Top Solana Ecosystem Coins by Market Cap in 2024

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Contributor, Benzinga
March 4, 2024

Despite some setbacks after the collapse of FTX, Solana has shown resilience. Sam Bankman-Fried was a proponent of Solana and held a large amount of the supply in his defunct exchange. This factor caused many to panic when FTX went under, and the price suffered greatly. However, the token made a huge comeback, surpassing pre-FTX levels within several months. It has seemingly risen from the dead, showing its prominence in the overall crypto space. 

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Top Solana Ecosystem Tokens by Market Cap

Let’s take a look at the top Solana-based tokens by market cap.

1. Solana (SOL)

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Solana thumbnail

sol

Solana

$145.57*

*prices delayed up to 10 minutes

+10.6%

24H
Buy Solana
470 votes

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Price: ~$130

Market cap: ~$58 billion

SOL is the token that powers the Solana chain. The token is used to help facilitate access to decentralized finance (DeFi) applications and other Web3 projects. SOL has three main uses: staking, governance and paying transaction fees.

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Chainlink thumbnail

link

Chainlink

$13.83*

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+5.83%

24H
Buy Chainlink
539 votes

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Price: ~$20

Market cap: ~$12 billion

Chainlink is a project built on the Ethereum chain that also operates with the Solana chain through its abstraction layer, which allows the project to connect smart contracts across chains. The protocol allows it to integrate off-chain data into smart contracts, a breakthrough that could prove useful in the future.

3. Render (RNDR)

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Render thumbnail

rndr

Render

$9.57*

*prices delayed up to 10 minutes

-0.60%

24H
Buy Render
0 votes

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Price: ~$8

Market cap: ~$3 billion

Render is a project that hopes to bring computing power to all through a distributed network of graphics processing units (GPUs) that can be used by anyone for a fee in RNDR. Though the project was originally built on Ethereum, holders of the token voted to also employ the project on the Solana chain in late 2023.

4. The Graph (GRT)

Price: ~$0.30

Market cap: ~$3 billion

The Graph is a powerful tool used by blockchain developers to store and process data from decentralized applications (dApps). The project uses the coding language GraphQL, which was originally created by Meta and is widely used. GRT is used as collateral to ensure that all parties are operating in accordance with the rules. Originally created on Ethereum, it launched Solana compatibility in the summer of 2023.

5. Arweave (AR)

Price: ~$27

Market cap: ~$1.7 billion

Arweave is a data storage solution for blockchains. The project works by paying users a fee of AR to store data for others, effectively allowing them to store as much data as people are willing to pay for. Though the project operates on its own chain, Solana partnered with it to increase its data storage capabilities. 

6. Bonk (BONK)

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BONK Token thumbnail

bonk

BONK Token

$0.070743*

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0 votes

Price: ~$0.00002

Market cap: ~$1.5 billion

Bonk is the first non-technical project on this list. The token is a meme coin on the Solana chain, meant to be for the people, by the people. The token rose to prominence in late 2023 and is one of the first Solana-based meme coins to receive lots of attention.

7. Helium (HNT)

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hnt

Hymnode

$0.01221789*

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-24.3%

24H
Buy Hymnode
1 votes

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Price: ~$9

Market cap: ~1.4 billion

Helium is an internet service provider that operates by allowing anyone to purchase a physical device that emits a low-frequency signal. These signals allow others to access the internet in the form of a hotspot for a fee of HNT. The project has attracted the attention of many large companies and has signed partnerships with Lime scooters and Salesforce.

8. Pyth Network (PYTH)

Price: ~$0.65

Market cap: ~$1 billion

Pyth Network is a data provider for dApps across 40+ blockchains but is headquartered on the Solana chain. The project provides real-time market data for a variety of assets, such as crypto, equities, FX and commodities. The network has received significant participation, attracting companies such as Jane Street and CBOE. The project uses blockchain technology to ensure that data is accurate and consistent.

9. Dogwifhat (WIF)

Price: ~$1

Market cap: ~$950 million

dogwifhat is a meme coin centered around a picture of a dog wearing a pink beanie. Though the token itself does not provide much value, a strong community has consistently lifted the price higher and higher. The project gained traction on social media, with many users changing their profile pictures to the meme. 

10. Jupiter (JUP)

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Jupiter thumbnail

jup

Jupiter

$0.00123267*

*prices delayed up to 10 minutes

+36.0%

24H
Buy Jupiter
0 votes

Price: ~$0.60

Market cap: ~$800 million

Jupiter is a decentralized exchange (DEX) that aggregates prices across all DEX markets to offer the best exchange rate to users. It offers advanced trading features, such as perpetual futures contracts, allowing traders to gain more leverage on trades, a feature that few DEXs offer.

What is the Solana Ecosystem?

The Solana chain was created in 2017 and launched in 2020. It serves as an open-source blockchain that allows users to interact with the crypto space. Its use cases are continually expanding, so it is consistently able to attract new users through the projects it hosts.

One of the main benefits of using Solana is its fast transaction speeds and low fees. It runs on a unique consensus model that combines proof-of-history (PoH) and proof-of-stake (PoS) protocols. The PoH model allows validators to create timestamps for each transaction, reducing the amount of information needed to verify transactions through the PoS model. 

Solana is not the only chain hoping to provide cheap and fast transactions. Some of its main competitors are Avalanche (AVAX), Cardano (ADA) and Ethereum (ETH).

How Does the Solana Ecosystem Work?

Solana uses a combination of PoH and PoS to secure the chain. A variety of other factors go into the chain’s operations.

SOL is the token that powers the chain. It can be used for governance, meaning that investors are allotted one vote per SOL token, which can be used to decide on the project’s future. It can also be used to pay transaction fees or staked. You can verify transactions in exchange for a reward in SOL. 

Solana also supports developers who want to create new projects on the chain. It allows developers to create smart contracts using a programming language called Anchor, which is based on the language Rust. Solana gives developers a full environment to test projects and build them out and provides data solutions.

Solana Ecosystem: Pros and Cons

Pros

  • Can process 50,000 transactions per second (scalable)
  • Low fees, often less than $0.01
  • Environmentally friendly compared to Bitcoin
  • New and exciting projects
  • Huge NFT market
  • Developer-friendly

Cons

  • Not the most decentralized chain
  • Small number of validators compared to other PoS chains
  • Has had issues with network outages in the past
  • FTX involvement
  • Large competitors (Ethereum)

How to Invest in Solana Ecosystem

There are a handful of ways to invest in Solana-based tokens. Some of the larger projects are typically available on crypto trading platforms, such as Coinbase, eToro, Webull, Kraken and PrimeXBT. However, for smaller projects, you may have to use a wallet and access a DEX, such as Jupiter.

  • Coinbase
    Best For:
    Active Crypto Traders
    securely through Coinbase's website

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  • eToro
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    securely through eToro's website

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  • Webull Crypto
    Best For:
    Low Minimums
    securely through Webull Crypto's website
  • Kraken
    Best For:
    Crypto futures traders
    securely through Kraken's website
  • PrimeXBT
    Best For:
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    securely through PrimeXBT's website

The Solana Ecosystem is Growing

Though many thought Solana would become irrelevant after the fall of FTX, it has shown that it deserves a place in the crypto world. In 2023, it brought in tons of new projects, increased its use cases and saw massive gains in price. The ecosystem has made a comeback, and many believe that this momentum will continue throughout 2024.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts

Frequently Asked Questions

Q

Is Solana a good investment?

A

Solana could be a good investment if it continues to attract new projects and users.

 

Q

How much is the Solana ecosystem?

A

The combined market cap of all the Solana-based tokens is around $100 billion.

 

Q

Can Solana reach $1,000?

A

Solana could reach $1,000, but that would mean its market cap would be $442 billion, larger than its main competitors, such as Ethereum.

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About Caden Pok

Caden has been involved with cryptocurrency for several years, began trading and investing in crypto in 2018 and is highly experienced with DeFi technology. He took part in undergraduate research studying cryptoeconomics and is a member of Wolverine Blockchain, a group designed to educate students on cryptocurrencies and blockchain technology. Currently, he mines multiple coins and holds positions in Cardano and Ethereum.