The Solana ($SOL) DeFi Token Rises Over 50% In April 2021 Alone As New Projects Build On The Platform – BitKE

The Solana decentralized finance (DeFi) protocol is getting a big boost following a number of high-profile projects already built on the platform.

So far in April 2021, the SOL token, which powers the Solana blockchain and the protocol’s main decentralized exchange (DEX), Serum (SRM), has seen its price increase by more than 50%.

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SEE ALSO: Xend Finance, Africa’s First DeFi Project and First on Binance Smart Chain, Announces Mainnet Launch and Goes Live on Balancer DEX

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The pursuit of these much newer protocols is necessitated by the high gas fees on the Ethereum blockchain, which has caused builders and investors to look for cheaper alternatives.

Solana, a competitor to the Ethereum blockchain, aims to provide decentralized financing solutions at much more affordable transaction fees.

Some of the upcoming projects to watch that build on the Solana blockchain include:

SolStarter – the first Initial DEX Offering (IDO) platform for SolanaCOPE – A token project that allows traders to rank their performance and see other traders’ performance in an index. prime brokerage protocol built for the future to support 100s of millions of people ChainLink – Together with Chainlink, Solana aims to develop a high-frequency Oracle that can be used for trading binary options. One that can update every 400 ms with Solana’s architecture, with developers building DeFi assets and marketplaces using this platform Step Finance – A tool for visualizing, analyzing, executing and aggregating transactions across all Solana contracts on one place Media Network – A P2P content delivery Network (CDN)Synthetify – A simple, decentralized protocol for synthetic assetsHxro.Network – A fully decentralized derivative liquidity protocol for risk-based applications HedgeHog – A user-centric prediction markets platformPhantom – A digital wallet reimagined for DeFi & NFTsMango Markets – A decentralized, on-chain, cross-margin trading platform Solaris – A lending/lending protocol bringing Flashloans to Solana blockchain (inspired by Aave and Compound) Solanium – A decentralized fundraising platform Marinade Finance – A Liquid staking protocolPyth – An oracle solution designed to bring HiFi data to DeFiSolrise Finance – A decentralized fund management and investment protocolTerra – A high-speed token bridge to Solana, enabling the hyperfast transaction of Terra stablecoins on all Solana’s DappsTether – Tether’s technical integration will integrate the largest stablecoin by market cap and enable exchange at an unprecedented speedWaves – The first external addition to Waves’ roadmap to achieve mass adoption of inter-chain DeFi through the Gravity interoperability protocol Doce Finance – A decentralized exchange and exchange platformRope – A decentralized ecosystem that protocols the well-known ‘market volatility index’ to the crypto market Decentralized options

The growing interest in Solana can also be seen in some of the wallets and exchanges that intend to support the Solana ecosystem ($SPL token). Some of these include:

LedgerSwipeMath WalletExodusBlockfolioAtomic WalletTrust WalletSolflareCoin98 WalletSolletP2P WalletOKEx ExchangeBinance ExchangeBitfinex ExchangeGate ExchangeBithum Global ExchangeHuobi ExchangeCrypto.com Exchange

with more to come soon.

Solana and Serum are products of the FTX Exchange, one of the most liquid exchanges worldwide, which also recently saw its exchange token, the $FTT, hit a new all-time high (ATH) following an increase in crypto adoption.

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RECOMMENDED READ: Binance and FTX Exchange Tokens Hit All-Time Highs Amid 2021 DeFi Fever

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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.

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And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.

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