2021 is considered an important milestone for both the Crypto market in general and for the financial market in particular as it continues to have explosive development marks and attract the attention of many investors around the world. !
I believe that each brother who reads this article will have memorable moments with Solana during their one year relationship.
You can refer to the following article to get an overview of the Solana system before we dive into the analysis of the development journey of the whole system in 2021: Overview of the Solana ecosystem
Below is the Solana overview report for 2021, compiled by the Coin98 team. The report is a compilation of events, milestones, outstanding numbers and not only that, readers will also be able to refer to quality Insights from Coin98's Researcher team.
I and the Coin98 team hope that this Report will effectively support your crypto investment journey in 2022 ahead.
For detailed infographics and other insights, you can download the PDF here: c98.link/Solanians-SolanaReport2021v1
Looking back at Solana in 2021
Let's take a look back at Solana's development journey in 2021.
Solana Ecosystem Overview
1. Strong expansion in Solana ecosystem
In just one year, the Solana ecosystem has completely changed, the number of projects that have been developing has grown rapidly. From just a few projects at the beginning of the year, by the end of the year, Solana has had hundreds of projects developed. That number of projects covers a wide range of fields and is especially focused on the DeFi and NFT arm.
2. Solana's Memorable Milestones
Along with that strong expansion, Solana also achieved many impressive milestones in turn. Important indicators showing the growth rate of the ecosystem such as the number of developers, the number of transactions processed, etc. also create new peaks in turn.
3. Solana's important events in 2021
Solana has experienced many events from large to small in 2021, in which the most prominent events contributing to the large growth waves include:
- Organize events to help expand and improve product quality in the ecosystem including 3 hackathons (Solana x Serum Hackathon, Solana Season, Solana Ignition) and 1 offline event ( Solana breakpoint ).
- Attracting large investment cash flows into the ecosystem, notably Solana Labs raised $314 million.
- NFT season comes to Solana, NFT projects grow strongly and market capitalization surpasses 1 billion USD.
- The number of stablecoins issued on Solana increased sharply.
3. The growth of tokens in the Solana system
With the strong expansion of the Solana system, the price of SOL tokens in particular and other tokens in general has had a very good growth.
When compared to other smart contract platforms, SOL is the top performing token. The price of the SOL token has increased by more than 131 times, an extremely impressive number.
Most of the other tokens in the system also have good growth.
To sum up, Solana system had a prosperous year with strong growth in many different fields. In the next section, we will learn about the two most interested branches in the ecosystem including DeFi and NFT.
DeFi on Solana
DeFi is the most focused branch on Solana. With low cost and instant processing time, Solana is the ideal environment for users or projects to continuously rotate assets to help optimize capital and bring in more attractive profits.
1. Stablecoins issued on Solana
Stablecoins are DeFi's gateway, from the growth rate of the number of stablecoins issued, we can partly infer the growth rate in the ecosystem.
In just 1 year, the total supply of USDC on Solana exceeded 15% of the total supply of USDC in the entire market and reached $4.79 billion, USDT also reached $1.89 billion.
2. DeFi puzzle pieces on Solana
From a DeFi ecosystem with few products, Solana has completed most of the core pieces of DeFi. Not only that, the ecosystem also attracts a large number of real developers when leading projects have gradually developed satellite projects above, thereby helping to optimize yield and experience. experience for users.
Looking at the development speed plus the quality of the new DeFi project on Solana, I am very bullish on this branch in 2022, details I will talk about in the forecast section below.
NFT on Solana
Besides DeFi, NFT is also the branch with great growth. NFT projects emerged as a phenomenon and attracted a large number of users as well as new cash flow. Currently, the total capitalization of NFTs on Solana is stabilizing at over $1.1 billion. However, most of the value is concentrated in the top projects among the many NFT projects on Solana.
Besides, there are too many collectibles (NFTs just for holding and aiming) have made the NFT market increasingly diluted. This has encouraged the launch of many NFTs with different use cases ( Interactive NFT ).
NFT now, in addition to just holding normally, can be used to access many functions of DeFi projects, make in-game items and many other potential use cases.
With low cost and high speed, Solana is the ideal environment to attract new users. And NFT is the portal to help new users access Crypto in general and Solana in particular.
In the above section, I have summarized the most outstanding events in different branches to look back at Solana's explosive year. And below, I will rely on these same data along with insights during my Solana system tracking to make projections for 2022.
Ready for 2022
2021 is an explosive year for Solana and I think 2022 the ecosystem will continue to grow even more. Below are some of my analyzes and projections for the Solana system in 2022. Hope to help you somewhat in preparing for the coming time.
Note: All judgments and projections are based solely on Solana's current developments and moves. Other factors such as general market conditions and unforeseen risk factors do not apply to these projections. You should only consider this information for reference and not as investment advice.
DeFi on Solana
As I said above, DeFi is one of the most focused branches on Solana. DeFi on Solana currently has not only stopped at basic branches like AMM, Lending but they have developed at a higher level.
With the basic pieces of DeFi completed and the top projects already having many satellite projects developed on top, I think in 2022 DeFi cash flow projects on Solana will be consists of:
- Higher layer projects such as derivatives (trading perpetual contracts, margin, options, ..) or assets managements/aggregator.
- Top projects have many subprojects developed on top of . Typical for such a project can be mentioned Serum or Saber. These are not just regular projects but also a platform to develop other projects and will almost certainly attract the most value.
NFT on Solana
In addition to DeFi, NFT is also an area that we need to pay attention to, NFT on Solana is gradually escaping the shadow of Ethereum. Instead of going in the direction of creating value collectibles, NFT on Solana is about developing more use cases. This is gradually creating new values and making the NFT land on Solana more potential than before.
In the process of following the system, I see NFT branches that are likely to thrive in the near future, including:
- Interactive NFT x DeFi: Examples can be mentioned as Orca has NFT staking or other projects like Katana, Solrise, Drift require NFT to be able to use the product. The opportunity in this segment, I will focus on skin in the game, owning NFT from a project that does not have a token to receive an airdrop. Another way is to focus and invest in NFT of potential projects and have a roadmap for NFT application on products.
- Gaming : There is no denying the attraction of gaming on Solana. At the moment, although no big game has really been released, but with low cost and fast processing speed, this will be an opportunity for good game projects on Solana.
Other branches
In addition to the two prominent branches above, the Solana system is also promoting the development of many other areas. Although it is still in its early stages, we should not ignore it. Some branches are gradually taking shape, such as Metaverse and Social projects, these are all branches that can easily attract new users with little knowledge of Crypto.
summary
Above is the report and some projections on the whole Solana ecosystem in 2021. Hope you guys have had a better insight into Solana as well as more insights to prepare for the coming time.
Don't miss the Reports of many other ecosystems researched and implemented by the Coin98 team, follow the Series Year In Review now !
