Ethereum projects building on Solana SOL (GRT, LINK, AUDIO, USDC)

Ethereum projects building on Solana SOL (GRT, LINK, AUDIO, USDC)
4 min read

What does  a data indexing protocol,   an audio streaming service and  an oracle all have in common? They’re all cryptocurrency  projects that began on Ethereum   and then expanded onto the Solana blockchain!

Solana’s attraction to already established crypto   projects can be summed up in  two words: speed and cost. That’s because Solana offers measured  transaction times among the fastest   available on any blockchain,  around 1,800 - 2,000 per second,   with plans to eventually increase  to hundreds of thousands per second.

Also, the cost of these rapid  transactions is essentially zero! This combination of cost and speed has made  new transaction-intensive business models   possible, and motivated  many DeFi and Web3 projects   that began on Ethereum, to branch  out to the Solana blockchain.

One of these projects is The Graph. Known as an “indexing protocol”, the job  of The Graph is to efficiently access data   across multiple blockchains and storage  networks, meaning that it plays an   important part in the nuts and bolts  of many DeFi and Web3 applications.

For example, the Uniswap DEX manages its own  APR or “subgraph”, using it to retrieve data   to display on its Analytics page. Services  like CoinMarketCap and CoinGecko can then   access the Uniswap subgraph to display  up-to-date Uniswap price information.

In February 2022 The Graph announced  upcoming support for Solana and several   additional blockchains, like Binance  Smart Chain and Polygon, allowing for   faster and more real-time data access, and  subgraph capability across multiple chains.

Another project that needs to  deliver data quickly is Chainlink. Like the ancient Greek oracles who delivered  messages from the gods to the people,   the Chainlink oracle provides real-world data  that makes smart contracts more powerful. Chainlink is the runaway leader in this  niche, largely because it’s decentralized.   Other oracles available to blockchains  are usually centralized, which negates   the advantages that a blockchain offers. This was  demonstrated by the 2019 Synthetix oracle attack.

Chainlink’s partnership with Solana began  in 2020. Because oracle data is provided   via blockchain transactions, the speed of  updates is dependent on the block time.   For Solana, this is 0.4 seconds, compared  to a full 15 seconds on Ethereum. The LINK token is available on  several blockchains.The version   that’s “wrapped” for Solana is known as so LINK.

Another example is… Audius is a decentralized music   hosting and streaming service that gives content  and monetization control back to the artists.   Launched in late 2019, Audius is growing fast,  with more than 5 million listeners and 100,000   artists, including Deadmau5, 3LAU, and Rezz,  and a seamless integration with TikTok videos.

In July 2021, Audius and the Solana Foundation  partnered to create a wrapped version of its   AUDIO token on Solana, and a fund that encourages  artists to embrace decentralized technology. AUDIO holders can now use the Wormhole Bridge  to move their tokens from Ethereum to Solana.

Last but not least we have USD Coin, a  vital addition to the Solana ecosystem. USDC, developed by Circle and  supported by the Coinbase ecosystem,   is a stablecoin pegged 1:1 to the U.S. dollar.  Each token in circulation is backed up by $1,   held in reserve as a mix of  cash and U.S. Treasury bonds. As of February 2022, more  than $1.8 trillion in USDC   had been traded, and the stablecoin  is a vital and trusted tool for   all kinds of DeFi transactions, from staking  in liquidity pools to savings accounts.

Thanks to the integration, USDC can  be used directly on all Solana DEXs,   including Raydium, Serum and Mango Markets,  and the Solana ecosystem can keep on   growing! 

Jacob Enderson 3633
I'm a tech enthusiast and writer, passionate about everything from cutting-edge hardware to innovative software and the latest gadgets. Join me as I explore the...
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