Panoramic exploration of Solana’s ecology

Solana is one of the best performing blockchains, it is a fast, secure and uncensored blockchain that provides the open infrastructure needed for global adoption.

Panoramic exploration of Solana's ecology

As the size of the ethereum ecosystem expands, its problems are exposed. The scalability problem has been plaguing ethereum for a long time, and the crypto-cat boom in 2017 made people realize for the first time that poor scalability of ethereum not only slows down the operation of applications built on top of ethereum, but also causes the network to be completely down and unusable. With millions of new users coming in from the DeFi boom, Ether fees and transaction wait times continue to rise, forcing users to look for the “next best thing”. Innovations are often designed to solve certain existing problems, and the existing problems of ethereum give the market an opportunity to do so, and Solana an opportunity to do so.

In 2017, Anatoly Yakovenko and Raj Gokal founded Solana, a new smart contract platform, developing a unique consensus protocol PoH and seven innovative technologies that may contribute a little to change the global financial system, making it more innovative, efficient and democratized. 2021, with the rise of DeFi After the rise of Solana public chain with its high extensibility began to explode, ecological projects began to gradually prosper, and the price of SOL rose. This article comes from thetie, compiled by Ostrich Blockchain, trying to lead you to explore Solana ecology in a panoramic way and get to know the gradually starting dark horse Solana.

01

What is Solana?

Solana is one of the best performing blockchains, it is a fast, secure and uncensored blockchain that provides the open infrastructure needed for global adoption. The protocol is designed to combine hardware and bandwidth improvements, with capacity expected to double every two years.

Panoramic exploration of Solana's ecology

Founded by former Qualcomm, Intel and Dropbox engineers, Solana is focused on providing scalability without sacrificing decentralization or security, thanks to an innovative network timestamping system called Proof of History (PoH), a high-speed, high-throughput, proof-of-stake (PoS) protocol that currently supports a peak capacity of 65,000 transactions per second and a block-out time of 400/ms.

PoH was built to solve the time problem in distributed networks, where there is no single trusted source of time. When used with consensus algorithms such as PoS, PoH reduces the message overhead in the Practical Byzantine Fault-Tolerant (PBFT) replication state machine, resulting in sub-second deterministic times. Not only is it fast to snapshot, it is also extremely cost effective, with an average cost of less than one cent per transaction. Solana supports writing on-chain programs using the Rust programming language, key features that enable developers to quickly test and deploy applications with composable building blocks without having to deal with the additional friction associated with a sharded Layer 2 solution.

I. Solana’s 8 core innovations

Panoramic exploration of Solana's ecology

Solana was originally created with the intention that a decentralized network of nodes could match the performance of a single node, but only if the communication between nodes in the network was properly optimized, a property that no other blockchain comes close to achieving, so achieving this goal was Solana’s ultimate goal. In order to create a decentralized, permissionless network that matches the performance of individual nodes, the Solana team then dove into research and developed eight key innovations.

  1. Proof of History (PoH)

One of the most difficult problems in distributed systems is the difficulty of agreeing on the timing and sequence of events, which is even more problematic in an adversarial system like a blockchain. Nodes in a network simply cannot trust external time sources or any timestamps that appear in messages, so they typically rely on their own local clocks without needing to know the clocks of any other participants in the network. The lack of a trusted time source means that there is no guarantee that all other participants in the network will make the exact same choice when accepting or rejecting a message using the message timestamp. Solana believes that “proof of history” provides a decentralized clock solution for the entire system, so they built a complete blockchain on top of it.

Panoramic exploration of Solana's ecology

The basic principles of PoH.

  1. a fast loop of SHA256 in order to make each of its outputs the next input.
  2. sampling loops and recording the number of iterations and states.

The recorded samples then represent, after time encoding, the time to a verifiable data structure. In addition, this loop can be used to record events.

  1. ensure that all messages referencing any sample have been created after the sample.
  2. Messages can be inserted into the loop and hashed with the state to ensure that they are created before the next insertion.
Panoramic exploration of Solana's ecology

With proof of history, verifiers can create a history to prove that an event occurred at a specific time. poH is a high-frequency verifiable delay function (VDF), which is a function that requires a specific number of consecutive steps to evaluate, but produces a unique output that can be validated efficiently and publicly.

Other blockchains require verifiers to communicate with each other to confirm that time has passed, but Solana requires all verifiers to maintain their own clocks by continuously solving SHA256-based VDFs. Since each verifier maintains its own clock, it schedules leaders in advance to select a full calendar element that lasts thousands of blocks. Each verifier is compensated for running the VDF, as block producers are rewarded for producing blocks.

History has proven to make the network never stop, and even though the leaders keep rotating, it keeps progressing as a whole, regardless of the state of the network. Verifiers do not need to communicate with each other for the network to decide whether to rotate verifiers, a mechanism that makes Solana unique. PoH also allows Solana to optimize the block time, block propagation, throughput and distributed storage available on the network.

2、Tower BFT

Tower BFT is a custom implementation of Solana’s Practical Byzantine Fault Tolerance (PBFT), which is more dynamic than consistent. tower BFT utilizes PoH as the clock before consensus to reduce messaging overhead and latency.

  1. Turbine

Inspired by BitTorrent, Turbine is Solana’s block propagation protocol, which solves the blockchain scalability puzzle. Most of the blockchain scalability challenges come down to bandwidth. Most blockchains today have a fixed bandwidth per node, so increasing the total number of nodes will also increase the time required to propagate all the data to each node, which is a big problem.

Solana’s solution to this problem is Turbine. It is optimized for streaming, using only UDP to transfer data, and implements a random path for each packet through the network as the block producer (leader) streams the data, with the leader breaking the block into smaller 64KB packets. So for a 128MB block, the leader will generate 2000 64KB packets and then transmit each packet to a different validator. Each verifier then retransmits the packets to a new peer group, which Solana calls neighbors. Each neighbor is responsible for transmitting a portion of its data to each neighbor below it. This allows each neighbor, consisting of 200 nodes, to have a three-level network, starting from a leader and reaching 40,000 validators in about 200 milliseconds.

4、Gulf Stream

Gulf Stream is Solana’s high-performance network memory management solution. A memory pool is a collection of transactions that have been committed but not yet processed by the network. solana validators can manage 100,000 memory pool sizes, which can execute in seconds with a network throughput of 50,000 TPS. this can be achieved by caching and forwarding transactions to the edge of the network. Since each Solana verifier knows the order of upcoming leaders, they can forward transactions to the expected leaders ahead of time so that transactions can be executed earlier. This reduces confirmation time and avoids memory blocking for validators in large memory pools.Solana’s Gulf Stream solution is unique in that it is not possible to have an uncertain leader (block producer) in other networks.

  1. Sealevel

Solana’s Sealevel innovation allows runtime parallel processing of tens of thousands of smart contracts while using as many kernels available to the validator as possible, since Solana on-chain transactions actually describe all the state that will be read or written when the transaction is executed.

6、Pipeline

Pipeline is the transaction processing unit used by Solana for validation optimization.

7、Cloudbreak

Cloudbreak is Solana’s horizontally scalable stateful architecture. solana’s design principle is to design a software that is free from hardware interference to achieve 100% utilization – Cloudbreak helps with this. solana does not use a traditional database to solve Solana does not use a traditional database to solve the scalability problem, but uses several mechanisms used by the operating system.

  1. Archivers

This is Solana’s distributed ledger storage for on-chain data storage. After being introduced by Filecoin in 2017 for replication proofs, the team built its version of PoRep for Solana using VDF and optimized for bulk verification.

II. SOL tokens

SOL is a native token on the Solana chain that uses a delegated proof-of-stake consensus algorithm to incentivize token holders to verify transactions.SOL has three main use cases.

1、Staking

  1. Transaction fees

3、Governance

1、SOL token allocation

-Community 38.89%

-Seed round 16.23%

-Private placement 12.92%

-Team 12.79%

-Foundation 10.46%

-Validator sales 5.18%

-Strategic sales 1.88%

-CoinList auction 1.64%

Panoramic exploration of Solana's ecology

2、SOL historical price and trading volume

So far, SOL’s price has been rising rapidly, up 2,622% from $1.80 to $49. SOL has been in the big leagues, with its market cap rising from $86 million to $12 billion, ranking 15th in the market cap rankings, which makes it the fifth largest smart contract platform behind ICP, DOT, ADA and ETH. In addition, Solana’s trading volume surged, with SOL reporting an average of $1 billion in daily trading volume among all platforms.

Panoramic exploration of Solana's ecology

Solana not only became the fifth largest smart contract platform, but it remains the best performing smart contract platform through 2021. with an annual return of 2,357%, SOL completely outperformed the gains of ETC (+1209%) and ADA (+948%).

Panoramic exploration of Solana's ecology
  1. SOL market sentiment and number of tweets

The huge spike in price and ecosystem development has inspired a thriving community on Twitter. There are now approximately 4,488 tweets sent about Solana every day, a new all-time high, and not only are more tweets about SOL being sent, but the tone of these tweets is becoming increasingly positive. As the chart below shows, TIE’s 30-day average daily sentiment score reached an all-time high. Investor confidence in Solana has only been below a neutral score of 50 for two days.

Panoramic exploration of Solana's ecology

III. Solana GitHub Activity

Solana is a project where developers have been active. Since February 2018, there have only been two months with fewer than 200 GitHub commits, and these numbers place Solana above Bitcoin and Ether.

Panoramic exploration of Solana's ecology
Panoramic exploration of Solana's ecology

IV. Wormhole

Solana and Certus One, the leading verification program for distributed ledger technology, have partnered to create Wormhole, a bi-directional, decentralized ERC-20⇄ SPL token bridge connecting Ether and Solana. wormhole is not its own blockchain network, but relies on the consensus and finality of the two chains it bridges. Wormhole allows existing projects, platforms and communities to seamlessly move tokens across chains while leveraging Solana’s high speed and low transaction costs.

Panoramic exploration of Solana's ecology

V. Important Recent Solana Developments

May 20, 2021-Solana goes live on Coinbase Pro

May 15, 2021 – Solana Festival Hackathon begins

May 7, 2021-Huobi, Gate, MATH Wallet, NGC and HashKey invest in Solana for a total of $100 million

February 30, 2021 – Lido says it will provide services for Solana

March 12, 2021 – Tether issues tokens on Solana

November 3, 2020-Civic Announces Integration with Solana

02

Solana Ecosystem

Panoramic exploration of Solana's ecology

I. System Advantages

Ether has been the market leader in smart contract platforms for years, so it’s no surprise that the market cap of the Ether ecosystem is $794.6 billion, which is 600% more than the second largest ecosystem, the Coinan Smartchain (BSC). However, the high GAS fees for Ether have forced new users to seek alternatives, and many have begun exploring alternative chains. In addition to Ether, three smart contract platforms currently have ecosystem-wide market caps of over $50 billion: BSC ($110.7 billion), Polkadot ($72.4 billion) and Polygon ($50.3 billion). Solana currently has a market cap of $38 billion.

Panoramic exploration of Solana's ecology

Another metric we can use to compare ecosystems is the total lock-in value (TVL). The Ether ecosystem has a TVL size of $107.4 billion, followed by the Coin Smartchain with $30.8 billion, then in order Polygon with $9.3 billion and Terra with $3.2 billion, and Solana with a TVL market cap of $1.6 billion.

Panoramic exploration of Solana's ecology

The $1.6 billion TVL on Solana is an all-time high, which is largely accounted for by Raydium and Serum, which have a combined TVL of $1.4 billion.

Panoramic exploration of Solana's ecology

2、Project Serum

Panoramic exploration of Solana's ecology

In its current state, DeFi transactions are slow and expensive in terms of fees, and transactions can take several minutes to settle. While this may work for some applications, true DeFi must be very cheap and fast. We have seen that Ethernet Gas fees have recently reached extreme highs and transactions on Uniswap and other DEXs are sometimes almost unusable. Here is an extreme case scenario where a trader exchanged 0.01 ETH for 91k HOGE on Uniswap for a value of $41.53, however the transaction fee cost $265.59.

Panoramic exploration of Solana's ecology

This one is exchanging 333,000 SHIB for 0.002 WETH, worth $9.31, with a transaction fee of $162.88.

Panoramic exploration of Solana's ecology

In order to make a billion people their own bank, scalability and efficiency are critical. Enter Project Serum.

Faster, Cheaper, More Powerful DeFi

Project Serum offers some viable solutions to the current state of DeFi. FTX and Alameda Research, led by SBF, created the Serum Foundation and launched Serum, which is a complete unmanaged DEX running an innovative on-chain centralized limit order book (CLOB) on the Solana chain. In addition to the order book, it features cross-chain support, stablecoins, synthetic assets, and the ability to create custom, complex and novel financial products. the combination of Solana and Serum DEX embodies the speed, cost and user experience that users expect from a centralized exchange, while being fully decentralized and untrusted. serum’s transaction and settlement times are under 2 seconds and transaction costs are lower than any other DEX ($0.00001 per transaction fee), while being uniquely positioned to help DeFi scale to billions of dollars.

Anyone in the world can open an account on Serum DEX immediately, with no KYC and no withdrawal restrictions. Since Serum is an open source project, anyone who wishes to contribute to building the project has the ability to do so. If you want to build a fast and cheap DEX on Solana, learn Rust and build the on-chain matching engine, find a market maker, build the interface, and go from there. Or you can simply use a Serum GUI, connect your address and customize it, all in under an hour. You can instantly connect to a centralized limit order book on Serum and have access to a fully functional and liquid DEX. better yet, as an incentive to host the GUI, you get a portion of all transaction fees charged by the exchange. serum DEX can be used as the infrastructure for any financial project built on the Solana ecosystem.

  1. Serum Roadmap

Phase 1

SRM Token

SRM FAQ

SPL and ERC20 versions

Going live on the exchange

Serum on-chain DEX

DEX List

Fully on-chain

Fast: 1 second

Cheap: $0.00002 Gas

Phase 2

Solana cross-chain bridge.

https : //www.sollet.io/

Active Wallet Ecosystem.

https : //serum-academy.com/en/wallet-support/

Pools.

https : //projectserum.com/developer-resources

Create a marketplace.

https : //serum-academy.com/en/add-market/

Activate the GUI ecosystem.

https : //serum-academy.com/en/serum-project-ideas/

Project funding.

https : //serum-academy.com/en/serum-project-ideas/

Phase 3 (in progress)

Borrowing

Mobility

More cross-chain bridges

Serum Eco-based Projects

AMM

Margin trading/contracts

Native support for SPL tokens and swaps

Transaction volume and TVL growth

  1. SRM Token

The Serum ecosystem is powered by the SRM utility token. SRM is designed to gain value through utility (not hyperinflation). Although it is itself built on Solana (the SPL token), it is still cross-listed as ERC-20. SRM is fully integrated into Serum; token holders receive up to a 50% discount on all Serum fees, the ability to participate in purchases and destruction at 100% of net fees, and dedicated on-chain governance. SRM can be pledged on nodes, and each node A minimum of 10,000,000 SRM and at least one MSRM (1M SRM) is required. This operation helps decentralize the network and provides support in transaction settlement validation.

  1. SRM Token Allocation

-Ecosystem Incentive Fund: 27%

-Partner and collaborator fund: 27%

-Project contributors: 22%

-Team and Advisors: 20%

-Seed round lockers and auction purchasers: 4%

Panoramic exploration of Solana's ecology

About 10% of the SRM tokens were released at launch, mostly for ecosystem incentives, and the remaining 90% were locked up for a long period of 7 years with no release in the first year. This is interesting because it means that the core participants are committed to Serum’s long-term growth.

Panoramic exploration of Solana's ecology
  1. On-chain Centralized Limit Order Book (CLOB)

Serum differs from other DEXs that use the Automated Market Maker (AMM) model because Serum uses automated on-chain centralized limit order books that allow traders to submit orders with instructions, prices and sizes, thus taking full control of the trade. These order books are not centrally controlled, they are fully programmed as they can automatically match orders between third party users through the use of smart contracts. By sending their bids and offers to Serum DEX’s CLOB, any protocol with trading-related functionality can greatly benefit. The CLOB is only possible due to the high scalability of Solana, which supports 60,000tps compared to 300tps for BSC and 18tps for Ether. this high speed scalability is definitely needed if DeFi is to achieve its lofty goal of 1 billion users and $1T of on-chain value.

Since order books are the most computationally intensive product in DeFi, they simply don’t apply to Ether because the fees and slow transaction times completely disrupt the model. the Serum protocol optimizes the matching engine to make order matching faster and cheaper. the CLOB matches all bids and offers based on order price and time priority. Matching between buyers and sellers is the basis for all types of financial transactions. The market structure of CLOB-based DEX allows for larger trades than AMM without increasing the risk of slippage, and liquidity will be centralized and adjusted in real time in the most efficient manner. These order books are the core pricing source for Serum. A fee is charged for each transaction and all of these net fees are used to purchase/destroy SRMs.

  1. SRM historical price records

So far this year, the price of SRM has risen over 400%, with many different major development processes pushing the price higher. 20 SRM proceeds short sales were conducted by Serum, which ended in late November 2020. With the end of the earnings short sale and the cessation of selling pressure, SRM prices began to trend higher. In early January 2021, Kin moved to Serum.Then, in February, three key developments occurred, and these new developments further increased prices.Solana and the Serum DeFi Hackathon, the pledge/lockup process went live, and FTX listed SRM perpetual contracts.On April 23, Serum announced that Serum Swap devaluation, and while this initially sounded like a negative event, it was actually positive. serum stepped aside to let the raydium trade shine, and shortly after this announcement, the price of SRM soared to an all-time high of $11.79 as raydium has been executing swaps at a more efficient rate.

Panoramic exploration of Solana's ecology
  1. Serum DEX trading volume

Serum DEX trading volume is on an upward trend. serum hit a new high of $1.1 billion in April and has so far reached $900 million in May. Average daily trading volume this month has exceeded $50 million, a 50% increase over the previous month and a 400% increase over the previous month.

Panoramic exploration of Solana's ecology

Despite the increase in trading volume in recent months, Serum DEX still has a long way to go to catch up with the DEX leader. with an average daily trading volume of $3.1 billion, PancakeSwap has surpassed Uniswap’s $2.1 and is still settling below that level at $600 million per day on DEX.

  1. Recent important developments in Serum

May 17, 2021 – Bonfida x Serum Trading Robot Competition begins

May 1, 2021- Sollectify launches on Serum and Solana

Apr 29, 2021- Soleon receives Serum funding

April 27, 2021- Dexlab receives Serum funding

III. Raydium

Panoramic exploration of Solana's ecology

Raydium was founded by former prop traders who entered the cryptocurrency market in December 2017 to trade arbitrage strategies on Bitcoin. After entering DeFi in the summer of 2020 and spending a lot of time mining and exchanging tokens on AMM, it was found that there always seemed to be a problem – the Gad price was high. To swap tokens, start mining, and then harvest, you will easily pay over $100 in Ether Gas fees. This constant problem of high fees seems to prevent DeFi from reaching its full potential. deFi should make the financial instrument available to everyone, not just large companies, banks, institutions and big money investors.

So when Gas prices soared to new highs in September, AlphaRay, co-founder of Raydium, began looking for other solutions. Because they were already trading on FTX, they gathered their team to discuss viable ways they could improve the DeFi community. This was around the time FTX started building Serum on the Solana blockchain. After hearing about Solana’s ultra-high speeds and low fees, coupled with Serum’s centralized limit order book program, the idea behind Raydium surfaced.

Raydium Protocol: AMM to sustain the ecosystem

Raydium is an automated market maker (AMM) that enables lightning-fast trading, shared liquidity, and new earned revenue capabilities. Unlike Uniswap, Pancakeswap, Sushiswap and other AMMs that only have access to liquidity in their own pools, Raydium provides liquidity to Serum’s on-chain centralized limit order book, thus allowing the entire ecosystem to access all order flow and liquidity on Serum. Because Raydium is built on Solana, it can significantly reduce fees and transaction times, resulting in a high degree of scalability unmatched by Ether.

  1. Order book and transaction interface

With the help of Serum, Raydium brings the order book to AMM, allowing traders to exchange the tokens they are willing to trade at any price. Traditional AMM does not allow for price changes, so traders are almost always subjected to the worst prices in the market. On top of that, traders ended up paying more for slippage because there was so much overlap in liquidity across different products, as liquidity was spread across several different pools. Since Raydium provides liquidity to Serum’s CLOB, anyone on Serum can trade against that liquidity, and vice versa.

Panoramic exploration of Solana's ecology
  1. Market Maker

The purpose of a market maker is to facilitate the process of finding a fair price for a product and to provide market participants with liquidity at the other end of the transaction. Market makers are rewarded for these services because when participants trade with them, they earn the difference between the bid and ask prices and receive rebates from the exchange for providing liquidity. raydium plays the role of a market maker, using all the tokens accumulated in its LP to place a series of orders of different prices and sizes on the order book using an equation called the constant product invariant .

3、Swap

Raydium Swap is a simple, cost effective and high speed method of quickly swapping one token for another, although this is a standard feature of other AMMs, traders will save significant time and costs compared to other platforms.

Panoramic exploration of Solana's ecology
  1. Fusion Pools and Dual Benefits

Raydium has taken the additional step of further expanding the Solana ecosystem by launching Fusion Pools, where the convergence of Raydium and top partner projects will drive liquidity throughout the ecosystem and allow these projects to grow with sufficient support. These Fusion Pools are essentially liquidity pools with two partner tokens from within the ecosystem. In addition to receiving an initial boost from the Raydium community, this allows these projects to interact with and reward their user base. After adding tokens to the liquidity pool, Raydium issues a Liquidity Provider (LP) token to track the percentage of the pool represented by the owner of this token, and these tokens can be used to earn rewards. Projects can also sponsor certain pools by adding tokens to the rewards pool to further incentivize users to hold project tokens and receive additional rewards while providing liquidity.

Panoramic exploration of Solana's ecology

5、AcceleRaytor

Panoramic exploration of Solana's ecology

Raydium plays a key role in driving mobility and scaling within the Solana ecosystem. With the influx of projects into the ecosystem, Raydium has seized the opportunity to really accelerate project growth by enabling teams to crowdfund, raise awareness and launch IDO. AcceleRaytor is Raydium’s new launch platform that will allow projects and the Raydium community to participate in a fair, open and carefully curated token offering.

Users can participate in two different types of pools for each AcceleRaytor project: a community pool and a RAY pool. The Community Pool is open to the entire community and anyone can participate, regardless of whether they have used Raydium before. the RAY Pool is only available to users who hold a small amount of RAY tokens and have pledged a certain amount of time on Raydium. There are two main token allocation models: first-come, first-served and guaranteed-proportional. The Guaranteed Proportional type allocates all participants who contribute within a specified time period an allocation proportional to the funds they contribute, with any funds exceeding the total pool limit being refunded.

After raising funds through AcceleRaytor, these projects can launch an IDO through the Raydium liquidity pool. this will allow the community to quickly provide liquidity and trade tokens. Projects can also provide LP liquidity rewards to LPs immediately after the IDO. The system provides a platform for launching efficiency tokens within the Solana ecosystem.

  1. Raydium Roadmap

Q4 2020

Conceptualization and project scope

testnet protocol development and iterations

Q1 2021

Liquidity pool development and collateralization completed, main network launched

Website and platform launched

Cross-chain swap development

2nd quarter of 2021

Collaboration with other agreements to study additional market making models and functionality

2021 Q3

Improved market making with external prognostic machine

Governance model ideas in collaboration with partners

  1. RAY Token Allocation

-Liquidity mining 34%

-Partnerships & Ecosystem 30%

-Team 20%

-Liquidity funding 8%

-Community and seed funding 6%

-Advisors 2%

Panoramic exploration of Solana's ecology

The total volume is capped at 555 million and the total mining reserve of RAY is 34% of all tokens, or 187.7 million RAY; the release will last approximately 36 months, halved every six months; a 0.03% transaction fee will be awarded to RAY stakeholders.

Panoramic exploration of Solana's ecology
  1. Raydium DEX Trading Volume

With the cryptocurrency market crash on May 19, Raydium’s trading volume reached another record high, trading at roughly $170 million, surpassing the all-time high of $162 million set a month ago.

Panoramic exploration of Solana's ecology

The table below shows the top 10 DEXs for TVL and their respective blockchains, and unsurprisingly, Ether-based DEXs make up the majority of the top 10, except for PancakeSwap which is ranked #1. As mentioned earlier, Raydium is responsible for most of Solana’s TVLs, and Raydium is ranked #9 in the top 10 list, which is Solana’s only project.

IV. Cope

Panoramic exploration of Solana's ecology

Cope is a project created by legendary developer Cyrii that allows traders to rank their performance and see how other traders are doing based on their Cope score in an index. “. It consisted of two phases.

Phase 1.

The first phase involved finding active traders on Twitter to retrospectively assess their weaknesses and failures based on their calls in the cryptocurrency market, and then they would receive reports for self-analysis. Traders are evaluated based on their call option accuracy as well as a number of other parameters, resulting in a COPE score, with the higher ranked traders being tagged as top call makers and the top 100 call creators located in the COPE index and ranked by their COPE score. This will provide a new type of investment product based on the top trader’s calls.

Users can pledge their COPE tokens to receive LP-COPE, which will allow them to unlock their COPE reports. These reports will highlight the recurring behaviors that lead to winning and losing trading results and can be read and studied again to improve trading skills.

The COPE airdrop sparked great excitement within the community, with over 5,000 participants receiving 2,000 COPE tokens for free and the value of the airdrop peaking at $16,600.

Phase 2.

Phase 2 of Cope will be an automated investment product that allows users to grant their representatives access to trade based on the COPE index. The immediate functionality allows for the integration of Serum DEX and its CLOB, but in the long run, the aim is to support cross-chain trading.

  1. Cope Roadmap

Integration with Sollet wallet – allows users to log in via Solana wallet

Integrate automatic Twitter verification – enable Solana wallet <-> Twitter connection

Implementation of top 100 COPE index – regular updates and maintenance

Implement COPE tokens on the Solana blockchain – Mint COPE and implement the necessary allocation process

Implement COPE/SOL pool – allow users to buy COPE using SOL

Implement COPE collateral – allow COPE collateral for LP token issuance and ownership for reporting unlocking and dispute handling

Implement COPE distribution process – create a COPE distribution process for reporting unlocking and COPE emission events for users participating in COPE INDEX

Implementing Call Dispute Processing – Implementing 30-minute time windows for call dispute processing through direct COPE pledges

Implementing COPE Governance – Implementing COPE governance for pool creation and autonomous bonding curve distribution

  1. COPE Engine
Panoramic exploration of Solana's ecology

V. Mango Markets

Panoramic exploration of Solana's ecology

Mango Markets is a beautifully designed decentralized trading platform that enables cross-margin trading. mango intends to combine the liquidity and availability of CeFi with the unlicensed innovation of DeFi, all at a lower cost to the end user than either currently offers. Users can trade on Mango with up to 5x leverage, exceeding the 2x leverage offered by Aave and Compound. In addition, Aave and Compound only allow trading on margin using market orders or swaps, not limit orders, making them useless for market makers.

Mango trades can be long or short, with limit orders in the centralized limit order book on the Serum DEX on-chain, with no interest charges, as only the fees for trading on Serum DEX are paid, and liquidity can be provided to the pool via SRM tokens to reduce personal fees on the platform. Trading on Mango Markets is as easy as connecting your wallet and depositing currency, with all deposits earning interest.

Mango enables low latency and low transaction costs. Low latency improves usability and user experience, no one likes to wait for a trade, low latency also improves liquidity as the liquidity provider’s quote spread is proportional to the time it takes to change the quote. Low transaction costs are absolutely essential in order to realize the full potential of DeFi, and Mango ensures that all transaction costs on all Mango financial instruments are comparable to or lower than those in CeFi.

Panoramic exploration of Solana's ecology

Now of course any margin trading platform brings some risk. Since the Mango agreement does not accrue any interest charges, there is no insurance fund for this agreement. On top of that there is the risk of liquidation, where losses are socialized between credits when the margin account has a negative net asset value.

1、Mango Roadmap

Mango Margin “Closed Alpha”

-First week of March

-Strict borrowing and lending limits for each account

-The liquidator and Solana program remain closed

Third-party liquidators begin to implement their strategies

Mango margin “public beta”

-Started in March 2021 and continues to operate

-Borrowing limits will be replaced by the introduction of partial liquidation

-Margin trading interface greatly improved based on feedback from Alpha phase

-Other trading pairs will be released

-Gradual open source release as independent reviews are completed

Mango Perp “Closed Alpha”

-Starting in early June 2021 and lasting several weeks

-Market makers will be able to integrate and test

Mango Perp “Public Beta”

-Sale of tokens with direct access to insurance funds

-Introduction of governance tokens

Mango DAO launch

-Formal on-chain governance mechanism

-Website and forum for governance participation

-Further proposals for rewarding contributors

  1. Mango token allocation

-Maximum supply: 10,000,000,000

-Initial circulation: 2,000,000,000

-DAO 80%

-Interim governance fund 10%

-Insurance fund sales 5%

-Creator 5%

Panoramic exploration of Solana's ecology

First, Mango tokens are governance tokens. After the initial allocation of tokens, the DAO will play a major role in the distribution, and the DAO can distribute more tokens through governance proposals, meaning that token holders will have a direct influence on the protocol and the right to update it at will. Any user holding at least 0.1% of the Mango token supply will be able to pledge their tokens and can propose governance measures: new asset listings, changing asset collateral factors, updates to the market rate model, etc. Each proposal can be executed via code.

VI. Step Finance

Panoramic exploration of Solana's ecology

Step Finance is designed to be the front page of Solana, where users track, visualize, analyze, aggregate and execute transactions across Solana in one easy-to-use dashboard. With full support for all tokens and projects in the Solana ecosystem, users can understand the profitability and risk profile of their positions.

Panoramic exploration of Solana's ecology

STEP Token Allocation

STEP tokens ensure clear alignment of incentives between users, token holders and teams. The maximum supply is 1,000,000,000 STEP with a release period of 2 years and a 4% reduction in weekly releases. This rewards early risk-takers and reduces the amount of new supply entering circulation as time passes. The founder lock-in period is 2 years with 25% increments every 6 months. step will charge a fee for STEP.finance’s services, such as swaps, income farms, etc. 80% of this fee goes to the pledgees, while 20% goes to the treasury.

VII. Hxro

Panoramic exploration of Solana's ecology

Hxro is a cryptocurrency platform that offers traders a way to express prices, hedge risks and trade different digital assets, thus providing a simplified way of interacting with the market.Hxro’s products are fair, easy to use and easy to understand, and by combining aspects of traditional financial markets with aspects of social gaming, users can find an innovative alternative to cryptocurrency trading.

Panoramic exploration of Solana's ecology

One of Hxro’s core products is MoonRekt, a system that aggregates all positions into a liquidity pool, while in-the-money positions share the total pool at expiration, and traders choose whether the price of the underlying index closes higher (MOON) or lower (REKT) on a selected contract timeframe, a simple payout mechanism in which out-of-the-money positions pay in-the-money positions. These contracts allow users to take calls or puts on common time ranges (e.g. 1 minute, 5 minutes, 15 minutes, 1 hour and 1 day).

Panoramic exploration of Solana's ecology

Hxro’s Recent Important Developments

May 7, 2021 – Hxro Launches DOGE TIX Option

May 6, 2021 – SOL $ 100 TIX WIX option goes live

April 28, 2002 – Hxro CEO joins Solana Hackathon as a judge

VIII – Solana Wallet

Solana users have a growing number of different wallets that they can use to send, receive and interact with SOL tokens on the Solana chain.

1、Web wallets

(1) Phantom

Phantom is a digital wallet and browser extension with a beautiful user experience that can be redesigned for DeFi and NFT. Users can manage digital assets and access decentralized applications on the Solana blockchain. phantom works by creating and managing private keys on behalf of users, allowing them to store funds and sign transactions. At the time of writing, Phantom is still in beta.

Official website: https://phantom.app/

(2) Sollet

Sollet is an unmanaged web wallet created by the Project Serum team that allows users to hold, send and receive all Solana and SPL tokens in Sollet.

Official website: https://www.sollet.io/

(3) SolFlare

SolFlare is an unmanaged wallet with a simple and intuitive interface that helps you connect to the Solana blockchain and manage SOL and SPL tokens. SolFlare is the first wallet that allows users to pledge SOL tokens.

Official website: https://solflare.com/

(4) MathWallet

MathWallet supports wallet addresses for sending and receiving SOL and SPL tokens through a browser extension and web wallet interface. the MathWallet iOS and Android apps do not yet support Solana, but will do so in the future.

Official website: https://mathwallet.org/

2、Mobile App Wallet

(1) Exodus

Exodus is a popular crypto wallet that has been around for a few years and allows you to easily send, receive and exchange tokens in desktop, mobile and hardware wallets.

Official website: https://www.exodus.com/

(2) Trust Wallet

Trust Wallet is an app for iOS and Android that allows users to send and receive SOL tokens, but does not support equity accounts or operations.

Official website: https://trustwallet.com/

03

Conclusion

Panoramic exploration of Solana's ecology

Solana has proven to be a reliable solution for high-performance and low-cost decentralized applications. solana’s breakthrough innovation allows these DApps to scale to billions without sacrificing decentralization or security. DeFi can reach its full potential when Solana is used in combination with other innovative projects such as Serum and its on-chain centralized limit order book or the AMM supported by the Raydium ecosystem. With millions of new users flocking to cryptocurrencies, the high Gas fees and slow transactions of other blockchains will only drive users to look for more affordable solutions.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/panoramic-exploration-of-solanas-ecology/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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