Presently, there are more than 250 projects in the Solana ecosystem. However, in this article, we will be discussing ten (10) coins in the ecosystem.
Solana (SOL) is the native cryptocurrency of the Solana ecosystem. It is the token reward for miners through the platform’s Proof of History (PoH). As of May 2021, the coin is ranked 18 on the Coinmarketcap list. The expected SOL coin in circulation according to the Solana Foundation is 495.4 million. As of May 2021, 378.4 million (76.4%) has been released into circulation so far with an active stake of 334.1 million (67.4%). The market cap is estimated at $21 billion.
Binance and Gate.io are the two major exchanges where you can buy SOL coins. However, US residents are prohibited from buying SOL on Binance, but allowed to purchase on Gate.io.
The Trust Wallet is the recommended wallet by SOL developers for storage. The wallet can be easily downloaded from both Google Play Store and Apple Store.
With the rising demand for Decentralized Finance (DeFi), this decentralized exchange (DEX), leverages the high transaction speed and low commission charges of the Solana blockchain to compete.
Sam Bankman-Fried (SBF) is a co-founder of Serum. He was a former employee of Jane Street, a renowned Wall Street trading firm.
SRM can be purchased on Binance, OKEx, HBTC, BitZ and Xtheta Global exchanges.
Raydium (RAY) is an automated market maker (AMM) and liquidity provider that leverages the innovation of the Solana blockchain and the Serum project. In a simple term, it gives traders a seamless experience while using Serum DEX.
Favored with a first-mover advantage, Raydium trading interface allows traders to view TradingView charts and set limit orders. At present, there are only two ways to earn RAY tokens ― by farming liquidity pools and staking. According to the developers, there would be more means in future.
There are 49 million RAY coins in circulation while the maximum circulating supply is pegged at 555 million RAY coins. 34% of this is expected to be released over a 3-year period. On the other hand, 30 percent is set aside for partnership and further development of the Raydium ecosystem. 20% airdropped for team members, 8% for liquidity provisioning and 6% for community pool and seed funding.
RAY coins can be traded on Gate.io, FTX, BlueHelixExchange, Uniswap (V2) and MXC.COM exchanges.
Chainlink (LINK) is a blockchain technology that sources necessary and sophisticated data from the real world. This data through the oracle network is used to process sophisticated smart contracts. Data feeds, APIs, and other resources are important in providing convenient services for users. However, for a long time, smart contracts interaction is limited to data available on the blockchain; thus, limiting the development of apps for instance. While typical mobile and web apps are leveraging this data. To solve the problem, Chainlink leverages the transaction speed of the Solana blockchain and its security.
This achievement has earned Chainlink the trust of data providers like Brand New Coin, Alpha Vantage and Huobi who now sell access to their data via the project.
The circulating supply of LINK tokens is 426 million while the announced maximum supply by the developer was 1 billion. 35% of the maximum token is scheduled to reward node operators and fund the development of the ecosystem. Another 35% would be distributed in public sales events while the remaining 30% will be possessed by the company to continually fund the ecosystem.
REN previously known as Until 2019, REN was known as The Republic Protocol. It is a decentralized dark pool that allows the exchange of cryptocurrencies anonymously. Crypto-exchange is usually done peer-to-peer but to achieve its anonymous standard, REN will execute without the involvement of an exchange or custodian. This eliminates entry barriers such as bogus verification requirements for DeFi projects. This however is made possible with its innovative technology called Ren Virtual Machine (RenVM).
The maximum supply is pegged at 1 billion while the present circulating supply is about 997 million (near the threshold).
REN can be traded on Binance and Huobi Global exchanges.
Waves is both a platform to launch tokens and also a decentralized exchange. In a layman explanation, it allows anyone without technical knowledge of building a blockchain to launch their token. Many users leverage it for crowdfunding. Also, the platform permits an instant exchange of wave-based tokens.
However, to create tokens on the platform, developers will need to possess the required amount of Wave Tokens.
The circulating supply is 105 million with equivalent total supply. It is also worthy to note that the platform in 2019 decided to remove its maximum supply cap and instead allow the network participants to decide the volume.
Waves coins can be purchased on Binance and Huobi Global exchanges.
Oxygen (OXY) is a decentralized prime protocol built on the Solana blockchain and powered by Serum. It provides DeFi services like lending, borrowing, and exchange. Users create a pool to deposit assets. The assets are then marked based on whether they are available for lending or not and terms. When an asset is available for lending, it is automatically matched with another user who wants to borrow. OXY leveraging Serum smart contract innovation will verify if the borrower fulfils all the required terms before approving the transaction.
The maximum supply is pegged at 10 billion while the circulating supply is 60 million (lesser than 1% of the max supply).
The exchanges that permit the trading of OXY include FTX, Sushiwap, Uniswap (V2) and Gate.io.
Civic token is attached to Civic, a blockchain-based technology for identity verification. Civic allows different platforms to verify users without the need for background verification while the users also get to keep their data. Interested persons create a Civic account where they provide their information.
When using other platforms in need of verification, the Civic details are provided. The interconnectivity only confirms the authenticity to the requesting platform without submitting the user’s details to them. This makes verification faster and more secure especially with the rising concerns of data privacy.
The Graph (GRT)
The Graph (GRT) is a decentralized indexing protocol for crawling Solana blockchain protocol. GRT made it easier than ever to build and publish numerous APIs called subgraphs. These subgraphs perform queries over the GraphQL and since its launch in 2020, the platform has processed more than 7 billion queries. For better understanding, GraphQL is the connecting medium between the blockchain data and the application it a developer wants it to interact with. Query results can be viewed within the applications itself.
Reputable companies like AAVE, Aragon, Synthetix, and DAOstack have so far leveraged GRT to improve their data feeds.
Aleph.im (Aleph) is a blockchain technology that is focused on decentralizing the centralized parts of apps and protocols to help them become fully decentralized. The platform achieves this by leveraging cloud computing. Users are required to upload their centralized data to Aleph databases where they are transcribed and made available on demand to the app users.
In Q3 2020, Aleph announced the reduction of its total coin supply by half. As of May 2021, the total supply is pegged at 500 million as there are 91 million coins in circulation (about 18%).
Aleph coin is listed on IDEX, Serum, Kucoin, Eterbase, Beaxy, MXC.COM, Uniswap (V2) and Bitribe.
Written by: Narender Charan