Solana Decentralized Finance Ecosystem Analysis: Main Products and Development Trends

The DeFi trading volume on Solana continues to grow, with an average daily DEX trading volume reaching $1.5 billion in the first quarter, a month-on-month increase of 319%. This growth is mainly driven by Memecoin trading, such as SLERF and BOME. With low transaction fees and fast confirmations, Solana has become the preferred choice for retail and Memecoin traders. Against the backdrop of rising SOL prices, Solana's total locked value (TVL) has increased to $4.311 billion. Similar to other public chains, Solana's TVL mainly comes from DEX, LST, lending, and perpetual contract platforms.

Decentralized Exchange ( DEX )

The main DEXs on Solana include Raydium, Jupiter, and Orca.

Raydium allows users to create liquidity pools, driving the issuance of a large number of Meme coins. Its TVL is approximately $965 million, with a 24-hour trading volume of about $1.162 billion. However, with the rise of dedicated Meme platforms, Raydium's influence may decline.

Jupiter, as a liquidity aggregator, searches for the optimal price paths across various DEXs. It also offers perpetual contract trading, allowing users to trade with leverage up to 100 times. Holders of Jupiter's JLP tokens can receive a share of the trading fees.

Orca promotes itself as a "DEX aimed at people rather than programs," offering concentrated liquidity market-making features similar to UniswapV3. Its fully diluted valuation is $268 million, which is relatively low.

Liquidity Staking ( LST )

The demand for LST on Solana is relatively low, with main projects including Jito, Marinade, and BlazeStake.

Jito is the project with the highest TVL in the Solana ecosystem, reaching $1.705 billion. The staking APY for JitoSOL is 8.26%, which includes staking rewards and MEV revenue sharing.

Marinade focuses on native staking, with a TVL of $1.413 billion. Its market cap and fully diluted valuation are much lower than Jito, indicating potential for growth.

BlazeStake is the second largest LST project on Solana, with a TVL of approximately $275 million and a staking APY of 7.06%.

Lending

Save( is the main lending protocol on Solana. It offers lending services that are 100 times faster and 100 times cheaper. Save uses the PYTH oracle to enhance security. Currently, the demand for lending in the Solana ecosystem is not high, and new lending protocols like Marginfi are about to launch.

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Derivatives

The main derivatives platforms on Solana include Drift, Flash Trade, and Zeta Markets.

Drift has a TVL of $360 million, offering pre-market trading, 20x leverage, and collateralized lending features.

Flash Trade adopts a unique multi-asset pool system and NFT structure, attracting $17 million in TVL.

Zeta Markets offers two core products, DEX and FLEX, aimed at simplifying the derivatives trading experience.

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Oracle

PYTH, as a leading oracle project on the Solana chain, has faster data update speeds and higher stability compared to Chainlink. PYTH is not only applicable to Solana but can also be used on other blockchains, showing great development potential.

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Summary

The DeFi ecosystem of Solana is rapidly developing, with new projects emerging continuously. Mature products have the advantage of a user base and market trust, while emerging products attract users by optimizing user experience and market promotion. In the future, the DeFi ecosystem of Solana is expected to become even more prosperous and diverse.

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