CoinEx Research, a research and development unit of the CoinEx cryptocurrency exchange platform, shared its views on the hottest trends dominating the Solana (SOL) ecosystem in Q4, 2023.
Solana Breakpoint triggered massive pump for entire ecosystem
As demonstrated by analysts from CoinEx Research, Solana Breakpoint 2023, a hotly anticipated annual conference of the Solana community held in Amsterdam from Oct. 30 to Nov. 3, was likely the main trigger for the amazing pump across the entire SOL-centric ecosystem.
1/ Exciting times for the Solana community as we delve into the post-Breakpoint era! 🌐 Solana Breakpoint 2023 in Amsterdam was a game-changer, fueling a massive 140% surge in $SOL and an overall ecosystem rebound. 📈 Let’s break down the highlights! pic.twitter.com/cF2Na7a97O
— CoinEx Global (@coinexcom) November 24, 2023
Within the framework of the conference’s events, numerous projects on Solana (SOL) demonstrated updates on marketing progress, technical improvements and even new road maps.
As of Nov. 26, 2023, the SOL price has risen by over 140%, and its ecosystem has also witnessed an overall rebound. Many people have begun to believe that the current Solana (SOL) has shaken off the shadow of the FTX collapse.
As covered by U.Today previously, the upsurge in prices of SOL and associated assets also provoked an inflow of capital into the ecosystem of Solana-based protocols.
To deobfuscate the trends behind this starting Solana (SOL) frenzy, CoinEx research analysts selected 80 projects from CoinGecko’s and CoinMarketCap’s top ranking. For this paper, the experts only studied products with publicly traded tokens.
Analysts revealed that, among all Solana-based projects, the total market cap of the dePIN (Decentralized Physical Infrastructure Networks) sector is currently the highest, while Decentralized Finance (DeFi) is the second one. In terms of the number of projects, the ecosystem is mainly composed of DeFi (36 projects) and GameFi platforms (15 projects).
Pyth, Render Network, Nosana: DePIN and DeFi segments push Solana (SOL) forward
Benefiting from Solana’s (SOL) state compression technology, dePIN projects can significantly reduce the cost of minting NFTs representing real-world hardware (multiple NFTs can be minted for a fraction of a cent). Therefore, Solana (SOL) has become the go-to ecosystem for many dePIN projects.
As per CoinEx Research, four projects in the dePIN ecosystem of Solana (SOL) are gaining traction. Render and Nosana focus on GPU computing power sharing, while Synesis One is involved in AI model training (Train to Earn).
Amid established active Solana-based DeFi projects, the most prominent one is the overhyped Pyth Network, considered a blue-chip asset in the Solana ecosystem. Orca, Solend and Marinade could also be recognized as promising projects in the Solana DeFi space.
GooseFX, Prism and Hadeswap attracted the attention of investors in the segment of low-cap DeFi altcoins launched on the Solana (SOL) blockchain this year.
What’s new in Solana’s meme coins sphere?
In this current upward trend, Solana’s meme coin sector has shown remarkable performance, with Bonk (BONK) firmly holding the leading position. The listing of BONK futures pairs by Binance, the largest crypto exchange by market volume, has contributed to its popularity upsurge.
Among other trending Solana-based meme cryptocurrencies, Samoyedcoin and Myro are particularly worth paying attention to. Both currently have eight-digit valuation, while the hype in the meme coin enthusiasts community is ever-growing.
WOOF, KING, Fronk and Cheems are other low-cap meme coins on Solana (SOL) mentioned by the experts at CoinEx Research.
As covered by U.Today previously, CoinEx is a multi-product ecosystem of cryptocurrency services with spot trading, futures trading, loans, P2P, copy trading and so on.
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