Every week we provide insights into popular assets and hot topics in crypto, so you can easily learn more about the crypto market in bite-sized pieces.
In this Crypto in Focus we take a closer look at Solona.
Solana soaking up the sun 🌞
Solana has experienced remarkable growth over the past 12 months, with significant increases in key areas such as active wallet count, on-chain trading volume and fees generated.
These metrics highlight Solana’s rise as a leading blockchain, now standing alongside Ethereum and Bitcoin. It’s performance is particularly impressive when compared to competing networks of similar size, as it has outpaced most by a wide margin.
Solana’s 2024 price surge, backed by solid fundamentals, is noteworthy. In a year where most of the crypto market has struggled, only a few assets like Bitcoin, Solana, and memecoins have excelled. As Solana's user base and capital inflows grow, apps built on the platform are seeing a major boost. Let’s explore some of the standout projects within the key verticals.
Exchanges - Jupiter (JUP), available in the Change app
Jupiter is an app that helps people swap or trade digital assets. For most Solana-based tokens, Jupiter is likely the go-to destination for trading. It pools liquidity from multiple sources, allowing users to trade at the best available prices. Their latest release is the LFG launchpad, allowing customers to discover and participate in new token launches.
Money markets - Kamino (KMNO)
Kamino is a platform where users lend and borrow Solana-based tokens. A money market like Kamino is useful because it allows people to earn interest on their crypto or borrow against it without selling. It makes accessing funds easier and helps users make better use of their assets, whether they want to earn more or access liquidity. Recently, Kamino has expanded into more sophisticated leveraged products.
Staking services - Jito (JTO), available in the Change app
Imagine a busy intersection where lots of cars (transactions) are trying to get through. Jito is like a smart traffic manager for Solana transactions. Jito helps organize and streamline this traffic, making sure everything moves smoothly and efficiently. For this service to work, Jito requires users to stake their Solana tokens with them. By staking with Jito, users help run and maintain this smart traffic manager, which in turn improves transaction efficiency and rewards users with more Solana tokens for their participation.
Solana has seen remarkable growth over the past year, which has led to a surge in Solana app development. We’ll likely see hundreds of apps launching in the near future. Think of Solana as the app store and these apps as new tools and experiences you can explore. It’s an exciting time for crypto investors to stay tuned to what’s happening on Solana.
