There’s been a huge shift to Solana-based blockchains, with platforms such as Serum and Orca using Solana blockchains. Being the fastest blockchain in the world, Solana is also one of the fastest-growing ecosystems. While it may not be the world's most-used blockchain, it’s certainly much faster and more eco-friendly than Ethereum blockchains so far. It's gaining attention with news of related partnerships, including Solana-built Raydium's plans to launch a Neopets NFT (non-fungible token) collection.
USDC, one of the top stablecoins, is native to Solana’s blockchain, and USDC is supported by many exchanges. Using Solana’s blockchain, FTX launched Serum, a decentralized exchange offering fast trading. Orca is another DEX that has seen success on Solana’s blockchain, reportedly raising $18 million in Series A funding. Launched in Feb. 2021, Orca claims to be faster than all centralized exchanges on Ethereum and is one of the top projects on Solana’s ecosystem.
Raydium is an AMM (automated market maker) that serves as Serum’s central limit order, providing order flow and liquidity pools. On its platform, Raydium allows users to swap and trade crypto, as well as earn yields on their assets by providing liquidity to liquidity pools. The AMM platform is growing rapidly thanks to a major NFT partnership.
What is Raydium and the Raydium (RAY) token?
The Raydium platform offers services such as swapping, contributing liquidity, and farming, and allows users to stake their crypto for rewards such as $RAY, Raydium’s native token. It's also one of the few decentralized exchanges that allow users to place limit orders, something that tends to be exclusive to centralized exchanges.
RAY is currently around $10, and WalletInvestor expects the token to drop to the $7 area within a year. The token hit an all-time high on Sep. 12 of around $16.90 but has since fallen more than 80 percent.
Raydium, which has various upcoming projects on the way, recently launched AcceleRaytor, a resource for developers to raise capital for Solana-based projects. AcceleRaytor provides a community for project developers and consumers to search for platforms they like and possibly invest in them. Earlier in Sep. 2021, Raydium was offering lotteries where users were able to stake RAY tokens and other crypto assets into certain projects, allowing them to earn yield and the projects to earn capital.
Raydium will use the DropZone platform to host Neopets NFTs
Another platform that Raydium built to promote the growth of Solana's blockchain is DropZone. Raydium wants to support NFT development and held its first DropZone NFT launch on Sep. 16. Cyber Samurai NFTs were available for those who won the lottery that took place. Users had to deposit SOL to enter, and there were a total of 5,000 NFTs given out.
Neopets, the virtual pet community, has also announced its partnership with Raydium to release 20,500 NFTs on DropZone. The Neopets Metaverse NFT collection is expected to drop in early to mid October.