The Solana blockchain ecosystem explained

Since its inception in March 2020, Solana has reached unprecedented levels of popularity. Now firmly in the top five ecosystems in terms of developers, Solana is emerging as a major rival to Ethereum.

While Ethereum is currently still considered the go-to platform for developing decentralised projects, could that be about to change?

Let’s have a look at what Solana does, how it works and why it’s gained so many fans.

What is Solana?

Solana is a blockchain platform designed to support smart contracts and the creation of decentralised applications (dapps). It aims to address the issue of scalability, which is commonly faced by blockchain technology, without compromising security or decentralisation.

The Solana blockchain can handle tens of thousands of transactions a second, using a method known as proof of history (PoH). For context, Ethereum can support roughly 13 transactions per second.

How does it work?

Solana operates on both a proof of stake (PoS) and a proof of history model. This combination helps the network achieve greater scalability and significantly lower fees than those operating on a proof of work (PoW) model, like Bitcoin and Ethereum. But what does it involve?

A PoS model allows validators to verify transactions according to how many tokens they hold. PoH, on the other hand, allows transactions to be verified more quickly by using timestamps. It works by creating records of exact timestamps of each movement that takes place on the network. Each node gets its own cryptographic clock that helps the network agree on the time and order of events, without having to wait for confirmation from other nodes, as traditional blockchains do.

Exploring the Solana ecosystem

Solana is much more than just a high-performance blockchain, however. It currently has over 400 projects in its ecosystem, including DeFi lending protocols, decentralised exchanges (DEXs), NFT projects, digital games and metaverse platforms.

Notable projects built on Solana include multiplayer exploration game Star Atlas and offline map app Maps.me.

With more and more innovative new projects making use of Solana every day, it certainly implies a bright future for DeFi.

Find Solana’s oracle projects and win €/US$25!

*Subject to the T&Cs and Privacy Policy

It’s time to put your Solana knowledge to the test!

Nestled in Solana’s vast ecosystem are 8 oracle projects. Not sure what an oracle project is? Read up on them in our blog post here.

Find at least 4 of them in the image below and you’ll win a WXT prize!

To enter, simply write your answer in the comments section. The first 5 people to get the right answer will win €/US$25 each.

Good luck!


Solana Eco-System Competition EEA & APAC Terms & Conditions
The following terms and conditions (“Terms”) shall apply to the Solana Eco-System Competition (the “Competition”) which is offered by Wirex Digital LLC in the European Economic Area (“EEA”) and by Wirex Pte Ltd in the Asia Pacific (“APAC”) region (each separately referred to as “Wirex”).
Timescale
1. This Competition will run 10:00 (GMT) on 29 January 2022 until 23:59 (GMT) on 4 February 2022 (the “Competition Period”).
Eligibility
2. This Competition is open to users of the Wirex Service only (as defined by the applicable Wirex terms & conditions: https://wirexapp.com/en/terms-and-policies) resident in the EEA and APAC region who are members of the Wirex Community Forum (“Eligible Participants”, “you”). For the avoidance of doubt, no other users of the Wirex Service are eligible for this Competition.
3. Each Eligible Participant can participant in this Competition only once.
4. This Competition does not apply to UK residents.
Competition
5. To qualify for this Competition you must: a) correctly answer the 4 oracles found on the Competition Post that work with the Solana platform b) submit your answers in the comment section of the Competition Post (“Qualifying Task”).
6. Wirex will select the five (5) Eligible Participants who correctly respond to the Competition and complete the Qualifying Task as the Winners of this Competition (the “Winners”, each a “Winner”).
7. The Winners will be contacted by private message from one of the members of the Wirex Community Team via the Wirex Community Forum.
8. Once a Winner is contacted by a member of the Wirex Community Forum, to be eligible for the Reward, the Winner must respond to the message confirming their Wirex registered email address within 48 hours from the date the message was sent to the Winner to claim their prize (“Qualifying Action”).
9. If a Winner does not reply within 48 hours Wirex reserves the right to select another Winner (please note, Wirex will never ask for any other account details via social media message, please do not provide any other information about your account in response to the notification).
10. If Winners agree in writing they will be announced on the Competition Post on the Wirex Community Forum.
Reward
11. The Reward will be credited to Eligible Participants who complete a Qualifying Action within the Competition Period (“Qualifying Participants”).
12. The Reward will be paid to Qualifying Participants’ accounts within 30 Working Days of the end of the Competition Period.
13. Once a Qualifying Participant has received the Reward it can be converted to traditional fiat currency through the Wirex Service at the Qualifying Participant’s sole discretion.
General
14. ‘”Competition Post” means the Solana Competition Post shared via the Wirex Community Forum.
15. “EUR” means Euros.
16. “Reward” means the WXT equivalent to EUR 25 (in the EEA) or USD 25 (in APAC) which will be calculated by an exchange rate set by Wirex from time to time in its absolute discretion. For the avoidance of doubt, the Reward will be distributed in WXT only and each Qualifying Participant will be eligible to receive the Reward only once.
17. “USD” means United States Dollar.
18. “Wirex Community Forum” means the Wirex community platform which is a space for discussion among Wirex members hosted on the Wirex website: https://community.wirexapp.com/
19. “Wirex Community Team” consists of the following two members of the marketing team who are available to help during the Competition: @Ali_Wirex and @ChienChien_Wirex
20. “Working Days” means Monday to Friday, excluding weekends and any public holidays when the banks of England are closed for business.
21. “WXT” means the Wirex Token on the Wirex Service.
22. Subject to applicable law, Wirex will not under any circumstances be liable to compensate Wirex users, Eligible Participants or other third parties for any losses or damages occurring as a result of their participation or engagement with this Competition.
23. The Reward amount may be varied at any time without notice to Eligible Participants, Winners or other third parties.
24. Wirex will only process personal information collected or received in connection with the Competition as set out in its Privacy, Data Use and Retention Policy, which is available on by clicking the following link: Wirex | Making currencies equal and available to everyone.
25. Wirex may, at its sole discretion, revise any of these Terms or terminate this Competition at any time without prior notice to Wirex users, Eligible Participants or other third parties.
26. This Competition is launched by Wirex independently and there are no partnerships between Wirex and any merchant or other third parties relating to this Competition.
27. The Terms of this Competition are governed by the laws of England and the parties irrevocably agree that the courts of England shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim (including any non-contractual dispute, controversy or claim) arising out of or in connection with this Competition.
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Pyth

Chainlink

Orakuru

Witnet

Flux

Pyth
Chainlink
Flux
Switchboard

Dia
Flux
Pyth
Orakuru

Chainlink
Pyth
DIA
Orakuru

Pyth Network
Chainlink
Switchboard
DIA

CHAINLINK - Chainlink is an Oracle protocol that can be used for trading binary options and is capable of price updates every 400ms with Solana’s architecture, with developers using ChainLink to build DeFi assets and marketplaces.

PYTH - Pyth Network is a specialized oracle solution for latency-sensitive financial data typically guarded by centralized institutions. Pyth Network is focused on bringing this unique data on-chain and aggregating it securely. Pyth connects high-fidelity market data from the world’s largest professional traders and exchanges to any smart contract. Anywhere.

SWITCHBOARD - Switchboard is a community-curated oracle network on Solana.

BAND PROTOCOL - Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.

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