Solana embodies an ethos to become a blockchain that welcomes a billion users to crypto by offering an experience that is fast, easy, and cost-effective.
In this article, we embark on a comprehensive review of the 10 prominent projects and protocols that contribute to Solana's DeFi ecosystem, delving into their innovations and the potential for future airdrops.
The list of top 10 DeFi applications on Solana
Currently the 5th biggest DeFi blockchain based on Total Value Locked (TVL), the Solana network has witnessed a staggering 117% growth in one month.
Solana's unwavering focus on low latency and high throughput has propelled its growth, fostering an ecosystem where protocols operate at remarkable speed and minuscule transaction fees.
Before delving into the detailed exploration of Solana's top DeFi platforms, let's set the stage by acknowledging some of the statistics sourced from DeFiLlama as of December 2023:
| # | Protocol | Type | Total Value Locked | Native Token | Airdrop |
|---|---|---|---|---|---|
| 1 | Phantom | Wallet | - | N/A | Not Announced |
| 2 | Solflare | Wallet | - | N/A | Not Announced |
| 3 | Orca | DEX | $180m | ORCA | Not Announced |
| 4 | Raydium | DEX | $100m | RAY | Completed |
| 5 | Drift | DEX | $95m | N/A | TBA |
| 6 | Jupiter | Aggregator | N/D | JUP | January 2024 (2nd round) |
| 7 | Jito | Staking | $574m | JTO | Active till June 2025 |
| 8 | Marinade Finance | Staking | $937m | MNDE | TBA |
| 9 | Solend | Lending | $168m | SLND | TBA |
| 10 | MarginFi | Lending | $330m | N/A | TBA |
In the subsequent sections, we will meticulously overview the top 10 decentralized applications (dApps) on Solana, encompassing both established projects and newer protocols.
Top Solana wallets
In the growing ecosystem of Solana, users are presented with a diverse array of wallets that cater to their specific needs and preferences. Let's delve into two prominent players.
1. Phantom, the most popular SOL wallet
In a fashion similar to the well-known MetaMask, Phantom allows users to create and manage multiple wallets through a downloadable browser extension to manage various coins and NFTs.
Image from Phantom Chrome Extension
The app goes beyond Solana, expanding to other blockchains, ensuring a seamless transition between Polygon, Ethereum, and Solana. With an integrated swapping feature and a bridge facilitating cross-chain movement, the wallet becomes a versatile tool for users navigating different decentralized landscapes.
2. Solflare, Solana native wallet
Unlike its counterparts venturing into multi-chains, Solflare remains dedicated to Solana, aligning its pace with the ecosystem's rapid development for both innovation and security.
Solflare simplifies basic operations like swapping and staking Solana-based assets directly within the mobile app or an extension on your browser.
Image from Solflare
Furthermore, users can continue using MetaMask for Solana DeFi, courtesy of the MetaMask Snap developed by the Solflare team.
Decentralized exchanges (DEXs) on Solana
In Solana's decentralized exchange (DEX) arena, Orca, Raydium, Jupiter, and Drift lead the way, each offering unique features and strengths.
Image from Dune
3. Orca, the largest DEX on Solana
Orca, renowned for its user-friendly and risk-conscious approach, is leading the pack in rapid growth among its peers.
Image from Orca
The protocol simplifies Solana trading with its innovative Fair Price Indicator, aligning transactions closely with CoinGecko-listed prices. Users benefit from precision trading as the platform notifies them if slippage falls within their preset tolerance.
Not just for swapping, Orca invites users to deposit assets into its liquidity pools, unlocking opportunities to earn yields on their holdings.
4. Raydium, Solana-based AMM
Arguably the most established project in our list, Raydium is currently the second biggest DEX in the Solana ecosystem.
Image from Raydium
It is an AMM-based trading platform providing services similar to most centralized exchanges in terms of being able to set limit orders and limit sales. Users can also add liquidity to earn rewards and farm some yield.
Raydium makes it easier for users to buy or sell assets at desired prices due to the larger pool of available orders, facilitated by Serum’s ecosystem-wide central order book system.
5. Jupiter, top Solana DEX aggregator
By consolidating liquidity from various DEXs, Jupiter empowers users to access a broader spectrum of trading pairs.
Image from Jupiter
One unique aspect of Jupiter's approach is its smart routing process, where the system considers alternative routes that involve intermediary tokens to discover opportunities where the usual trading pairs may not offer the best value.
Jupiter airdrop
Jupiter conducts airdrops in rounds, distributing the initial batch of newly minted JUP coins in December 2023. The project maintains transparency in eligibility criteria, focusing on users' trading volume share. The next airdrop phase is scheduled for January 2024.
6. Drift, perpetual futures DEX on Solana
Drift is a feature-rich decentralized exchange combining Automated Market Maker and decentralized orderbook systems.
Image from Drift
The dApp is offering perpetual futures and on-chain spot trading with leverage, as well as lending and borrowing. Users can also earn in the liquidity pools and participate in incentive activities and trading challenges.
SOL staking platforms
Liquid staking has become a catalyst for unlocking broader opportunities in the decentralized finance market, promoting more efficient liquidity flow across networks.
In Solana, platforms like Jito and Marinade Finance are leading the charge, offering innovative liquid staking solutions for users to optimize their staked assets.
7. Jito, a user-friendly staking platform
Liquid stakers of SOL can earn Maximum Extractable Value (MEV) by staking their tokens through Jito. Users depositing their assets with Jito receive JitoSOL and accumulate in-app points as a bonus.
Image from Jito
Jito airdrop
Jito points hold value in an airdrop, active until June 2025. Additionally, users can boost their chances by earning extra points through the use of JitoSOL in other Solana-based applications for lending, borrowing, and trading.
8. Marinade Finance, leading liquid staking provider on Solana
Standing as the top DeFi application on Solana with a remarkable $930 million in total value locked, as reported by DeFiLlama, Marinade Finance distinguishes itself by distributing stakes among over 100 trusted validators, offering a dynamic alternative to traditional staking methods.
Image from Marinade
Marinade’s so-called ‘Native staking’ option allows for delegating the stake to a bot as an alternative to depositing funds to the smart contract.
Potential Marinade airdrop
Fueled by its governance token, MNDE, the platform allocates tokens to users based on their staked amounts. Despite the token's launch in late 2021, there has yet to be an official announcement or implementation of the airdrop.
Lending protocols
The lending market serves as the pivotal final piece in fostering overall growth within the decentralized finance (DeFi) landscape. Solend and MarginFi emerge as leading lending protocols within this sector.
9. Solend, Solana equivalent of Aave
Established in 2021, Solend operates as a dynamic protocol, allowing users to lend over 90 assets across 67 pools as collateral, earning Annual Percentage Rate (APR) or borrowing from fellow users.
Image from Solend
This platform provides a comprehensive decentralized financial ecosystem, integrating automated markets, dynamic interest rate mechanisms, and a robust insurance framework.
Solend stands out with a Total Value Locked (TVL) of $160 million, securing the 7th position among Solana's DeFi applications.
10. MarginFi, lending on Solana with rewards
Less than a year since its launch, MarginFi has surged to an impressive Total Value Locked (TVL) exceeding $300 million, securing its position as the third-largest DeFi application on the SOL blockchain.
Image from MarginFi
The platform is offering lending and borrowing services for approximately 30 tokens, including major ones like USDC, WBTC, ETH, and various Solana-based project tokens
MarginFi airdrop
In July 2023, MarginFi introduced the incentive program, where users can earn points by contributing liquidity and participating in borrowing activities. These points hold a strong possibility of being linked to a future airdrop.
Wrapping up
In the decentralized world of Solana, opportunities abound. As we conclude our exploration of Solana's top DeFi projects, it's imperative to acknowledge the dynamic nature of the crypto landscape. Make sure to understand the intricacies of each platform and assess the associated risks and benefits.
Keep navigating the decentralized terrain with ease, leveraging the power of GetBlock’s RPC. Our robust and reliable infrastructure ensures seamless connectivity to blockchain nodes with access to 50+ protocol endpoints — all conveniently managed from a single account.
