DeFi, also known as decentralised finance, is currently standing as a better alternative to traditional finance. So far, DeFi users have benefited from lower transaction rates, higher interest rates for savers and easy diversification of investments.
In addition, Solana blockchain technology is arguably one of the fastest networks and can process about 50,000 transactions per second at lower fees, mostly less than $.01. In addition, the protocol delivers different solutions that make it one of the most prominent Layer 1s worldwide.
Imagine DeFi projects on a platform that works effectively and at a cheaper rate. The Solana ecosystem has developed so much, and over 400 projects, including DeFi projects, are currently based on blockchain. Do you want to know more about the top five DeFi projects to look out for on Solana? This article is for you.
Top Five Projects to Look Out for on Solana
Raydium is one of the oldest projects on Solana. The project works as an on-chain order book that explores the features of DeFi on the blockchain. Investors can earn rewards by staking assets into the Raydium liquidity pools.
In addition, Raydium offers on-chain liquidity to a central limit order book by ensuring that participants have a smooth experience. The Raydium developers built the AcceleRaytor launchpad to help launch other projects on the Solana network.
Lastly, The Solana community on Raydium also decides how to raise funds for the startup projects. In the future, Raydium plans to collaborate with other DeFi and AMM communities and offer support to build their products on Solana.
Serum DEX is another project that offers DeFi investors high speed and low transaction costs. The platform is Solana built and is completely permissionless. Serum also has a full limit order book with a familiar user interface.
In addition, the cost of the transaction is lower than other DEXs ($0.00001 per transaction). The project is a top decentralised exchange with trustless cross-chain trading that is fast and efficient.
This platform provides a product suite that bridges the gap between Solana, Serum and its users. In addition, Bonfida offers data analytics to Solana with API, and many market markers in the cryptocurrency space experienced a significant growth rate due to these analytics.
Bonafide also shares the same graphical user interface with Serum; therefore, your experience is always top-notch.
Another DeFi project to watch out for is Oxygen, a DeFi Brokerage protocol that allows users to lend, borrow, earn, yield, and generate trading leverage. Additionally, the network will enable users to borrow against loaned assets to have money to spend or invest.
Oxygen offers the cross-collateralization feature where investors can use their assets as collateral. As a result, you can reduce the chance of liquidation because the cross-collateralization feature allows you to shore up your account.
Orca is a DEX that is built for user-friendliness. You can enjoy a more straightforward approach to Solana with Orca, which is made possible by using three key features: Fair Price Indicator, Aggregator, and Token Balances.
First, the Fair Price Indicator gives you the best price to invest in without trusting random DEX proposed market rates. In addition, during your trade, the aggregator offers the best rate from Ocra’s liquidity pools. Moreover, you can see your balance and the token list on the Orca Tokens panel.
Solana might be a perfect fit for many DeFi projects, and these top five projects are certainly the ones to watch this year. So, if you are interested in investing in DeFi this year, pick a network that has gives you the best user experience.