Try Quests to earn cryptoSerum DEX: an on-chain orderbook, allowing applications such as trading interfaces to 'plug into' Serum's composable ecosystem. Various DEX's and protocols use Serum to coordinate order books and share liquidity.
Pyth Oracle : a pricing Oracle dedicated to aggregating off-chain financial data onto the blockchain.
Switchboard Oracle: community-curated data feeds.
After seeing these metrics of engagement, I no longer feel so gloomy about the state of Solana and the broader crypto market!
Mango Markets: a popular Dex offering leverage and loans. Uses Serum in the backend. Also sells a limited edition hat for 2192$.
Wrapped Sol: the smart contract for Solana's SOL token. The smart contract is invoked any time the token is transferred or swapped.
Last week I posted a few metrics of engagement on Solana. I was worried by the slowdown in the growth of daily active users. I also showed a reduction in daily Github commits to Solana.
Today I will look at another metric of user engagement and platform health.
Smart contracts are decentralized programs that form the backbone of all blockchain applications. By tracking the daily number of contracts used, we can get a sense of the growth of the Solana ecosystem.
So far this year, the number of smart contracts used went from 340 to 543 per day. I interpret this as a sign that Solana keeps offering more applications that people use.
These are the five most frequently used applications.
I am relieved to see a growing number of applications being used on Solana. This gives me optimism for the future of this chain. It is also a sign of positive sentiment from users.
The most popular applications on Solana are trading markets and oracles that feed prices to those markets. Solana has always presented itself as the ideal trading platform. Its value proposition is to offer very fast transactions and low fees. These qualities are ideal for trading platforms.
Thank you for reading. 😀