Solana is a high-performance blockchain platform designed for decentralized applications and cryptocurrencies. It stands out for its fast and cheap transactions, making it a perfect place to start as a beginner in the DeFi space.
Why Solana Blockchain?
- Low transaction fees: The average cost of transaction is $0.00025
- Fast transactions: the Solana blockchain can process up to 2,700 Transaction per second
- The architecture is designed specifically for creating smart contracts and dApps
- An amazing community of developers and builders
In this guide, I’ll highlight some of the amazing DeFi projects built on Solana and what you can do with them.
Best Solana Wallets
Your Solana wallet acts as the gateway to exploring the Solana ecosystem. You need a Solana wallet and some SOL to do anything on Solana. Here are the best wallets to consider if you’re starting out in Solana.
Phantom
Phantom is perfect for beginners because of its simple and user-friendly interface; it is easily one of my favorite wallets. Phantom supports Solana, Ethereum, Polygon, Bitcoin, and Base Networks.
The Phantom is non-custodial and is known for its high performance, low gas fees, and simplistic but comprehensive functions. Here are some of the things you can do on Phantom
- Store crypto and NFTs
- Receive/send crypto
- Swap tokens
- Bridge tokens across chains
- Stake SOL and earn rewards
Backpack
Backpack is the first wallet developed for xNFTs (executable NFTs) It is also the only open-source wallet on Solana, and it supports both Solana and Ethereum.
Backpack is perfect for collectors and using decentralized applications. Here are some things you can do on Backpack:
- Buy and store tokens
- Send and receive crypto
- Store, interact, and trade NFTs
- Use xNFTs apps
- Swap tokens
P.S You can boost your rewards when you use Backpack with MarginFi, ZetaMarkets, and Tensor.
SolFlare
Designed by Solana Labs, SolFlare was the first Solana wallet and is a great option for DeFi investors. Although SolFlare supports only the Solana network, the Metamask Snap feature allows you to connect SolFlare to Metamask and bridge assets. Here are some of the things you can do on SolFlare:
- Store tokens and NFTs
- Send and receive tokens
- Stake SOL
- Swap tokens
P.S. SolFlare is also compatible with Solana Pay.
| Wallet | Features | Ease of Use | Supported Network | Compatibility | Pros |
| Phantom | Token swap, cross-chain bridge, SOL staking, Hardware wallet integration | High: Simple and user-friendly interface, easy account setup | Solana, Ethereum, Polygon, Bitcoin | Browsers, Mobile (Android, ioS) | Beginner-friendly, Simple staking and bridging process |
| Backpack | xNFTs, Token swap, cross-chain bridge, SOL staking, Hardware wallet integration | High: Simple and user-friendly interface, easy account setup | Solana and Ethereum | Browsers, Mobile (Android, ioS) | Automatically filters out spam, Open-source, partnership with some DEXs for users to earn extra points |
| SolFlare | Token swap, cross-chain bridge, SOL staking, Hardware wallet integration, Metamask Snap | High: Simple and user-friendly interface, easy account setup | Only supports Solana | Browsers, Mobile (Android, ioS) | - |
Best DEXs on Solana
DEXs (Decentralized Exchanges) are peer-to-peer exchanges (marketplace) that let you trade crypto directly without a custodian. DEXs let you remain in control of your assets while trading. Here are the top DEXs to use on Solana.
Jupiter
Jupiter is currently the biggest decentralized exchange on Solana. As a liquidity Aggregator, Jupiter pulls and consolidates trading information across several decentralized exchanges on Solana.
Here are some things you can do on Jupiter:
- Swap tokens
- Carry out limit order trades
- Bridge tokens across different chains. E.g., bridge USDC from Ethereum to Solana
- Use the DCA (Dollar Cost Averaging) to automate buying or selling of tokens at intervals.
Orca
Orca is a decentralized protocol that offers users a simple interface for trading and providing liquidity on Solana using the AMM model.
Orca features a clean and intuitive interface that is easy to use. It is also non-custodial, meaning the protocol interacts directly with your wallet. Here are some of the things you can do on Orca
- Buy and sell tokens
- Liquidity providing
Raydium
Raydium is the first automated market maker (AMM) built on Solana; it leverages the central order book of Serum to provide fast trading.
The TradingView integration allows you to view charts and set limit orders for more control over trading. Here are some of the things you can do on Raydium:
- Trade tokens
- Swap tokens
- Use limit orders
- Liquidity providing to earn trading fees
| DEX | Features | Ease of Use | Fees | Supported Wallets | Pros |
| Jupiter | Limit order DCA (Dollar-cost Averaging) BridgePerpetual trades | High; offers a simple interface | No fees on normal TXs 0.2% on Limit orders 0.1% on DCA fees | Compatible with most Solana and Ethereum wallets Hardware wallets like Ledger | Largest and most popular DEX on Solana Beginner-friendlyThe DCA feature |
| Orca | Fair price indicatorLiquidity Pools Token Swaps | Very high, user-friendly, and intuitive interface | 0.3% on each trade | Compatible with most Solana/ Ethereum wallets, and hardware wallets like Ledger | User-centered approach Orca Climate Fund |
| Raydium | Integrated with OpenBook’s Central Limit Order Book Token Swaps Acceleraytor (IDO launchpad) | High; offers a simple interface | 0.25% on trades | Compatible with most Solana/ Ethereum wallets and Hardware wallets like Ledger | OpenBook’s integration allows Raydium to tap into broader liquidity, Acceleraytor |
Best Lending Protocols on Solana
Lending protocols allow you to borrow and lend crypto assets without a third party acting as a custodian. These platforms use smart contracts to automate the borrowing and lending process. Here are the top Lending protocols on Solana
Kamino (K-Lend)
With its intuitive and simple interface, Kamino is a great starting point for beginners on Solana.
What I liked best about Kamino was how easy it was to supply and borrow assets. Here are some of the things you can do on Kamino
- Lend and earn interest
- Borrow assets
- Provide liquidity in the liquidity vault and earn interest
- Increase your leverage and exposure with the long/short vault
- Boost your SOL yield up to 10x with the multiply vault
Note: Kamino might have an Airdrop in the future using its point-earning system
MarginFi
MarginFi is currently the biggest lending protocol on Solana, and it has high interest rates. MarginFi allows you to do two things:
- Lend tokens and earn yields on them
- Borrow tokens using the tokens you lent as collateral (this stood out for me)
So, if you deposit USDC for lending, you can also use it as collateral to borrow another token like wBTC. Another interesting feature is the Account health, which shows how healthy (well-collateralized) your account is.
Note: There is probably an Airdrop in the future for MarginFi users
Solend
Solend is an algorithmic, decentralized protocol for lending and borrowing on Solana. On Solend, you can:
- Lend and earn interest
- Borrow tokens
- Leverage long
- Short
One of my favorite things about Solend was the dashboard. It offered a quick overview of what you could do with the tokens in your wallet.
| Lending Protocol | Features | Ease of Use | Pros | Limitation |
| Kamino | Intuitive interface, Lend/Borrow, Leverage long and short, Boost SOL yield, Liquidity Providing | High: Simple, intuitive, and beginner-friendly interface | Possible Airdrop in the futureOffers competitive APY and borrow rates | |
| MarginFi | Lend and Borrow, Account Health, | User-friendly interface | Possible Airdrop in the future | The collateral and withdraw feature sometimes take time |
| Solend | Lend and Borrow, Leverage long and short, Dashboard | Might require some learning curve for beginners | The Dashboard feature is helpful | The design is not as intuitive as others on this list |
Best Staking Platform
Staking Platforms allow you to lock and assign your SOL to validators to support the Solana ecosystem and earn rewards. While you can stake your SOL directly with validators from some wallets, staking platforms are dedicated to staking your SOL. Here are the top Staking platforms on Solana.
BlazeStake
BlazeStake is a fully non-custodial Solana staking platform supported by the Solana Foundation. When you stake SOL on Blaze, you receive bSOL that you can sell or restake on other dApps.
BlazeStake also takes extra steps to minimize risk by spreading stakes among hundreds of validators.
Jito
Jito is a liquid staking network that lets you stake your SOL without fully locking your asset. When you stake your SOL on Jito, you receive JitoSOL (a tokenized representation of your staked SOL). You’re free to trade and sell your JitoSOL.
Marinade Finance
One of the biggest DeFi protocols on Solana, Marinade Finance, focuses on liquid staking. When you stake your SOL tokens, you receive mSOL, which you can trade or sell.
Meteora
Meteora is a liquidity protocol on Solana that allows users to provide liquidity and earn yield. With its flagship DLMM model and AMM pools, Meteora is committed to driving liquidity in the Solana ecosystem.
As a liquidity provider, you can earn additional yield from several sources. Here are some of what Meteora offers
- Meteora Vaults
- Dynamic AMM Pools
- Multitoken Stable Pools
- Non-pegged Stable pools
- DLMM pools
Conclusion
Solana's thriving ecosystem and active community makes it a great starting point for beginners. Whether you're looking to buy the next big memecoin, or want to manage your assets, Solana has something for you.
Lastly, don't forget to stay safe on-chain!