#BinanceHODLerBANANA #SOFR_Spike #SOFR_Spike #MtGoxJulyRepayments #EarnFreeCrypto2024 Solana is on fire again. The chain is making its way up the pricing chart again. That remains an amazing feat, considering it looked like game over for Solana in December 2022.
Solana remains the comeback kid for me. From $8 on Dec. 22, after the FTX debacle, to $178 today. Now, when Solana is on fire, that typically spills over to its ecosystem. Many projects will show green charts as well. So, that’s why today, I will introduce three Solana altcoins. These are three projects you should keep an eye out on. So, let’s take a closer look.
1) Jupiter ($JUP)
Jupiter is Solana’s leading swap aggregator. According to DefiLlama, its perps section has $541 million in TVL. This puts it in 6th spot of all Solana DeFi projects. Since January this year, it has only been growing.
An aggregator always looks to get the possible swap option available. So, Jupiter offers a couple of great features, for instance:
Swapping — It uses AMMs and order book DEXes to find the best available swap price.
Limit orders — You can set specific sell or buy prices. A rare feature on AMMs.
Automated Strategies — Like DCA (dollar cost averaging). Add a pre-set amount of a token at fixed intervals.
Perpetual Exchange — Perpetual contracts don’t have an end date. You can also use leverage; Jupiter offers up to 100x.
JLP pool — The Jupiter Liquidity Pool. Add liquidity and receive part of the fees generated by the perps DEX.
JupSOL – Stake $SOL on Jupiter and receive $JupSOL. This is an LST token or liquid staking token. In other words, you can stake $SOL and get rewards. However, you can use the LST again in DeFi and get extra rewards.
The $JUP token launched in late January 2024. There was also a big airdrop campaign. Come late January 2025, there will be another airdrop round. Use the Jupiter app, and you should receive that airdrop. For example, swapping in your Phantom wallet is on Jupiter. Or buying droplets on Drip Haus happens with Jupiter as well.
You can also stake your $JUP and vote on proposals. This rewards you with $JUP and other Solana ecosystem tokens. The more you stake, and the more proposals you vote on in a given period, the higher your rewards will be. The current $JUP price is just over $1. There’s a max and total supply of $10 billion $JUP. Only 1.35 billion circulate. Its market cap is $1.3 billion.
2) Pyth Network ($PYTH)
Pyth Network is an oracle. To be precise, it’s a financial oracle. So, to clarify this, oracles are crucial for blockchains. That’s because a blockchain can’t communicate with the outside world. A blockchain can’t open a door to check the weather conditions, so to speak.
That’s where oracles step in. They connect a blockchain with real-world data. That can be anything. For example:
Cryptos, precious metals, banking data, or other asset prices.
Sports results for betting sites.
The weather forecast.
However, Pyth Network concentrates on financial services. It offers real-time price feeds, among others, for services like:
Cryptocurrencies.
Equities.
Foreign exchange pairs.
ETFs.
Commodities.
Currently, Pyth has well over 500 data feeds, almost 400 Apps use it, and 70+ blockchains use its data. This includes, of course, Solana. But it also services EVM chains, Sui, Aptos, NEAR, and some Cosmos chains.
Another feature that stands out, is Pyth’s update frequency. It updates more often and faster than, for example, its competitor Chainlink. It has over 90 million updates per day. This allows for very accurate price updates. Some of its key featuresare:
First-party publisher Oracle — It sources data straight from primary sources.
Confidence Intervals — This gives as much of a ‘true’ asset price as possible. For example, during volatile conditions.
Multichain integration — Currently, well over 70 chains. Ranging from EVM to Cosmos, or Sui and NEAR.
You can also stake your $PYTH and your rewards are in the form of token airdrops. The current $PYTH price is around 37 cents. Its market cap is $1.37 billion. Of the 10 billion max and total supply, already 3.6 billion circulate.
3) IO.net ($IO)
With IO.net we’re in the DePIN sector. It offers on-demand, decentralized GPU access. So, you can get cloud computing resources for machine learning and AI applications. Decentralized cloud computing has a couple of advantages over bigger, centralized competitors. For example:
More affordable, up to 90% cheaper.
Better scalability.
Immediate access to GPU. There’s no need to wait for weeks before you can start using it.
IO.net also has some cool components that make it work. For instance:
IO Cloud — An easy-to-use, real-time dashboard where you have access to the GPU. It’s secure, and you can customize it to your preferences.
IO Worker — This feature manages your GPU clusters. It has a real-time earnings overview and is easy to manage. It’s also secure and stable, with no downtime.
IO Explorer — Keeps track of all statistics and the network.
IO ID — The place to keep track of your earnings and expenses. Besides adding and connecting a Solana wallet, you can do the same for an Aptos wallet.
The $IO token is also their native token. You can use it to rent GPU or pay for other services. Furthermore, you can pay for transactions with this token. Its current price is $2.72. It has a market cap of $258 million. Out of the 800 million max and total supply, 95 million circulates.
