Solana becomes a meme chain? They are the ones who hold up TVL

Sold for US$599, the Web3 mobile phone Saga officially launched by Solana Blockchain Network has been in poor sales since its launch in May this year. However, in December, the official website launched Saga for everyone Mobile phone buyers airdropped 30 million BONK tokens. These BONK tokens are worth US$700 when received. Mobile phone buyers not only recouped their capital but also made a profit.

With this stimulus, Saga mobile phones are sold at a 500% premium on eBay, and the order is directly worth 3,000 USD.

The "bait" of Soga mobile phone BONK is also the fuse that has recently made the Solana chain active. This Meme coin (model) uses the image of a dog as its logo. Due to the concept), it rose from around US$0.0000038 to US$0.000034 in 30 days, which directly "dissipated 0" and doubled nearly 10 times. Although it fell back to US$0.000015 recently, the increase within the month is still 290%.

Low prices and high increases can stimulate the nerves of currency players the most. BONK is also said to have completely ignited the Meme fever of the Solana chain, with "Shiba Inu" Animal series Meme tokens such as WIF tokens with the theme of "Dragon" as the theme and SILLY with the theme of "dragon" have been launched one after another, and funds have flowed into the Solana chain significantly. The total value of crypto assets on the chain (TVL) increased to 1.475 billion US dollars in the month. An increase of 120% within the period.

Meme's active trading on the Solana chain has also driven the demand for Gas  "SOL" on the chain. Coupled with the favorable secondary market, the price of SOL has increased by one month. It broke through 100, reaching a maximum of $113.27, an increase of 92.67%.

There is a voice saying that "Solana is becoming a Meme chain", but if you take a closer look at the transaction volume and project distribution of this chain, you will find that the funds Still in the DeFi infrastructure, including decentralized trading applications DEX, lending DApps, liquidity management and other applications, some new infrastructure protocols are beginning to appear. In addition, applications such as Metaverse and games have also retained some funds.

When the Solana chain comes back to life, Meme's "wealth effect" has brought indispensable attention, but the key to Solana's healthy life is still the chain. On the construction of applications, some new applications began to appear.

Meme Coin Collective Disco

If you are keen on In the "altcoin" market of crypto assets, you must have heard of "Silly Dragon" recently. Its token is called SILLY. Since its launch on December 5, 2 Within a few days, it facilitated a transaction volume of US$30 million on the decentralized trading application (DEX) Jupiter Swap. The current price is US$0.12. When it was first launched on the secondary market, there were two "0"s before the decimal point.

The image of the "silly dragon" first appeared on the clothes of Solana co-founder Anatoly Yakovenko. He wore this outfit at Solana's Breakpoint 2023 annual conference in late October of this year. Two months later, the image had its own meme coin, SILLY, whose creator remained anonymous.

Although inspired by Anatoly's clothes, SILLY is not the most popular Meme coin on the Solana chain. The real fire token was created 1 year ago. BONK, after being in a "zombie" state for nearly a year, from December 13th to 15th this year, this old Meme announced that it would officially launch a large-scale airdrop for the Solana ecosystem. One of the targets was the purchase of the Web3 mobile Saga launched by Solana. By.

BONK price data collected by CoinGecko

U.S. crypto during the BONK airdrop program Asset exchange Coinbase is the most astute. It launched BONK on December 15, pushing the price up by 50% within 24 hours, reaching a maximum of $0.000014, and facilitating a transaction volume of over $2.35 billion.

The Meme craze on the Solana chain has just started. WIF (Dogwifhat), PONKE, Popcat, Eggdog, and Melon Dog all came out, just like an "animal currency" meeting. Among them, WIF was launched during Thanksgiving. The meme character is a Shiba Inu wearing a knitted hat. The token was born on the Solana chain on December 18 with an initial market value of US$100 million. By December 24, the market value doubled. , more than US$220 million.  

Meme coins gather on Solana chain‍‍‍‍‍

During this period, Meme is hot The most direct impact on the Solana chain is to push up the total value of encrypted assets locked up (TVL) of the chain.

DefiLlama data shows that on December 1, the TVL of the Solana chain was US$670 million. By December 27, this number had become US$1.475 billion. , an increase of 120.14%.

The price of the Gas token SOL on the Solana chain has also increased simultaneously, rising from US$59 on December 1 to a maximum of US$121, also doubling. , currently falling back to around $110.

New application "airdrop" surges

From time to time It seems that the inflow of funds on the Solana chain is indeed consistent with the Meme coin’s active and savvy users during this period who want to obtain popular chips at lower prices directly from the chain or within the application. Some people wait for centralized exchanges to pay attention to these Memes, thereby gaining new increases; others directly receive application rewards by providing liquidity within DeFi applications on the chain.

These have promoted the demand for Gas token SOL. But if you take a closer look, what can really support the activity of transactions on the Solana chain is still the infrastructure, which is an important carrier of funds and traffic.

Top 10 projects with 24-hour trading volume on Solana chain on December 26

According to DappRadar data, judging from the 24-hour transaction volume, established projects in DeFi, games, metaverse, governance and other sectors on the Solana chain have maintained a very high level of activity, including Chainlink, Aave, Jito, Raydium, STEPN , Helium. These are the keys to ensuring the healthy development of Solana.

In the list of the Top 10 trading volume in 24 hours, there are actually only three Meme projects.

The decentralized oracle network ChainLink is almost the infrastructure of all blockchain on-chain infrastructure, because on-chain applications require such smart contracts to connect to off-chain According to data, on December 26 alone, it generated a transaction volume worth US$617 million on the Solana chain; the lending application Aave ranked second with a transaction volume of US$213 million. The sneaker game STEPN and the metaverse game Star Atlas also have more than one million dollars in funding.

It is worth mentioning that the recently popular decentralized mobile device networking section DePIN project "Helium" is also on the Sonala chain. In the top 24-hour trading volume list, it contributed US$29.83 million in trading volume. Helium is the largest DePIN project on the chain.  

It can be seen that although Meme coins are popular, the fund activity on the Solana chain is not only concentrated on Meme. All old players of Web3 Finance know that Meme is hot enough, but it will not last long.

Solana’s founding team is also thinking about what will happen after the Meme carnival.

"I am very happy that BONK has performed well. Let the upcoming DeFi tokens also be a great success." On November 20, KOL @R89Capital in the crypto circle The post attracted the attention of Solana co-founder Anatoly, who asked, “Do you think Meme coins will always be just Meme (a completely acceptable result)? Or do you think it can be done by allowing people to perform some kind of “task-based” work based on rewards? Build a global development movement?"

And Placeholder VC partner Chris Burniske believes, "If done properly, crypto-assets will allow valuable labor to be matched with the capital created. Tighter integration. So while Meme coins are interesting, I’m focused on making the latter scenario a reality.”

What Chris is focusing on is indeed Happened, some new DeFi applications and NFT projects are emerging and starting to encourage users to come and interact. On the chain, interactions often leave traces, and these interaction records will be the "tickets" for interactors to obtain application airdrop rewards in the future.

These relatively early applications include:

  New applications on the Solana chain< /span>

Among them, derivatives trading application Zeta Markets has established a "Z-Score" points system, lending application Kamino also has points settings, and AMM application Meteora has Confirm the airdrop.

The Meme craze has once again focused the market's attention on Solana. The chain began to recover from the shadow of the FTX thunderstorm, and traffic and funds poured into the chain again. The next test is whether more interesting applications can take over or even retain the traffic from Meme.