foreword
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foreword
In order to meet the needs of blockchain users, public chains, heterogeneous chains, and parachains emerge one after another. Solana not only breaks the siege but also becomes a very eye-catching public chain. Solanas ecological growth spurt will be in the middle and late 2021. At that time, the price of its governance token $SOL has increased by as much as 100 times. Ecological Dapps have also sprung up, covering Defi, NFT, infrastructure and other competitions. Dao, strive to build Solana ecological integration.
As of 2022-04-20, there are a total of 301 Defi projects on Solana, with a total locked position of more than 11 billion US dollars, and a 24-hour transaction volume of about 430 million US dollars. It can be seen from this that Solana has a certain user market, and in the public chain track, it can also occupy a certain position by relying on the Defi sector. Not only that, but through the data, it can be concluded that the transaction fee on the chain is low, and the average transaction fee per transaction is The handling fee fluctuates around $0.18.
DeFi track
DeFi track
1. Orca
According to the statistics of Defilama, as of 2022-04-20, the Defi lockup volume on Solana is $5.01 billion, ranking fifth in the overall blockchain, and the top four are Ethereum, Terra, BSC, and Avalache. The lock-up volume distribution of the Defi projects on Solana is relatively even. Even the highest proportion of Marinade is only 15.23% of the total proportion. In addition, it is worth noting that the overall lock-up volume of Sol has remained at the current level since it fell at the end of last year.
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Orca is a DEX located on the Solana blockchain. It focuses on basic decentralized exchange functions such as token trading and liquidity provision. It received $18 million in Series A financing led by Polychain Capital in September last year. Its token ORCA was launched in August 2021, and part of it was airdropped to previous liquidity providers and trading users to motivate new users to participate and give back to old users.
1.1 Basic Data
The above picture shows the change of Orca DEXs total lock-up volume from its creation to the present. At present, Orcas lock-up volume ranks seventh in the Sol ecosystem at $407.16m, falling back to about a quarter of the highest point.
The current Orca lockup volume is $415.82m, ranking 7th in the Sol ecosystem. The growth rate of Orcas daily transaction volume is also unexpected. As of 2022-04-20, Orcas total transaction volume is 129,328, compared with a year-on-year growth rate of 363% a month ago, and there is still no obvious downward trend.
The number of daily active users of Orca is directly proportional to the number of successful daily transactions. On the 21st, the number of Orca users was 71,749. However, the more users, the higher the daily trading volume. The data shows that all aspects of Orcas development are upward, and there is a high probability that there will be breakthroughs in the future.
1.2 Team Information
The Orca core team has 11 people, and two co-founders, Yutaro Mori and Grace Kwan, lead the development team and strategy team respectively. Yutaro is a senior cryptocurrency developer who has participated in the development of the ETH 2.0 Golang client and the synthetic asset UMA. The Orca development team has a total of 6 developers, most of whom graduated from Stanford, University of Waterloo and other universities famous for computers, and all of them have worked in Amazon or Google, and the team is highly professional. The strategy team has also worked in top business consulting and design agencies.
1.3 Economic Model
ORCA released its own governance token: $ORCA on 2021-08-09, with an initial circulating supply of 5.25 million and a total supply of 100 million.
ORCA value orientation:
ORCA tokens are linked to trading activities on the platform, and most of them flow to LPs to promote a healthy AMM ecology.
Orca Treasury is a DAO aimed at feature development, token buybacks or opening new markets.
The foundation will donate 0.01% of all transaction fees to real world charities on a quarterly basis.
1.4 Advantages
As a rising star of DEX in the Solana ecosystem, Orca’s reward model is to give liquidity providers a share, charge 0.3% handling fee to store it in the pool, and distribute it in proportion to the share. Over time, users will get more liquidity tokens (storage + award).
Orca provides users with a high level of friendliness. With the help of Solanas excellent performance, transactions on Orca can be described in sub-second speeds, bringing a smooth transaction experience, and the front-end page responds quickly and smoothly.
1.5 Summary
2. Saber
As a Defi protocol, Orca has relatively complete functions, and the pledge rate is relatively high. For some users who like stable income and are unwilling to take risks, this is a good choice. At present, the annual interest rate of liquidity pledge provided by aquafarm on Orca is in the middle For a higher range, the figure below shows the interest rates of some pools. The relatively stable annual interest rates of SOL and USDC are also 36%. In addition, the dynamic updates of the project party are relatively frequent. Recently, functions such as planning and project governance voting have been carried out, and cooperation has been carried out with projects such as Afaltoun and Soda Protocol.
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Saber is an automated market maker optimized for trading anchor assets on Solana. As Solanas core cross-chain liquidity network, Saber helps facilitate asset transfers between Solana and other blockchains. According to previous reports, SaberLabs received US$7.7 million in seed round financing, led by Race Capital, and well-known institutions such as Jump and Multicoin participated in the investment.
Saber has achieved significant growth in a short period of time after its launch, with TVL growing from 0 to $1 billion in the first three months. Its peak lock-up volume was 4.15 billion US dollars on September 12, 2021, but the good times did not last long. With the ecological explosion of other public chains, Solanas internal Defi competition became more intense, and its total lock-up volume continued to decline.
Data source: Saber Market
As of April 2022, Saber held $367 million in liquidity in its liquidity pool and facilitated swap volumes of over $37 million per day. Its most liquid pools include mSOL-SOL, UST-USDC, and UXD-USDC.
Sabers competitive advantage lies in the number of assets it supports, the same as the EVM-based Curve. It provides LPs with a way to earn income while minimizing the risk of impermanent losses, attracting a large number of users in a short period of time.
2.2 Team Information
The founding team has been building the crypto project together since 2017. In 2018, the team launched a crypto fund management platform powered by Y Combinator and Coinbase. Also helped organize the first DeFi community events in San Francisco and Prague. Sabers team has experience shipping products at some of the largest tech companies, including Facebook, Google, Coinbase, and OKEx.
2.3 Economic Model
The maximum supply of SBR is 10 billion, and the distribution ratio is as follows:
1% of the total token supply will be distributed during the first two weeks of the liquidity mining program, ensuring voting rights are awarded to actual users and helping to align liquidity provision incentives.
Two main use cases for $SBR: development of Saber and adjustment of the fee model; alignment of incentives among stakeholders.
2.4 Advantages
Saber aims to become a trading platform with high trading volume and low risk. By providing the most accurate price (encouraging arbitrage robots to trade), it also cooperates with other DeFi projects to reduce the opportunity cost of users.
Saber can achieve low-slip transactions of anchored assets even in large transactions, and users can pay a very low fee to perform a large number of exchanges between stablecoins.
2.5 Summary
The current cryptocurrency market is in a volatile downward trend. Most investors have already exchanged cryptocurrencies for stablecoins. Holding stablecoins is a risk management strategy to hedge against economic downturn. Idle stablecoins form LP for liquidity mining, which is very cost-effective. The APY of LP in Saber is between 8% and 92%, and the value fluctuation of SBR stablecoins is very small, basically negligible. Therefore, LPs of stable coins can well avoid impermanent losses, and at the same time enjoy good mining income and service fee sharing. However, it should be noted that some LP cancellation fees in Saber are relatively high, such as USDT/USDC, and a 5% fee is charged for canceling LP, which means that the cancellation is a loss before the fee is recovered, so please read the rules carefully before to operate.
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On 2022-04-07, the largest NFT trading platform-Opensea announced that it will be integrated and deployed on the Solana chain. NFTs minted on the Solana blockchain network can now be traded on OpenSea. According to the market, the Solana-centric system is on the shelves Now and priced in $SOL.
3. Metaplex
According to statistics and comparisons, the number of NFT trading markets in the Solana ecosystem has fluctuated greatly in recent months. Despite the impact of NFT market shocks and interference, it still showed a cliff-like growth from 03-27 to 04-03, and the market value It is soaring all the way. In March, Solanas NFT transaction volume also exceeded the $190 million mark. As of 2022-04-21, the total transaction volume of Solanas NFT market was as high as $1.93 billion, ranking No.3 in the public chain, and in the public chain NFT competition Dao can also occupy a place.
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The Metaplex protocol and application framework provides the key infrastructure for Metaverse, giving creators, artists, and brands the tools to easily launch custom, community-facing NFT marketplaces. Through decentralized auctions, Metaplex transforms creators into traditional middlemen.
Trading volume
3.1 Basic data
Trading volume
As of 2022-04-22, the total transaction volume of the Metaplex platform is 2.2 billion US dollars. According to statistics, the transaction volume of Metaplex is relatively low. The highest daily transaction volume within 30 days is 2000$SOL, which is about 204,000$, which is not outstanding among all NFT trading platforms. The highest daily transaction volume within 30 days was about 1,500 transactions, and the total transaction volume was 25,885. After that, it showed a continuous decline for a period of time, and kept the daily data below 1000. Compared with other NFT markets in the same period, Solana The proportion in the ecology is relatively low, fluctuating around 0.1%-0.7%.
Subscribers
Due to the fast and low-cost advantages provided by the Solana network, Metaplex is very concerned about the user experience. In order to retain user activity, Metaplex continues to introduce new measures. Even so, during the market downturn, Metaplex, which has a small market share, is also difficult to compete with the same track market. As of 2022-04-22, the total number of users within 30 days is only 6,579, which is not ideal.
handling fee
The platform has 0 fees and minting a new NFT costs about $1.50 at the time of writing. As a creator, it takes 1 minute to upload an NFT to Arweave, and the auction price of an NFT is around $3.7. Selling a limited edition NFT is more expensive, with costs ranging from $9-$16. Listing NFTs and auctioning them off can cost you around $30. Relatively speaking, the handling fee is cheaper.
3.2 Comparison
Metaplex Studios has now appointed Stephen Hess as its Chief Executive Officer.
Metaplex creates revenue sharing for artists on the chain, and sets a custom revenue percentage by recording each participant. Not only is each NFT created through royalty payments, the royalties are automatically returned to the original creator when resold on the Metaplex marketplace.
The components of Metaplex allow NFT creators, buyers, etc. to customize their own store page, which can be used as a permanent storefront or as an auction center for specific auctions or collections, and all identification on the storefront is based on the users wallet address. Custom storefronts allow creators to create unique experiences in each auction, and the Metaplex Foundation will use VR/AR technology to build immersive storefronts in the future.
3.3 Summary
4. Solanart
On January 18, 2022, Multicoin Capital and Jump Crypto jointly led the strategic investment of $43 million in Metaplex, including Solana Ventures, Alameda Research and other 90 supporters participated in the investment, which was used to create more than 5.7 million NFTs for 85,000 projects. From the side confirms the strong potential of Metaplex. In developing canonical standards and driving their usage through modular products and initiatives, Metaplex becomes the base layer on which all value is exchanged in the form of NFTs. As more and more assets and applications are deployed on Solana using the Metaplex standard, well start to see parts of the Metaverse take shape as large-scale, interoperable worlds.
Compared with the role played by Opensea in Ethereum, Solanart, the first mature and complete NFT trading platform, is deployed on the Solana chain, using SOL as the transaction currency, and taking a 3% fee. Help users on the Solana chain to easily and quickly display/trade digital collectibles and NFTs of artists.
Trading volume
4.1 Basic data
Trading volume
According to DappRadar data, the highest daily transaction volume on 2021-08-31 was 29.98 million US dollars, a record high. As of 2022-04-22, the total transaction volume in 30 days reached 25.57 million US dollars. The daily transaction volume has also shown a downward trend since February. The total transaction volume within 30 days was only 181,515. The sluggish transaction volume also made the Solanart platform fall into the bottleneck stage again.
Subscribers
According to the data, on 2021-10-08, the number of users reached a record high, with about 23,180 experience users. As of 2022-04-22, the total number of users within 30 days reached 29,988. Since 2022-02-01, the number of users on the Splanart platform has been decreasing, and the number of daily users has shown a continuous decline.
handling fee
A marketplace fee of 3% is charged on the selling price of each transaction.
4.2 Comparison
Unlike Opensea, there are relatively few types of NFTs on the Solanart platform. This is because the online NFT projects have been carefully screened and have certain guarantees. The value and quality of NFT are relatively high.
The Solanart platform will use both on-chain and off-chain data storage to transfer cryptocurrencies and NFTs to intermediate wallets at the same time, and then transfer them out to buyers and sellers individually, while using off-chain data to record sales information such as price tags.
4.3 Summary
The Solanart platform is different from the traditional Opensea. The NFT collections on the platform have been carefully screened, but it is precisely because of this that the number of NFTs available on the platform is relatively small. In addition, if users want to purchase NFT on the Solanart platform, they must download a wallet that supports the Solana blockchain. To a certain extent, certain gates will be set for user participation. Secondly, the total transaction volume of Solanart exceeded 500 million US dollars in October 2021, and continued to rise, hitting a record high. The side shows that the platform has its traffic and fan base. As a relatively mature NFT trading market on the Solana chain, we look forward to its basic setting. The future development space of functions and structures on the Solana chain.
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WEB3.0 track
The Solana network is based on the PoH consensus mechanism and uses a separate node network for state data storage. Solanas public chain characteristics determine that it has special advantages in the Web 3.0 track: high throughput, low cost, decentralization of network security, and data ownership. User-owned, etc., for users to avoid the possibility of data being supervised by a centralized platform. From scratch, the Solana blockchain has continued to break through itself, and has attracted hundreds of high-quality Web3 projects to join. Solanas Web 3.0 application scenarios have also been recognized by more and more developers.
5. Audius
In addition, Solanas Web3.0 ecological layout is more popular: instant messaging tools, decentralized social platforms, on-chain security protocols, streaming media platforms, advertising platforms, etc. I believe that more will continue to pour in in the future The Web3.0 project to the Solana ecology, threatening to work together to create Solanas Web3.0 era.
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Audius is a blockchain-enabled decentralized music streaming platform equipped with social networking features to help artists and music content creators showcase their talents and build a fan base.
These functions are all free, users can also download music for free, and there are no advertisements, giving users a good experience. Audius provides incentives through token distribution, attracts some creators in the early stage of the project, and continuously invites well-known KOLs to settle in, bringing early traffic to the platform.
Source: Audius official website
5.1 Community Popularity
Audius has integrated many well-known stars and music producer platforms, such as Deadmau5, Rezz, 3LAU, The Stafford, etc., and the team is also continuing to promote the project and cooperate with other singers to hold community activities, such as the recent Remix contest music creation awards, AMA with Collie Buddz, Alinabarazs Alone With You live broadcast on the Audius platform, etc. Audius construction of the music ecosystem has made the platform prosper gradually.
At present, Audiuss official communities are only Discord, Instagram, and Twitter. Among them, Twitter has as many as 138,000 followers. The DC community also has a total number of nearly 35,000+ people, and the number of daily active people is around 5,000+. The community atmosphere is good. Most of the group members discuss music expansion and the actual empowerment of the platform token AUDIO.
As of 2022-04-21, Audius has 134,141 active users on the platform and 2,744,759 monthly active users. Compared with the peak of nearly 5M+ in October last year, the popularity of Audius has dropped. However, with the continuous expansion of platform songs and producers, the overall popularity of the project It is also rising and is expected to return to the top in the next few months. Generally speaking, the advantages of this platform compared with Web2.0 projects include but are not limited to the following points:
Addressing low income for artists and low transparency of artwork.
Protect the copyright of artists.
Decentralized and low-threshold use experience, open API for third-party apps to call songs, etc., make music sharing more convenient. But correspondingly, the development in the direction of sharing has also created obstacles to compliance and commercialization.
This is why more and more singers and paper people who cherish their copyrights choose to participate in Audius and other Web3. In the future, Audius will gather more capable and thoughtful creators, and more users will participate in the construction of Web3.0.
5.2 Economic model (function)
$AUDIO is the official token of the Audius project. The total amount is 1 billion. It will be launched in October 2020. The specific distribution is as follows:
It is worth mentioning that 7% of AUDIO tokens are issued every year to reward users who pledge tokens to help maintain the stability of the project value.
The above picture is the release graph of Audius tokens. In 2022 and 2023, most of the tokens will be released from investment institutions, teams and consultants, while the release time of community tokens will be delayed, which is not good for project development. A large number of tokens The release is likely to cause selling pressure to suppress the interests of users, and there will be risk factors that lead to the collapse of the project.
The functions of $AUDIO token mainly include:
Incentivize users to participate in node operation, token rewards are related to node operation, and pledged tokens are used to enhance node security and maintain the decentralization of file storage
Based on community governance authority, participation in Audius community governance can be initiated by initiating discussions in the community, or formally launching proposals by running nodes, and then voted by token holders
5.3 Summary
6. Grapes
Audius is currently still a small electronic music dapp. With the characteristics of free and no chaining, it provides a very low threshold for new users. However, the current economic model and token empowerment have yet to be developed. Apart from the basic node pledge, participation in governance voting, etc., there is still a lack of incentives, etc. The business model is not clear, and creators lack revenue means. Users can participate in early participation to obtain corresponding interaction records, and participate in related activities to experience the Web3.0 project to balance the relationship between various participating groups such as users, creators, and developers, so as to achieve a scene of joint participation in governance and common prosperity.
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GRAPE is a protocol for building a token-based DAO community on the Solana blockchain. It is a decentralized social network protocol. By utilizing the power of Solana to create, reward and protect any online community, the project In the middle of last year, it won the second place in the Solana Hackathon Competition, and then in September, Multichain Capital led a $1.2 million seed round of financing. The project token $GRAPE is a currency that powers the Great Ape social ecosystem. At present, Grape has developed a series of sub-products such as the Grape Access verification tool, the Grape Dashboard dashboard, and the Grape.artNFT market.
6.1 Community Popularity
Grape recently announced the technical roadmap for 2022, which can be unlocked by using tokens for open source, encouraging the participation of other developers, and no longer using the centralized method of Web2.0. At the same time, Grape Protocol updated the scope of application in April, cooperated with many other projects such as Mango Markets, Project Serum, Bonfida, UXD Protocol, Woof Solana, Le DAO, etc., and provided related software development kits. The DAO exchange activity AMA is also carried out, and the governance body proposal on the Grape chain is carried out.
It can be said that the team has done a lot of things at the technical level and publicity level recently. In addition, because it is impossible to view the participating users of the protocol, it can only be observed through the community, but the results are not completely accurate. The Grape protocol community includes twitter, Discord, Twitch and Publicity media such as Medium currently have a total follower number of about 34,000 on Twitter, nearly 30,000 people in DC, and 5K+ daily online users, which shows that its popularity is not low. Secondly, the rules of the community are relatively complete, and participation requires a strict verification mechanism. It also effectively reduces the number of false fans.
The main purpose of the Grape protocol is to create a decentralized social network toolset based on the Solana blockchain ecosystem. Its unique advantages include:
The membership solution of a single user can be guaranteed through a unique encryption key, and it is also the core, providing a game skin that can be used to prove the identity of the user.
Multi-token model, the GRAPE protocol supports all Solana type tokens, you can use SPL tokens, token pairs, and LP liquidity tokens to set up personal agreements, and the price will be adjusted intelligently according to the plan.
Community-driven DAO and decentralized anonymous organizations are more suitable for the construction of the GRAPE protocol. At the same time, when the network is violated, the community can be restored through social accounts and permissions.
The agreement is guided by the principle of community first, and transparency, fairness, and excellence are the core of its values. Grape DAO is the governing body for the protocols decentralized community.
6.2 Economic Model
The lock-up mechanism is actually very clear. Among them, IDO is directly released without any warehouse. The team and private equity are locked for four to two years respectively. The release of community ecological tokens is divided into ten-year monthly releases. As can be seen from the above figure, the share of tokens held by the community is larger than that of the team and private placement, and the early release is more balanced, which has a positive effect on maintaining the value of tokens.
6.3 Summary
Grape, as a DAO infrastructure development protocol, builds complete and systematic rules from the bottom, and clarifies the rights and obligations conferred by each identity. It is committed to integrating with other projects, community autonomy, and DAO. Betdex used the Grape protocol before As the underlying verification, it illustrates its practicability and potential from the side. In the future Web3 field, projects that have a sufficiently complete framework and cater to the concept of decentralized management will inevitably lead the future direction of the entire ecology, but how to balance tokens between projects The development and actual effect of empowerment will also have a corresponding impact on the future direction of Grape. However, as a relatively complete Web3.0 DAO organization, Grapes future potential is worth looking forward to.
Summarize
Solanas ecological distribution track has a wide variety and fierce competition. There are many innovative ideas, but they lack actual implementation. At present, there are almost no projects that are really popular in Solana except Stepn. It is precisely because of the lack of opportunities and cross-chain projects that Solana The overall popularity is gradually lower than that of other public chains. From the perspective of Defi, NFT, Web3 and other fields, most Sol projects have a small contribution to the overall track, and their share is average, but this does not mean that Solana lacks Opportunity, on the other hand, from the perspective of the Solana track Web3.0 field, the projects bred by it have enough unique functional innovations and certain practicability, and the overall ecology of Defi is not bad, and it is still ranked fifth For the big public chain, if Solana wants to return to the top, it needs to balance the role responsibilities between the public chain and the ecology, and create linkage benefits with other chains in order to create more value. All in all, any unchanging project will not succeed. I hope that in the future Solana can create its own style and characteristics to bring more value assets to the entire blockchain ecosystem.
References
Multicoin Capital: Why did we lead the investment in Metaplex?
Trends - The Coming of the Web 3.0 Era and Solanas Opportunities (Part 1, Part 2)
Investment Risk and Disclaimer
The above content analysis only provides reference information, and does not serve as the basis for investment decisions. Please do not make any investment decisions based on this report. The report author is not responsible for the users investment results.
Reports have been prepared as of the date indicated and as subsequent market or economic conditions may change, the contents of the report do not necessarily reflect these changes. Graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids should be used to make investment decisions. It is not intended to assist anyone in making an investment decision, and no graph, chart or other visual aid can capture all of the factors and variables necessary to make such a decision.
Certain statements involved in this article may be assumptions about future expectations and other forward-looking opinions, and known and unknown risks and uncertainties may cause actual results, performance or events to be different from opinions and assumptions in the statements There are substantial differences.
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Copyright Information
This article is copyrighted by D-Tiger Research Institute. Without permission, any organization or individual shall not reprint, copy or redistribute others, etc.
At present, the value of Orca mainly includes: as an intermediate fee for users to exchange assets, the income part earned by liquidity providers, and also includes the allocation of fees based on guidance. The ORCA token part will flow back to the Orca project DAO to maintain the internal operation of the project , Functional development and event planning.
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