Hidden Gems: Top 5 Promising Solana Projects To Watch Out For In 2024 (2024)

Out of the $86 billion Total Value Locked (TVL) in decentralized finance (DeFi), Solana has secured about 5%, amounting to $4.318 billion. With 100 million transactions handled daily by an average of 500,000 active wallets and decentralized apps (DApps), Solana is a big player in the blockchain space.

Unsurprisingly, Solana is a top choice for developers looking to launch scalable DApps. However, navigating such a vast ecosystem can be overwhelming. You might be wondering: How do I discover new Solana projects? Or what are the best Solana projects in 2024?

Here are five Solana projects gaining traction and could be worth watching in 2024.

1. Orbitt ($ORBT)

Orbitt is a platform on the Solana ecosystem designed to simplify trading strategies, enhance project visibility, and promote community engagement for project developers and traders. $ORBT aims to provide users with the necessary tools, insights, and support to thrive in the crypto space. It includes using a Solana volume bot, Solana volume booster, and volume market maker strategies.

Key Features

1. Orbitt PRO

Orbitt PRO is an AI-powered Chrome extension that offers real-time market insights and recommendations. It helps traders make informed decisions through advanced machine-learning algorithms.

2. Orbitt MM

Orbitt’s Market Maker (MM) boosts project visibility on Solana by increasing trading volumes via a Telegram Volume Boosting Bot. Projects can customize campaigns to engage the community and attract more investors within Solana.

3. Orbitt PAD

Orbitt PAD is a launchpad for Solana projects that provides support, access to a dedicated investor community, and marketing services to ensure successful launches and broader exposure to the Orbitt Community (Orbitters) and its partner networks.

Unique Selling Points: Why It Shines

1. AI-powered insights

Unlike traditional trading platforms, Orbitt PRO offers AI-driven insights and analyses through its Chrome extension real-time market trends, as well as actionable recommendations through advanced machine learning.

2. Volume boosting

Orbitt MM’s Market Maker bot enhances project visibility and investor engagement by boosting trading volumes through efficient Telegram bot technology, acting as a Solana volume bot and volume market maker.

3. Comprehensive launch support

Orbitt PAD offers extensive launch support for Solana projects, including investor access, marketing services, and exposure through the Orbitt Community and partner networks.

4. Community-centric approach

Orbitt promotes a vibrant community and encourages collaboration and support among traders and project developers.

What Is the Social Pulse of the Project?

Orbitt maintains an active presence on social media platforms via Twitter and Telegram, with 11700 followers and 3000, respectively. The project shares regular updates, announcements, and educational content through these channels with its community members (Orbitters). Orbitt hosts a weekly X Space called “The Orbitt Show,” where community members can discuss, get updates on project developments, and participate in Q&A sessions with the Orbitt team.

Token Information

The native token of the Orbitt ecosystem, ORBT, grants access to advanced features like Orbitt PRO’s premium functionalities. ORBT holders can stake tokens for rewards and earn passive income while supporting network security. They can also participate in governance and influence the project’s direction and development.

Project Progress

Orbitt offers tools and insights for traders and project developers. While its AI-powered Chrome Extension and Market Maker bot provide useful functionalities, how well it can differentiate itself in a competitive market remains to be seen. The project actively engages its community through social media channels, a positive sign of its growth potential.

Meanwhile, the team plans to roll out the Orbitt PAD launchpad for Solana projects to provide comprehensive support and exposure to new ventures. Furthermore, Orbitt is set to introduce staking features for the ORBT token, allowing holders to earn passive income and participate in governance decisions.

Why It’s a Hidden Gem

Orbitt is a promising project on the Solana ecosystem due to its comprehensive suite of tools and services designed for traders and project developers. With AI-driven insights from Orbitt PRO, dynamic volume boosting through Orbitt MM, and project launch support via Orbitt PAD, Orbitt equips its users with the necessary resources and support to thrive in the crypto space.

2. Raydium (RAY)

Raydium operates as an Automated Market Maker (AMM), decentralized exchange (DEX), and token launchpad on the Solana blockchain. The project aims to address common issues within decentralized finance (DeFi), such as high gas fees, failed orders, and liquidity fragmentation.

Key Features

1. Hybrid system integration

Raydium combines automated market-making with access to Serum’s central limit order book. This hybrid system aims to provide enhanced liquidity and better pricing. Unlike other AMMs on Ethereum, Raydium’s integration with Serum’s order book provides deeper liquidity and faster transactions

2. Constant function AMM algorithm

Unlike traditional AMMs, Raydium utilizes the Constant Function Automated Market Maker algorithm to enable unlimited liquidity provision while maintaining balanced asset ratios in liquidity pools. This approach reduces slippage for traders.

3. Fusion pools

Raydium’s Fusion Pools allow liquidity providers to farm two tokens simultaneously by depositing LP tokens in a single pool. This feature maximizes yield farming opportunities and provides users with flexible earning strategies.

4. AcceleRaytor launchpad

Raydium features the AcceleRaytor launchpad to support new Solana projects with initial capital and liquidity to bootstrap their development and accelerate project development within the Solana network.

Unique Selling Points: Why Does It Shine?

1. High-performance infrastructure

Leveraging the Solana blockchain, Raydium offers transaction speed and enables near-instantaneous swaps and low-cost transactions. This high-performance infrastructure addresses the scalability and congestion issues prevalent in other DeFi platforms.

2. Optimized liquidity provision

Through its integration with Serum’s central limit order book, Raydium optimizes liquidity provision by accessing a wide range of liquidity pools and offering competitive pricing. This approach ensures deep liquidity and minimal slippage. Thereby enhancing trading efficiency and user execution quality.

3. Advanced trading features

Raydium enables users to experience centralized exchange (CEX) features on a decentralized platform, including viewing trade charts, setting limit orders, and accessing reliable order books. This hybrid approach combines the best of both worlds, offering users the familiarity of centralized exchanges with the security and transparency of decentralized platforms.

4. Cross-chain functionality

Leveraging Serum’s cross-chain functionality, Raydium allows users to seamlessly swap Ethereum-based ERC-20 tokens for Solana-based SPL tokens. This interoperability expands token accessibility and enhances liquidity across different blockchain networks.

What Is the Social Pulse of the Project?

Raydium has a large community with 331,000 followers on X and 25,156 on Telegram. These channels serve as hubs for community engagement, where users can interact with the team, get insights, and stay updated on the latest developments.

Token Information

The native token of the Raydium network, RAY, plays a crucial role in the ecosystem. RAY tokens can be used for governance voting, transaction fee rewards, liquidity provision incentives, and participation in token launch events. With attractive staking opportunities offering up to 25% APY, RAY holders have the potential to earn passive income while contributing to the security and liquidity of the platform.

Project Progress

Raydium is experiencing steady growth, increasing Total Value Locked (TVL), and expanding partnerships. The platform has a growing user base and supports a diverse range of assets.

Raydium has also partnered with other prominent Solana ecosystem players to expand its reach and utility further. Meanwhile, Raydium is only available on the Solana blockchain. It means that users who want to use Raydium need to have a Solana wallet.

Why It’s a Hidden Gem

Raydium is a noteworthy project on the Solana ecosystem due to its infrastructure, novel features, and strong community support. With its unique hybrid system, efficient AMM algorithm, and attractive tokenomics, Raydium allows investors and traders to participate in the DeFi scape on Solana.

3. Mango Markets (MNGO)

Mango Markets is a decentralized exchange (DEX) and lending platform on the Solana blockchain. It offers fast, low-cost trading and lending services while relying on Solana’s scalability and high throughput. With a fully decentralized nature and cross-margin feature, Mango Markets provides efficient access to DeFi opportunities without requiring Know Your Customer (KYC) compliance.

Key Features

Key features of Mango Markets that set it apart from others include:

1. Cross-Margin trading

Mango Markets enables users to engage in cross-margin trading with leverage of up to 5x on Solana’s high-performance blockchain.

2. Integration with Serum DEX

By integrating with the order book system of Serum DEX, Mango Markets offers users access to a decentralized, permissionless, central limit order book for margin trading.

3. Perpetual futures

In addition to spot margin trading, Mango Markets provides perpetual futures trading on its own order book, which allows users to trade with leverage and hedge their positions.

4. Decentralized governance

MNGO token holders govern Mango Markets through the Mango DAO. It ensures community involvement in protocol upgrades and decision-making processes.

Unique Selling Points: Why Does It Shine?

Mango Markets stands out as a hidden gem in the decentralized finance (DeFi) landscape due to several unique selling points:

1. Aggregate savings on fees

Users of Mango Markets unlock the highest level of savings on Serum DEX trading fees due to its aggregate deposits of MSRM, which provides cost-efficient trading opportunities.

2. Advanced trading tools

Mango Markets offers a range of advanced trading tools, including email alerts, risk calculators, and downloadable trade history in CSV format for tax filings. Thus boosting the trading experience for users.

3. Account delegation

The platform enables account delegation, which allows users to delegate trading control to trusted entities while maintaining control over their funds.

4. Comprehensive product suite

Mango Markets provides a comprehensive product suite, including spot margin trading, perpetual futures trading, lending and borrowing, and swaps, catering to the diverse needs of DeFi traders.

What Is the Social Pulse of the Project?

The Mango Markets community is actively involved in the governance and development of the protocol through the Mango DAO. The platform promotes engagement with over 74,100 followers on Twitter and more than 6,400 members on Discord. These channels allow users to participate in discussions, receive updates, and provide feedback on the project.

Despite its advanced features, the platform’s long-term success will depend on its ability to attract and retain users in a rapidly evolving DeFi landscape.

Token Information

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The native token of Mango Markets, MNGO, serves as the governance token for the Mango DAO. With a total supply of 10,000,000,000 MNGO tokens, holders can create and vote on governance proposals, participate in protocol upgrades, and incentivize market maker participation. Additionally, MNGO tokens are provided to liquidity providers, which allows users to earn rewards for contributing to the liquidity of the platform.

Project Progress

Mango Markets offers spot margin trading, perpetual futures, lending, borrowing, and swaps with an intuitive interface and competitive fees. The rapidly growing community engages actively on Twitter and Discord. Committed to innovation, Mango Markets regularly updates its features based on user feedback.

Why is It a Hidden Gem?

Mango Markets is a promising Solana project due to its combination of unique features, transparent governance, and investment potential. Moreover, the platform’s user-friendly interface draws in novice and experienced traders.

With its focus on decentralization, efficiency, and user empowerment, Mango Markets offers a unique opportunity for traders and investors to participate in the rapidly growing DeFi space on Solana.

4. Marinade Finance (MNDE)

Marinade Finance (MNDE) is a decentralized finance (DeFi) platform built on the Solana blockchain. It offers various features, such as yield farming, liquidity pools, and token swapping. It aims to give users opportunities to earn a yield on their cryptocurrency holdings through DeFi strategies.

Key Features

1. Liquid staking

Marinade offers a liquid staking solution where SOL token holders can stake their assets and receive mSOL tokens in return. It allows users to participate in other DeFi protocols while earning rewards from staking their SOL tokens.

2. Decentralized exchange integration

Marinade integrates with decentralized exchanges and allows users to trade assets without the need to unstake their tokens. This feature adds flexibility and efficiency to users engaged in trading activities within the ecosystem.

3. Intuitive staking experience

Marinade provides a user-friendly interface for staking SOL tokens, which makes the process seamless and accessible to both experienced and novice users. Participants can stake their tokens, earn rewards, and easily engage in governance.

4. Secure and transparent

The protocol prioritizes security through audits, multi-sig wallets, and transparent procedures, fostering trust and confidence among users.

Unique Selling Points: Why Does It Shine?

1. Community-driven success

Marinade Finance stands out as a community-driven success story on Solana, having achieved remarkable growth without relying on VC funds or private token sales. This grassroots support shows the project’s commitment to decentralization and community empowerment.

2. Staking strategy

Marinade employs an automated delegation strategy using an algorithmic bot to optimize returns and network safety by delegating stakes to over 400 validators. Its permissionless delegation feature, Directed Stake, also allows users to customize their staking preferences, including risk-reward ratio and validator selection. This strategy offers greater flexibility and control compared to other platforms.

3. Transparent governance

Marinade operates as a fully on-chain DAO, allowing MNDE token holders to participate in governance decisions. This transparent governance model ensures that the community has a voice in shaping the protocol’s future, fostering trust and accountability within the ecosystem.

4. Open-source development

Marinade is committed to open-source development, with its source code available on GitHub for public inspection and contribution. This commitment to transparency and collaboration promotes innovation and community engagement, making Marinade a hidden gem for developers and enthusiasts.

What is the Social Pulse of the Project?

Marinade Finance boasts a multifaceted community engagement strategy, with over 58,600 followers on X and 8,100 on Discord. The project involves users through AMAs, collaborations, gaming events, and a governance system powered by the MNDE token.

Additionally, Marinade encourages interaction by providing comprehensive documentation, user-friendly guides, and regular updates on development progress and the roadmap. This commitment to community engagement strengthens the Solana ecosystem and promotes user collaboration.

Token Information

MNDE serves as the platform’s native token, and it’s used as a utility, incentive, and governance token.

MNDE presents a compelling investment opportunity for those interested in participating in the governance and growth of Marinade Finance.

Project Progress

Marinade Finance has achieved significant milestones with over 100,000 users, surpassing $1.5 billion in total value locked (TVL). The project continues to focus on enhancing its platform’s features, improving user experience, and expanding its ecosystem partnerships.

The MNDE token sees strong trading activity on decentralized exchanges (DEXs), and market demand. Future plans include security enhancements, scalability improvements, deeper integrations into DeFi, and expanding liquid staking services to support additional assets beyond SOL. It means more staking options and reward opportunities for users.

Why is It a Hidden Gem?

Marinade Finance is a promising project due to its liquid staking solution and community-driven governance model. It addresses liquidity challenges in staking by allowing users to stake assets while maintaining liquidity. With plans to expand asset support, enhance governance features, and integrate deeper with DeFi protocols, Marinade Finance shows promising potential for growth and adoption.

5. Bonfida (FIDA)

Bonfida is a decentralized non-custodial exchange built on the open-source Serum trading protocol and powered by the Solana blockchain. It aims to provide identity and communication solutions to the community while bridging the gap between Serum, Solana, and its active user base.

Key Features

1. Integration with serum DEX

Bonfida offers seamless access to the Serum DEX as the GUI of Serum, enabling users to trade a wide range of assets with high liquidity and minimal fees.

2. Solana name service (SNS)

The Solana Name Service allows users to create human-readable identities by replacing decentralized addresses with custom domain names. It makes transactions more user-friendly and accessible.

3. Jabbers messaging app

Jabbers is a mobile app for Solana users to send encrypted messages securely. This feature facilitates communication within the crypto community while ensuring privacy and security for users’ sensitive information.

4. Sollible NFT marketplace

The first NFT marketplace on the Solana blockchain where users can buy and sell high-end collectible items on-chains.

5. On-chain advanced order types

Bonfida offers Limit and Market orders on Serum, with additional order types such as take-profit and stop-loss in development.

Unique Selling Points: Why Does It Shine?

Bonfida’s hidden gem status stems from several unique selling points that distinguish it within the crypto space:

1. Comprehensive Ecosystem

Bonfida offers a comprehensive ecosystem encompassing trading functionalities, decentralized identity solutions, encrypted messaging, and NFT marketplace capabilities. This multifaceted approach positions Bonfida as a one-stop platform for users’ diverse needs within the Solana ecosystem.

2. TradingView integration

Users can place orders directly through TradingView charts. It enhances trading efficiency and convenience.

3. Liquidity provision

Users can provide liquidity to the Bonfida DEX by depositing their assets into liquidity pools. In return, they receive rewards in the form of trading fees and yield farming incentives.

4. User-friendly interface

Bonfida prioritizes user experience by offering a user-friendly interface that caters to both beginner and advanced traders. The platform’s intuitive design and comprehensive features, including built-in wallet support and SOL airdrops, give users a smooth trading experience.

What is the Social Pulse of the Project?

Bonfida’s community engagement strategy emphasizes active participation, transparent communication, and collaborative development. With over 110,000 followers on X, 5,180 on Telegram, and 4,727 on Discord, Bonfida interacts with its community through various social media platforms, sharing updates, addressing queries, and gathering feedback on improvements.

Additionally, Bonfida runs bug bounty programs to reward community members for identifying and reporting bugs and security issues, encouraging ongoing contributions to the platform’s security and resilience.

Token Information

The native utility token of Bonfida, FIDA, plays a crucial role within the ecosystem. It is used to pay gas fees on the platform and grants access to VIP API, bot payments, and consulting services.

Moreover, $FIDA holders have governance rights, which allows them to participate in decision-making processes and earn rewards through staking. With its buy-and-burn feature, $FIDA aims to increase liquidity and incentivize token holders to contribute to the ecosystem’s growth.

Project Progress

Since its inception, Bonfida has made significant progress, boasting a growing user base and expanding product offerings. The flagship product, the Serum GUI, is the preferred choice for traders due to its robust functionality, user-friendly interface, and access to exclusive Serum markets. Additionally, Bonfida’s backend infrastructure efficiently stores on-chain transaction data and provides valuable insights and analytics used by major crypto firms like CoinGecko.

The platform’s comprehensive ecosystem is impressive, but it must continue to innovate to stay ahead of competitors and address any scalability challenges.

Why It’s a Hidden Gem

Bonfida is considered a noteworthy project due to its unique position within the Solana ecosystem and its potential for growth and innovation. With its focus on user experience, advanced trading features, and community engagement, Bonfida has the opportunity to become a leading platform for decentralized finance on Solana.

Conclusion

These five projects, Orbitt, Raydium, Mango Markets, Marinade Finance, and Bonfida, stand out in the Solana ecosystem for their unique features, community engagement, and growth potential. Each project offers distinctive advantages, from Orbitt’s AI-powered insights and volume-boosting capabilities to Raydium’s hybrid liquidity solutions, Mango Markets’ comprehensive trading tools, Marinade Finance’s liquid staking, and Bonfida’s extensive ecosystem.

As the DeFi landscape continues to grow, these projects illustrate the innovation and dynamism within the Solana blockchain. However, conducting your own research and considering your risk tolerance before investing in any cryptocurrency project is crucial.

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