How User Friendly Solana DeFi Ecosystem is Today?

By 0fajarpurnama0 | Cryptocurrency 101 for Users | 13 Oct 2021

Many users probably already know that Solana is one of the fastest smart contract platform there is where during its live main net in early 2020, it was able to run 50 thousands smart contracts per second. Therefore, it is very fast and cheap. However, how user friendly is Solana DeFi ecosystem today? Let us take a look.

Many Mobile Wallets Supports Solana DeFi

Other than the main Solana wallets Sollet, Phantom, Solflare, Solong, and Slope, other multicryptocurrency mobile wallets also supports Solana such as Safepal, Math Wallet, Coin98, Bitpie, and blocto. Although Trust Wallet supports Solana assets but decentralized app (DAPP) browser is not yet released to expore decentralized finance (DeFi). For now Metamask does not support Solana because it is not a fork of Ethereum.

Main Network and Smart Chain are on Same Network

Many DeFi ecosystems are not a fork of Ethereum but they decided to run a separate smart chain for their DeFi called Ethereum Virtual Machine (EVM) compatible such as Binance Smart Chain, Polygon, and Avalanche C-Chain. However, Solana decided to build on their same main network where no need to set up a new smart chain network, cross chain, bridge, etc. Therefore, deposit and withdrawal in exchanges are just as simple as vanilla sending and receiving. Sure the top 2 global cryptocurrency exchanges Binance and Kucoin supports Solana but as long as there is Solana in the exchages, they definitely support DeFi deposit and withdrawal where you can even deposit and withdraw on Stex. One of my local exchange Tokocrypto supports direct deposit and withdrawal as well.

Portfolio Generator or Tracker for Solana

Portfolio DAPP for Solana is still quite few. Among all the multichain portfolio tracker I know, only Ape Board began to support Solana, but no need to worry because there are native portfolio platforms for Solana. The first one is Step Finance and the second one is Sonar Watch. I prefer the second one because I can share my portfolio just by sharing a link https://sonar.watch/dashboard/FNY6aisHK3MKf2MosbtN4BmfWDx8MF96aWTzJFFnPPYy.

Trading View for Solana Assets

Unfortunately DEX Guru and Chartex have not support trading tools for Solana assets yet, but good thing there is a native trading view platform for Solana called DEXLAB. It supports drawing technical analysis and technical indicators just like Trading View. There are more feature such as order book, minting lab, and initial DEX offering (IDO). It also have its own token called DXL.

Resources

Cryptocurrency DeFi Dapps Solana user

How do you rate this article?

0fajarpurnama0

I'm a content creator who is interested in financial freedom, decentralization, internet, computer, censorship resistance, unconfiscateable, cryptocurrency, monetization, passive income, and referrals.

Cryptocurrency 101 for Users

This is a book that introduces cryptocurrency to users which does not contain deep theories but light illustration, permables, and technical guidance for anyone to become a user. This book is licensed under creative commons attribution customized sharealike (cc-by-sa) where I Fajar Purnama as the creator customized the ShareAlike (sa) license here where you are also allowed to sell my contents but with a condition that you must mention that the free and open version is available here.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.