Blockchain
Top 10 Solana Ecosystem Tokens: A Comprehensive Guide
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In Brief
Discover the top 10 tokens in the Solana ecosystem, their unique features, and how they contribute to Web3.
Solana was developed as a high-throughput blockchain, facilitating easy deployment of smart contracts and scalable decentralized applications (dApps). Today, the Solana network is home to hundreds of dApps and a diverse range of digital currencies and tokens.
This article provides an overview of the top ten Solana ecosystem tokens ranked by market capitalization.
Exploring the Solana Ecosystem
Solana’s main selling points are its high speed, low cost, and energy efficiency. Solana developers focused on scalability and efficiency with the understanding that mass adoption of blockchain technology requires a painless user experience combined with low transaction costs.
Through its innovative consensus mechanism, a combination of Proof of History (PoH) and Proof of Stake (PoS), the Solana network achieves a 400ms block time (versus 10 minutes for Bitcoin and 15 seconds for Ethereum), enabling a smoother and faster user experience.
SOL token holders (the network’s native token) can stake their tokens with validators to process transactions. Validators then share the rewards with the token holders, using the system built to ensure both delegators and validators are incentivized to act in the network’s best interests.
Three key innovations make Solana different from other blockchain platforms:
High throughput: Solana can process 50,000 and 65,000 transactions per second, making it the highest throughput blockchain in the market.
Low cost: On average, a Solana transaction costs just $0.00025, significantly lower than those on many of today's leading blockchain networks.
Energy efficiency: Solana nodes use fewer resources and less time to validate transactions. According to a 2022 report from an independent third-party audit, a single Solana transaction uses approximately half of the energy spent on one Google search. Running the entire Solana network for a year requires 1 billion joules less than mining one Bitcoin.
In addition to its technological prowess, Solana has managed to attract a fast-growing Defi ecosystem as well as a thriving NFT market, making it one of the most attractive blockchains for builders and users alike.
Before We Dive In
Before we dive into the Solana tokens, remember that you can deposit and manage these assets using Trust Wallet.
Trust Wallet can be downloaded as a mobile app, or you can install the Trust Wallet Extension for your desktop browser.
Get the most updated version of Trust Wallet
Below you’ll see the steps to create a new wallet, but you could just as easily import an existing Web3 wallet to Trust Wallet, if that’s your preference.
To create a new wallet:
Install, then open Trust Wallet
Choose “Create a new wallet”.
Choose your backup option, or you can optionally postpone the backup process by choosing “Skip”.
Start using Trust Wallet.
How to Transfer Crypto to Your Trust Wallet
Select “Receive” from the home screen.
Search for the asset you want to deposit and select it.
From here you have two options. You can either
Copy your deposit address and use that on your exchange account or other wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account (depends on if the exchange supports this asset).
A Look at the Top 10 Solana Ecosystem Tokens
Now, let's examine the top ten Solana ecosystem tokens based on their market capitalization as of December 2023.
Tether USDt (USDT)
In 2020, Tether USDt (USDT) became the first stablecoin to launch on the Solana network. The token is pegged 1:1 to the US dollar, offering a low-volatility alternative to other cryptocurrencies. The peg is possible through backing by reserves held in US dollars and US dollar-denominated liquid assets, with the company regularly publishing reports of its reserve assets.
Solana (SOL)
The SOL token is the Solana network’s native cryptocurrency used to incentivize validators and delegators, pay for transaction fees, and execute custom programs. Any SOL token holder can aid in the network’s operations by locking or staking their tokens to participate in governance or stand a chance of getting selected to produce blocks.
Chainlink (LINK)
Chainlink uses an oracle network to link non-blockchain enterprises with blockchain platforms and access their data. Its off-chain computations for smart contracts allow access to real-world data. The LINK token is the currency for this ecosystem, with participants using it to pay for services. Additionally, the LINK token incentivizes the data sources to offer accurate and high-quality information.
Render (RNDR)
The Render network provides decentralized GPU-based rendering solutions. Its utility token, RNDR, is the currency used to pay for services on the platform. Users can pay for VFX, motion graphics, and animation rendering using RNDR. Node operators who offer their GPU space get rewarded in RNDR tokens.
The Graph (GRT)
The Graph protocol organizes blockchain data to make it easily accessible. Applications such as Uniswap, Synthetix, and CoinGecko use the service for data searching. Users who offer indexing and query processing services on the network earn GRT rewards for their efforts.
Bonk (BONK)
BONK is the only meme coin on this list. It is a dog-themed token launched in December 2022, with 50% of the total supply airdropped to the Solana community. Platforms like Orca and OpenBook accept BONK as currency for NFT payments. SolFarm and BonkStake use BONK as an NFT staking incentive.
Helium (HNT)
The Helium network enables Internet of Things (IoT) devices that HNT holders operate to communicate and transfer values. Earning HNT tokens requires providing connectivity by running Helium hardware. The network transferred its infrastructure to Solana in February 2023, citing the platform’s speed and scalability. In addition to rewarding Helium node operators, the HNT token facilitates various operations within the Helium network.
Terra Classic (LUNC)
Terra is an open-source blockchain protocol using fiat-pegged stablecoins to enable price-stable global payment systems. LUNC is the blockchain’s first native token, and it was set up to absorb $UST’s (A Terra-issued stablecoin) price deviation. UST lost its peg in May 2022, leading to the collapse of UST and LUNA. With the Luna community voting to create a new blockchain, the new network has its native token, LUNA, while LUNC performs the currency role on the old blockchain.
Arweave (AR)
The Arweave network offers decentralized storage services and can operate in web3 and web2 environments. Users who need to buy decentralized storage need the platform’s native token, AR, to make payments. Miners on the Arweave network receive rewards in AR tokens for providing storage space. Validating transactions also attracts AR rewards.
Pyth Network (PYTH)
The Pyth Network is a direct competitor of another project on this list: Chainlink. Pyth feeds data to blockchains and claims to provide real-time data at a faster rate than Chainlink. Over 250 apps use the network’s data, including DEXs, derivatives platforms, and lending protocols. The PYTH token is the network’s native cryptocurrency and gives its holders the power to participate in governance decisions.
Conclusion
The Solana ecosystem is home to a diverse range of tokens, including meme coins, stablecoins, and governance tokens for platforms offering varied services. The blockchain’s speed and scalability appeal to developers with other networks facing cost and speed problems when scaling.
With the technical improvements to the network in 2023, Solana has enhanced the user experience, which will likely play a factor in its potential future growth as it attracts more projects to build on it.
With Trust Wallet, you can explore the Solana ecosystem, allowing you to seamlessly buy, sell, send, receive, stake, and store your SOL and other Solana tokens.
Download Trust Wallet today to securely manage all your Solana-based tokens in one place.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.