Solana is one of the renowned cryptocurrency platforms and is ranked on the top list of cryptocurrencies. Solana is an open-source blockchain platform that is designed to provide fast, secure, and decentralized applications and cryptocurrency. Solana become a favorable platform for programer because it can provide better speed and scalability compared to the other crypto-currency platforms.
What Is Solana?
Before we discuss more about the Solana Launchpad, let me introduce you the Solana itself, Solana is a high-performance blockchain platform that focuses on creating a high performance of scalability, security, and decentralized.
Solana is an open-source public blockchain that supports Decentralized applications (DApps). SOL coin is used as a local cryptocurrency inside of the Solana platform to serve as a way of securing the Solana network and transactions within the Solana network.
Solana platform’s specialty is the scalability and the fast confirmation speed. Those two factors make Solana stand out among many in the cryptocurrency space. There are some specialties from Solana that are explained briefly as follows:
1. High Throughput and Scalability
The main specialty of Solana is its high transaction throughput. Solana combines two consensus mechanisms which are Proof-of-History (PoH) and Proof-of-Stake (PoS). The combination of the PoH consensus mechanism and PoS consensus mechanism allows the network to process a large number of transactions per second (TPS). With this method, the speed computation from Solana potentially rivals traditional financial systems in terms of speed and capacity.
2. Fast Confirmation
Solana achieves low confirmation time in processing transactions because of the combination of PoH and Pos consensus mechanics. The low confirmation time in processing transaction is suitable for application that needs near-instant formulation such as trading and decentralized exchange.
3. Paralel Processing
“Tower BFT” is a parallel processing technology that the Solana network uses that allows the Solana network to process the transaction in parallel. This technology increases the overall throughput of the network by allowing it to process multiple transactions simultaneously.
4. Layer-1 Solution
Solana aims to achieve high throughput and scalability at the layer-1 level, unlike the other blockchains that rely on layer-2 scaling solutions to address scalability issues. This method can simplify the development process for decentralized applications and reduce the reliance of reliance on additional solutions.
Read also : Polkadot: Definition, Founder, and Its Launchpad
Solana Launchpad
The Launchpad platform is a kind of digital platform that is associated with cryptocurrency. The crypto launchpad platform is a special platform that facilitates the launching of new cryptocurrency projects mainly in the form of ICO (Initial Coin Offering), IEO (Initial Exchange Offering), and IDO (Initial DEX Offer). The Crypto Launchpad platform offers help for a new cryptocurrency project to raise funds or gain exposure within the cryptocurrency community.
With Solana which became popular in the cryptocurrency world, the demand for Solana-based projects keeps rising from time to time. The cryptocurrency community demands more and more Solana-based projects to be launched in a safe and secure environment for both investor and developer projects. To support the project launched safely and secured, there are some Launchpad-based Solana which are:
1. Kommunitas
Kommunitas is an IDO platform, considered the best decentralized crowdfunding platform. This launchpad welcomes to any projects from a wide range of industries and niches. It also open to any project that comes from any blockchain so it can absorb and help many potential projects that can develop advancement in Web 3.0.
2. Solanium
Solanium is an IDO platform that helps cryptocurrency by organizing fund-raise events. On the Solanium platform, investors can participate in public token sales to earn maximum profit with minimized risk.
Solanium uses a tiered system and launchpad where the participant must hold an xSLIM token to participate in the IDO token sale. To gain xslims tokens the participant needs to stake SLIM tokens for some specific period (max 1 year).
3. Solstarter
Solstarter is one of the first IDO platforms that was created for Solana. The Solstarter uses Ethereum and Binance as the reference to conduct a fundraising event through an Initial Coin Offer (ICO) and Initial DEX Offer.
Solstarter focuses on providing a completely democratic and decentralized distribution methodology to its customers. Solstrater always ensures that users can participate in the funding and launch Solana-based projects as individual investors.
4. Dexlab
Dexlab is a platform that helps a project-based Solana launch by using a token minting lab, a launchpad, and a dedicated DEX for listing the cryptocurrency. Dexlab is a DEX platform that integrates Solana-based tokens that operate without needing a code.
Dexlab is different from other platforms because Dexlab can provide the token sale and market listing for Solana-base tokens. It can be done by Dexlab because Dexlab provides a GUI to issue Solana-based tokens, where Dexlab seeks to eliminate the problem such as the lack of linkage for the environmental setting in the Solana-base token.
5. Raydium
Raydium is an Automated Market Maker (AMM) that is based on the Solana Blockchain. Raydium also shares liquidity with Solana in the decentralized exchange using the name Raydium.
Raydium has a primary instrument that can allow it to do digital asset trading such as cryptocurrency without restraint through liquidity pools under its role in the decentralized Finance (DeFi). By combining the flexibility of an AMM with the dependability of serums, Raydium can provide an alternative source of liquidity for Solana’s rapid liquid, and low-cost trading.
6. Starlaunch
Starlauch is the first accelerator and Initial DEX Offering (IDO) launchpad that is protected by insurance. The insurance in the Starlaunch launchpad gives the participants protection from unwanted scenarios that could put risk in their investment. The Starlaunch launchpad establishes a dual token mechanism which is the STARS as a deflationary token and Hydrazine as a secondary utility token.
To join the IDO in the Starlaunch platform participants need to stake some STAR tokens in the Stralauch fusion vault to produce Hydrazine. The accumulated Hydrazine from the staking program is required to register the participant to join IDO by accessing Starlaunch’s web application. From that, the participant will have 72 hours for registration and a 3-5 day window for following Know-Your-Customer (KYC) screening. Around 24 hours after the KYC screening is finalized, a day purchase window will appear and the participants who already registered will be able to join the IDO in Starlaunch.
Those are the examples of Solana-based launchpads that are usually people use. To choose whether is the best launchpad platform for Solana depends on the nature of the project, the goal of the project, and the expertise level of the team. Each of the launchpads has its advantages and disadvantages that need to explored to conclude as the better launchpad platform.