DeFi, also known as decentralized finance, is currently a better alternative to traditional finance. So far, DeFi users have benefited from lower transaction rates, higher interest rates for savers, and easy investment diversification.
In addition, blockchain technology Solana is probably one of the fastest networks and can handle around 50,000 transactions per second at lower fees, mostly less than $.01. In addition, the protocol provides various solutions that make it one of the most famous Layer 1s worldwide.
Imagine DeFi projects on a platform that runs efficiently and at a lower cost. The Solana ecosystem has grown so much and over 400 projects, including DeFi projects, are currently based on the blockchain. Want to learn more about the top five DeFi projects to look into Solana ? This article is for you.
Five best projects to look for in Solana
Raydium is one of Solana's oldest projects. The project operates as an on-chain order book that explores DeFi features on the blockchain. Investors can earn rewards by staking assets into Raydium's liquid pools.
In addition, Raydium offers on-chain liquidity with a central limit order ledger, ensuring that participants have a smooth experience. Raydium developers built the AcceleRaytor launchpad to help launch other projects on the Solana network.
Finally, the Solana community at 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 for building their Solana products.
Serum DEX is another project that offers DeFi investors high speed and low transaction costs. The platform is built by Solana and is completely permissionless. Serum also has a full limit order book with a familiar user interface.
In addition, the transaction cost is lower than other DEXs ($0.00001 per transaction). The project is a top decentralized exchange with hopeless cross 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 Solana data analytics with an API, and many market markers in the cryptocurrency space have seen a significant growth rate due to these analytics.
Bonafide also shares the same graphical user interface with Serum; therefore, your experience is always first class.
Another DeFi project to watch out for is Oxygen, a DeFi Brokerage protocol that allows users to lend, borrow, earn, earn and generate trading leverage. In addition, the network will enable users to borrow against borrowed assets in order to have money to spend or invest.
Oxygen offers the cross collateral feature where investors can use their assets as collateral. As a result, you can reduce the chance of liquidation as the cross collateral feature allows you to back up your account.
Orca is a DEX designed for user convenience. You can enjoy a simpler approach to Solana with Orca, which is made possible by the use of three key features: fair price indicator, aggregator and token balances.
First, the fair price indicator gives you the best price to invest in without relying on arbitrary market rates offered by the DEX. In addition, during your trade, the aggregator offers the best rate from Ocra's liquid pools. You can also view your balance and token list in the Orca Tokens panel.
Solana could be a perfect fit for many DeFi projects, and these top five projects are certainly ones to watch this year. So if you are interested in investing in DeFi this year, choose a network that gives you the best user experience.