solana The attention of investors, who are eyeing the ecosystem in 2024, has become even more intense with the launch of new tokens. During this period, major tokens such as Marinade (MNDE), Raydium (RAY), and Jupiter (JUP) attracted attention by recording strong trades using Solana’s layer-1 infrastructure.
According to DefiLlama’s data, this growth in the Solana ecosystem is clearly noticeable. The total value locked (TVL) with tokens such as Marinade (MNDE), Raydium (RAY) and Jupiter (JUP) managed to rise to $4.17 billion, an impressive increase since the beginning of the year. This represents nearly three times the initial TVL of $1.53 billion.
Daily volume recorded by decentralized exchanges also increased from $777 million to $900 million during the same period. This is a direct result of increased trading and investment activity among the top Solana ecosystem coins and protocols.
Marinade (MNDE)
marinade (MNDE) stands out as a staking optimization platform that helps investors get the most out of their SOL stakes. Since Solana is a proof-of-stake network, its security is guaranteed by validators who stake their native tokens.
Therefore, staking SOL on the protocol helps improve the decentralization of the network while rewarding investors in proportion to their stake. In this context, Marinade aims to simplify the staking experience and results with an automated system.
MNDE is trading at $0.31 with a TVL of $1.75 billion as of press time. This represents a value of 22 times higher than the token’s market cap, indicating that it is an oversold asset in DeFi.
Raydium (RAY)
As we reported as Koinfinans.com radidium (RAY) is one of the most popular decentralized exchanges in the Solana ecosystem. Most Solana tokens are traded in Raydium, which includes the best meme coins in the ecosystem.
With a significant share of the total value and volume locked, RAY is an interesting token to consider investing in. The decentralized exchange has $260 million of the ecosystem’s $904 million 24-hour volume and is trading at $2.04 for a market cap of $527 million.
Jupiter (JUP)
Finally Jupiter (JUP) remains one of the new Solana tokens in the list of innovative projects. In this context, Jupiter is a derivatives-focused platform that allows Solana speculators to trade perpetual contracts in a decentralized manner.
JUP is trading at $1.17 with a capitalization of $1.57 billion, ranking 66th according to the CoinMarketCap index. However, after a recent airdrop to Solana’s early investors, only 13.5% of its tokens are in circulation.
This suggests that although Jupiter is a promising project through 2024, it is not an ideal time to buy JUP.
