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Solana is an open-source, high-performance, permissionless blockchain that is quickly becoming one of the most popular places to build decentralized applications (dApps). It offers developers a platform to cost-effectively develop applications and features over 350 Solana projects. Additionally, it provides users with access to top DeFi coins on the SOL blockchain and is rapidly becoming a leading crypto ecosystem with thousands of projects ranging from DeFi, NFTs and Web3 initiatives.
With its cutting edge technology, blazing fast speeds and robust security measures, Solana is without a doubt the best place to build your next application.
Solana’s network was established in 2019 so a bit later than Ethereum (2014). But, when you investigate all important factors (number of high-quality projects, coins to invest, market cap, etc.), Solana is definitely the blockchain that stands out of all ETH alternatives. It is not difficult to conclude that Solana offers much lower fees and higher transaction speed when compared to Ethereum.
As noted above, one of the most important factors of each blockchain is the coins built on it. These coins are being used for various purposes on the network; for instance, to increase the liquidity of the Solana-based crypto platforms.
In this article, we will investigate the most important coins on Solana. I believe after reading it, you will have a better picture of where can you invest your money when it comes to Solana’s coins. Of course, the native coin of Solana is SOL – one of the most popular coins in the crypto world. However, we will be focused on the “less known” coins today.
Note: Keep in mind that these are only my opinions based on my thorough investigation of the best coins on the Solana network. In any case, please do your own research before deciding whether you want to invest in some of them or not.
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
Please read our full article on the best NFT marketplaces on the Solana blockchain.
Also, please read our article on the best DEX on Solana, as well as our comparisons of Solana vs Polkadot and Solana vs Avalanche.
Best Solana Coins To invest in
Upon a thorough investigation of Solana coins, 6 of them stood out. So, let me break each one and try to explain its purpose and you should (or not) invest in them.
Raydium (RAY) is the first coin that will be mentioned in this list. At the time of writing (January of 2022), RAY sits in #145 place in the world as per the Coinmarketcap platform with the price of $5.03.
We can define Raydium as an AMM (automated market maker) built on the Solana blockchain for the Serum DEX (decentralized exchange). What separates Raydium from other AMM, it offers on-chain liquidity to a central limit orderbook meaning that funds deposited into Raydium are converted into limit orders which sit on Serum’s orderbooks.
Furthermore, RAY is a native utility token and it has three major purposes:
- Staking in order to earn protocol fees
- Staking in order to receive IDO allocations
- Votes on protocol decisions
RAY was launched in February of 2021 with 555,000,000 tokens created. You can buy RAY on various exchanges such as Raydium.io itself, Gate.io, Binance, Mandala, OKX, and FTX.
Please read our detailed Raydium price prediction for the next few years.
Serum (SRM) is the next coin we will explain today. At the time of writing, SRM sits in #148 place in the world as per the Coinmarketcap platform with the price of $2.93.
SRM token serves as a native token of the Serum decentralized exchange and ecosystem that has the goal to provide its users with low transactions fees and high speed. The exchange offers a fully on-chain central limit order book and matching engine. Serum’s target group is users who do not want to pay high fees and lose time on slow transactions on the Ethereum network.
You can buy SRM token on various exchanges such as Binance, OKX, Bitget, CoinTiger, and FTX. SRM is a utility and governance token that needs to enable users to receive discounts on fees and voting rights.
Please read our detailed Serum price prediction for the next few years.
Star Atlas (ATLAS) is yet another exciting coin on the Solana blockchain. Currently, it sits at the #360 spot in the world as per the Coinmarketcap platform with the price of $0.06 per coin.
ATLAS is the native token of a massive multi-player game – Star Atlas. The platform was created by CEO Michael Wagner, COO Pablo Quiroga, and head of operations Deb Lucas.
The players are set in a virtual gaming metaverse. In the game itself, the year is 2620 and there are three major groups that fight to get control of resources – humankind, a consortium of alien races, and sentient androids. Star Atlas is a game that combines multiple genres, it is partly a strategy and partly an exploration. Also, players can encounter the first-person fight, so it is also partly a fighting game.
You can buy ATLAS on various exchanges such as Bitget, FTX, Gate.io, Bitrue, and MEXC.
Please read our detailed Star Atlas price prediction for the next few years.
Step Finance (STEP) is the next coin on the Solana blockchain we will mention today. Right now, it sits at the #1860 spot in the world as per the Coinmarketcap platform. Step Finance is one of the front pages of Solana. STEP’s goal is to visualize, execute, analyze, and aggregate transactions across all Solana contracts (in one place).
Step Finance is a portfolio tracker where users can monitor their coins connected with their wallets, LP positions, Staked Yield farms, Margin positions, etc.
You can buy STEP on various exchanges such as FTX, Gate.io, MEXC, AAX, and Hoo. Currently, there are 4,000,000 STEPs circulating and a maximum supply of 1,000,000,000 STEP coins.
Saber (SBR) is another coin on the Solana blockchain. At the time of writing, it sits at the #3205 spot in the world as per the Coinmarketcap platform with the price of $0.11 per coin. Saber is actually one of the leading cross-chain stablecoin and wrapped assets exchanges on the Solana network.
The main purpose of the Saber exchange is to provide its users with low slippage even for high volume traders. You can exchange various stablecoins such as USDT and USDC. As a part of the DeFi building block, Saber can be integrated into any Solana-based protocol or app easily.
You can buy SBR on various exchanges such as Bitget, Gate.io, Bitrue, LBank, and MEXC.
Please read our full review of the Gate.io and LBank exchanges.
Aldrin (RIN) is the last (but definitely not least) token that we will mention today. At the time of writing, it sits at the #4361 spot in the world as per the Coinmarketcap platform with the price of $1.62 per coin.
Aldrin is actually an exchange that has a goal to build a DeFI ecosystem. The previous name of the exchange was Cryptocurrencies.ai.
The team around Aldrin is pretty ambitious in its plans since they want to create one of the most powerful tools for all crypto traders. RIN is the native token of the exchange and its purpose is to facilitate its users. Hisham Khan Co-Founder & CEO of the Aldrin exchange recently said:
“As Founder and CEO of Aldrin Exchange, we are on a journey to make the world of Decentralised Finance a seamless process and help our users embark this voyage with all the foreseeable success they wish to accomplish.”
You can buy RIN on various exchanges such as Bitget, Gate.io, MEXC, Decoin, and Raydium.
Please read our analysis on the best altcoins in 2023.
Mango is one of the top projects on Solana, and it is powered by Serum’s technology. It’s a platform designed for DeFi derivatives and runs on the Solana blockchain, offering users incredibly low fees.
On Mango everything is cross-collateralized so traders can open leverage positions and earn interest on their open interests, deposits, and collaterals. Plus Mango promises the same usability and liquidity of centralized exchanges with the added sauce of permissionlessness that comes with DeFi.
The token powering Mango is called MNGO – part governance token to vote in updates to its structure and part native currency used as a reward for stakers lending liquidity to its markets.
Let’s look at some frequently asked questions when it comes to the Solana network.
How Fast Is Solana?
As already mentioned above, speed is one of the biggest advantages Solana offers to its traders and one of the factors it relies on when compared to the powerful Ethereum network. Keep in mind that the speed on the Solana blockchain is often called “the lighting” one.
If we want to talk exact numbers, Solana can process 50,000 to 65,000 transactions per second which is a pretty remarkable number. For instance, the Ethereum network can process only up to 15 transactions per second so you get the difference.
Please read our detailed Solana price prediction for the next few years.
How Does Solana Differ From Ethereum?
The difference in speed has already been explained above (50-65,000 transactions per second vs up to 15 transactions per second). However, keep in mind projections are that Ethereum 2.0 will process 100k transactions per second.
However, Solana and Ethereum differ in more factors. For example, Ethereum was launched way earlier and has a way bigger market cap at the time of writing ($375B vs $43B). Finally, in my honest opinion, it is still not fair to completely compare Solana and Ethereum since Solana is “a new player in the block” while Ethereum has been in the game for a long time.
Who is behind Solana?
Original creators of Solana are Raj Gokal and Anatoly Yakovenko.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com