Exploring Opportunities On Solana

By Brando_28 | Greener Candles | 30 Nov 2023


Not long ago while I was doing this research on upcoming GameFi projects I discovered that there are quite a few interesting ones on the Solana chain — and not just games.

In this article, I will go through some of the findings such as NFT platforms, staking opportunities and possible airdrops.

Let’s take a look!

 

Getting Started

If you never had any activities on Solana, I would suggest adding a Solana wallet. As for me, I’m using the Phantom wallet which I’ve been very pleased with. Smooth and simple to use. You can download the browser app from the official Phantom site.

After that, you can do this short and simple quest to receive a Phantom NFT(you must be holding min 0.1 $SOL). The NFT itself isn’t probably worth much but it will unlock the DRiP airdrops and who knows, it might also count toward some possible future airdrops if Phantom would release their own coin for example.

1*mjgITnCDGtzaQMfuadeF4w.png

 

DRiPs

This is a Solana NFT platform where creators can showcase their work and where other users like me can subscribe to their art. By subscribing to artist you start getting these daily NFT drops straight to your Phantom wallet. You can also open the daily chest to increase your chances of getting rare or legendary drops. Thanking artists(paying them a small amount of SOL) increases or guarantees the chances of receiving rare NFTs.

drip.haus might require an invite code so here’s one.

 

Tensor

The next logical step is to check out what claims to be ‘Solana’s Leading NFT Marketplace’ — Tensor.

The price range on Tensor is quite huge but you can NFTs for less than a dollar. Personally, I don’t believe we are gonna see a 2021 kind of NFT hype anytime soon and I’ve never been that into them. However, I decided to buy one at the lower price range because you never know… Also, the collection was just minted so I thought here’s a good chance to score a bargain. So far the valuation of my NFT has only gone down but it kinda looks cool!

1*9uzTyZd9R4fput2G5VN9sA.png

 

Staking

Apparently, there are lots of “tokenless” dapps on Solana meaning they haven’t released their native token yet. Once that happens it’ll probably come in the form of an airdrop. If you have been participating in launches of new chains for example, you know that they usually require some kind of activity on the chain to be eligible for the airdrop.

Same thing with Solana dapps. Many DEXs for example have an ongoing points system that probably counts toward the future airdrops.

1*NJCSxYDa5lWUIr08Wpgr-Q.png

While doing my Solana chain research I couldn’t avoid shill posts of these future token launches. Many of these guys are doing longer threads covering multiple different dapps and of course, sharing their ref links on the side which in my opinion is absolutely fine.

Some of these (possible) airdrops were pretty easy to take part in and at the same time I got more familiar with some of the essential Solana dapps.

This guy here has a pretty good list which I went through with my wallet:

1*eZM4ZIVHfQSTZgO493IVwg.png Link to the whole thread.

The activities I did include staking, pooling, and making swaps & trades. The fees on Solana are really low compared to other chains so these tasks can be easily done with a smaller budget too.

 

Hunting Tokens

One other thing I was almost accidentally sucked into was those already recently released tokens. I’ll give you two examples of projects I just had to ape in.

The first one is Guacamole, a platform that rewards for playing games, trading, etc. Their native token $GUAC has just skyrocketed recently and even though it has already lost its peak, I managed to gain a little profit by trading it.

1*50cv7rDAohdOm1HjIi4nPw.png

Yesterday I bought some $GUAC for $5 and overnight the value of my holdings surged to almost $10! I know, not that much in dollars but it’s close to a 100% increase.

The second one I was already interested in since I was doing my GameFi research was a gaming token $DIO of the upcoming blockchain game, Decimated.

1*j46o4h3y5ZC5a1av4VvZtA.png

DIO is been moving up for a while now and even though I didn’t manage to catch this at the start, I still made some nice profit along the way and am still holding some.

The reason I mentioned these two is that my next plan is to hunt these low market cap assets of promising projects and hopefully be able to make the jump sooner.

 

Conclusion

There’s some good buzzing on Solana right now and I see a lot of interesting DeFi, GameFi and NFT projects popping up. If I were to step in the shoes of a blockchain newbie, Solana would probably be one of those chains I’d find appealing.

As mentioned, fees are very low and transactions are also super fast. In addition to that, most of the UIs of dapps I’ve come across are simple and easy to use. The Solana wallet I also mentioned, Phantom, is so far the best wallet extension I’ve used.

The good vibes on Solana are also reflected in the price of $SOL which has been doing extremely well increasing from from October ~$22 to the current $60. I know many probably have some more negative feelings toward the chain but based on my first impressions, I think I’ll stick around here a bit longer!

Thank you for reading and remember DYOR!

Here are some of the Solana DEXs I’ve used:

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Brando_28
Brando_28

GameFi, DeFi & Trading.


Greener Candles
Greener Candles

DeFi. GameFi. YouNameItFi. Greener Candles is also on Instagram & X so check it out!

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