One of THESE Altcoins Can Become the Next Solana

Follow Solana to the moon. By now, you should know that Solana and its ecosystem are on fire. One sector that’s riding high is DeFi. Solana protocols are toppling and flipping Ethereum left and right. For example, Solana flipped Ethereum in generating economic value. That’s a historic first!

During late July, it also toppled Ethereum during 24 hours in, DEX volume, active addresses, fees, and revenue. That’s wild! So, did I get your attention? You don’t want to miss out on this. There was also $170 million bridged to Solana during the last July week. Including $153.5 million from Ethereum. That’s 90%. That’s why my research team and I looked at some top DeFi altcoins on Solana. These are altcoins that can do 10x to 20x, or more, once the bull run starts.

1. Jupiter ($JUP)

I start this Solana altcoins list with Jupiter ($JUP). Check my recent video about Solana gems altcoins. I listed Jupiter there as well. There you will find an explanation about Jupiter. However, today, I would like to go a bit deeper into Jupiter’s airdrop potential.

The $JUP token launched this year in Jupuary/January. That included a big airdrop of 1 billion $JUP. Each wallet, with which you had used Jupiter, received at least 200 $JUP. At current prices, around $160.

Now, the community will receive another 1 billion $JUP for the next three years. Each time on 31st January. However, there’s no information available on the criteria for the next drop. But, there’s another way to receive airdrops. That’s by staking your $JUP and join the DAO and vote on proposals.

The most recent vote was between 1st August and 4th August. This vote was on reducing the $JUP supply. Voting allows you to enter the ASR or Active Staking Rewards. The more $JUP you stake and the more proposals you vote on, the higher your ASR will be.

This is what I received a few weeks ago. 50 $JUP, 7 $ZEUS, some $WEN, $UPT, and $SHARK. That’s with 409 staked $JUP and voting on 4 out of 9 proposals.

2. Raydium ($RAY)

Raydium ($RAY) is an on-chain orderbook AMM. In other words, a DEX on Solana. It’s also the biggest DEX by TVL and fourth biggest DeFi protocol on Solana. It dates back to February 2021 when it launched. So, it’s been around the Solana block.

It has a daily volume of around $750 million. In fees, it collected $784 million over last year. It’s not only the top Solana earner in fees. Nope, it’s the top protocol that generates most fees across all blockchains. That was on 30th July. Those are more than decent numbers.

JUST IN: Three of the top four protocols that generate more fees across all blockchains are now Solana protocols.

@RaydiumProtocol
@jito_sol
@solana pic.twitter.com/dXErvwwAPU

— SolanaFloor (@SolanaFloor) July 30, 2024

Some advantages that swapping on Raydium give you, are, for example, it offers,

• Fast and cheap trades with an orderbook.
• Permissionless pool creation.
• Ecosystem rewards.
• AcceleRaytor, a Launchpad.
• Dropzone, an NFT launchpad.

You can do the following on Raydium,

• Trade and swap.
• Create pools.
• Earn trading fees. I just showed you that these are juicy.
• Earn $RAY. For example, with staking.

The $RAY token is up by 1047% over last year. Its price is currently $2.38. However, its ATH was $16.83, around 3 years ago. If it gets back there, that’s a 7x. It wouldn’t surprise me if it bypasses that ATH. It’s one of these altcoins that are on fire.

3. Jito Network ($JTO)

With Jito Network ($JTO) we enter the Solana liquid staking realm. In December last year, the $JTO launched. This included a big airdrop, where people claimed up to 5 digits $USD numbers. The only thing you had to do was stake $SOL on Jito. You can still claim for another 300 days. Were you one of those lucky ones? If so, let me know how much you got.

Jito also has the highest TVL in the Solana ecosystem. So, if you stake $SOL on Jito, you receive $JitoSOL. That’s their liquid staking token. Liquid staking allows you to receive staking rewards twice. Once for staking the original asset. That’s $SOL in this case. Now, the $JitoSOL that you receive, you can use again in DeFi. Hence, the double rewards.

12M $SOL staked

Next stop 20M

The Jito community is unstoppable https://t.co/kPw0beuRZF pic.twitter.com/CWKpFzIVJB

— Jito (@jito_sol) August 15, 2024

However, Jito also offers additional MEV powered staking rewards. MEV is the maximum extractable value. This means, you can reorder and rearrange transactions waiting in the mempool to be added to the chain. So, instead of gas fees, MEV bots looks for better, more profitable options. Like arbitrage, sandwich attacks, or liquidations. That’s how they get the most value out of transactions. So, on Jito, these MEV rewards are extra APY. They’re redistributed to the stake pool. This can be as high as 15% on Jito Network.

4. Orca ($ORCA)

Orca ($ORCA) is another DEX on Solana. It’s been around since 2021. Orca uses an AMM model. Or better, a CLAMM model, which stands for Concentrated Liquidity Automated Market Maker. So, this is in contrast to Raydium, that uses an orderbook. As discussed earlier.

It’s faster and cheaper compared to a CEX. Orca also has a low slippage. So, besides swapping, you can also add liquidity to their liquidity pools. It also offers so-called Whirlpools. These are the pools with concentrated liquidity.

These are different to standard pools. That’s because you compete for trading fees and token emissions in these pools. You can set parameters in Whirlpools. This affects how high your rewards will be.

Orca is also a DAO. So, $ORCA token holders can vote on governance proposals. The $ORCA token did well last year. It has a current price of $2.78. Its market cap is $143 million. There’s a max and total supply of 100 million tokens. Out of these, 51.5 million already circulate. It’s up by 47% over the last 30 days and by 225% over the last year. $ORCA is one of these altcoins to keep an eye out for.

And that wraps up this dive into Solana DeFi protocols. Let me know your favorite project.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

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