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Millions of dollars are raised by Solana’s DeFi projects!

Solana is taking the decentralized finance concept to the next level. Here’s how it looks.

In the past month, Solana’s price had increased by 122%, but it has started to slow down. Despite market capitalization, investors are now turning to an alternative: Solana’s decentralized finance protocols. As the blockchain secures its position in the top 10, investors are turning to the nascent high-speed, low-fee blockchain.

A lot of investment has been pouring into some Solana-based DeFi protocols in the past week, and the blockchain couldn’t handle all the attention. It took 17 hours for Solana to come back online after bots rushed to invest in a Grape Protocol token sale.

However, who’s funding these new projects, what are they, and how much have they raised? The Solana Summer comes to a close, and we look at some of the biggest protocols that have made headlines, and a preview of those still to come.

Big IDOs

Despite all the upset, Grape Protocol raised only $600,000 during its public raise on Raydium’s “Acceleraytor”.

To assist decentralized communities with coordinating over Solana and rewarding their members with cryptocurrency, Grape Network connects with platforms such as Discord, Telegram, and (soon) Twitter. GRAPE is the token powering everything.

Next up, a lending platform and decentralized exchange called Parrot Protocol raised $69 million in an Initial DEX Offering from investors including Sino Global Capital, Alameda Research, and QTUM Venture Capital.

Part of Parrot’s value is backed by an algorithmic stablecoin called PAI. A governance token, however, was sold by Parrot in its IDO. In addition, investors will be able to participate in Solana’s protocol voting process and farm for yields without taking away funds from other Layer 1 blockchains.

As a result of Solana’s outage, Parrot’s IDO slowed to a halt until September 16. It was revealed in this morning’s “Letter from the Parrot” that the team would begin working on PRT staking, NFTs, and adjustable interest rates.

On launchpads like Boca Chica, Solanium, and Solstarter, many more projects will be launched in the coming days. Today, MatrixETF, a decentralized exchange-traded fund platform, launched its whitelisted users sale on Solanium.

Larix, a lending protocol on Solana, began running on September 16. During the period September 15-17, a total of $119 million was locked in Larix, an increase of $1.7 million. Among the investors are Solana, Huobi Global, and Polygon.

A sold-out collection of NFT penguins will be distributed on September 21 under the brand Flippies. An art series based on generative artificial intelligence is launching on the Solana blockchain tomorrow.

Solana is growing at such a breakneck rate that it will be hard to sustain all these diverse projects.

Written by IOI

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