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The crypto market has been on a downtrend for the past few weeks, with Bitcoin trading 50% below its all-time high (ATH) as of press time. Similarly, other cryptocurrencies have taken a plunge, bringing down the total crypto market cap to $1.7 billion. This is a significant drop from the $3 trillion record-high back in November 2021.
Despite this ongoing market sell-off, innovators are continuing to build fundamental solutions on DApp-oriented blockchains. One of the ecosystems that seem to be thriving is the Solana Layer-1 network; while the SOL native token has not been spared in the ongoing bloodbath, the platform’s value proposition has risen significantly in the recent past.
Currently, the SOL token is exchanging hands at $91, a 52% price drop within the last month. That said, this prevailing price is still 2000% higher, given that SOL was a $3 dollar token at the beginning of 2021. Going by the rate of development on this Layer-1 chain, it is likely to be among the big gainers once the market starts to recover.
So, what’s currently going on within the Solana ecosystem? Touted as an Ethereum competitor, Solana now hosts a range of decentralized applications (DApps), including DeFi protocols and NFT-oriented projects. The next section of this article will delve deeper into some of the Solana-based projects that are making a difference in the crypto ecosystem.
Chingari is an India-based social media application designed to rival the likes of TikTok. Launched in 2018, the application features a platform where creators can share short videos, earning 30% of the revenue share through Chingari coin. While this application debuted as a centralized ecosystem, they are now transitioning into a decentralized video sharing platform.
Last year, Chingari began the development of its decentralized social media application on the Solana blockchain. The project has since introduced a native token dubbed GARI that enables creators to own/govern the platform. With this token in the picture, creators on Chingari can tokenize their content by leveraging the underlying NFT infrastructure on Solana. Meanwhile, fans can engage creators directly and pay for in-app purchases through the GARI token.
As it stands, the Chingari application has over 35 million active users and boasts investments from notable crypto VCs, including Alameda research and Republic Capital. Following the pivot to a decentralized ecosystem, Chingari is optimistic of increasing its user base supported by Solana’s scalability, low cost, speed and composability.
The decentralized GARI token has also been gaining traction, recently launching on six major crypto exchanges (KuCoin, FTX, Gate.io, Huobi, OKEx and MEXC Global).
HUMAN Protocol tokenizes, verifies, and rewards work. The first type of work to be accommodated on-chain was data labeling work, the foundation of the ML industry. HUMAN Protocol integrated Solana in June 2021 to bring a highly-regarded data-labeling tool, Intel CVAT, on-chain.
While this is the first type of work, the Protocol is designed to apply to different use cases, and to support different job markets. Over time, tasks will be able to increase in their specificity and sophistication, requiring workers with diverse backgrounds, knowledge, and expertise. Through the intelligent use of oracles, the Protocol is able to verify – and reward – any contribution, on-chain. Current key applications include data curation, A/B testing, mass polling of opinion, live price data for DeFi, and much more.
HUMAN Protocol is designed to facilitate a new future of work; one in which any worker can be rewarded for their specific contributions – micro or major – and have their knowledge transparently valued. Likewise, projects receive access to global workforces through HUMAN solutions, such as the HUMAN App, or can use HUMAN's open-source technology to build their own.
Atani is a decentralized exchange (DEX) aggregator built on Solana, the platform introduces an enhanced trading experience. Unlike the existing DEXs, Atani features advanced orders such as ‘take profit’ and ‘stop loss’. Additionally, Solana users can leverage this DEX aggregator to track their portfolios and perform technical analysis using over 50 drawing tools and 80+ leverage indicators.
Notably, the Atani DEX borrows heavily from its CEX aggregator that has been up and running for a while. According to their roadmap, the project will integrate developer tools to enable crypto users to bridge liquidity from CEXs and DEXs hosted on other blockchain networks. That said, most of the volumes from Atani are currently directed to the Serum DEX. Atani also charges no fees, which means users only have to pay the default fees on Serum.
Non-fungible tokens (NFTs) are some of the most discussed digital assets in today’s crypto ecosystem. Quick Node seeks to enhance the usability of this upcoming crypto niche by introducing an NFT API node that enables users to gather important information about the existing digital collectibles.
Essentially, the Quick Node NFT API has made it seamless to query the metadata of various NFTs. Solana users who integrate this API can perform several functions, including the
verification of an NFT owner and filtering NFTs by their preferred search or creator. Notably, Quick Node is also the powerhouse behind Twitter's NFT profile picture function, which recently debuted on Twitter blue.
The crypto market is notorious for its relatively high volatility but the swings seem to have nothing on fundamental development. As mentioned in the introduction, value-driven ecosystems like Solana have continued to grow despite the stormy market conditions. Given the value proposition of the highlighted projects, this Layer-1 ecosystem is positioned for more growth in the coming years.