These Three Narratives Are Driving ‘Vibrant’ Solana (SOL) Ecosystem, According To Crypto Exchange CoinEx - The Daily Hodl

Three primary sectors are driving the development of Solana’s (SOL) “vibrant” ecosystem, according to the Hong Kong-based crypto exchange CoinEx Global.

CoinEx notes in a new analysis that the Ethereum (ETH) competitor’s attention is focused on decentralized finance (DeFi), memecoins and decentralized physical infrastructure networks (dePIN).

DePIN projects involve crypto-powered decentralized networks that connect hardware devices and offer digital services, according to the crypto exchange Bitstamp.

CoinEx notes that dePIN projects represent the highest total market cap on Solana.

“Benefiting from Solana’s state compression technology, dePIN projects can significantly reduce the cost of minting NFTs (non-fungible tokens) representing real-world hardware (multiple NFTs can be minted for just $0.01). Therefore, Solana is the preferred ecosystem for many dePIN projects.”

CoinEx notes that the Solana ecosystem’s top memecoin is Dogecoin (DOGE) rival Bonk (BONK). Last week, top crypto exchange Binance launched a BONK perpetual contract with up to 50x leverage. The 179th-ranked crypto asset is trading at $0.000004 at time of writing and is down nearly 10% in the past 24 hours.

CoinEx also says the Pyth Network (PYTH), an oracle network, is the Solana ecosystem’s “most prominent” DeFi project. Binance also recently listed a PYTH perpetual contract with up to 50x leverage. The 80th-ranked crypto asset by market cap is trading at $0.432 at time of writing and is up over 1% in the past 24 hours.

Solana’s native asset, SOL, is trading at $55.02 at time of writing. The seventh-ranked crypto asset by market cap is down 2.82% in the past 24 hours.

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