according to shares, with users acquiring more liquidity tokens (storage + rewards) over time.
2. Orca offers superb user-friendliness, and with Solana's superior performance, transactions on top of Orca can be described as sub-second fast, delivering a smooth transaction experience with responsive and smooth front-end pages.
3. When users trade on Orca, Orca uses different curves to ensure maximum utilization of funds and reduce slippage. Orca's Fair Price Indicator also protects users' interests by allowing them to see at a glance the best prices in the market.

1.5 Summary

Orca as Defi protocol is more complete, and the pledge rate is higher, for some users who like stable income and are not willing to take risks, it is not a bad choice, the current annual interest rate of liquidity pledges offered by aquafarm on Orca are in a moderately high range, the following chart shows some of the pool rates, the more stable SOL andUSDCThe APR is also at 36%. In addition, the project side dynamics are updated more frequently, and recently carried out with the planning project governance voting and other functions, while cooperating with Afaltoun, Soda Protocol and other projects.

2. Saber

Saber is an automated market maker that trades anchored assets on Solana for optimization. As the core of Solanacross-chainLiquidity network, Saber helps facilitate asset transfers between Solana and other blockchains. As previously reported SaberLabs received a $7.7 million seed round led by Race Capital with participation from Jump, Multicoin and other prominent institutions.

2.1 Basic Data

Sabre achieved significant growth in just a short time after its launch, with TVL growing from 0 to $1 billion in the initial three months. Its peak lockup was $4.15 billion on 2021-09-12, but the good times were short-lived, and its total lockup continued to fall as the ecosystem of other public chains exploded and Defi competition within Solana became more intense.

As of April 2022, Sabre holds $367 million of liquidity in its liquidity pool and facilitates over $37 million of swap trading volume per day. Its most liquid pools include mSOL-SOL, UST-USDC and UXD-USDC.

Sabre's competitive advantage lies in the number of assets it supports, compared to EVM-basedCurveSame. Providing LPs with a way to earn income while minimizing the risk of impermanent loss has attracted a large number of users in a short period of time.

2.2 Team Information

The founding team has been building crypto projects together since 2017. 2018 saw the launch of the team's first crypto project led by Y Combinator and Coinbase Supported crypto fund management platform. Also helped organize the first DeFi community events in San Francisco and Prague. saber's team has experience shipping products at some of the largest tech companies, including FacebookGoogle, Coinbase, and OKEx.

2.3 Economic Model

The maximum supply of SBR is 10 billion pieces with the following allocation ratio.

1% of the total token supply will be allocated in the first two weeks of the liquidity mining program, ensuring that voting rights are awarded to actual users and helping to align liquidity to provide incentives.

$SBR Two main use cases: Sabre development and cost model alignment; alignment of incentives among stakeholders.

2.4 Advantages

1. Saber aims to be a high-volume, low-risk trading platform by providing the most accurate prices (encouraging arbitrage bots to trade), while also working with other DeFi programs to reduce the opportunity cost spent by users.
2. Sabre enables low slippage trading of anchored assets even in large transactions, and users are able to pay very low fees inStable CoinsA large number of exchanges take place between
3. Sabre facilitates the exchange between anchored assets bridged from other blockchains. With Saber users can easily migrate assets to the Solana chain, and the more assets supported, the more the Solana public chain thrives, which further promotes Saber, thus creating a positive cycle.

2.5 Summary

The cryptocurrency market is currently in a shocking downward trend, with mostInvestmentThose who have swapped cryptocurrencies for stablecoins, holding stablecoins is a risk management strategy to hedge against the economic downturn. The idle stablecoins form LP for liquidity mining is very cost-effective, the APY of LP in Saber is between 8%-92%, and the value fluctuation of SBR stablecoins is very small and can be basically negligible. Therefore, the LP of stable coins can well avoid loss due to irregularity, and also enjoy a good mining revenue and fee share at the same time. However, it should be noted that some LPs in Saber have higher lifting fees, such asUSDT/USDC, a fee of 5% is charged to cancel the LP, which means that it is a loss until the fee is recovered, so please read the rules carefully before proceeding.

NFT Trading Platform

On 2022-04-07, Opensea, the largest NFT trading platform, announced that it will be integrated for deployment on the Solana chain and that NFTs minted on the Solana blockchain network are now available on OpenSea The Solana-centric system is now available on the market and priced at $SOL, according to the market.

According to the data statistics and multiple comparisons, the number of NFT transaction market changes in Solana ecology in recent months fluctuates greatly, and despite the impact of NFT market shock interference, it still shows a precipitous growth between 03-27 and 04-03, and the market value is soaring all the way. the NFT transaction volume of Solana in March also exceeded the USD 190 million mark, and as of 2022- 04-21, Solana's total NFT market transaction value is up to $1.93 billion, ranking No.3 among public chains, and it can also occupy a place in the public chain NFT track.

3. Metaplex

Metaplex is an NFT marketplace and decentralized NFT casting and auction on-chain protocol. Powered by the Solana blockchain, it meets Metaplex's extremely high requirements for the underlying network's operating model of transaction speed, transaction frequency, and network fees.

The Metaplex protocol and application framework provides the key infrastructure for the metaverse, giving creators, artists and brands the tools to easily launch customized, direct-to-community NFT marketplaces. Through decentralized auctions, Metaplex transforms creators into traditional middlemen.

3.1 Basic Data

Trading volume

As of 2022-04-22, the total trading volume of the Metaplex platform is $2.2 billion. According to the data statistics, it is concluded that Metaplex's transaction volume is relatively low, the highest daily transaction volume within 30 days is 20,00$SOL, about $204,000 in transaction volume, which is not outstanding among a group of NFT trading platforms. the highest daily transaction volume within 30 days is about 1,500 transactions, and the total transaction volume is 25,885, and the period after that is showing a Continued decline, and will remain below 1,000 daily data, compared to other NFT market in the same period, in the Solana ecology accounted for a relatively low 0.1%-0.7% up and down.

User volume

Due to the advantage of fast and low price offered by Solana network, Metaplex is very concerned about the user experience and keeps pushing new measures to retain active users. Despite this, Metaplex is struggling to compete with the market in the same track with a small market share in a period of market downturn, with a total subscriber base of 6,579 in 30 days as of 2022-04-22, which is really not very good.

Handling fee

The platform has a fee of 0 and the cost of casting a new NFT at the time of writing is about $1.50. As a creator, uploading an NFT to Arweave takes 1 minute and auctioning an NFT is around $3.70. Selling "limited edition NFTs" is more expensive, costing between $9 and $16. Listing NFTs and auctioning them can cost you around $30. The fees are relatively cheap.

3.2 Contrast

Metaplex Studios has now appointed Stephen Hess as its Chief Executive Officer.

1. Metaplex creates a revenue stream for artists on the chain by recording each participant and setting a custom percentage of revenue. Each NFT is not only created through royalty payments, but when it is resold on the Metaplex marketplace, the royalties are automatically returned to the original creator.
2. Metaplex's components allow NFT creators, purchasers, etc. to customize their own "storefront", either as a permanent storefront or as an auction center for specific auctions or collections, with all logos on the storefront based on the userWalletsAddress. Custom storefronts allow creators to create unique experiences in each auction, and in the future the Metaplex Foundation will use VR/ARTechnology to build immersive storefronts.
3. Metaplex has garnered interest from several industries and related brands to partner with, allowing users to auction Audius' music NFT on Metaplex, but also comic book artists and sports name brands such as Street Dreams; CryptoKickers; recording artist Andre Allen Anjos, and other influencers and brands.

3.3 Summary

2022-01-18.Multicoin Capital Co-led a $43 million strategic investment in Metaplex with Jump Crypto, including Solana Ventures, ,Alameda ResearchThe strong potential of Metaplex is evidenced by the participation of 90 backers, such as the one that was used to create more than 5.7 million NFTs for 85,000 projects. In developing the specification standard and driving its use through modular products and initiatives, Metaplex becomes the foundational layer for all value to be exchanged in the form of NFTs. As more and more assets and applications are deployed on Solana using the Metaplex standard, we will begin to see parts of the meta-universe take shape in the form of a large-scale, interoperable world.

4. Solanart

Compared to the role played by Opensea in Ether, the first full-fledged and complete NFT trading platform - Solanart is deployed on the Solana chain, using SOL as the trading currency and taking 3% in fees. Helps users on the Solana chain to easily and quickly display/trade digital collectibles and artists' NFTs.

4.1 Basic Data

Trading volume

According to DappRadar data, the highest daily transaction volume in history was $29.98 million on 2021-08-31. As of 2022-04-22, the total transaction volume in 30 days reached $25.57 million. Daily transaction volume has also been on a downward trend since February, with a total volume of only 181,515 transactions in 30 days. The low transaction volume has also put the Solanart platform in a bottleneck stage again.

User volume

According to the data, on the day of 2021-10-08, the user volume reached an all-time high with about 23,180 experienced users, and the total user volume in 30 days reached 29,988 as of 2022-04-22, influenced by the NFT market situation, since 2022-02-01, the user volume on the Splanart platform has been decreasing, and the daily user volume has shown a a continuous decline.

Handling fee

A market fee of 3% is charged on the selling price of each transaction.

4.2 Contrast

1. Unlike Opensea, the variety of NFTs on the Solanart platform is relatively small. This is because the NFT projects that are online are carefully selected and have certain guarantees, and the value of NFT is of high quality.
2. The Solanart platform uses both on-chain and off-chain data storage to transfer cryptocurrencies and NFTs to intermediate wallets and then individually to buyers and sellers, while using off-chain data to record bid prices and other sales information.
3. Solanart platform as the first mainstream NFT platform on Solana, the meta NFT Degent Ape Academy, SolPunks are on its platform, while the home page will soon be on the shelves of some future while the platform architecture is clearer, the interface is fresh and simple to operate.

4.3 Summary

The Solanart platform differs from traditional Opensea in that the NFT collections on the platform are carefully screened, but because of this, the number of NFTs available on the platform is relatively small. In addition, if users want to purchase NFTs on the Solanart platform, they must download a wallet that supports the Solana blockchain. To a certain extent, it will set a certain barrier for users to participate. Secondly, the total transaction amount of Solanart exceeded USD 500 million in October 2021, which continues to go up to a record high, showing side-by-side that the platform has its traffic and fan base, and as a more mature NFT trading market on Solana chain, it is expected that its function and structure as a basic setting will have room for development on Solana chain in the future.

WEB3.0 Race Track

Along with the development of blockchain, theWeb 3.0The fever of the concept of Web3.0 continues to rise. Web3.0 is more like a world of platform network compared to Web2.0, without centralized servers, without worrying about the theft of private data, and also more fair, transparent and stable compared to centralized network. Although blockchain technology has promoted the development of Web3.0, the current blockchain products have more or less some features of Web3.0, such as decentralization, information cannot be tampered with, unified identity, etc.

Solana network is based on the PoH consensus mechanism and uses a network of individual nodes for state data storage. Solana's public chain characteristics determine that it has special advantages in the Web 3.0 track: high throughput, low cost, networkSecurityThe decentralization and data owned by users, etc., circumvent the possibility of data being regulated by centralized platforms for users. From nothing to something, Solana blockchain keeps breaking through, and also attracts hundreds of quality Web3 projects to join, and Solana's Web 3.0 application scenarios are recognized by more and more developers.

In addition, Solana's Web3.0 ecological layout is even more popular: instant messaging tools, decentralized social platforms, on-chain security protocols, streaming media platforms, advertising platforms, etc. It is believed that more Web3.0 projects will continue to pour into the Solana ecology in the future, threatening to work together to create "Solana's Web3.0 era".

5. Audius

Audius is a blockchain-enabled decentralized music streaming platform equipped with social networking features to help artists and music content creators showcase their talent and build a fan base.

Audius is available on Web, Pc and App. Users can browse hot singles and playlists at will and listen to music instantly without logging in, which is convenient to use. After email registration, you can like/retweet singles and follow creators; as a creator, you can upload music and add tags.

These features are all free, and users can also download music for free with no ads, giving them a great experience. Audius gives incentives through token distribution, attracts some creators in the early stage of the project, and invites famous KOLs to stay on the platform without interruption, bringing early traffic to the platform.

5.1 Community fervor

Audius has integrated many famous stars and music producers such as Deadmau5, Rezz, 3LAU, The Stafford, etc., and then the team continues to promote the project and collaborate with other artists to host community events, such as the recent Remix contest music creation award, the collaboration with Collie Buddz, AMA, alinabaraz's "Alone With You" live event on Audius, etc. Audius' commitment to building the music ecosystem has allowed the platform to flourish. Audius' commitment to building the music ecosystem has allowed the platform to flourish.

Audius' official communities are Discord, Instagram and Twitter, of which Twitter has 138,000 followers and the DC community has a total of nearly 35,000+, with 5,000+ daily active members, and a good community atmosphere, with members mostly discussing music expansion and the actual empowerment of the platform token AUDIO.

Audius as of 2022-04-21, the number of active people on the platform is 134,141 and the number of monthly active people is 2,744,759, compared to last October's peak of nearly 5M+ heat has decreased, but with the continuous expansion of the platform songs and producers, the overall heat of the project is also picking up and is expected to return to the top in the next few months, in general the platform Advantages over Web 2.0 projects include but are not limited to the following.

1. Address the low income of artists and the low transparency of artworks.
2. Protect the copyright of the artist.
3. The decentralized and low-threshold usage experience, open API for third-party apps to call songs, etc. make music sharing more convenient. However, accordingly, the development in the direction of sharing also poses obstacles to compliance and commercialization.

This is why more and more singers and paper people who cherish their copyrights choose to participate in Audius and other Web3.0 fields, because the small part of power concentrators own most of the resources and wealth in the past situation, and there is a lack of platform and opportunity for individuals to create. In the future, Audius will gather more capable and creative people with ideas, and more users will participate in In the future, Audius will gather more creators with ability and ideas, and more users will participate in the construction of Web 3.0.

5.2 Economic model (role)

$AUDIO is the official token of the Audius project with a total amount of 1 billion, which was launched in October 20, with the following allocation.

It is worth mentioning that AUDIO has an annual 7% token issue to reward those who pledge tokens to help maintain the stability of the project value.

The graph above shows the Audius token release graph. Most of the token releases in 2022 and 2023 come from investment institutions with teams and consultants, while the community token release time is delayed, which is not good for the project development. A large number of token releases can easily cause a dumping pressure to suppress user interests, which will have the risk factor of causing the project to collapse.

$AUDIO tokens role mainly includes.

1. Incentivize users to participate in node operation, token rewards are related to node operation, pledged tokens are used to enhance node security to maintain decentralized file storage
2. Based on the community governance authority, participation in Audius community governance is done by initiating a discussion on the community or by the node runner coming up and formally initiating a proposal, which is then voted on by the token holders
3. Participation in the economic system of the platform, as an incentive token for users to obtain the corresponding income in the platform, is still lacking a unique design, and more layers are still under development.

5.3 Summary

Audius is still a niche dapp for electro music, with free and no need to be on the chain, providing a very low threshold of use for new users. However, the current economic model, token empowerment is still to be developed, excluding the basic node pledge, participation in governance voting, etc., there is also a lack of incentive role, etc. Its business model is also not clear, and the creators lack revenue means. Users can participate early to get the corresponding interaction records and participate in relevant activities to experience the Web3.0 project for each participating group such as users, creators, developers to balance the relationship between them, to achieve common participation in governance, common prosperity of the scene.

6. Grapes

GRAPE, a protocol for building token-based DAO communities on the Solana blockchain, is a decentralized social networking protocol that creates, rewards, and protects any online community by harnessing the power of Solana, which won second place in the Solana Hackathon competition in the middle of last year and was subsequently launched in September byMultichain Capital led a $1.2 million seed round of funding. The project token, $GRAPE, is a currency that powers the Great Ape social ecosystem. Grape currently develops a series of sub-products such as the Grape Access verification tool, the Grape Dashboard dashboard, and the Grape.artNFT marketplace.

6.1 Community fervor

Grape recently announced its 2022 technical roadmap, which can be unlocked by using tokens for open source, encouraging participation from other developers and moving away from the Web 2.0 centralized approach. Meanwhile Grape Protocol was updated in April with applicable intervals, with many other projects such as Mango Markets, Project SerumWe have cooperated with Bonfida, UXD Protocol, Woof Solana, Le DAO, etc., and have supported related software development kits. We also conduct DAO exchange activities AMA, carry out Grape on-chain governance body proposal, etc.

It can be said that the team has recently done a lot of things at the technical level and the level of propaganda, in addition, because it is impossible to see the agreement to participate in the user, so we can only observe through the community, but the results are not entirely accurate, Grape agreement community including twitter, Discord, Twitch and propaganda media Medium, etc., at present, the total number of Twitter followers reached about 34,000, DC total The total number of Twitter followers is about 34,000, the total number of DC followers is nearly 30,000, and the number of daily online users is also 5K+, so it is not low, and the rules of the community are more perfect.

The primary purpose of the Grape protocol is to create a decentralized social networking toolset based on the Solana blockchain ecosystem, with the following unique advantages.

1. A unique encryption key can be used to secure the membership solution for individual users, and is also the core of the solution, providing "game skins" that can be used to prove the user's identity.
2. Multi-token model, GRAPE protocol supports all Solana type tokens and can set up individual agreements using SPL tokens, token pairs and LP liquidity tokens that will intelligently adjust the price according to the scheme.
3. Community-driven DAOs, decentralized anonymous organizations are more appropriate for the construction of the GRAPE protocol, while the community can be restored through social accounts and permissions when the network receives violations.

The protocol is guided by the principles of community first, with transparency, fairness and excellence at the core of its values. grape DAO is the governing body of the protocol's decentralized community.

6.2 Economic Model

The Grape protocol token is GRAPE and the total number of tokens issued is: 1.000.000.000, allocated as follows.

The lock-up mechanism is actually very clear, in which IDO is directly released with no position, the team and private placement are locked up for four years to two years, and the community ecological token release is divided into ten years of monthly linear release. From the above chart, we can learn that the community holds more token shares compared to the team and private placement, and the pre-release is more balanced, which has a positive effect on maintaining the value of the tokens.

At present, GRAPE tokens lack practical use, mainly used for DAO governance, the threshold for participation in DAO, etc., lacking a clearer business plan, which also leads to the current GRAPE tokens have been falling, the current unit price is $0.013, the total market value is less than 1M. so that not all projects issued tokens produced better results than not issued, for the infrastructure Tokens in the absence of practical use will not drive ecological development, but will lead investors to lose confidence in the project.

6.3 Summary

Grape as a DAO infrastructure development protocol, its from the bottom to build a complete and institutional rules, and clarify the rights and obligations conferred by each identity, and is committed to combining with other projects community autonomy up to DAO each other, before Betdex used Grape protocol as the underlying verification, from the side of its practicality and potential, in the field of future Web3 has enough perfect In the future, the project that has enough perfect framework and caters to the concept of decentralized management will certainly lead the whole ecological future direction, but how to balance the development between tokens and projects, empowering the practical role of the future Grape will also have a corresponding impact on the direction of Grape. However, as a more complete Web3.0 DAO organization, Grape's future potential is worth looking forward to.

To sum up

Solana's ecological distribution track is diverse and competitive, there are many innovative ideas, but lack of practical landing, at present, Solana has almost no projects other than Stepn that really explode out of the circle, precisely because of the lack of opportunities and cross-chain projects, resulting in Solana's overall hotness gradually inferior to other public chains, from Defi, NFT, Web3 and other various fields track However, this does not mean that Solana lacks opportunities. On the other hand, the projects bred in the field of Web3.0 of Solana track have enough unique functional innovation and certain practicality, while the overall ecology of Defi is not bad, and it is still the fifth largest public chain in the ranking. If Solana wants to return to the top, it needs to balance the roles and responsibilities between the public chain and the ecology, and create linkage benefits with other chains in order to create more value. All in all, any project that remains unchanged will not succeed. I hope Solana can create its own style and characteristics to bring more value assets to the whole blockchain ecosystem in the future.