Solana continues to demonstrate strong momentum, capturing attention across the crypto landscape. Once home to Rollbit—a project that surged over 30x within a year to enter the top 100 by market cap—Solana is now witnessing a resurgence of innovation and user activity. This article explores both established and emerging projects within the Solana ecosystem, analyzing key performance indicators and identifying potential breakout stars in what some are calling the "Solana 2.0" era.
With rising total value locked (TVL), increased NFT trading volume, and novel DeFi primitives, Solana remains a critical hub for scalable blockchain applications. We’ll examine top-tier protocols in lending, decentralized exchanges (DEXs), liquid staking, DAO governance, and NFT platforms—highlighting those delivering real utility and growth.
Core Keywords
- Solana ecosystem
- Solana DeFi projects
- Solana NFT platforms
- Liquid staking on Solana
- Solana 2.0
- Decentralized lending Solana
- MEV rewards Solana
- Solana DAO tools
Established Powerhouses in the Solana Ecosystem
Marinade Finance: Leading Liquid Staking Protocol
Marinade Finance stands as the largest liquid staking platform on Solana by TVL. Launched in 2021, it pioneered a user-friendly approach to staking SOL without sacrificing liquidity. By depositing SOL, users receive mSOL, a liquid token representing their staked assets that can be freely traded or used across DeFi protocols.
Unlike traditional staking, which locks funds during unbonding periods, Marinade enables instant liquidity. This flexibility has driven widespread adoption, especially among yield seekers and institutional participants. Despite a decline from its peak TVL of over $1.5 billion, Marinade maintains its position as the top liquid staking solution on Solana.
mSOL is listed on major exchanges like Coinbase and Kraken, further enhancing its accessibility and credibility. As network security and decentralization remain central to Solana’s roadmap, liquid staking protocols like Marinade play an essential role in aligning incentives across validators and delegators.
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Solend: Dominant Force in Decentralized Lending
Solend is the leading decentralized lending protocol on Solana, offering fast and low-cost borrowing and lending services. Backed by prominent investors, Solend quickly rose to prominence during Solana’s 2021–2022 boom, reaching a peak TVL of $800 million.
Although its reputation was briefly challenged due to controversy around whale account liquidations, the team responded with transparency and product improvements. The launch of Solend V2 marked a turning point—introducing enhanced risk models, improved governance, and better capital efficiency.
Today, Solend’s TVL has rebounded to nearly $50 million, reclaiming its status as the go-to lending platform in the ecosystem. Its integration with other DeFi protocols and support for leveraged yield farming strategies make it a cornerstone of Solana’s financial infrastructure.
Orca: Top DEX with Sustainable Innovation
Orca has emerged as Solana’s leading decentralized exchange by both TVL and trading volume. Known for its clean interface—crafted by co-founder Grace Kwan—and robust technical foundation built by former Ethereum Foundation engineer Yutaro Mori, Orca combines usability with reliability.
As an automated market maker (AMM), Orca supports efficient token swaps and liquidity provision. It recently weathered significant market stress tests, proving its resilience under high volatility and congestion—key traits for long-term success.
Beyond trading, Orca demonstrates strong community values. A portion of transaction fees flows into the Orca Climate Fund, which has raised over $1.6 million to support climate action and sustainability initiatives—an inspiring example of Web3’s potential for positive impact.
Later this year, Orca plans to launch Orca Pro, offering advanced trading tools for professional users, including limit orders, deeper analytics, and improved liquidity management.
Raydium: Pioneering AMM Facing Recovery Challenges
Raydium was among the first AMMs on Solana and a pillar of the “Solana Summer” surge in 2021. As the first DEX integrated with Serum’s orderbook system, it offered unique hybrid trading capabilities and attracted significant early liquidity.
However, after FTX’s collapse and the subsequent destabilization of Serum—a core dependency—Raydium suffered major setbacks. Its liquidity pools were drained, and recovery has been slower compared to competitors like Orca.
Despite these challenges, Raydium remains relevant due to its deep integrations, native token RAY being listed on major exchanges, and ongoing efforts to rebuild trust and functionality. Its journey underscores the interconnected risks in DeFi but also highlights the resilience required for long-term survival.
Emerging Stars: The New Wave of Solana 2.0 Projects
Realms: The Governance Backbone of Solana DAOs
Realms provides a comprehensive platform for creating and managing DAOs on Solana. Think of it as a more powerful version of Snapshot—with native on-chain voting, treasury management, proposal tracking, and multi-sig capabilities.
Whether launching an NFT-governed community or a token-based decentralized organization, Realms offers modular tools that integrate seamlessly with Solana’s high-speed architecture. Most major Solana protocols now use Realms for governance decisions, making it the de facto standard for decentralized decision-making.
Its open-source nature encourages customization, while its support for various wallet types ensures broad accessibility. As DAOs become central to Web3 coordination, Realms is well-positioned to scale alongside them.
Marginfi: Risk-First Lending Protocol with AI Integration
Marginfi redefines decentralized lending by prioritizing risk mitigation without compromising capital efficiency. Built on Solana’s low-latency network, it offers real-time risk monitoring and automatic liquidations—critical features during volatile markets.
The protocol allows users to aggregate positions across multiple DeFi apps into one unified portfolio view. This composability enhances leverage strategies while maintaining safety through dynamic collateral valuation.
A standout feature is Omni, Marginfi’s AI assistant that answers user queries about the protocol—powered by actual data from the platform. This innovative use of AI improves user experience and lowers the barrier to entry for newcomers.
Though yet to launch its token, Marginfi introduced a points program that contributed significantly to its rising TVL. With backing from Pantera Capital and Multicoin Capital, it’s one of the most watched projects in the Solana DeFi space.
👉 See how next-gen DeFi platforms are reshaping crypto finance.
Jito: Capturing MEV Value for Stakers
Launched in late 2022, Jito introduces MEV (Maximal Extractable Value) rewards to Solana stakers—a groundbreaking advancement. When users stake SOL through Jito, they receive JitoSOL, a liquid staking token that earns both staking yields and MEV profits.
Here’s how it works:
- Users stake SOL and receive JitoSOL.
- Jito delegates stake to MEV-optimized validators.
- These validators earn extra revenue by efficiently ordering transactions.
- MEV profits are redistributed to stakers as additional yield.
This model benefits all parties: users earn higher APYs, validators gain more revenue, and the network becomes more secure. Anatoly Yakovenko, CEO of Solana Labs, praised Jito for minimizing MEV’s negative externalities while maximizing its utility.
Jito exemplifies how Solana is evolving technically—turning previously captured value into shared rewards.
BlazeStake: Advancing Validator Decentralization
BlazeStake is another innovative liquid staking protocol focused on improving node decentralization. Unlike centralized staking pools, BlazeStake lets users choose between a balanced delegation pool (spreading stake across hundreds of validators) or direct delegation to preferred nodes.
In return, users receive bSOL, a liquid token usable in DeFi or eligible for ecosystem airdrops. Features like instant unstaking liquidity and yield boosting make it attractive for active participants.
By incentivizing distribution across smaller validators, BlazeStake strengthens network resilience—a crucial goal as Solana scales toward global adoption.
Revival in Solana’s NFT Landscape
After setbacks in 2022—including high-profile NFT projects like DeGods and y00ts migrating away—Solana’s NFT ecosystem is experiencing a strong comeback.
According to CryptoSlam, Solana now ranks second only to Ethereum in daily NFT trading volume—a clear sign of renewed confidence.
Tensor: Rising NFT Marketplace Challenger
Tensor positions itself as a high-performance NFT exchange tailored for professional traders. Inspired by Blur’s model, it emphasizes speed, data accuracy, bulk operations, and advanced order types.
Thanks to its aggressive points-based incentive program, Tensor surpassed Magic Eden in monthly trading volume—becoming the top NFT marketplace on Solana. Its focus on trader experience gives it an edge in attracting serious collectors and arbitrageurs.
With fast indexing and minimal latency, Tensor leverages Solana’s strengths to deliver a seamless trading environment—perfect for fast-moving NFT markets.
Mad Lads & Backpack: Community-Driven NFT Success
Launched in April 2025 by Backpack—a popular Solana wallet—Mad Lads is currently the highest-volume and highest-market-cap NFT collection on Solana. Featuring bold American comic-style art, it quickly gained traction within the community.
Backpack’s parent company Coral raised $20 million in 2022 and aims to build an "iPhone-like App Hub" for Web3. Mad Lads holders can stake their NFTs directly in the Backpack wallet to earn loyalty points—a clever move linking digital collectibles with utility.
Collaborations like the Mad Wars trading competition with Zeta Markets show how NFTs are evolving beyond static art into interactive experiences.
Solana Monkey Business (SMB): Legacy Brand Reinvented
Once a flagship NFT project, SMB continues to innovate with Gen 3 launches and expanded lore. Combined across generations, SMB now surpasses Mad Lads in total market cap—solidifying its place as Solana’s premier NFT brand.
SMB also launched Monke Dao, the first community-owned NFT DAO on Solana. It hosts events, funds ecosystem startups via Monke Ventures, and has invested over $1.6 million in early-stage projects—proving that strong communities can sustain long-term value.
Frequently Asked Questions (FAQ)
Q: What makes Solana different from other blockchains?
A: Solana combines high throughput (50k+ TPS), low fees (<$0.01 per transaction), and fast finality (400ms), making it ideal for DeFi, NFTs, and real-time applications.
Q: Is liquid staking safe on Solana?
A: Protocols like Marinade and Jito implement rigorous security audits and distribute risk across many validators. However, always assess smart contract risks before participating.
Q: How do I start using Solana DeFi?
A: Begin with a non-custodial wallet like Phantom or Backpack, fund it with SOL, then connect to platforms like Orca, Solend, or Jito to begin trading or earning yield.
Q: Why did Tensor overtake Magic Eden?
A: Tensor focused on power users with faster data feeds, bulk tools, and generous rewards programs—similar to how Blur disrupted OpenSea on Ethereum.
Q: Can NFTs generate passive income on Solana?
A: Yes—projects like Mad Lads allow staking for points or rewards. Some platforms also enable renting or fractional ownership models.
Q: What is “Solana 2.0”?
A: While not an official upgrade, “Solana 2.0” refers to the current wave of matured infrastructure, improved UX, resilient protocols, and renewed investor confidence post-2022 downturn.
The Solana ecosystem is far from stagnant—it's undergoing a dynamic transformation fueled by technical innovation and passionate builders. From DeFi leaders like Marinade and Orca to rising stars like Jito and Tensor, the network is laying the groundwork for mass adoption.