ERC-20 Tokens On Solana, Uniswap vs. Jupiter and Orca & More

Welcome to Solana, fellow manlets!

This is J264G and this week I’ve got these titbits for you:

• SuperTokens: BERN & FLUXB usher in a new DeFi era on Solana.

• Intergalactic: Jupiter & Orca among top 5 DEXs on all blockchains. 

• Open Floodgates: Solana experiences an influx of bridged assets.

On-chain activity on Solana is picking up steam.

Surely, this has put a strain on the network and pushed it to its limits — right?

Bazinga! 

The network is doing just fine and humming along like a well-oiled machine.

In this week’s edition, we’ll examine the coin and token season on Solana and highlight what you need to know.

Let’s get into it!

Click on any underlined heading / hyperlink to learn more.

Spotlight

Coin & Token Season

Trading coins and tokens on Solana has been all the rage.

If you’d like to get in on the action as well, here’s all you need to know:

• Birdeye

Birdeye is a platform that offers unique insights such as real-time price updates and historical data analysis for established and newly launched coins and tokens on Solana and other blockchains.

• RugCheck

Before trading any asset, make sure to grab the token address and submit it to RugCheck. The tool evaluates coins and tokens and highlights if they are legitimate or possible frauds. RugCheck might, however, be buggy at times. If so, you can head to this list and check whether the coin or token you’d like to trade is verified and legitimate.

• SolanaFM

If you’d like to look under the hood of any on-chain asset, SolanaFM is the best tool to do so. When you paste a token address into SolanaFM, you’ll be able to see the associated transactions, transfers, instructions, and the distribution among the largest holders.

• Step

Keeping track of your crypto assets might become increasingly complex the more you trade, which is why a portfolio management tool such as Step might be helpful. With Step, users can visualise their portfolio and view aggregations of all LPs, tokens, farms, and positions on a seamless dashboard, with all the functions and information they need to stay informed at all times.

When evaluating verified coins and tokens, BONK, BERN, and FLUXB seem to be among the most popular ones.

• BONK 

Similar to SAMO and Cheems, BONK is a dog-themed meme coin as well. At its core, the token was designed with the Solana ecosystem in mind, which is why 50% of the supply was airdropped to the community. The remaining 50% was allocated to five key categories.

Having said that, both BERN and FLUXB are coins which leverage the Token-22 programme, the Solana equivalent of the ERC-20 token standard. Although the programme was initially named “Token-22”, it will be referred to as “SuperTokens” going forward.

The SuperToken programme is poised to usher in a new DeFi era on Solana, as it allows developers to design tokens with novel functionalities. This may not only attract new users, but also increase the compostability across the entire Solana ecosystem. 

The most interesting SuperToken extensions:

1. Transfer Fees: Token can only be traded when you pay a specific rate 

2. Interest Accrual: Token becomes more valuable the longer you hold it

3. Soulbinding: Token cannot be moved/transferred from your wallet 

4. Privacy: ZK proofs encrypt your token balances/transfer amounts 

5. Memo: You’ll receive a short note with an incoming token transfer 

6. Immutability: Prevents your token ownership from being transferred 

• BERN

BERN, a partner token to BONK, was the first SuperToken released on Solana. As such, the Solana meme coin is leveraging the transfer fees function of the SuperToken programme, which is structured as follows:

1. 5% token tax on all buy and sell transactions gets sent back to holders 

2. 1% buys and burns BONK 

3. 0.5% burns BERN

• FLUXB 

FLUXB is the newest SuperToken on Solana, released by the FluxBeam team. FluxBeam is a DEX specialised on SuperTokens, while FluxBot is Solana’s very own UniBot. In addition to the transfer fee extension, FLUXB includes “Refluxions”. Refluxions come from the built-in token tax of 3% on all buy and sell transactions, 50% of which goes back to qualifying holders, along with 40% of all FluxBot fees. Users need to hold 1,000 FLUXB to qualify for Refluxions. 

If you'd like to kickstart your Solana journey, make sure to download Phantom’s browser extension or mobile app. You can trade coins and tokens directly within the wallet; and should specific coins or tokens not be available via the in-wallet swap, Jupiter — Solana's largest liquidity aggregator — definitely has you covered.

Numbers Of The Week

News Bites

Open Floodgates: Solana has been experiencing an influx of bridged assets — predominantly USDC and ETH.

Intergalactic: Both Jupiter and Orca are now ranked #3 and #4, just behind Uniswap and Pancakeswap respectively, based on the number of successfully completed swaps. Also, more users trade on Jupiter than on Sushiswap, Quickswap, Trader Joe, or Balancer.

OSS Framework: StrategicHash has released JABOOS, a framework that examines whether DeFi protocols are open source, audited, and verified. Further, the framework also highlights how program update authorities are managed — giving users a more profound understanding of protocols’ underlying security posture.

Juicy Mango: Mango contributors have built an open source LST tool — Boost! — that enables users to maximise their staking yield.

White Frost: Cube has released its litepaper. Some of the most interesting aspects are the exchange's trading experience, which tested 40x faster than the industry standard. Further highlights are the MPC Vault and The Guardians.

Why Solana? In its Weekly Institutional Market Call, Coinbase discussed the latest developments in Solana with Tushar Jain, managing partner at Multicoin Capital.

Caught In 4K

Weekly Take

Keks & Giggles

And that's a wrap!

If you'd like to reach me, respond to this newsletter or reach out to me on X.

Talk soon!

J264G

_{DISCLAIMER
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens / equity.s}