Cryptocurrency

Top Solana Ecosystem Tokens by Market Cap

Top Solana Ecosystem Tokens by Market Capitalization

Solana is one of the top blockchains which is thriving within the DeFi & NFT space, currently ranked as the ninth largest asset according to market capitalization. It is a public, open-sourced blockchain that intends to offer scalable smart contracts within the limits of decentralization and in a secured environment.

Founded in 2017,  the protocol works on the combination of Proof-of-Stake & Proof-of-History mechanism that aims to offer high transaction speed, while being cost-effective. Solana recently released a weekly blog shedding light on the upcoming key mainnet developments. 

The platform proposed an ‘off-chain Message Signing’ with a hardware wallet which could enable other features like log-in with a wallet or providing ownership over a wallet without a transaction, etc. 

Another major upgrade that was confirmed recently is the release of ‘Seahorse’ which is a framework for developing Solana programs on python. The upgrade is powered by Anchor Protocol which aims to gather 100 million developers on Solana.

Top Solana Ecosystem Tokens by Market Cap

Crypto  24H Volume Current Price
Solana(SOL) $549 million $44.95
Audius(AUDIO) $4.48 million $0.402
Serum(SRM) $6.19 million $1.05
Raydium(RAY) $5.48 million $0.913
Mango(MNGO) $91,180.72 $0.0532

Latest News on Solana Ecosystem Tokens 

Solana (SOL)

  • Solana rolled out the Summer Camp Hackathon where the developers are allowed to submit their projects and receive a seed fund of $5 million as a reward.

Also Read: Solana (SOL) Whitepaper Summary

  • DeBridge, a Web3 platform, collaborated with Solana to build a Solana Transaction Parser. A parser is a tool that will enable the developers to easily read & decode the transactions in human-readable form. 

Audius(AUDIO) 

  • Audius protocol recently fell prey to an attack, where the hacker moved away with 18.5 million AUDIO tokens worth nearly $6.05 million. However, this Solana Project overcomes the loopholes and began to function quite normally. 

  • The Audius network introduced a tipping feature where-in one can send tips to their favorite artists & curators on the platform.

Serum (SRM) 

  • Serum collaborated with VYBE Network, a Web 3 Platform, to build Web3 data solutions products for Solana. It would be a trading interface with the other functionalities like limit & market orders for all Serum markets, statistics on order book liquidity & tokens, Market depth charts, external links to historical data and many more.

  • The project earlier announced its partnership with Magic Eden, an NFT buying & selling platform on Solana, to power Semi-Fungible Token (SFT). This collaboration aims at the development of GameFi on Solana. 

Raydium (RAY)

  • Solana Project – Raydium along with Ocra leads the monthly traffic among Solana’s Automated Market Makers (AMM) while Raydium gathered 3 times more traffic than Orca. 

  • Coinbase includes Raydium in its roadmap to list on their platform along with Gnosis and Metal. 

Additional Read: Top Cryptos to Watch this Week

Mango Markets (MNGO)

  • A Solana whale recently moved $25 million of USDC debt from Solend to Mango Markets to reduce the utilization of USDC within Solend and allow the other users to withdraw their assets. 

  • Mango DAO, the governing body of Mango Markets, approved a $1 million treasury investment in Solana ecosystem tokens, ditching Bitcoin.

Collectively, Solana and the entire ecosystem are working hard towards the development of the DeFi and mainly the Web3 space. Despite multiple hacks and security breaches, the platform stands strong displaying its capability to sustain itself within the top chains and assets in the market. 

If you are looking to invest in Solana or any Solana ecosystem tokens, then CoinDCX offers you the best deals in the market. You can invest in easy weekly installments with Crypto Investment Plan(CIP) and also earn a passive income on your idle crypto investment with CoinDCX EARN. 

So download CoinDCX App on your smartphone and register now!

Prices as of August 11th, 2022

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